I have NFCU 1st and 2nd, 1st is underwater and filing BK 7 soon. No luck in searching a word that will bring me posts on info about settling when both first and second is from the same lender, a credit union at that.
Anyone know about this?
I have NFCU 1st and 2nd, 1st is underwater and filing BK 7 soon. No luck in searching a word that will bring me posts on info about settling when both first and second is from the same lender, a credit union at that.
Anyone know about this?
Welcome and thanks you for joining the community.Originally Posted by notaclue
It should be possible to settle the 2nd mortgage even though it is serviced by the same lender. Are you planning on staying current on your 1st mortgage and defaulting on your 2nd? Do you mind sharing your loan amounts/current home value and the state you are located in?
Keep Fighting!
Evan Bedard
LoanSafe.org Support Team
The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.
I am not current on either. 5 months on 1st and 6 months on 2nd. Waiting to file ch 7 in the next few days for much cc debt. Hoping to get current on 1st or work something out with it. Would be staying in house.
In NY
1st is at $240000
2nd 55000
Appraised for 225000
I heard it is hard to settle with a credit union.
Thanks for the help
It is generally a little harder to settle with a credit union, but at this point you have plenty of time as the foreclosure process in NY is taking at least 1-2+ years to complete. We have another member going on over 4 years without making a payment in NY and a sale date has still not been set. Since you are underwater I would focus on your 1st mortgage account and not even consider your 2nd until you have that one finalized.
Keep Fighting!
Evan Bedard
LoanSafe.org Support Team
The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.
Thanks for the info
That makes me feel better about not rushing to get current on the 1st. We have to stay in this house but getting caught up on the 1st will take some time. Do you know what the procedure is for getting caught up being 5 months behind. What the norm is after filing ch 7. I don't want to call them till I file (next few days).
Well generally once you fall more than three months behind your servicer is not going to accept any payment unless it is for the entire past due amount along with any fees you have acquired. You are going to need to request a repayment plan (which is going to increase the monthly payment until the loan is caught up) or a loan modification which can bring the account current and add the past due amount to the back of the loan. After you file BK in order to get your mortgage reviewed for the modification or repayment plan you will need to provide a letter from your BK attorney authorizing permission for NFCU to negotiate on the account..
Keep Fighting!
Evan Bedard
LoanSafe.org Support Team
The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.
notaclue
Thanks for your posts. Although I'm not familiar with your other debts, if it were me I wouldn't file BK. Although Ch 7 will delay your FC a couple months, it won't ultimately save your home. As Evan posted, you might submit a loan mod request or other workout option.
Hello, I just received a trial modification for my first mortgage with BofA with 3 payments first. Both my first and second is with them. According to them my second was charged off. Back in September, they offered me to pay $250. per month and they would apply the payments as double off the balance of 75K (for the 2nd). (I have made the payments, but they don't send me any statements). My question is, should I continue to pay on the 2nd?. I want to either get a loan mod for the second or settle after signing the final mod on the first. According to the trial mod, it states that they will automatically look at the second lien to see if it qualifies. Are my making payments on the discharged second, disqualify my second for mod or settlement? I need some direction please.
bonao
Thanks for your post and welcome to Loansafe.
You might post your numbers, tell us your state and whether your loans are purchase money.
Regardless, if your 2nd is underwater they won't FC. I recommend you eventually settle with that lender, but only after you've received the perm mod on your 1st.
IMHO, a 2MP is not as favorable as a settlement (unless one is lucky enough to receive a full exinguishment 2MP, which are rare).
You might visit this thread and read post #1. Good luck to you.
Strategy for Settling Your 2nd
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