Loan Modification Forum - LoanSafe.org - View Single Post

lugson · 03-07-2009, 06:01 AM

I am wondering about the Second Liens section of the Obama Plan... Right now our 2nd mortgage in in active modification. How do we find out if we are eligible to have our 2nd mortgage extinguished? Our home is currently worth less than what we owe on our 1st. And if we accept a mod on our 2nd does that preclude us from being able to see if it can be extinguished through this new program? Are there credit ramifications if your 2nd is extinguished through this new program?

We are worried CW won't be able to help us enough with the 2nd... We have looked into chap13 and have been told we are good candidates to have the 2nd stripped - but we really want that to be a last resort.

03-07-2009, 06:01 AM	#19 (permalink)
lugson Senior Member Join Date: Feb 2009 Posts: 33 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: still on the hamster wheel I am wondering about the Second Liens section of the Obama Plan... Right now our 2nd mortgage in in active modification. How do we find out if we are eligible to have our 2nd mortgage extinguished? Our home is currently worth less than what we owe on our 1st. And if we accept a mod on our 2nd does that preclude us from being able to see if it can be extinguished through this new program? Are there credit ramifications if your 2nd is extinguished through this new program? We are worried CW won't be able to help us enough with the 2nd... We have looked into chap13 and have been told we are good candidates to have the 2nd stripped - but we really want that to be a last resort.