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silverfox5163
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| I have a 1st and 2nd mortgage with the same bank. I am upside down in the 1st. What are some of my options. I do not wan to lose my house. I have had a decrease in my income and it is getting harder and harder to make ends meet. I am current on my mortgae for now. What are my options? |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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have you spoken with your lender, silverfox? they don't want you to lose your home, either, and i'd have to think they'll be willing to work with you as best they can. maybe they can work out a solution with you, but you need to converse with them first.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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spritchel
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Post subject: second mortgage |
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| what is the statute of limitation on your second mortgage |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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The statute of limitations varies from state to state. You need to contact an attorney based in your state and get to know whether or not there is a statute of limitations on your second mortgage.
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Good is the Enemy of Great. |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 12376
Location: bloomfield, ct
58.49 Dollars($)
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a second mortgage is a mortgage. i can't imagine that a statute of limitations would apply in that case. if that mortgagee is not getting paid, they'd have the right to begin a foreclosure action. this is only my gut reaction, but i'd say that if a home was sold at auction and the second mortgage unpaid, that lender could send the account to collections. at that point, i think, the statute of limitations might kick in and be relevant. until that time, however, this is a secured debt; i can't quite figure out how sol would apply at all.
_________________
George M. Akerley
Mortgage Underwriter/Consultant
Word of Excellence- Writing/Editing/Proofreading
860-221-5044
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Enrico P.
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Post subject: Loan Modification |
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| I have a first and second mortgage on my house. I'm paying more than the house is worth. I'm struggling each month as my income decreases. I tried to get a loan modification with CitiMortgage. I was working on it for 8 months. They said I was approved and gave me my new interest rate and new payment. They told me they had dropped my rate from 8.75% to 2%. I was relieved. They said they would send the paperwork. I called back and they said I wasn't approved because my mortgage had to be 49% of my income in order to get a modification. My name is on the mortgage loan and my wife's isn't yet they're counting her income when they do the formula. Why is the first time I was approved and the second time I'm not? Nothing changed as far as income. CitiMortgage is horrible to work with. They don't return phone calls and they never sent me any paperwork saying I was denied. How can I save my house when the banks won't help. Since the government starting holding the accountable, they not lending any money or helping like the President promised. |
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Gonzalo
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Post subject: 1st and 2nd Mortgage |
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Hello,
I live in Florida and I have a 1st and 2nd mortgage payment.
My wife lost her job in July and I aplied to a Loan Modification in Sep.
After 5 months, the bank called me and said I was declined because my payment are current!!!!!!
The problem is that I spent half of my saving trying to keep my payment and now the bank said I should apply for a different program that helps only customers with current payment.
Honestly I don't know what to do!
My house is under-water (330K mortgages vs 250K market value today)
Please advise. |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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To Enrico,
Your wife is not on the mortgage, then they should not consider her income while qualifying you for the modification. I would suggest you to speak to your lender and clarify the whole issue. You may also try to refile your application for modification.
To Gonzalo,
As your lender has suggested you to apply for a different program that helps only customers with current payment, you should go for it. Contact your lender and ask him regarding the details of that program and check out how it will help you. If you feel that the program would help you in making your payments affordable then you can enroll for it. |
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123456
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Post subject: help |
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| I have first mortgage loan of $157,000 and HELOC of $107000. My house valus approx. 135,000. I am paying interest only on the second and will never be able to pay it off. I need an advise what to do to modify first loan and settle on the second. |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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You should write a hardship letter to your first lender and apply for loan modification. The lender would take a look at your financial situation and let you know whether or not you would qualify for it.
As far as your second lender is concerned, you will have to negotiate with him for a settlement. You will have to inform the lender about your financial situation. It will be the discretion of the lender whether or not you would get a settlement. |
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saratoga
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Post subject: 2nd mortgage |
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| I have a 1st and 2nd mortgage. The house is worth more than the first mortgage but less than both mortgages combined. $175k first, $150K second market value about $250k. Just lost my job and can't make 2nd mortgage payments. My wife works and can make the 1st mortgage. What are our options we are not delinquent on any payments (yet ) ? I'd rather not go BK. |
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Niicss
Joined: 03 Oct 2005
Posts: 4772
Location: New Jersey
499.62 Dollars($)
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You can ask your second mortgage lender to modify your loan so that it become affordable for you to pay off your mortgage payments. Thus, you won't be delinquent on your dues and would be able to save your property.
_________________
Good is the Enemy of Great. |
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saratoga
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Post subject: 2nd mortgage |
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| I realize I can talk with the 2nd mortgage lender but everything I read and hear is that the banks ( particularily BofA) are being very difficult. Is there some process or legal angle I can use for leverage in the negotiation ? |
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sara
Moderator
Joined: 05 Jul 2006
Posts: 2650
Location: New Brunswick, New Jersey
489.32 Dollars($)
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Hi saratoga,
You can involve an attorney while negotiating with your lender. However, it is a better option to negotiate with your lender yourself. If you can explain your hardship to your lender and convince him about your difficult financial situation, he would be ready to give you a modification.
Take care. |
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MILITARY MAN
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Post subject: 2ND MORTGAGE |
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| I have two mortgages on my home one for 210,000 and the 2nd for 50,000. I paid both of them faithfully for 15 months. I got out of the military and had to wait for 18 months to get my Va disability through the Army red tape. Therefore I was unemployed for 18 months doing odd jobs. I kept up with my first mostgage and the 2nd mortgage was sold to in unknown company. I tried on many occasion to contact the mortgage but they went BK and none of the numbers worked. Since that time I had know one to pay, because I did not know where to send the money. Therefore its been 3 years and 8 months since I heard anything from my second mortgager. I recieved a certified letter saying that we owe them 24, 000 dollars by the end of the month or they will foreclose and seek legal action. They also stated that they would not accept no payment plan but only accept the 24,000. What are my options. I just recently rejoin the military in will report on the first of April. |
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