I'm Lost!

[jedebelen]

I dont know what to do now

My situation: (Before)
Loan Amt: $ 460,000.00
80% : 368,000.00 7% interest only - Indymac
20%: 90,000.00 9.75% interest only - Indymac
Investor: Deutsche Bank
Mo Payment: $2,754.00 interest only
Current as of this date.

My situation: (Today)
Loan Amt: $ 460,000.00
80% : 368,000.00 7% interest only - Indymac
20%: 90,000.00 9.75% interest only - Green Tree
Investor: Deutsche Bank
Mo Payment: $2,754.00 interest only
Current as of this date.

NACA submitted my proposal, per NACA website, last May of 2009 and right in the middle of modification process (September) my second lien was sold to Green Tree Lending, so now I need to deal with 2 servicer?

I just called Green Tree today and inquired on how to lower my payment, the lady told me that my loan does not qualify with the Obama plan since its a 2nd "Lien", the representative told me that I need to look for another bank/servicer who will payoff the amount loaned in order for me to lower my interest rate.

What should I do now? I'm working two jobs... just got married, my partime job was cut in hours and so with my wife who also work partime at the airport.

This is a rough and rugged road for me.

[Debca]

What Green Tree told you is not true.

Here's an excerpt from the Nat'l Consumer Law Center Report and link to document.

Unfortunately, it is common for services and banks to give incorrect information.

This site will help alot, and you'll need to do a lot of research on your own elsewhere also.

Let us know how you progress.



http://www.consumerlaw.org/fprc/cont...kr-excerpt.pdf

NCLC REPORTS
Bankruptcy and Foreclosures Edition Volume 27
March/April 2009
Developments and Ideas For the Practice of Consumer Law

What About Secondary Mortgage Holders?

Treasury recently announced a program to deal with second
liens. The Second Lien Program is intended to work
with the HMP and provides two alternatives for second lien
holders—accept a modification of the loan or receive a payment
in exchange for release of the lien:
• Modification Option: The interest rate must be reduced
to 1% for amortizing loans and 2% for interestonly
loans. After five years, the interest rate on the second
lien will step up to the then current interest rate on
the modified first mortgage, with the same interest rate
cap as on the first lien. Treasury will share in the cost of
the interest reduction. The loan term must be extended
to match the term on the modified first mortgage. Also,
there must be principal forbearance in the same proportion
as any done on the first lien.
• Payment Option: Lenders and investors can alternatively
extinguish the second lien in exchange for payment
based on a program formula. For loans that are
more than 180 days past due, the lender or investor will
be paid 3 cents per dollar of unpaid principal balance
(UPB) extinguished. For loans that are less than 180 days
past due, a higher range of payments are allowed depending
upon the second lien’s LTV and the borrower’s
back-end DTI, ranging from 4 cents per dollar of UPB
extinguished for a second lien with greater than 140%
LTV and 55% DTI to 12 cents per dollar of UPB extinguished
for a second lien with less than 110% LTV and
55% DTI.

[BadBobMo]

BK-13 if you are way under water, but make sure to read up on everything. Look they are not going to help you, plus they are to wait on 1st mod to finish. But Ive seen some get 2nd mod's, but really should wait, most quit paying 2nd until they know what's going to happen to the 1st. Yes "credit hit" everyone is getting the same treatment, but 2nd will not foreclose on you unless they are willing to pay-off yous 1st!!! Save the money for BK you will need it.

[jedebelen]

Thank you All!... I guess I need to await a time with patience...
and wait for the result of my first loan, one step at a time

[heidi79]

badbob is making good,

nobody can tell you what to do, but what is being done is people are not paying on their first liens and settleling with them for anywhere from 5 - 15% of the amount owed, you will get hits to your credit, that is inevitable.

with the first you should go for the hamp program.

[jedebelen]

Hi Heidi79,
I'm now currently dealing with NACA, are they gonna help me with the hamp program? or how do I go with the hamp prog? I also submitted all docs required by Indymac for loanmod too...
thanks

[Believe]

Jedebelen, it is a very slow process. If you get involved here, you won't feel so hopeless.

PLEASE SIGN OUR PETITION IN 2 PLACES! Use each link below to sign:

PETITION TO THE U.S. GOVERNMENT FROM AMERICAN HOMEOWNERS | Petition2Congress |

TO THE UNITED STATES GOVERNMENT FROM AMERICAN HOMEOWNERS Petition

Good luck to you!

[jedebelen]

Originally Posted by Believe

Jedebelen, it is a very slow process. If you get involved here, you won't feel so hopeless.

PLEASE SIGN OUR PETITION IN 2 PLACES! Use each link below to sign:

PETITION TO THE U.S. GOVERNMENT FROM AMERICAN HOMEOWNERS | Petition2Congress |

TO THE UNITED STATES GOVERNMENT FROM AMERICAN HOMEOWNERS Petition

Good luck to you!

thank you! I did signed the petition

[heidi79]

im not sure how exactly naca works, but if the hamp is the best program for you, that's where they will put you.

[davephx]

NACA does not like HAMP and their solutions are not HAMP directly. They don't think you should be extended to 40 years and I forget their other big issue. I discuss it in detail a few months ago in my report from the Phoenix NACA event somewhere here.

Result is NACA solutions are often ignored by the Servicer/Investor since they do not get any incentives for non Hamps and have to pay NACA for each "solution".

On the other hand NACA has worked for some especially if don't qualify for HAMP. It is just too rare and hard to work with NACA.

On the other hand if you can survive the long process all day or more at a Save the Dream or online and actually get to a counselor, it does help get your paperwork in order... but they usually ignore what NACA submits and you redo but can help educate you to what is needed.

But for maybe 20% NACA does work wonderfully. They are just too overwhelmed like the servicers are.

[jedebelen]

I got a mail again from Indymac, for the second time, saying I'm denied of my request to modify my loan because I'm current .... and NACA is taking forever... I don't think I can still hang on to this, my savings is drained and might miss in a month or two.....