Posted on: 03rd Oct, 2010 07:34 pm
My 1st mortgage is four months into the trial modification period. I have never missed a payment on my 2nd and does not appear to have been charged off. In fact I still have roughly $60K available credit on my second line. It has never been adjusted even though the value of my house has dropped 50% from its peak when I initiated the second. When should I talk to my bank carrying the 2nd about settling it? Now or after my 1st is successfully modified? My 1st and 2nd are with two different institutions.
As the two loans are with two different institutions, you can apply for a settlement on your HELOC with the second lender prior to getting a loan modification on the first loan.
I have read some posts where the payment on the HELOC is figured into the modification on the first? If that was the case I didn't want to jeopardize that, if that in fact was the better option.
Hi flowzip!
Welcome to forums!
I haven't heard of any such rule which says that your HELOC is figured into the modification of the first. You should contact your lender to find out whether or not he would do such a thing for you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I haven't heard of any such rule which says that your HELOC is figured into the modification of the first. You should contact your lender to find out whether or not he would do such a thing for you.
Feel free to ask if you've further queries.
Sussane