2nd lien success - Loan Modification Forum

nkmorgan55 · 10-01-2009, 04:29 PM

After an 18 month battle with Countrywide and with the help of NACA and David L. , I have been successful in getting a mod on a current loan which was an ARM at 9.99% . This loan is now at 5.25% for the remaining years of the loan.

This month, on my own I was able to reduce the interest rate on the 2nd lien (serviced by Resurgent Capital) from 12.99% to 6% for six months and extend the baloon payment to the life of the loan.

These two modifications changed my payment from $2700 to $1760.

I will have to say that this whole ordeal was the worst experience of my life and consumed every waking hour for at least a year with faxing, lost papers, unreturned calls, unresponsible agents etc.

My message is simple. Do not give up. Outwit and outlast these predators.

daglo · 10-01-2009, 05:19 PM

Congratulations to you! I just received a denied letter in the mail today

We have been trying to get our second modified, and One West says they cannot help us in any way.

10-01-2009, 04:29 PM	#1 (permalink)
nkmorgan55 Junior Member Join Date: Oct 2008 Posts: 4 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	2nd lien success After an 18 month battle with Countrywide and with the help of NACA and David L. , I have been successful in getting a mod on a current loan which was an ARM at 9.99% . This loan is now at 5.25% for the remaining years of the loan. This month, on my own I was able to reduce the interest rate on the 2nd lien (serviced by Resurgent Capital) from 12.99% to 6% for six months and extend the baloon payment to the life of the loan. These two modifications changed my payment from $2700 to $1760. I will have to say that this whole ordeal was the worst experience of my life and consumed every waking hour for at least a year with faxing, lost papers, unreturned calls, unresponsible agents etc. My message is simple. Do not give up. Outwit and outlast these predators.

10-01-2009, 05:19 PM	#2 (permalink)
daglo Senior Member Join Date: May 2009 Posts: 138 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: 2nd lien success Congratulations to you! I just received a denied letter in the mail today We have been trying to get our second modified, and One West says they cannot help us in any way.

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