Leverage is the most important concept to understand when trying to eliminate a 2nd mortgage that is past due. If the value of a home has dropped below what is owed, the 2nd mortgage has lost the leverage to foreclose on the property. The 1st mortgage will always be paid in full before the 2nd mortgage gets even a dime of what is owed to them. Most 2nd mortgages will charge off ...
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The three major departments you will deal with during a loan modification review with Wells Fargo:
1. Customer Service2. Collections3. Loss Mitigation
Customer service is typically where your call will be routed if the loan is not behind. The representatives that you will speak with in this department will not be able to answer most specific loan modification ...
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