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Discussion in 'Loan Modification' started by Pwwroten, Aug 17, 2009.

  1. Pwwroten

    Pwwroten LoanSafe Member

    Ok I have a typical sub-prime loan, <stated income> 80/20 interest only 10y arm no PMI. The first mortgage is thru Everhome in trial period now, second with SPS.. fixed principle/interest 30y at 12.25 <350.00> new mod for the next 27y at 8.75 <263.00>

    It took about 2 months and I just sent in my regular payments while waiting.

    Hope this helps or eases your mind a bit.
  2. Pwwroten

    Pwwroten LoanSafe Member

    It looks like SPS did the mod on thier own, I noticed on the web they are supposed to wait untill the 1st is Modified and use that mod as a guide. I wonder if I can get another mod on my second after my 1st goes thru?

    https://www.hmpadmin.com/portal/docs/second_lien/sd0905.pdf

    When a borrower’s first lien is modified under HAMP, a participating second lien servicer must
    offer to modify the borrower’s second lien according to a defined protocol. The 2MP
    modification offer may be prepared during the HAMP trial period or on or after the date the
    HAMP modification becomes effective. However, because the terms of the HAMP modification
    are necessary to determine the terms of the 2MP modification, 2MP offers extended during the
    HAMP trial period may need to be revised based on the final terms of the HAMP modification.
    In addition, the modification of the second lien under 2MP may not become effective unless and​
    until the modification of the first lien becomes effective under HAMP.

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