What to do with your second loan that is completly underwater?

Do you have a second loan that is completely underwater?

Example  you have a home worth $550,000.

A first loan of $600,000 and a second loan of $100,000?

You may have a few different options.

Ihave had several clients tell me that they havent had many options available to help with the second loan.

Depending on your scenario, and if your current on your loan you may be able to do a loan mod on the first and then apply for a modification on the second or settle and wipe out the second loan.

for an analysis of your specific scenario give me a call and we can go over your exact situation.