Hi! Yes, we do have two mortgages - this modification is only for our first mortgage, backed by Seterus. Any rental income will only cover this mortgage. The interest rate prior to this offer was 7.1% We requested HAMP in the latter part of last year and were denied.
Our second mortgage is with 21st Mortgage Corp (was GMAC) and we have not paid in about 19 months. We are hoping to eventually settle it. GMAC sent us a settlement offer that was way out of our reach prior to selling the mortgage. Unfortunately, from the very little bit of information I can find on this company, they are very difficult to deal with - though they did send us a letter that said if we send a payment now they will remove all late fees and we will have a clean slate moving forward (Not interested - we can't afford it and we are already 19mos with no activity). Regardless, we are thrilled with the offer from Seterus. I'm not ready to let the home go completely, because in my eyes that will make bankruptcy inevitable and we need to avoid that because of my husband's business. So now it's just wait and see! I keep hoping that when we move to Texas maybe the second just won't find us, but I know that's wishful thinking!
