State: Rhode Island
80/20 mortgage: House purchased in 2006 Living in the house and would like to keep it.
1st Mortgage Bank of America: $209,500 5.375 refinanced Jan. 2010: current
2nd Mortgage CitiMortgage: $53,000 8.5% 15 yr balloon pmt Original Loan for purchase: 45 days late
Estimated Value not Official: $175,000
Ive been reading around the site for about 2 months and I have also submitted financials in the past. Ive been ignoring the phone calls and the letters until yesterday it seems I have received a NOD. The heading is Notice of Default and Mortgagee's Right To Foreclose and Notice of Availability of Mortgage Counseling Services. Only my name is on both mortgages. My wife also received the same letter with her maiden name because that's how it appeared on the deed when we bought the house. Is this a serious letter or is this just a scare tactic to get me to pay? My first mortgage is underwater so the 2nd is totally underwater. Wouldn't Citimortgage realize they wont collect? Any help is appreciated and thank you.