[kdtran08]

Originally Posted by snapple candy

I just talked to Chase yesterday. They have immediately reduced my payment by 50%. Although it wasnt all that big in the first place....30K at $124 mth, it now went to $45 a month.I am on MHA trial modification and they are going to mimic the trial mod for first lien plan. Once that becomes permanent, they will match the same terms as the first.
I am not hearing much about extinguishing the 2nd. Although, I appreciate the reduction, in the end of the trial unless something is extinguised or a principal reduction (aint gonna happen) that it still will not change the fact that I am underwater 100K not including the 75K I put down on it 3 years ago. The broker was here yesterday doing a BPO for this 2nd lien modification, and told me it will be at least 10 years before I reach the break even point (not including my down payment).
He told me they are seeing 75 foreclosures a week in our county, when they were seeing 5 a month 1 year ago. We dont have a high population either. In my town (largest in the county) we have population of 75K. This place was in the middle of a building frenzy and now lots of new homes are sitting empty, builders walking away...even a few committed suicide.
It simply makes no financial sense, even with a modification to hold on to my home. Once my teens leave home in 3-5 years, I planned to downsize anyway. If I try and sell then, I still will be underwater. There is no employment here (20%) and I am looking at possibly leaving in about a year to find better job opportunites, this also will not change for years to come. I think it really comes down to certain variable factors whether to accept modification package. I know many out there trying desperately to get one. In many cases, you really have to do some serious evaluation and ask yourself, is it really in your or your families best interest (all factors considered) to even accept one? A year ago, I would have jumped at the chance of getting this deal to keep my home. This is a long term decision, not a short term "emotionally" based one. I am seeing the writing on the wall, and I dont like it.

I am going through a trial program for my 1st and called Bank of America regarding my second. I thought they would match it to be the same with my first since they are both Bank of America (as stated in Obama plan) but they said I would have to apply separately. Is that true?