confused on being current on my 2nd

[mrla12]

I have a first and second both with Chase

I am deliquent on my 1st and have made my 2nd of 4 forebearance payments with a trustee sale date of 9/18/2009 which was postponed from 7/25/2009

I am in the middle of my loan mod

I am hoping they postpone the sale date again if my loan mod is not approved by the sale date

the problem is i am over 300,00 upside down in house and would like my 2nd ( which is that amount ) be either reduced or charged off

again my second is current and i feel like i am throwing money away...

should i be trying to loan mod both loans at the same time

I thought the lawyer's firm I hired would have had a plan of action on both loans but the are just concentrating on my 1st

after reading multple threads on this blog I am wondering if I am taking the correct steps and if my lawyer's firm should be more aggresive on both notes

any input will be appreciated ....thank you

[Evan Bedard]

Hi mrla12,

Yes you should be working on both loans at the same time if possible and you lawyer should be working on that for you. As far as getting rid of your 2nd mortgage I suggest you try settling the mortrgage for maybe 5-10% of what you owe on the loan. I would discuss this option with your attorney..

[Moe Bedard]

The only way to reduce that 2nd is to negotiate a settlement offer. I have seen them at 5-10% on the dollar or a possible 2nd cram down through bankruptcy.