2nd Lien Modification Program

[goodlife4524]

Has anybody had any luck with the Making Home Affordable 2nd Lien Modification Program?

http://www.financialstability.gov/do...nFactSheet.pdf

The government lists guidelines that modification is automatic once the 1st is modified. Yet I call my 2nd mortgage provider and they act like I'm from Mars. I know it's voluntary, but has anybody had luck with their 2nd mortgage provider and who is it?

[Evan Bedard]

Hi goodlife4524,

Has anybody had any luck with the Making Home Affordable 2nd Lien Modification Program?

http://www.financialstability.gov/do...nFactSheet.pdf

The government lists guidelines that modification is automatic once the 1st is modified. Yet I call my 2nd mortgage provider and they act like I'm from Mars. I know it's voluntary, but has anybody had luck with their 2nd mortgage provider and who is it?

I read through this and it does seem to state automatic modification for 2nd after first is modified. Personally I have yet to have seen someone get an automatic mod on their 2nd after the first is complete. It states only participating lenders will follow these guidelines, I'm not sure if Citi is participating in this 2nd lien program??

[goodlife4524]

Originally Posted by Evan Bedard

Hi goodlife4524,



I read through this and it does seem to state automatic modification for 2nd after first is modified. Personally I have yet to have seen someone get an automatic mod on their 2nd after the first is complete. It states only participating lenders will follow these guidelines, I'm not sure if Citi is participating in this 2nd lien program??

Not only with Citi wasn't it automatic, but it wasn't close to being 1%. I was denied in any case.

[Evan Bedard]

Sorry you got denied but dont give up, this is usually a long process with hours and hours on the phone and speaking with many different reps..

[goodlife4524]

Originally Posted by Evan Bedard

Sorry you got denied but dont give up, this is usually a long process with hours and hours on the phone and speaking with many different reps..

My first loan mod went through no problem with Aurora Loans. They asked for the info, sent me some forms, we filled it out they called once for info and just called to say it was approved and I'll get the papers in about 2 weeks - 2.25%. I read the 2nd Lien Mod fact sheet and hoped that it would be streamlined like talked about. 1% would take $420 2nd mortage payment at 7.75% to about $110. Spent many hours on phone with Citi finally got someone who knew what they were talking about with the Citi direct line from here on Loansafe (thanks!). He called it HAM but they used some crazy program that denied me. I will call back soon but want to get my ducks in a row. The 2nd Lien Program talks about 'extinguishing 2nd liens'. Right now Citi's appraisal put me so they would basically get nothing if I walked away - chapter 7 no reaffirmation. 1st Mortgage modification was nice, 2nd would be even better!

In your opinion (anybody on the board), is the 2nd Lien program something to expect that is just taking time to get rolling?

[Hopefull2009]

Yet I call my 2nd mortgage provider and they act like I'm from Mars. I know it's voluntary, but has anybody had luck with their 2nd mortgage provider and who is it?

LOL - Same thing here. I'm currently in trial payment period on 1st with Aurora. I asked about the 2nd and the MHA 2nd lien program and they said there is no such thing and not to believe everything you read on the internet - HELLOO. I've submitted my paperwork though for a "regular" mod on the 2nd and hoping to hear shortly. Who knows.

After the 2nd lien program was announced, there wasn't much information after that. Even the govt sites only talk about the announcement, but nothing after that. The "voluntary" language is confusing also - voluntary for second program or voluntary in MHA period.

[goodlife4524]

Originally Posted by Hopefull2009

LOL - Same thing here. I'm currently in trial payment period on 1st with Aurora. I asked about the 2nd and the MHA 2nd lien program and they said there is no such thing and not to believe everything you read on the internet - HELLOO. I've submitted my paperwork though for a "regular" mod on the 2nd and hoping to hear shortly. Who knows.

After the 2nd lien program was announced, there wasn't much information after that. Even the govt sites only talk about the announcement, but nothing after that. The "voluntary" language is confusing also - voluntary for second program or voluntary in MHA period.

Exactly! Does it exist or not? It would make a heck of a difference in my life. 1st loan mod took a 6.875% interest only to 2.25% P&I but saved only about $225/month. 2nd loan mod would save about $300/month more if using the 2nd lien modification guidelines. MHA mod that Citi said the computer was recommending but not approving was about $80/month less.

Citi rep said our hardship wouldn't count for their non-MHA mod program. Yet it counted just fine for a Chapter 7 where we owed a lot in credit card debt (and I mean a lot!) and for the 1st Loan Mod.

[jaibird]

GoodLife-

Can I ask how long you were working with Aurora on your 1st? I have been working with them for almost a year now and am still making forbearance payments. You seemed to have a much easier time.

[timothy1]

I have a first and second with Wells Fargo. I am currently in the process of trying to get my first modified. Spoke with Wells today and they said if my first is approved under the "Hamp" modification then the second will be automatically approved. Any other type of agreement other then the Hamp will not qualify for automatic approval on the second.

I have been trying to get my first modified for two months now frustrating process. Good luck!

[Questions]

Goodlife4524 and Hopefull2009, I just started my process but am trying to get a modification with Aurora like jaibird. Wondering how long it took both of you to get your modifications and if you can give a few more specifics. I believe one of you had an interest only mortgage. I know I should stop stressing about the surplus but wondering if you all had a surplus (if so, did you have the surplus with your current situation or did you have the surplus with the proposed new mortgage amount)?

Also, did either of you work with NACA or go it alone?

Thanks so much and congrats to both of you on your successful modifications!

[goodlife4524]

Originally Posted by Questions

Goodlife4524 and Hopefull2009, I just started my process but am trying to get a modification with Aurora like jaibird. Wondering how long it took both of you to get your modifications and if you can give a few more specifics. I believe one of you had an interest only mortgage. I know I should stop stressing about the surplus but wondering if you all had a surplus (if so, did you have the surplus with your current situation or did you have the surplus with the proposed new mortgage amount)?

Also, did either of you work with NACA or go it alone?

Thanks so much and congrats to both of you on your successful modifications!

I worked alone. I called their line once gave them my info. They told me the trial payment right then. They sent some forms to fill out and a list of documents to send back to them. I mailed in and faxed in the forms. Appararently they got the fax first and it was incomplete so I refaxed it. They called back once to ask for proof of payment on 2nd mortgage and student loans (weren't being reported to credit agency after bk). Then they called back to say make the last trial payment and papers will be delivered and gave me the final details (terms, etc.)

[jaibird]

GoodLife,

Was your investor Fannie or Freddie?

[goodlife4524]

Originally Posted by jaibird

GoodLife,

Was your investor Fannie or Freddie?

Freddie Mac