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How to settle 2nd mortgage (HELOC) with PNC bank. House in Col, MD: 1st-BAC Mortg: $221,000, 2nd-PNC: $130,500: TOTAL: $351

Annapolis, MD |

Zillow says house is worth $330,000. Realtors say more like $250,000 to $290,000.
The BAC loan is a MHA loan at 2.1%
I would like to settle the second without having to sell the house right now when prices are so depressed. Can you help me?
443-250-0222 (M)

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Attorney answers 1


One option is to look into a loan modification for both loans. This option may allow you to reduce your payment amounts to both lenders. At the same time your interest rate could be reduced.
If you obtained an appraisal on the home that indicated the value was less than the first mortgage balance of $221,000 you could file ch. 13 to remove the second lien on the property and repay PNC 10% of its debts, depending on other circumstances such as value of your other assets and amount of your income etc.

No attorney client relationship is established until both parties sign a retainer agreement. The questioner is advised to hire a lawyer to address this issue and obtain complete legal advice.

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