Citimortgage 2nd Mortgage

[EstherL]

I'm wondering what kind of deals people have gotten on a 2nd mortgage?

[Social Apocalypse]

Hubert at Citi offered us 2% interest for life. No trial, no fees. Adding past-due payments to principle and wiping balloon payment but extending life of loan by 13 years to cover it. Pretty big change, but we are filing Ch 13 and told them that. We will strip the 2nd. We offered a short sale of 10% instead so we could file Ch 7 and they rejected it. Not smart. I wonder what the investors would say to that?

[hope67]

Originally Posted by TB98629

Hubert at Citi offered us 2% interest for life. No trial, no fees. Adding past-due payments to principle and wiping balloon payment but extending life of loan by 13 years to cover it. Pretty big change, but we are filing Ch 13 and told them that. We will strip the 2nd. We offered a short sale of 10% instead so we could file Ch 7 and they rejected it. Not smart. I wonder what the investors would say to that?

If the 2nd is 100% unsecured debt due to reduction in the market value of your home, can you include it in chapter 7?

[Social Apocalypse]

Unfortunately not. Only a Chapter 13 can do that on a mortgage. I know, it doesn't make any sense. BUT, if you do NOT reaffirm the mortgages (and we are not going to, and MAY do a Ch 7) then we STOP making our payments, we can then start a "Produce the note" strategy, whereby the lost notes cause BOTH mortgages to become "unsecured debt" thus being discharged in a Chapter 7. Interesting, and it's happening all the time, a good attorney knows about it, and many more are getting familiar with it. This is why I am so stoked about the progress in the courts for upholding the law when MERS says they have standing. THEY DON'T! The notes were shredded. There are no notes usually in a securitized mortgage. It would be impossible to perform the turnarounds necesssary (and the deception needed) with actual paper notes being ammended and recorded in your county. It's fascinating stuff.

But then we get stuck with a title that isn't clear.... they haven't come up with a solution to that yet. But I am willing to take that on. I'll keep the forum posted. It's scary, but I feel sure it's going to work. Especially lately with the courts capitulating all over the nation.
Just waiting for the 9th Circuit Court to be more visible with it

[whitelotus]

my 2nd mortgage is citi as well. I'm working on the first one right now.
I've been late for 2 months and someone called few days ago toll me that to stop foreclosure, I need to make at least one payment. I told her i'm working on the first one.

And she called me again, today said that I need to make at least one payment in order to do modification in the future (if my first one agree to modify). What she said few days ago and today is different stories. I'm confused.

In addition, she told me they can process for foreclosure if i don't make at least one payment even if i told her i'm still waiting for first one.

I don't get it what she said.

Is it true? Can they process foreclosure while I'm waiting for first one to get it done?