Going to stop paying the 2nd

[Geodetic]

My wife and I have come to conclusion that paying the 2nd mortgage is a waste of money. We bought the house in 2007 for $300,000 with a 75/25 two mortgage combo. The 2nd being a 30 year with a 15 year balloon. In April my wife lost her job and has no success finding anything. I had a job loss scare the last few months, luckily I'll only be getting a pay cut. We have talked to a reputable 3rd party counselor about this and had them help us prepare a mod package. So far all we have gotten is "we got your letter, we'll get back to you in 30 days" letters. Got the 3rd one last week. Total we owe about $285,000 on the house with about 219K on the 1st and about 65K on the 2nd, but the house is only worth $140 at best, so the 2nd is completely under water. We are in the Merced area of California. The first was bought by Freddie Mac I believe, but they are both still serviced by Chase. Any idea on what I can expect from Chase on ditching the 2nd? I'd like to try to settle this debt as they will get absolutely nothing in a foreclosure.

[ugh_2009]

Take a look at dogatemy's thread, he has a second /w Chase.

Another Arizona Walk-Away

[Chased around and around]

Geodetic, I stop paying both loans 80/20 in Feb '09. I was asked by chase to just keep paying the second and not the first in June. Ok so I went along and made the second loan payment $864.80 in June and July. Strange they don't care about the first. I have not rec'd a NOD and so far the monthly statements keep coming showing the late fees and missed payments.

I did hire a mod company in March and so far no payment plan is set up and I was told yesterday my file is with the loss mitigation department.

I am just banking my money and waiting to see if chase has a clue on what they are doing. If they ever decide what end is up and offer me some type of mod and the terms are not good, I will walk.

I am 219K underwater right now. Purchased 535K '06 tax assessor now says it's worth 316,500...

[Geodetic]

Chased around and around: Do you know if your first was bought by Fannie or Freddy? I'm wondering if they would rather you pay the 2nd because Chase still owns that one?

[Chased around and around]

I was told by both collectors, 1st and 2nd loans were both chase owned...