I have a home in Southern Calif. - original loan $437,500K with BoFA, plus a 2nd for $48K (also with BoFA). The home value through comp sales of the exact same tract home is $234k - $245k.
Received a Fedex for a modification - filled out the paperwork and they sent me a trial payment plan. I'm considering sending in the my first payment at the end of the month to start BUT I just received 1 day ago another fed-ex for a trial payment plan for the 2nd Mortgage - I can barely afford the 1st trial plan ($2185/Mo), and there is no way I can add an additional $235/Mo - If I could, I could rent a house that was 1000 Sq-Ft larger!
My question is - although both loans are with BoFA, should I just focus on getting the 1st modified? Then worry about the second? My concern is that since both loans are with BoFA, the second might have an impact on getting a final modification on the first.
Thanks in advance,