Advice on 2nd loan?

[smit5454]

I am waiting on the nevercoming permanent mod of my first loan.

I did an 80/15 with 5% down.


Anyone else attacked the second loan, and what are the options?


I am in need of more punishment, so I might as well work on yet ANOTHER mod!

[MHAP76]

I am under MHAP for both 1st and 2nd loan. Both loans owned by Chase. Just made 3rd trial on the 1st loan and will make 1st trial payment on the 2nd. The payment on the 2nd is automatically reduced by 50%.

[daglo]

Originally Posted by smit5454

I am waiting on the nevercoming permanent mod of my first loan.

I did an 80/15 with 5% down.


Anyone else attacked the second loan, and what are the options?


I am in need of more punishment, so I might as well work on yet ANOTHER mod!

We were told Indy Mac doesn't participate in the Second Lien Program

[smit5454]

I believe my 2nd is Chase, but in their subprime division. It has never been mentioned in my mod, and I was given a different number/division to call.


Not sure what to do now.

[MHAP76]

My 2nd mod was done by the collection department: 866-613-2350. Don't think mine is subprime though. If you are currently making payment on the 2nd loan, might as well go into the trial plan where the payment is reduced. I had to be 30 days late to qualify.

[Evan Bedard]

Hi smit5454,

I believe my 2nd is Chase, but in their subprime division. It has never been mentioned in my mod, and I was given a different number/division to call.


Not sure what to do now.

Have you ever considered trying to settle your 2nd?

[daglo]

Originally Posted by Evan Bedard

Hi smit5454,



Have you ever considered trying to settle your 2nd?

Do they accept? Our home is under water by about 300,000! Our home isn't even worth our first, let alone our second. Can they foreclose if the second is late and the first is current?

[litehouse01]

I called to start the 2nd mortgage as soon as I started the trial for the 1st mortgage..Chase owns my 2nd they do forbearence and it reduced the payment by 50% they said the 2nd will not be perm modified unless and until the 1st is modified..so I am making trial payments on both 1st and 2nd with Chase..

[BadBobMo]

I have stated this before, you are a lot better off if your second is with a different lender.
Then you have a choice to do a BK-13 if you are under water. I don't want a mod on my second my home has lost 236,000 and I put 20% down over 100,000. They are not using the 2MP as of yet so. They is no other choice at this time for me, strip second and say buy to my CC charge off. If you have missed payments your credit is crap!

[daglo]

Originally Posted by litehouse01

I called to start the 2nd mortgage as soon as I started the trial for the 1st mortgage..Chase owns my 2nd they do forbearence and it reduced the payment by 50% they said the 2nd will not be perm modified unless and until the 1st is modified..so I am making trial payments on both 1st and 2nd with Chase..

Indy owns both of mine. I asked for a forbearence, they refused. Can't the second be stripped if lender is the same? That is what the BK lawyer told us, that it can be.

[Evan Bedard]

Do they accept? Our home is under water by about 300,000! Our home isn't even worth our first, let alone our second. Can they foreclose if the second is late and the first is current?

Yes many lenders are willing to accept a settlment for your 2nd. Your second can also choose to foreclose if you fall to far behind. But the chances of that happening is very unlikely if your house is underwater..

[SherryB]

I'm confused. Both my home mortgage and my Home Equity Line of Credit is with Chase. I have stopped paying both. Will I still have to pay the Home equity loan? I plan on walking away from this home and thought both would be gone with a foreclosure.

[Martae007]

Let me add my nightmare. I have first and second mortgage with Chase on a home that is underwater by 50% (it is worth $220,000 and I owe $420,000). Since March, 2009, I have applied three times, each time I'm requested to re-submit "current" documentation. on both loans. I August, I was informed that Chase has forwarded my second to a "Special Walk" unit and that unit called me to re submit modification paperwork.... While still waiting for answer on the first mortgage, (250 pages of documentation later - and, to date, still submitting additional paperwork) I submitted a complete loan mod pkg on the second mortgage, I faxed and mailed hard copy via express mail four days ago. Today, I received a call from a rep. stating that I need to either bring the second current $6500.00 or pay one month payment of $800.00 to keep it from being charged off. I asked, what about my mod. pkg,, didn't you receive it? She stated that Chase does not modify second mortgages... I gave her the name of the rep that told me to submit and I was told I was misinformed. So I asked if there was different program under a different name for seconds and she stated, no. First and second mortgage combined payment is $3,800.00 on a $220,000.00 home. She also stated that if I didn't make payment on second my tenants would be locked out of home. I asked why was in taking so long to modify the first after all these months, not a hard one? ....... I'm at a loss

[Timmy19]

OMG Chase are such liers! I have been dealing with them and learned that their only goal is to get a payment from you. They usually say
1. You have been "pre-approved" or "soft-modified".
2. They need this or that paperwork from you...
3. But you need to make a payment today or tomorrow of x amount of dollars to avoid consequences, preforeclosure, foreclosure etc.

Chase is my second and once I understood their 1, 2, 3 speech it really helped me.

According to one of the Chase people I spoke to she told me that Chase follows whatever the first one does in regard to a loan modification but that they need a letter from the first verifying the modification. So in your case they can send a letter of verification to themselves

I hope that helps. Always assume that whoever you are talking to lies and listen to the number three "You have to make a payment of... phrase."

