CitiMortgage 2nd Lien Loan Mod/BofA 1st - Loan Modification Forum

ClaudiaC · 10-09-2009, 07:19 PM

I am new to Loansafe and have been reading many postings regarding loan modifications. I was wondering if anyone has any advice regarding my 2nd Lien with CitiMortgage. My first is with BofA and have been told I do not qualify for a loan mod with them. So I am wondering if CitiMortgage offers any loan mods on 2nd liens. Can anyone give me their success stories, in any? Bought my new home in 2005. Got a 1st and 2nd with DRHorton mortgage. DRHorton, the builder said I would get $5k credit toward my closing costs if I go with them for financing. Once moved in, my loans were transferred to Countrywide. Due to unexpected expenses as a new home buyer, I refinanced my 2nd with CitiMortgage. Now my first is with BofA. Because of the economy, I was forced to a pay cut since July. I am living paycheck to paycheck now and overwhelmed. Please help. Thanks!

Evan Bedard · 10-12-2009, 05:58 PM

Hi ClaudiaC welcome and thank you for joining.

Quote:

I am new to Loansafe and have been reading many postings regarding loan modifications. I was wondering if anyone has any advice regarding my 2nd Lien with CitiMortgage. My first is with BofA and have been told I do not qualify for a loan mod with them. So I am wondering if CitiMortgage offers any loan mods on 2nd liens. Can anyone give me their success stories, in any? Bought my new home in 2005. Got a 1st and 2nd with DRHorton mortgage. DRHorton, the builder said I would get $5k credit toward my closing costs if I go with them for financing. Once moved in, my loans were transferred to Countrywide. Due to unexpected expenses as a new home buyer, I refinanced my 2nd with CitiMortgage. Now my first is with BofA. Because of the economy, I was forced to a pay cut since July. I am living paycheck to paycheck now and overwhelmed. Please help. Thanks!

Yes it is possible to get your 2nd lien modified but it will be much more difficult than on your 1st mortgage. I'm not sure if this fits your budget but many lenders are willing to settle 2nd mortgages for about 5-20% of the remaining balance..

ClaudiaC · 10-31-2009, 08:19 PM

Thanks Evan! Yes I have been reading about people who have settled with their 2nd mortgage. I will keep that in mind.

10-09-2009, 07:19 PM	#1 (permalink)
ClaudiaC Junior Member Join Date: Oct 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	CitiMortgage 2nd Lien Loan Mod/BofA 1st I am new to Loansafe and have been reading many postings regarding loan modifications. I was wondering if anyone has any advice regarding my 2nd Lien with CitiMortgage. My first is with BofA and have been told I do not qualify for a loan mod with them. So I am wondering if CitiMortgage offers any loan mods on 2nd liens. Can anyone give me their success stories, in any? Bought my new home in 2005. Got a 1st and 2nd with DRHorton mortgage. DRHorton, the builder said I would get $5k credit toward my closing costs if I go with them for financing. Once moved in, my loans were transferred to Countrywide. Due to unexpected expenses as a new home buyer, I refinanced my 2nd with CitiMortgage. Now my first is with BofA. Because of the economy, I was forced to a pay cut since July. I am living paycheck to paycheck now and overwhelmed. Please help. Thanks!

10-31-2009, 08:19 PM	#3 (permalink)
ClaudiaC Junior Member Join Date: Oct 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CitiMortgage 2nd Lien Loan Mod/BofA 1st Thanks Evan! Yes I have been reading about people who have settled with their 2nd mortgage. I will keep that in mind.

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