National city 2nd, First fed 1st

[tc4gold]

i am behind on my National City 2nd, they have just suggested a settlement if i can find someone to pony up the funds. balance is $346k, i have someone who would pay it off and I would then have to pay them back. How do I best structure the offer to get it accepted, they said I couldn't get an offer of less than 10% of the balance owed. Last year they denied me a loan mod because I didn't earn enough??? Hello, that is the reason I was asking for it in the first place.
Also i am current on my first, the modified it out of a neg am last year but put it into a monthly adjustable which is stressful for me now I have lost my job, the rents in the two back units pay for it mostly but I still have to find money for insurance, taxes, food etc. They said I didn't earn enough to qualify for a fixed rate but I want them to re modify to a fixed so I can budget better but now with late payments on other things and still no job only rentl income how can i approach them to get them to fix my rate at the current low rates before inflation runs rampant and the rates go sky high? any help would be most appreciated. I truly think I was bamboozled during a tough time in the this loan and the modification. I had a 4 year pre pay and they insisted 3 years ago that even if they refinanced me they would charge me the pre payment penalty, the original loan broker got paid $8k to do this loan plus a point. I think he steered me into a bad loan on purpose.

[Moe Bedard]

HI tc4gold,



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

If you google something like debt settlement letter...........you will get some examples that you can use to put in an official offer to your second.

As far as modifying your first again..........you will need to contact First Fed and see what options you have for that.........they will let you know if you are able to reapply for another modification at this time.