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Originally Posted by ChrissyF1214  I had my first mortgage modified from 6.5% to 4.25% reducing the payment to approx. $250, not great but at least it was something. I have been out of work like many others since 6/2008.
My 2nd mortgage through Indymac I want modified since it is at 8.875% & we are struggling to come up with this payment. I asked them to modify & I was denied. The reason being is that "my loan is part of a private securitization they service & it has been "pooled" w/other similar mortgages & that it could be owned by several or an individual investor & traded at any time." What does this exactly mean? Why wont they help us? I was told by the rep we could do a short sale which I thought he was crazy to suggest since we pay the 1st mortgage every month & the house isn't worth the $430K we bought it for so the 2nd mortgage wouldn't even get paid off. Plus I don't want to give up my home. My cousin stopped paying (I think she has BOA) and they made her a settlement of $10K for her 90K mortgage.
What are my options with this letter that I received from them?
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You could stop paying it too. After 4-6 months of non-payment the loan will charge off. At that point it will be sold off to a collection agency for cents on the dollar and they will contact you to make a payment arrangement. Once it is with the collection agency it is no longer accruing interest and they often will settle for much less than the original amount owed.