Please help now with some advice on deficiency letter on 2nd mortgage.

Foreclosures, Short Sales, Tax Foreclosures
1

I just got an approval from Chase to release the lien on their second mortgage (a home equity line) in return for a !0% payoff from the first mortgage holder.

Chase has the first but the investor is Freddie Mac.

The approval letter says " The customer is still responsible for all decifiency balances per terms of the original loan documents"

How can I get them to remove that and write it off as “settled debt” or something similar ?

2

Note:

This is a second home not a primary residence.

3

They are gong to go after the deficiency.That’s why it’s worded that way. I see it all of the time when people come to me to have their credit restored. If you settle for say 10 cents on the dollar you can expect something like " account closed settled for less than amount owed."