First Horizon

[gunner02]

I contacted First Horizon and they stated my loan was not backed by Freddie or Fannie and they had nothing else in place right now to modify our interest rate.

I have been forced into personal bankruptcy and the home valued at 530K would not bring 375K now. The first is 398K and the silent second taken at closing for 69K is now 49K and comes due on 8/31/09.

My husband can not be affected by this bankruptcy due to the need of a Top Secret Security Clearance for DOD, therefore; I am trying to protect his job which is now in Alaska while I remain in North Carolina.

We are maintaining two homes since he has rent on base there.

We are current on the first and I have delayed going to the local bank here until the bankruptcy is complete. Meanwhile, I need to reduce the payment on the first without affecting my husband's credit and placing his job in jeopardy. The house first and second are the only joint holdings to do so.

What is my next step? To free up monies to convert the 2nd balloon I will need to reduce the 1st.

[Moe Bedard]

hI gunner02,


Welcome to the forum and thank you for joining............

What the new modification program is doing is making the payment on the first more affordable if it is currently over 31% of the gross income. If this is the case with your loan, it would not need to be backed by FannieMae or FreddieMac..............but the investor would need to be participating in the program............

here is the link to the guidelines to see if you would qualify.............
http://www.treas.gov/press/releases/...guidelines.pdf

First Horizon
Loss Mitigation-1st Mortgage:
1-800-707-9998
ext. 33805

[gunner02]

They are participating, but our loan is not backed by Freddie or Fannie.

It is more than 31% of our gross income, but without being Freddie or Fannie we do not quality is what I understand, right?

[Moe Bedard]

No that is not correct.........................

you won't qualify for the refinance...............but you would be able to apply for the modification if the investor on your loan is participating in that, for the modification, the investor can be any investor...........I posted the link to the guidelines for you.

[gunner02]

Thanks - I'll check on Loan Modification first thing Monday.

[Rivernl]

Does anyone have a fax number or address for First Horizon (2nd Mortgage)/First Tennessee loss mitigation department? I called the phone number and was told they do not do modifications on rental properties. Thee would not give the the fax #/address. I would like to send a written request in anyway. Thanks!

[Moe Bedard]

Rivernl,



Is this the number that you were using?

First Tennessee
Loss Mitigation-2nd Mortgage:
1-800-396-6184

[gunner02]

Loss Mitigation direct line is 800-364-7662 - address:

First Horizon
4000 Horizon Way, Suite 100
Irving, TX 75063

Fax: 214-441-7390

I would not recommend sending a fax - the one I sent on 3/15 only a portion of the pages were received. Then I received a form letter requesting more information, some of which was faxed org. This letter was dated 4/16 and I received it 4/25. It states if the requested information is not received in 10 calendar days the case will be closed.

In this letter they are pushing Pre-foreclosure Sale Program. We are current on our mortgage, however; the "silent second" taken out at the closing is due 8/31/09 - this should give you an idea of how much over what we actually would have qualified for was pushed by the local bank! The builder of our home's wife was on the local bank's board of directors, but we did not know that until much later.

My entire package is in the mail tonight and I requested signature confirmation.

My particular loan is not Freddie or Fannie backed so I do not know if they are going to do anything even though we appraised over a 100K more at purchase than the worth now or then for that matter knowing what we know now.

[Moe Bedard]

the number that I posted above is the direct line to loss mitigation.........I just called just to be sure.....

[gunner02]

It must be different than First Horizon - I have spoken to someone on the number I posted - my loan does not refer to Tenn. in anyway.

[Moe Bedard]

They are one in the same...............when you go to First Horizon's Website and click on the " trouble making mortgage payment" tab..........you will be directed on to the First Tennessee page.........with two numbers........one for the First Horizon customer and one for the First Tennessee customer.................


The member was asking for First Horizon (2nd Mortgage)/First Tennessee loss mitigation department

The number I gave is directly to loss mitigation that is able to take care of second liens...........and may be a different number than they called first..............

The numbers you gave may be different as well and can also help in finding a modification solution for the second lien on a rental property.