Hi everyone! I have a question.

[dreamingpure]

I applied for HAMP last year and 6 months later it was approved. That alone was a blessing and how God decided to move on our behalf. I had a wonderful, wonderful person at AHMSI. I know sounds weird huh? Like I said that was a blessing.
We are still current and we are doing well. However this year my second mortgage is back at 5 percent. The man that was working on my HAMP gave me a one year ordeal where my second mortgage will be at 2% so that I can catch up on my bills. It wasn't an in-house mod either, only temporary. So here it is, went back up and made my mortgage jump another 100.00 or so.

I called them and ask politely to see if I can get a in-house Mod and if they mind looking into that for me.
She put me on hold and came back and said yes. She is sending out the package. I will be filling out an in-house mod for the second mortgage, but what I am afraid of is that step rate. We can't refinance because we are under. Step rate will only put me back where I was... At least the hamp is for 5 years.

Any thoughts, ideas, suggestion? Should I even go through with it? I want a fixed rate for the life of the loan.

Thank you. Blessings. Think positive, keep at it, be personable, ask God for favor, don't be mean over the phone, and slowly it will pay off. That 6 month of waiting for my HAMP to be approved it changed my life and my outlook on life. It was one of those trials in my life that I will always remember.

[Cat Damiano]

Hi dreamingpure,


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

Is your second also with AHMSI? If your first modification is a HAMP modification then you should have been looked at for the 2MP program on your second if you meet the criteria.

2MP Modification and Extinguishment Eligibility Criteria

Second lien The mortgage loan is a second lien mortgage loan originated on or before
January 1, 2009. This includes a mortgage lien that would be in second lien
position but for a tax lien, a mechanic’s lien or other non-mortgage related lien
that has priority.

First lien HAMP modified

The mortgage loan is a second lien mortgage loan with a corresponding first
lien mortgage loan that has received a permanent HAMP modification and is in
good standing.

Not previously 2MP modified

The second lien mortgage loan has not been previously modified under 2MP.

Unpaid principal balance limits

The second lien mortgage loan (current or delinquent) has a UPB at initial
consideration for modification or partial extinguishment under 2MP of $5,000
or more and a pre-modification scheduled monthly payment equal to or greater
than $100. The servicer must determine the thresholds as of the date of the
initial 2MP evaluation. Payments and interest rate fluctuations during the
evaluation period or trial period do not affect the initial 2MP eligibility
determination.

There are no UPB limits for full extinguishment under 2MP.

Program cut-off date

Borrowers may be accepted into the program if a fully executed 2MP
modification agreement is in the servicer’s possession or if a 2MP trial period
is effective on or before December 31, 2012.



When a borrower’s first lien is modified under HAMP, the 2MP servicer must offer to modify or
extinguish the corresponding second lien. In addition, if the borrower’s first lien is modified under HAMP, the 2MP servicer must dismiss any
outstanding foreclosure action on the borrower’s second lien.

If the 2MP servicer is evaluating a borrower for 2MP and for its own second lien proprietary
modification program, the 2MP servicer must offer 2MP first (or at least simultaneously) with the
second lien proprietary modification, regardless of the terms of the second lien proprietary
modification. If the 2MP servicer already has modified the borrower’s second lien with a
proprietary modification, the 2MP servicer should still make a 2MP offer.

[dreamingpure]

I know that they don't participate 2MP. I looked on the MHA site.
Our first got modified through Hamp and the second mortgage wasn't modified.
So in this case I think they will be doing an in-house mod since they are not participating in 2MP. I wish!

Someone did call me, left me a message and said they were assigned to my file! I haven't even filed yet! But at least they are on it! ) I will keep everyone updated.

[TomEason]

dreamingpure

Thanks for your posts and congratulations on the permanent mod of your 1st.

Reference your 2nd, here's what I would do in your situation. Don't bother pursuing a loan mod on a 2nd. A loan mod on a 2nd is always less desirable than a settlement. Why? Because a settlement almost always results in way less $$ spent and it include the extinguishment of the 2nd lien.

Good luck to you.

[Cat Damiano]

dreamingpure,


A good majority of the in house programs will also mirror the initial step rate program from HAMP. If they are actively working on the modification, you can either wait and see what the modification entails or as Tom suggested, you can follow the strategies outlined in the following thread to instead settle the second.

Strategy for Settling Your 2nd

[dreamingpure]

I read about that settlement and thank you for providing the link.

However my 1st and 2nd is with the same lender option one.
If I don't pay on the second and let it go, will they even settle? I'm so nervous to do that. What if they foreclose if you don't pay the second?

[Cat Damiano]

You may want to voice your concerns in the strategy thread as there are other members going through the very same thought process that may be able to put your mind at ease.

[highlandkids]

Hello Dreamingpure, Here is an article from Consumer Affairs that you may find very helpful. You mentioned that both of your loans originated from Option One. If you google Option One you will find that there are many problems with and misrepresentations of Option One mortgages. In addition you may find problems with the assignments- or lack of assignments by AHMSI.The article makes it sound like it is just Option One's problem- but AHMSI has also been found guilty of not doing the proper paperwork that they were required to do as the sevicer. The only way that you can find this out is to first see what is recorded in your county. If both of your loans are still recorded as Option One- and there are no assignments to AHMSI- you may have a very good case to negotiate and settle both loans together into one. Hopefully this link will work- If not you can google Option One and find tons of info out there.