Did anyone get a loan modification for the 2nd mortgage?

[hope67]

Please let us know if you were able to modify the 2nd mortgage loan, was it a HAMP or in-house? Please give us as much details as you can..

I have a 2nd, so far BOA would not even discuss possible modification. They said after the modification of the 1st loan is final, then they will look into the 2nd mortgage.

[julier883]

My brother in law applied for a second loan modification. THey came back, offered lower interest rate for six month and advised him to seek modification with his first lender. (original rate was at 10%, currently 5%).

[Housebroken13]

I did with Green Tree but only for 1 year reduced rate from 13.75% to 2%.

I just requested a subordination and/or settlement from them yesterday in writing.

We'll see what happens, I am current, I don't think I'm paying them this month I'll use it to pay off other bills.

[hope67]

Originally Posted by julier883

My brother in law applied for a second loan modification. THey came back, offered lower interest rate for six month and advised him to seek modification with his first lender. (original rate was at 10%, currently 5%).

For 6 months only? So after that the rate will go back to 10%?

[hope67]

Originally Posted by Housebroken13

I did with Green Tree but only for 1 year reduced rate from 13.75% to 2%.

I just requested a subordination and/or settlement from them yesterday in writing.

We'll see what happens, I am current, I don't think I'm paying them this month I'll use it to pay off other bills.

Housebroken, 2% is great, but did they say they will change it back to 13.75% after the one year?

My second mortgage is totally unsecured, I'm about 200,000 underwater!

[feellost]

Both my first and second are with BofA and they both got modified to 2% for the life of the loan (they were at 6% and 7.125% before). I tried getting it modified on my own but got denied because the first was below 31% of my income. But I went through NACA and they approved both so that now both mortgages with interest, taxes and insurance are at 31% of my gross.

[julier883]

Hope, yes they gave a temprary reduction for six month. Pretty much they said we will lower your interest for six month while you contact your first lender and work our a modification with them. We are planning on appraching Bank of America after the six month expire.

[hope67]

Originally Posted by julier883

Hope, yes they gave a temprary reduction for six month. Pretty much they said we will lower your interest for six month while you contact your first lender and work our a modification with them. We are planning on appraching Bank of America after the six month expire.

Julier..maybe you should start talking to BOA now, the 31% of the gross for the 1st mortgage has nothing to do with how much you're paying for the 2nd. It is a very long process to modify the 1st mortgage. Once you secured a modification for the 1st mortgage, you can go back to the 2nd lender and ask them for a permanent modification. I think they are reluctant to offer a permanent modification because the 1st is not modified yet. Most likely they are waiting to see what happens with the 1st mortgage.

[hope67]

Originally Posted by feellost

Both my first and second are with BofA and they both got modified to 2% for the life of the loan (they were at 6% and 7.125% before). I tried getting it modified on my own but got denied because the first was below 31% of my income. But I went through NACA and they approved both so that now both mortgages with interest, taxes and insurance are at 31% of my gross.

I must admit that this modification is way better than HAMP because the 31% of the gross is for the 1st and 2nd combined. HAMP guidelines doesn't allow the 2nd to be included when calculating the 31%.

I'm very happy for you!! Good job

[Housebroken13]

Originally Posted by hope67

Housebroken, 2% is great, but did they say they will change it back to 13.75% after the one year?

My second mortgage is totally unsecured, I'm about 200,000 underwater!

Based on the agreement I signed yes. So maybe I should stop paying, they can't enforce the lien I'm too much upside down. It would be a gamble, would they just sent to collections, I can deal with those dope no sweat...

[Housebroken13]

As a follow up I am now dealing directly with BOA's legal department. I plan on calling them today to discuss my loan.

Someone did answer the phone at the number I was given and they told me this is a good thing, it's not a bad thing.

I'm proceeding with high caution at this point....

So stay tuned.....

[julier883]

Originally Posted by hope67

Julier..maybe you should start talking to BOA now, the 31% of the gross for the 1st mortgage has nothing to do with how much you're paying for the 2nd. It is a very long process to modify the 1st mortgage. Once you secured a modification for the 1st mortgage, you can go back to the 2nd lender and ask them for a permanent modification. I think they are reluctant to offer a permanent modification because the 1st is not modified yet. Most likely they are waiting to see what happens with the 1st mortgage.

Yes, we have started the process with BoA although, I called to check the status and of course they had nothing in the system. The rep took down his financials again, and said he didnt qualify. I informed her that he qualified for HAMP, at which point she looked at his current mortgage amount, appologized and said that he qualifes. THey have some INCOMPENTENT people working there.
She also suggested that he applies for MHM imminent default program. Has anyone heard of that program, and what do they offer?

[hope67]

Originally Posted by Housebroken13

Based on the agreement I signed yes. So maybe I should stop paying, they can't enforce the lien I'm too much upside down. It would be a gamble, would they just sent to collections, I can deal with those dope no sweat...

