Can a 2nd be modified without doing the 1st?

[gretnaj]

I was wondering if anyone has heard of modifying their second and not their second?
I owe more on my 2nd than I do my 1st so I believe they would definetly foreclose. I was notified of about $400 a month paycut last week and am trying to figure what direction to go. My husband received a paycut a couple of months ago of $400 a month. (thank god we still have jobs)
If has any suggestions it would be so appreciated.

Thanks!

[HopingtoFind]

Yes... second can be modified independently of the 1st, it is done all the time. 1st and 2nd are often from different lenders and they act independently of each other.

The question is why wouldn't you want to modify 1st as well?

[gretnaj]

The first mtg has a 7% interest rate and the payment including taxes and insurance is $1261. The 2nd has a 13.5% interest rate with a payment of $1457.06. The 2nd payment is what is really causing us the hardship. I know they say that they will bring you to 31% of your income and it seemed like the first mtg company may be less willing to modify to lower if the 2nd is getting high of a return on their money. Would starting with the first mtg company be the best start for this?
I have been reading there is a 2nd mtg aid program in the works but not sure.
When figuring the 31% do you know what expenses they take into consideration? It just seems odd that it is based upon gross income. They also want 2 paycheck stubs but my salary reduction will not be reflected until my pay on the 15th. (I am paid on the 15th and 31st). I am not behind on either payment at this time b/c we are scraping. Does being behind make a bigger difference on a possible modification? I was almost thinking of making my payment for next month be the amount that I can truly afford to pay towards the 2nd. This is all so overwhelming to me...Any advice would be greatly appreciated.
Thanks

[HopingtoFind]

"I know they say that they will bring you to 31% of your income and it seemed like the first mtg company may be less willing to modify to lower if the 2nd is getting high of a return on their money. Would starting with the first mtg company be the best start for this?"

1st looks at gross income and PITIA on your 1st. If your DTI on your 1st is over 31% then you will probably qualify for this new plan. I would go ahead and contact both 1st and 2nd lenders at the same time and see what they can do. It seems that 1st looks at 2nd the same as they look at all your other expenses like credit card payments for example...

"When figuring the 31% do you know what expenses they take into consideration?"

They only look at PITIA on your 1st.

"They also want 2 paycheck stubs but my salary reduction will not be reflected until my pay on the 15th."

Then just let them know this.

"I am not behind on either payment at this time b/c we are scraping. Does being behind make a bigger difference on a possible modification? I was almost thinking of making my payment for next month be the amount that I can truly afford to pay towards the 2nd."

Some people said it helps, but you don't have to be behind to qualify for this new plan. Making partial payments would be pretty much the same as not making a payment because they would not apply it and it would be considered late. So if it were me I would either make a full payment if I could or not make any payment at all.... but cannot really recommend as to what you should do.