SPS no help...

[slopez]

My second with is is with Select Portfolio. We currently have a 13% interest rate, a payment of $737.00, fixed rate for 30 years. We "were" behind on our first and our second but since the modification on the first went through, for now we are in good shape with them. I have been declined a modification with SPS becasue my rate is fixed. We are currently 4k behind in payments and have been served a NOD. My question is if the second won't help us and we continue to pay the first (the majority of the loan) can we still go into foreclosure and risk our house getting taken away, or does the second put a lein again us? We have NO equity in the house and owe more on it than it's worth.

[Moe Bedard]

slopez,

The second can either charge off and go to collections or buy out the first and foreclose............but you would need to ask them what your options are and what can happen next if they are not willing to help.

[slopez]

They told me that I need to refinance?? Hello... that would be the logical thing to do but obviously nobody will refinance right now. In a round about way SPS basically told me "tough S---" "we aren't doing anything with fixed rates". Oh, they did state that they could put me on a repayment plan and I would have a 1,000 a month payment plus my regular mortage payment for the next three month. Gee thanks!