I'm not paying on the 2nd until BOA gives me an acceptable permanent modification!

If they foreclose on a house that is deeply underwater such as in my case or your case, they won't recover 100% of the 1st mortgage and they won't get a penny for the 2nd mortgage!

[hope67]

Originally Posted by julier883

Yes, we have started the process with BoA although, I called to check the status and of course they had nothing in the system. The rep took down his financials again, and said he didnt qualify. I informed her that he qualified for HAMP, at which point she looked at his current mortgage amount, appologized and said that he qualifes. THey have some INCOMPENTENT people working there.
She also suggested that he applies for MHM imminent default program. Has anyone heard of that program, and what do they offer?

MHM = Making Home Manageable ...LOL

I'm not really sure, I have never heard of this program..maybe she meant MHA! "Making Home Affordable"

[ItsJustMe]

Not through Countrywide, but I was able to modify 2nd. It was a painless process, esp compared to our 1st mod. The investor was Bank of NY, and I've wondered if that was what helped speed the process or if it was the servicer (SLS). At any rate, were were able to lower our rate from 8.5% to 6%. The process took about 2 weeks from application to offer. We were (according to their appraisal) just barely upside down on the loan.

[hope67]

Originally Posted by ItsJustMe

Not through Countrywide, but I was able to modify 2nd. It was a painless process, esp compared to our 1st mod. The investor was Bank of NY, and I've wondered if that was what helped speed the process or if it was the servicer (SLS). At any rate, were were able to lower our rate from 8.5% to 6%. The process took about 2 weeks from application to offer. We were (according to their appraisal) just barely upside down on the loan.

Good for you. I'm thinking since my 2nd loan is totally unsecured, if they would sell my home today, they wouldn't recover the 1st mortgage, they will be short by about 130,000, so they won't even get a penny for the 2nd loan! I would hope they would be smart enough to offer me a modification! So far BOA refused to look into it, according to them they are waiting until my first is modified. I'm 3 months past due!

[feellost]

hope67, are both your loans with BofA? Have you tried NACA? If you recall, BofA refused to talk about my second mortgage also. After emailing Barbara, they offered to extend the term of the second mortgage at the same interest rate. I turned it down. Before that, they had offered to modify the first mortgage by simply adding the missed payments, which lead to an even higher monthly payment. Now if I couldn't afford the lower payment, how was I going to afford a higher one? But with NACA it was very simple. They agreed to do both at 2%, first for 30 years and second for 15 years, which is what they were to begin with. The old interests were 6% and 7.125%. I do have all the missed payments added to the first loan, but the second loan was up to date so nothing added to it. I am just very happy.

[hope67]

Originally Posted by feellost

hope67, are both your loans with BofA? Have you tried NACA? If you recall, BofA refused to talk about my second mortgage also. After emailing Barbara, they offered to extend the term of the second mortgage at the same interest rate. I turned it down. Before that, they had offered to modify the first mortgage by simply adding the missed payments, which lead to an even higher monthly payment. Now if I couldn't afford the lower payment, how was I going to afford a higher one? But with NACA it was very simple. They agreed to do both at 2%, first for 30 years and second for 15 years, which is what they were to begin with. The old interests were 6% and 7.125%. I do have all the missed payments added to the first loan, but the second loan was up to date so nothing added to it. I am just very happy.

feellost, I'm waiting to see what BOA will offer me, if it is something I can live with and reasonable I will accept it, if not, I will go to Naca.

I'm wondering if I would accept BOA offer, can I still go to Naca to see if they would offer me a better modification, I vaguely remember, that some here have said that they accepted BOA/CW offer then later tried to modify their loan thru Naca. I'm not sure though.

Keep in mind that I'm already in a trial modification plan.

[julier883]

Originally Posted by hope67

MHM = Making Home Manageable ...LOL

I'm not really sure, I have never heard of this program..maybe she meant MHA! "Making Home Affordable"

What upsets me is that Bank of AMerica set up some call center in India, and you cant understand these reps. THey dont even know what they are talking about, and pass down wrong information, just to get you off the line. UHH

[hope67]

Originally Posted by julier883

What upsets me is that Bank of AMerica set up some call center in India, and you cant understand these reps. THey dont even know what they are talking about, and pass down wrong information, just to get you off the line. UHH

I agree, today I talked to people possibly from India, they had no idea what I was talking about, they were giving me wrong information, one of them claimed that the info I'm requesting was not in the system, she also said that I was on a Forbearance trial which is totally incorrect, I have never been on such program. I laughed quite loud and informed her that I have discussed this issue several times with other reps, and everyone I talked to was able to access this info. She kept putting me on hold, it took about half an hour for her to find the info. Anyway, I had to call several times to get someone who has a clue!

