Help, I owe more on my 2nd than my 1st...

[marim]

Hi, Great to see all the information in this site. Here is a quick rundown... value estimated 400k. I owe 210,000 (Wells)on the first and 277,000 (Nat'l City)on the second. The loan officer talkedme into 90% ltv when I only needed 70%., stated income.. so I drew on it the past 18 months to survive. I am down nearly 60 days on the second and one month on the first, wells was fierce and sent me a letter saying they would accelerate the note. I managed to scrape together a payment last week, so I am only down for Decembers payment.
My question is... what are the chances of getting the second reduced when there is value between the 1st and second?
My spouse is now employed again after nearly a year of being out of work and is NOT on the notes. There is a 401 k available (mine is depleted trying to keep afloat) and if they reduced their principal we could afford our payment on the first. Our total mortgage is 3,000 and the first is about 1600 of that. Based on our expenses, we can make it if we have only the first debt.... I know it is a game of poker, and looking for any feedback.

[Moe Bedard]

HI marim,

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

The modifications given are up to the investors on the loans.......so if the second is what you want to work on, you would need to contact National City and see what the options are on the type of loan that you have......and to see if the investor would consider reducing principle......

National City Homeowners Assistance
1-800-523-8654