Is there hope- 1st mortage is affortable, 2nd is NOT! Lots of questions

[bummed]

I am so thankful for this website, I have been reading here non stop since I came across it.

We have a 1st with Wells Fargo that is extremely affortable, great 5% fixed 30 year loan, $2100 a month including taxes and insurance, (balance is $282,000). Our second is what is killing us... It is with Countrywide/Bank of America- Back in 2007 our house appraised for $699,000 (now worth $399,000) and we got a second for $165,000 (home improvements, etc)- 15 year loan fixed at 6.875, This payment is $1560.00 a month, balance is now $152,000)

Salary- $90500
Gross $3480 biweekly- net check is $3079 biweekly (after insurance, tax, etc)

1st and 2nd mortgage- is about 50% of our gross income, 60% of our net.

We also have 45,000 in credit card bills, min payment is $817 a month-

Will NACA be able to help us at all? We cant refinance because we dont have equity and are at a loss at what to do.

Any help/tips you can give us would be greatly appreciated-Luckily our credit scores are great, 781 and 749, we never have missed a payment but have used credit cards when short each month. Of course these are now at their limits so we must do something, move, loan modification, something.

I will be looking forward to your responses-

Thank you in advance for your help-

[bummed]

anyone? looking forward to what you have to say-

[ItsJustMe]

Have you called CW? You may be able to refi into a 30 year, even w/the negative equity. They offered that to us.

I don't think NACA can help w/a second unless it is w/the same servicer as the first (even then, I'm not sure I've read any approved mods for the 2nd, but I've heard of them submitted). They were not able to help us w/the 2nd at all, and suggested we try to refi the second on our own. I was offered an (unaffordable, but good rate/terms) mod through my 2nd lender. It's worth a call.

[bummed]

I will call today-

[bummed]

wow, look at this- maybe there is hope

http://www.treas.gov/press/releases/...nfactsheet.pdf

[ItsJustMe]

We inquired about the second lien program for MHA and no one knew anything about it. It was new at the time, so maybe you'll get further than we were able to get. IIRC, though, it's a piggy back to the MHA first mod, which so far as I can tell CW isn't offering. You'd have to call your first to see about the MHA mod (they can go as low as 2%, so better than your current rate) and inquire about the MHA for the 2nd.

[Moe Bedard]

bummed,



Welcome to the forum and thank you for joining..............


We have seen BofA modify second liens...............have you contacted them to begin the process and ask for a modification?

If the second is a HELOC call
1-866-926-1910

If not call
1-800-936-6362


The MHA second lien program would not apply unless the first lien were being modified under the MHA modification program.

[bummed]

***, thank you so so much for replying-

Will Naca be able to help us at all- Our first is 29% of our gross monthly income and with our second it goes up to about 49% I believe- We should of never agreed to the amount they gave us for our se

we cant do mha right because our 1st isnt 31% of gross income right.

Just hoping someone can help-

what about a refinance with naca instead of a restructure?

any tips you have would be great


My phone call with naca is tomorrow at 12:00 pacific time-

[Moe Bedard]

When you have your phone conversation with NACA...........ask these questions that you have at that time..........they will let you know if you would be able to do the refi...........I am not sure that NACA would be able to work on the second unless it is with the same servicer...........but make sure you ask that tomorrow.

Update here after you speak with NACA.

[bummed]

Do people get denied from NACA if they have a deficit each month?

What is the largest deficit you can have?

What are the reasons people got denied from Naca?

I wonder what percentage of people get approved compared to denied is as well-

Thanks

[Moe Bedard]

We wouldn't have the answers to these questions as we can only view the experiences that members of the forum are having....................

all of the success stories including NACA can be found here.......

Success Stories - Homeowners Who Fought Back & Won - Loan Modification Forum - LoanSafe.org

[bummed]

***, you have been so helpful- those were my husbands questions-

Have you heard of any loansafe members not getting approved for a modification through naca- I am praying that they can help us-

[Moe Bedard]

unfortunately there have been a couple, I think they are in this section if you scroll through the thread titles you may be able to find them...............NACA will do everything they can to help, most restructures are able to get an approval..........it just takes a while, so be prepared for that......

Keep those questions from your husband to ask when you have your phone consultation...............NACA would be better able to answer them.

[bummed]

He is doing the call with me tomorrow which is great news. I thank you so so much for all of your help.

it is just so frustrating that our 1st is so affortable but the second is killing us-

Have a great night-

[Moe Bedard]

Thank you and you do the same.........

Let us know what you find out tomorrow...........

[bummed]

naca just called me, we discussed paperwork that was missing, but was previously submitted, then he said he had to go to lunch and will call back in an hour-

Hoping I can sleep tonight-