CIT1st / EMC 2nd - 60 days Behind and rate adjusting again - Loan Modification Forum

amcpeake · 10-20-2008, 08:28 AM

So as many here I am in trouble with our loan and need some suggestions. We have a first with CIT and a second with EMC. The 1^st we are now 60 days behind going to ninety soon. We have been behind on the 1^st for some time but have been making monthly payments so that we were not falling farther behind. Although we are looking at missing a payment this month as my income (self employed) were way below projections and I need to catch up on my office rent. About 12 months ago we did get an adjustment were they took two months of past due payments and brought us current. We managed to slip behind again over the last 12 months. My intention was to go to ninety days late and then keep making my payments and slowing work on making a payment and a fourth to bring myself current. Well today I got a letter saying that my rate would be adjusting so add on $500 more per month. That is the back breaker, no way I can ever catch up in that scenario. So I am wondering if I have any chance at a Mod in light of them already giving me the payment adjustment 12-13 months ago. And there is one other small problem. I stopped paying my 2^nd with EMC 2 years ago. So that was sent to a collection agency. I have never told CIT about EMC status (ok when they ask if I am current I have said yes). So I don’t know if I tell CIT about EMC that they will not want to discuss a modification of the 1^st. I am also interested in what programs maybe available through the bailout or FHA, but again do not know what they will have to say about the 2^nd satatus. Any advice or thoughts would be greatly appreciated.

The 1^st with CIT is about $525,000
The 2^nd with EMC is about $100,000
Value of the home is somewhere around $500,000

Moe Bedard · 10-20-2008, 08:53 AM

Hi amcpeake,

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

As far as FHA goes............the property can not have the second lien on it..........and if you have not paid in two years..........it would appear that EMC might not release that lien.

You will have to call and see what options the investor on the loan has and also to try to do a modification again and see if you are able to....it might be o.k. since it has been a year since the last one..........

CIT
Loan Resolution Analyst
1-866-650-0968

EMC
Loss Mitigation
1-877-362-6631

10-20-2008, 08:28 AM	#1 (permalink)
amcpeake Junior Member Join Date: Oct 2008 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	CIT1st / EMC 2nd - 60 days Behind and rate adjusting again So as many here I am in trouble with our loan and need some suggestions. We have a first with CIT and a second with EMC. The 1^st we are now 60 days behind going to ninety soon. We have been behind on the 1^st for some time but have been making monthly payments so that we were not falling farther behind. Although we are looking at missing a payment this month as my income (self employed) were way below projections and I need to catch up on my office rent. About 12 months ago we did get an adjustment were they took two months of past due payments and brought us current. We managed to slip behind again over the last 12 months. My intention was to go to ninety days late and then keep making my payments and slowing work on making a payment and a fourth to bring myself current. Well today I got a letter saying that my rate would be adjusting so add on $500 more per month. That is the back breaker, no way I can ever catch up in that scenario. So I am wondering if I have any chance at a Mod in light of them already giving me the payment adjustment 12-13 months ago. And there is one other small problem. I stopped paying my 2^nd with EMC 2 years ago. So that was sent to a collection agency. I have never told CIT about EMC status (ok when they ask if I am current I have said yes). So I don’t know if I tell CIT about EMC that they will not want to discuss a modification of the 1^st. I am also interested in what programs maybe available through the bailout or FHA, but again do not know what they will have to say about the 2^nd satatus. Any advice or thoughts would be greatly appreciated. The 1^st with CIT is about $525,000 The 2^nd with EMC is about $100,000 Value of the home is somewhere around $500,000

10-20-2008, 08:53 AM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CIT1st / EMC 2nd - 60 days Behind and rate adjusting again Hi amcpeake, Welcome to the forum and thank you for joining................. As far as FHA goes............the property can not have the second lien on it..........and if you have not paid in two years..........it would appear that EMC might not release that lien. You will have to call and see what options the investor on the loan has and also to try to do a modification again and see if you are able to....it might be o.k. since it has been a year since the last one.......... CIT Loan Resolution Analyst 1-866-650-0968 EMC Loss Mitigation 1-877-362-6631 __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

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