Loans, Debt & Credit - View Single Post

jedebelen · 10-30-2009, 10:51 AM

I dont know what to do now

My situation: (Before)
Loan Amt: $ 460,000.00
80% : 368,000.00 7% interest only - Indymac
20%: 90,000.00 9.75% interest only - Indymac
Investor: Deutsche Bank
Mo Payment: $2,754.00 interest only
Current as of this date.

My situation: (Today)
Loan Amt: $ 460,000.00
80% : 368,000.00 7% interest only - Indymac
20%: 90,000.00 9.75% interest only - Green Tree
Investor: Deutsche Bank
Mo Payment: $2,754.00 interest only
Current as of this date.

NACA submitted my proposal, per NACA website, last May of 2009 and right in the middle of modification process (September) my second lien was sold to Green Tree Lending, so now I need to deal with 2 servicer?

I just called Green Tree today and inquired on how to lower my payment, the lady told me that my loan does not qualify with the Obama plan since its a 2nd "Lien", the representative told me that I need to look for another bank/servicer who will payoff the amount loaned in order for me to lower my interest rate.

What should I do now? I'm working two jobs... just got married, my partime job was cut in hours and so with my wife who also work partime at the airport.

This is a rough and rugged road for me.

10-30-2009, 10:51 AM	#1 (permalink)
jedebelen Senior Member Join Date: Dec 2008 Posts: 43 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	I'm Lost! I dont know what to do now My situation: (Before) Loan Amt: $ 460,000.00 80% : 368,000.00 7% interest only - Indymac 20%: 90,000.00 9.75% interest only - Indymac Investor: Deutsche Bank Mo Payment: $2,754.00 interest only Current as of this date. My situation: (Today) Loan Amt: $ 460,000.00 80% : 368,000.00 7% interest only - Indymac 20%: 90,000.00 9.75% interest only - Green Tree Investor: Deutsche Bank Mo Payment: $2,754.00 interest only Current as of this date. NACA submitted my proposal, per NACA website, last May of 2009 and right in the middle of modification process (September) my second lien was sold to Green Tree Lending, so now I need to deal with 2 servicer? I just called Green Tree today and inquired on how to lower my payment, the lady told me that my loan does not qualify with the Obama plan since its a 2nd "Lien", the representative told me that I need to look for another bank/servicer who will payoff the amount loaned in order for me to lower my interest rate. What should I do now? I'm working two jobs... just got married, my partime job was cut in hours and so with my wife who also work partime at the airport. This is a rough and rugged road for me.