Question regarding deed in lieu and equity line of credit

[Administrator]

Hello all,I would first like to say that the website you have here seems like a wonderful place and after reading through many of the posts, there are many people here who seem willing to help and give advice. With that being said I do have a question.I am currently trying to undergo a Deed in Lieu process and do have a second mortgage or equity loan on the house. I have a 4 month old son and my wife does not work any longer due to childcare so in my salary alone we have fallen behind and can no longer afford the house. We have tried all other options to us including refinancing, forbearance and anything else that could possibly be done but to no avail. The first creditor is Countrywide home mortgage and they have approved the deed in lieu however they have told us that the second mortgage company would need to release their lien on the house and are asking for a letter from the second company (Resurgent Capitol servers) as far as what their conditions would be. I have spoken with Resurgent and they are telling me that they would need the title to my only car or some kind of a settlement in order to release the lien. I will not be providing the title of the car as I need it for transporting my child and these people do not care about children at all. From what the person said on the phone the settlement would have to be more than $10,000 because there is too much of this going on and they cant walk away with nothing.Has anyone ever heard of this before?Thanks


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(Source: mortgagefit.com)