Resolving 2nd Mortgages and Credit Unions
A 2nd mortgage that require a deficiency payment after the short sale is the hardest to get changed. They are often recorded as a separate lien from the 2nd mortgage that the payback is required for. These loans have been noted as installment loans and revolving credit loans, and since there is no collateral and the loan is for a loss, these deficiency loans are the hardest to get changed.
The same problem can occur if the 2nd mortgage or deficiency loan is with a credit union. The CFPB Complaint Letter solution does not work because credit unions are not under the supervision of the CFPB.