I was hoping i could get some advice on my situation. Any help at all will be most helpful. Thank you in advance.
My situation is as follows:
I bought a condo back in 2006. I got into some payment trouble and was able to get a friend to help me get on the Home affordability program last year which lowered by payments drastically. I was finally able to catch up on my payments and I am now current on both mortgages. (for the last 4months on both mortgages)
1st mortgage is $249k
2nd mortgage is $66k
My issue is, i am happy with my payment amounts and can afford to pay them right now with the home affordability program but i am still underwater and theres no way my place will go up 66k in value anytime soon. I have seen the same condo in my building sell for $210k-$245k in the past year.
After reading some posts here it seems some people have had success getting rid of their 2nd mortgage by not paying it and receiving a settlement.
My questions are:
1. If i stop paying for my 2nd mortgage, can they do a foreclosure on me?
2. is the correct way to do this is to stay current on my 1st mortgage and just stop paying for the 2nd mortgage and wait for a settlement offer?
3. I have seen someone very knowledgable called Tom Eason on the forum giving very good advice, Does he work for a credit help company? is there a way i can contact him for help, at this point I am willing to pay for some good advice.
If i could just find a way to get rid of this 2nd mortgage I will finally be in a good spot and can start rebuilding my credit without being scared of getting forclosed in the future.
Edit: I forgot to mention both loans are with Bank of America, but my 1st Mortgage is being sold to Ocwen Loan Servicing starting June 15th. BOA is keeping my 2nd mortgage with them.