Posted on: 08th Nov, 2010 12:37 pm
I was approved for them HAMP modification on June this year. I also have a 2nd mortgage on the property, I was told by the Company who helped with the 1st that they would handle the 2nd by simply showing the HAMP approval the 2nd would go away because it's unsecured. I have since been left in the cold on the 2nd. Do I have any options to resolve?
hi jdstringeng!
welcome to forums!
if you had taken out a second mortgage, then the property will be considered as a collateral. in that case, the second mortgage is not unsecured. you should contact the second mortgage lender and apply for a modification with him as well.
feel free to ask if you've further queries.
sussane
welcome to forums!
if you had taken out a second mortgage, then the property will be considered as a collateral. in that case, the second mortgage is not unsecured. you should contact the second mortgage lender and apply for a modification with him as well.
feel free to ask if you've further queries.
sussane
Second mortgages are like first mortgages, they have a loan secured by the equity in your home. They are usually a loan where you can set fixed monthly payments for an agreed period, although some loans allow you to receive money as a line of credit instead. The loans can last from one to five years, and they generally have a fixed rate, although this is usually slightly higher than current rates for a mortgage Frist.