HomeQ is our 2nd, anyone modify 2nd's

[MPDano]

HomeQ is our 2nd. Does anyone have any luck modifying their 2nd? Although a very small portion of our Mortgages, it's a very high interest rate (11.5%).

[Evan Bedard]

hi Mpdano,

There are people having luck modifying their 2nd mortgages and yes 11.5% is a very high interest rate. Have you already applied with HomeQ to get this interest rate lowered?

[MPDano]

We haven't tried yet. We are still working on getting our 1st done with IMPAC. I was just wondering if there was actual cases of 2nd's getting modified. If this is true, then we will pursue this also.

[MPDano]

Also, HomeQ is a Servicer. Do I still call them as I remember trying this last year and they say they can't. Is there a good phone number that have had success with?

[MPDano]

Submitted paperwork today 8/28/2009. Will report back when I hear something.

[~Jess~]

I have a modified 2nd. It's not thru HomeQ though, it's thru Wells Fargo. It was modded within a week of my contacting them. I think it was pretty clear that they'd end up with NOTHING if we chose to walk away, so they modded us quickly. We are now at less than 1% for the next 4 years.

[MPDano]

Originally Posted by ~Jess~

I have a modified 2nd. It's not thru HomeQ though, it's thru Wells Fargo. It was modded within a week of my contacting them. I think it was pretty clear that they'd end up with NOTHING if we chose to walk away, so they modded us quickly. We are now at less than 1% for the next 4 years.

Wow! Nice Jess.

I did call HomeQ yesterday and they stated that my package is complete and was reviewed Sept 2nd. They said it takes 20 days from this day to process. I heard this before so I will be calling them again next week to follow up.

[MPDano]

Ok, received W-9 Requests from HomeQ on Sat 9.12.2009. Sending filled out W-9's today. Just keeping you guys updated on what I am receiving from the lender as the process proceeds.

[poshtots]

good luck to you, i look forward to seeing if you get your mod. We may go for it on ours as well!

[MPDano]

Ok, after all that paperwork with HomeQ, here is what I just got today. What should I do?

Recently you asked us to modify the terms of the above referenced loan under the Home Affordable Modification Program (HAMP). We have given your request careful consideration and regret that we are unable to modify your loan terms at this time for the following reason:

Failed Lien Test - Must be 1st Lien

First of all, I never asked this mod to be under HAMP (not sure if it needs to). I told them it was a 2nd and not a 1st. Is this just a generic response? Should I continue on and keep calling them? Or is this true? Posts are saying they have modified their 2nds. We have a high 2nd at 11.5%

[MPDano]

Called HomeQ on Friday and was told to re-fax info, but make sure that Cover Letter and Hardship Letter states that this is NOT for HAMP and for a HomeQ Loan Modification. Will keep you posted on outcome.

[MPDano]

We're good to go. Re-submitting and being specific was the key. We got a call from HomeQ and a bunch of questions later, we were offered a 5% rate. 11.5% to 5% for the next 5 years. $250 savings every month.

1st and 2nd Mortgages total $850 monthly savings!

Thanks again for this Forum.