Maybe someone on the forum can tell you who you can believe at Chase.

Good luck!

[davephx]

The make a payment or else people might be in collections vs the right loan mod dept.

Unless they foreclose and sell they can't kick the tenant out.

We are all hoping for the 2MP 2nd program to get revived but hope is fading. Treasury realizes the 2nds are a big problem in making the firsts successful but probably have to go back to Congress to get more $ incentives to entice participation. Lots of luck. I don't think 2mp is in the same $50 billion funding from TARP that HAMP is funded from. But unless get far more permanent mods they won't spend the allocated funds.... since only pay when modified.

Sadly Congress is tied down on the Health Care fight and many other issues.

[Timmy19]

I apologize but I began a new thread in regard to dealing with seconds. I am still learning on threads and posting on loansafe. I did include a quote about Secondary Mortgage Holders and what can be done. I called the thread Chase 2nd payoff

[snapple candy]

Martae,
That is such a load of crap that Chase handed you. I particularly incensed by the threat to lock out your tenants. They simply cannot do that! I would report that person for those kind of threats.
As for Chase not modifying 2nd, that too is a load of crap! My 1st and 2nd are with Chase. Im on HAMP trial mod and faxed all HAMP paperwork to different department with HELOC account number on it. Once they knew I was on the HAMP program, they immediately offered me a 50% reduction and will match same terms as 1st if and when I am ever offered a perm mod.

[davephx]

snapple candy At least if 2nd was with Chase they did a good deal on 2nd. I've read this result before but usually only if the 2nd owned by the same as the 1st...or serviced.

Did Chase own your 1st by chance vs GSE or investor?

[snapple candy]

First was WAMU now Chase and it is Fannie Mae backed. The 2nd owned by WAMU now by Chase.The 2nd trial mod was seamless and easy. It was immediate also, although only verbal and nothing in writing. This was bothersome to me but the payment so little, i said OK. Im so underwater, they know they have no standing to foreclose.

[Martae007]

Thank you all for your words of encouragement. I plan to keep fighting first thing Monday morning. I was told by this lady that Chase is only focusing on first mortgages, then they may work on seconds. I am not sure if my second mortgage is actually from a private investor and Chase is simply servicing the loan ... this would be an outrage for this investor since I have been attempting to modify NOT walk away from this loan since March, only to have a customer service rep focus on writing of the loan as a bad loan. In my hardship letter, I asked to have either both loans combined, interest reduced, payment reduced, with missed payments put on back of loan for so that I can continue to make payments (I was actually told that Chase will not reduce principle) until the values return and I can refinance. I felt this is a win/win situation. My old payments were 3800.00 (combined) for a now $240,000.00 home (original loan was 420,000.00). I don't get why Chase would have be submit a mod pkg for second mortgage and then a week later tell me they don't offer mods on seconds. How do I go about finding out if the second lien holder is a private investor and who, or is Chase the actual lien holder. Those of us who have seconds are trying to pay atleast something, but the banks are refusing to work with us! We are begging for a mod and they are more interested in writing off the loan. Incredible......

[michelle.m]

We were discharged chapter 7. Both loans were with GMAC, but GMAC sold the 2nd to SLS. Why would SLS buy a discharged loan? Our 1st has about $10k equity. We want to settle with the 2nd ($200k). Since they wont get anything, do you think its likely they will settle for 5-8%? Can someone who has been through this shed some light on what to say to 2nd?

[Martae007]

Has anyone ever heard of Chase's "special walk department" with respect to second mortgages. I received a call from a gentleman named Angel and he informed me that my second mortgage file was sent to his division and that I needed to make a full payment on the second and once he received a one-month payment then I could send a modification package in, and I needed to continue to make the monthly payments while they reviewed my package - which would take up to six months. I asked to a trial reduced payment plan and he said that he only was offering the original amount first. I did not make that payment since I'm still waiting for an answer on the first mortgage mod. (since March) and sent in the request for modification anyway on the second. We have hit an all new low. ...

Now, I spoke with the underwriter yesterday on my first, and asked for the number to the special walk dept., so I could inquire about my second mod., he said that is no dept. for seconds, all mods are done through his department and Chase is not doing second mortgages. I'M STUNNED!!!!!!

[litehouse01]

I was told in no uncertain terms they will not modifiy your 2nd unless the 1st is modified...I have both loans with chase fannie mae owns the first and chase services chase owns the 2nd.. when I called and got on a plan for the 2nd with chase it is actully a forebarence....they are awaiting the outcome of the 1st.......I would be skeptical of calls from chase who know one else at chase seems to know what dept that is..if it is a real ligite dept it should be common knowledge..I think it could have come from collections or something..sometimes the tactics they use are not on the up and up I think they get commission

[Martae007]

Thank you litehouse, at this emotional time, it is outrageous that Chase has reps resorting to such tactics, when unsuspecting homeowners are complying with faxing huge documents and overnight mailing documents to ensure it is received to comply the second mortgage mods, and that department does not even exist.......

[Martae007]

I've heard of two organizations, NACA and Hopenow, has anyone ever heard and worked with either with any success?