Indymac - 2nd Loan Modification

[ChrissyF1214]

I had my first mortgage modified & want my second modified as well. I had to send a fax to them regarding "who" held my mortgage. It says it's private investors & that they don't modify second mortgages. Why is my mortgage with "private" investors? Any advice? This seems so unfair that I have been out of work for over a year struggling to make my first & they wont even CONSIDER a modification on the second. If I don't pay the second will they foreclose or will these "investors" contact me for a possible settlement? The second mortgage would never get paid since the house has no equity. My first loan is $340K & the 2nd is $68K. The house is worth right now at the MOST $350, but doubt anyone would even pay that.

What should I do?

[heidi79]

if you have even a dollar of equity on your house to cover them, they can come after, with 2nds it's a little bit different approach, they will run a value on the house, they know you owe more than what it's worth, ur probably not getting help because ur paying it.

[ChrissyF1214]

Thanks for your response. This month I unfortunately WONT be able to make the payment so I guess the annoying calls will begin. Just like the 1st I had to default. If they did an appraisal they would see that they wouldn't get any money, they might think they would.

I am still able to pay the first which I will continue to do. I guess I'll have to wait & see what happens. It's sad that these banks would rather foreclose than help us out. All of this bailout money & hardly anyone is getting the help they need.