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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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butterball, it appears you aren't going to be able to do much here. have you hired an attorney? that's a good idea. in fact, it's essential, so that you'll know your rights and responsibilities
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George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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Woody
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Post subject: What can I do? |
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I have 1st mortgage ($280,000) with National City Mortgage, 2nd ($202,000) with National City Bank and 3rd ($56,000.) with National City Bank. The 1st mortgage is a baloon mortgage that adjusts in May of 2010.
I pay about $5,300.00 per month on these mortgages combined. The house is only worth $400,000. so I am about $140,000.00 underwater.
I tried to modify with bank several times with no modificatioon. This month I hired a modification company (lawyer based). I think the lender inflated my apprasals to ring up 3 mortgages on the property, and now that the value has dropped so drastically, they are not willing to share in the negative equity.
The monthly payments are a hardship, plus I have two in College. My Finances are getting away from me and I need to fix these mortgagesto survive. Is there any chance they would extinguish the third mortgage all together, then roll my 1st and 2nd together at a fixed rate - I could make it if they would do this. I'm told that giving me a 3rd mortgage is very unusua. |
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adonis
Joined: 22 Oct 2005
Posts: 10267
Location: ALASKA
1046.07 Dollars($)
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Hi Woody,
I doubt whether or not your lender will be ready to forgive the whole of your 3rd mortgage. Depending upon your financial situation, your lender can reduce it to some extent. Moreover, as your property is underwater, I don't think the lenders would be able to help you in rolling over your 1st and 2nd mortgage into a fixed rate mortgage. It's better if you could convince your lenders for modification and get better terms to pay off the loan.
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Procrastination is the enemy of your financial success |
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hilary
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Post subject: Paying my 1st but not my second |
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| My 1st is about 190k my second is about 37k my homes value if I sold today probly around 270k-280k allthough its not impossible that the home would only sell for 230 or so. So whereas im not upsidedown but pretty close to even. PROBLEM income has decreased so much that I can not afford the extra 500 a month on the second, whereas I do pay my first which has a okay rate of 6.125 (stated income self employed) my second is @ 9.25 which is high. im only 2 months behind I was very ill an unable to work one whole month. They want me to become current and file a wavier however I want a modification and I have been told but others that in order to modify you have to be in a situation where we cant pay or havent paid. alltough I called them prior to not being able to pay and they pretty much blew me off. Now they call everyday, i dont answer because I CANT PAY.... what can they do? they have not sent letters only phone calls. |
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joseph March
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Post subject: going for bankruptcy on credit cards but not house and cars |
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| I own a one family house it no longer has equity in it because we borrowed on it when the house market was high. We now have a 2nd mortgage and charge cards that can not be paid..can forclose on my house even though Im paying on 1st mortgage and stop paying on 2nd and credit cards and going chapter 13 or chapter 7 my husband works but we can not afford even our every day bills like ps&g and food what do we do we cant sell house we have no where to go.... |
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joseph march
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Post subject: bankruptcy |
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| waiting for answer from you fast.................... |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Hi hilary!
Welcome to forums!
I won't suggest you to ignore the lender's phone calls. You should inform them about your hardship once again and request for a modification. Check out what your lender has to say in this regard. Depending upon your present financial situation, your lender may agree for a loan modification.
Feel free to ask if you've further queries.
Sussane |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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hilary, i agree with sussane...as much as we dislike hearing from our creditors, who ask the same questions each time they call (despite what we've already told them), it is a necessity. if you don't speak with them, they'll simply think you are irresponsible and they'll take appropriate action to try to collect your debt. you don't want that, so pick up the phone once in a while.
joseph march, you seem frantic, and that's understandable. you'll need to discuss all this with your creditors. with credit card companies, there are numerous programs they offer to assist borrowers with trying to pay back at least something every month; and with your mortgage lender, you can attempt to seek a modification of that loan. i know it's said that modifications don't happen, but some of them are getting done, and the industry has sworn to increase its volume of modifications. so don't sit back (and i don't accuse you of that), be active in speaking with your creditors, and see what they can come up with that may benefit you.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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GK
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Post subject: Short Sold House... Still responsible for second mortgage |
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Hi
I had a 1st and a 2nd and short sold my house July 09. Long story short, my agent mislead us by telling me both banks accepted the short sale. Just found out in Sept that the second sold the mortgage to Select Portfolio Services. It's not in collections, but it shows on my credit report as a send mortgage that is 120 days late. I refuse to pay $53,000 on a second mortgage when the house has already been sold. My credit debt is only $3000 and credit scores are still good. BK is not an option for me. What can I do? Thank you |
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In trouble
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Post subject: If I stop paying my 2nd mortgage |
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| I have an 80/20 a condo which no bank will touch and no one will buy also I paid my 80 is $167,000 my Heloc is 41,000 my place is worth 70000. My 2nd mortgage is tied to the first mortgage with the same bank BofA how would that work if I stopped paying the 2nd mortgage |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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Hi GK,
Though the property is sold off, the second lender has not received his dues. Thus, he has the rights to report the second loan as delinquent. You'll have to contact your second lender and try to clear off the dues. If you cannot pay off the dues at one go, you may ask for a payment plan to pay it off.
Hi Guest,
If you stop paying the second mortgage, the lender will foreclose the property. In my opinion, you should get in touch with your lender and apply for a loan modification. This will help you get a new payment plan to pay off the dues at affordable rates.
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Good is the Enemy of Great. |
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GK
Guest
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Post subject: Thanks Niicss |
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| Hi thanks for the response. The second accepted $2500 to release the lien and not the debt. Wilshire who was the 2nd, sold it to a collection agency who is now acting like they are the lender because it shows on my credit report like a 2nd mortg that is 120 days late. I short sold because my income reduced drastically, so why would I pay a 2nd mortg especially if the house has been sold. Also, these banks are getting their money don't worry. A mortgage insurance co contacted me to ask me a bunch of questions, because Wilshire is filing a mortgage insurance claim for the $53,000. Even though they sold it off to collections and got some money. Talk about double dipping. I will have to settle for a small amount or just let it go. Thanks. |
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smithsussane
Joined: 18 Sep 2008
Posts: 10045
Location: Alaska
921.83 Dollars($)
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Hi GK!
Welcome to forums!
If the lender has sold off the loan to a collection, then they have the rights to collect the dues from you. Though you've sold off the property, the loan still remains and you are liable to pay it off. I would suggest you to contact the collection agency and negotiate with them. May be they would give you a payment plan to pay off the debt.
Feel free to ask if you've further queries.
Sussane |
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Anna Gevorkian
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I have 1st with GMAC Mortgage currently I am doing Loan modification .
My 2nd is with Wells Fargo Bank I am not paying them since last year2009
I have no information who to call .Ilike to find out what to due?
Thank You |
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jameshogg
Joined: 20 Dec 2005
Posts: 10164
Location: Nevada
944.24 Dollars($)
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Hi Anna,
You'll have to call Wells Fargo, i.e. your second lender and check out the amount that you owe them. They will let you know whether or not they have charged off the loan.
Thanks |
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