Will a charged off second have any bearing on a perm HAMP loan?

[bigshan1]

Hello all. I posted this under Loan Modification, but this is probably the more accurte forum. As I posted earlier, I was approved for a HAMP trial through WF about two weeks ago. I just made my first trial payment a week early so there is no late issues. I'm wondering if my second will have any bearing on a permanent mod. A few days before my acceptance into the trial HAMP, the HPS asked me if I had a second. I said my second has been charged off. He then asked if we plan to settle or make payments. I told him my decision will be based on if I get a permanent HAMP mod. The HPS said "sounds good" and nothing further on the issue. My second charged off last November. I was three days after that conversation with the HPS that I got the HAMP acceptance phone call. I've already negotiated a settlement on my second and will actually make my one time settlement payment next week (17%). Anyone in my shoes or knows the rules regarding second liens regarding HAMP?

Thanks
Shane

[yomann]

I don't believe there is any connection.
The 1st just wants to get paid what is owed to them; they could care less about the 2nd.
We got a WFB 1st modified, with a charged off PNC 2nd. (see signature)
WFB was completely aware of the charged off 2nd, and never asked us about our intentions on the 2nd.
BTW; we have not paid the 2nd in 2 years, nor have they contacted us.

[fightforit]

nice to see yomann checking in being an old timer at this!!!

[yomann]

I would not have been able to keep my house, without assistance and guidance from this site.
Just trying to pay it forward .........

[bigshan1]

I would not have been able to keep my house, without assistance and guidance from this site.
Just trying to pay it forward .........

Thanks Yomann for your advice. Hopefully everything goes smooth and the mod will be made permanent after two more trial payments. I'll be glad to get rid of my second next week and start fresh. Two questions. Was your mod HAMP? If so, were you required to send in financials after your trial payments? I've read that HAMP no longer needs docs once you qualify for trial period. I just want to have all my ducks in a row so this goes as smooth as possible.

thanks

[yomann]

I got an in house mod. And was not asked to submit financials after the trial. Just copies of last 2 paystubs to verify continued employment.
I worked a $9/hr job during the process. After it was done, I got a real job!

[bionicle]

once you approved for tiral payment for hamp. they will NOT ask more document. If you pay on time 3 trial payment. they have to give you permanent mod. if it's Hamp.
In house mod is different story. I have permanent hamp with Chase recently. my first one is April 1.
and I'm working on my second with wells fargo. but I don't know i should go with 2mp or settlement. because mine isnt completely underwater though.
You almost there Bigshan1.

Thanks Yomann for your advice. Hopefully everything goes smooth and the mod will be made permanent after two more trial payments. I'll be glad to get rid of my second next week and start fresh. Two questions. Was your mod HAMP? If so, were you required to send in financials after your trial payments? I've read that HAMP no longer needs docs once you qualify for trial period. I just want to have all my ducks in a row so this goes as smooth as possible.

thanks

[bigshan1]

once you approved for tiral payment for hamp. they will NOT ask more document. If you pay on time 3 trial payment. they have to give you permanent mod. if it's Hamp.
In house mod is different story. I have permanent hamp with Chase recently. my first one is April 1.
and I'm working on my second with wells fargo. but I don't know i should go with 2mp or settlement. because mine isnt completely underwater though.
You almost there Bigshan1.

Thanks sooo much for the reply. Yes, my mod is definitely a HAMP. My first payment posted a few days ago! Thats good to know no more documents. Good luck on your second. After nearly 13 months of not paying my $145,000 WF HELOC, I settled for 17% and paid out yesterday...NO MORE HELOC!!!


Shane