Sps - Anyone Modify The 2nd After Modifying The 1st?

StuckInLimbo

LoanSafe Member
We are in the process of modifying our 1st mortgage with Select Portfolio Servicing (already made trial payments - loan paperwork on its way.)

Our 2nd loan is 100 percent underwater.

With the new mod on our 1st, they extended our mortgage to 40 years, with a payment that's 115% of the NPV. Modification is for $207,000, with a balloon of 30K at end. NPV is 180K.

My question is, has anyone had success modifying the 2nd mortgage after a Hamp tier 2 mod with SPS?

I've read that SPS doesn't participate in the 2MP program, however they do participate in the FHA 2LP, however we do not have an FHA loan.

Any insight is greatly appreciated.
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Hello,

That's a good question. I couldn't locate any members who have. Maybe I missed them. Hopefully someone else has some insight or feedback for you.

Maybe you could look into a chapter 13 bankruptcy lien strip since it is 100% underwater. It may be wiped out with this method if you qualify.
 

capote203

LoanSafe Member
Hi StuckInLimbo - Don't know if this will help you as our mod was not a hamp (ours was a jumbo loan) and the 1st wasn't serviced by SPS. After we were successful in modifying our 1st (BofA serviced), we were able to modify our second (SPS serviced). Don't remember the exact terms but the mod on the 2nd wasn't great. Reduced the 2nd payment from appx. 2300 to 2100. This was still unaffordable and a year later I stopped paying the 2nd. After 12 months of non-payment, and some back and forth, SPS ended up settling on the $282000 2nd for $30000.
 
Top