I am currently trying to save my home and in the process of renegotiating with my first. My home is approx. 50% underwater and my wife lost her job 6 months back. I am hoping to have a principal reduction, but I am not sure at this point. BoA services the first and HSBC services the second. Bank of New York owns both notes. The loan originated as an 80/20 and was later resold to these 2 separate service companies.
I received a call yesterday from some debt collection agency call American Coradius International based out of New York saying they are working on behalf of HSBC.Now HSBC knows the situation I am in and I gave them an update a week ago, that hopefully I will find out in the next couple of weeks whether I will keep my home and workout the first.I called this ACI and noticed that they ran a hard credit inquiry on my account without my permission to look at what I have. They informed me that they are now trying to work things out for HSBC and that even if my home forecloses, I will still owe the second. I live in the state of CA and from what I have read, I have found this is only true if the second is part of a refinance which in my case has never happened. Can anyone shed some more light on this?