Help with primary SPS loan and 2nd CIT Group loan...

[MelisaOlsen]

I've been searching this site for some answers and can't really seem to find them. We initiated working with NACA back in October. I've called them and they did put together a proposal for SPS which is our 1st mortgage. SPS came back and said that the amount NACA was requesting was too low and that we would need to negotiate to lower our 2nd loan with CIT Group before they would consider NACA's offer. CIT Group won't restructure unless the primary does. Haven't heard from NACA since sometime in February now and I'm not really sure what to do. We've stopped paying the 2nd loan to see if that will spark them to restructure... Any advice anyone has or directions to other threads that may help would be greatly appreciated. Our primary mortgage is an ARM and went up over $200 February 1st. Our home is worth over $100,000 less than the total of our 2 mortgages together.