[hope67]

Originally Posted by feellost

hope67, are both your loans with BofA?

Sorry, I forgot to answer this question, yes, both my loans are with BOA.

[feellost]

Hope, I had a mod application pending with BofA when I first contacted NACA. During the process of signing NACA authorizations, and uploading the requested documents, my modification with BofA came through. That's where they offered to extend the second loan from 15 years to 30, at the same 7.125 interest rate. I told NACA about that offer, and that I wanted to decline. NACA said they would get both mortgages within 31% of my gross, which is what I wanted all along. So I declined BofA's modification and waited it out. I had nothing to lose because the BofA offer would help, but was not enough to get me out of the hole that I found myself in. When I called BofA's negotiator to decline the modification, she tried to discourage it, saying that NACA does not help with second mortgages. I said that's not what NACA told me. At that point, I was willing to trust NACA over BofA because of all they had put me through. It turned out I made the right decision since I am paying the same amount BofA offered me to pay for the second mortgage, except, with a 2% interest, I'm paying it off in 12 years (what remains on the original 15 years) instead of 30 years like BofA had offered me. In addition, my first mortgage is at 2%, and even with all the missed payments added to it, it is manageable because the interest is so low. If I were in your shoes, I would start the NACA process, and go slowly so they won't submit anything for you until you hear back from BofA. This way, if you don't like what BofA offers, you'll be ready to go with NACA instead of having to start from scratch at that time. Whatever you do, I wish you much, much luck. I know first hand how hard this can be.

[hope67]

Originally Posted by feellost

Hope, I had a mod application pending with BofA when I first contacted NACA. During the process of signing NACA authorizations, and uploading the requested documents, my modification with BofA came through. That's where they offered to extend the second loan from 15 years to 30, at the same 7.125 interest rate. I told NACA about that offer, and that I wanted to decline. NACA said they would get both mortgages within 31% of my gross, which is what I wanted all along. So I declined BofA's modification and waited it out. I had nothing to lose because the BofA offer would help, but was not enough to get me out of the hole that I found myself in. When I called BofA's negotiator to decline the modification, she tried to discourage it, saying that NACA does not help with second mortgages. I said that's not what NACA told me. At that point, I was willing to trust NACA over BofA because of all they had put me through. It turned out I made the right decision since I am paying the same amount BofA offered me to pay for the second mortgage, except, with a 2% interest, I'm paying it off in 12 years (what remains on the original 15 years) instead of 30 years like BofA had offered me. In addition, my first mortgage is at 2%, and even with all the missed payments added to it, it is manageable because the interest is so low. If I were in your shoes, I would start the NACA process, and go slowly so they won't submit anything for you until you hear back from BofA. This way, if you don't like what BofA offers, you'll be ready to go with NACA instead of having to start from scratch at that time. Whatever you do, I wish you much, much luck. I know first hand how hard this can be.

Thanks feellost. I'm considering doing exactly that, I'm just about to make my 3rd payment for the trial, but what I heard today is really upsetting me, the last rep I talked to, informed me that according to the info in the system, the trial ends in Dec 1, if this is true, this means they extended my trial another month, I intend to call again to verify this info. I'm just fed-up and I'm not in the mood now to talk to anyone at BOA. I'll do it tomorrow, depending on how close they are to make a permanent offer, if they are not ready yet, I will contact Naca.

[feellost]

I know it's hard, but try not to let them get to you. A lot of these people don't know what they're talking about. If you have a negotiator, maybe you can get in touch with him/her and get the right information. After I emailed Barbara DeSoer, things got better wtih BofA. Although I didn't like the terms of the modification, at least I had a negotiator that I could talk to on the phone and email with. She never replied to my emails, but always called back on the phone after I emailed. Also, she was somewhat intelligent as opposed to the bozos I would get before when I used to call the main BofA number. Hang in there, and definitely try NACA if you feel that they're giving you the runaround. I did not qualify for HAMP at all because my first was below 31%, so there's no way I would have gotten anywhere with BofA. I think NACA is more creative in ways they try to help you, and BofA has to work in good faith with NACA, which they don't think they have to do with us.

[givemeabreak]

In house mod on second = Sovereign Bank submitted 09/23/09 proposal sent to me yesterday... will sign and agree

original 98,500 loan 15 year fixed with balloon of 87,000 due 2019 int. rate 11.00 % payment = 951.45/mos. 2 mos. behind


new mod = 101,000, 20 year fixed no balloon both P&I int. rate = 5.99 723.04 payment first payment due 11/30/09

1st Mortgage 387,000 30 yr. fixed 6.5, payment inc escrow =3424.50. Restructure request submitted thru NACA on OCTober 7 .. Wilshire. 2 mos behind. Non Hamp NACA requested 2995.00/ mos will be @ 32 %