Has anyone got offers on 80/20 Loans?

[brandon_m]

I have read many posts that talk about only adjusting the first loan. Also only the first loan being considered under the MHA plans.

I currently have an 80/20, and want to know what offers others in this position have received.

Thanks in advance.

[Garry]

I think its going to depend on a persons situation. The way I read an 80/20 is really just a first and second mortgage but the house was financed at 100%. Just to let you know, the MHA program also has a second lien program thats supposed to work hand in hand. It hasn't been out long enough for anyone to be in it yet that I am aware of.

[ama125]

The second lien program was announced in April, but official guidelines were only just released on 8/14. Under it, if the primary mtg is modified under MHA, than the second AUTOMATICALLY gets modified as well. (https://www.hmpadmin.com/portal/prog...cond_lien.html). This has me wondering, if BofA is both servicer and lender on the second, how willing are they to modify someone's first under MHA? Is this why they offer people non-HAMP mods...to skirt the second lien requirement? But you are correct, there are few reports of second lien mods and those that I have seen, are only if the borrower worked things out with the servicer of that loan. I also think, it's taken them this long to really start modifying first liens, so I expect it will take a while to see them modify seconds.

[alwayshope]

Originally Posted by brandon_m

I have read many posts that talk about only adjusting the first loan. Also only the first loan being considered under the MHA plans.

I currently have an 80/20, and want to know what offers others in this position have received.

Thanks in advance.

I too have an 80/20 both with CW/B o A...there is alot of info on this forum so you have to read up and educate yourself, Ama125 and Garry are excellent teachers! From what I understand there is hope for us that have 80/20 and that if both the first and second are held with the same servicer it is easier to get them both modified....I have also heard of people writing letters to the 2nd offering them a deal. EX. 10% of the loan. I have yet to begin my journey as I am one of the lucky thus far because I am still current. I am just reading, reading, reading so I know what I am up against.

[brandon_m]

Thanks for the replies!

My other question is about MHA qualifications, with just the first loan I do not qualify under 31% can the 2nd be used in this scenario?

[alwayshope]

Originally Posted by brandon_m

Thanks for the replies!

My other question is about MHA qualifications, with just the first loan I do not qualify under 31% can the 2nd be used in this scenario?

I have been calling on and off since April thru the end of July. At that point I was told that you CAN NOT use the 2nd. I too don't qualify because of the 31% but if you add in my second I do. It's really messed up. My first is also an ARM due to adjust in May. Have you looked into a MHA re-fi? I am actually waiting for a call back from a loan rep but I am almost certain my payments would be higher and no they will not combine the 1st and 2nd in the re-fi, I am upside down...I was also told previously that I could do a forebearance...so that may also be an option for you. Good Luck and keep us posted.

[Garry]

You can't use the first and second combined, but if you do the second by itself and it's over the 31% you may be able to modify the second, worth a shot anyway. My second payment is higher that my first.