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You have to clear the first step before you can take the next. We are trying to decide what to do, our two biggest issues are the HELOC of 40,000 and a pre-judgement for 7900.
We have pushed the judgement off until April and we are trying to mod 2nd. We have approval on mod for 1st just waiting on paperwork. So right now we are waiting to see what Wachovia will do with 2nd and if judgement will settle (we fast little loans online plan to use some tax return money), and if neither will agree we will do the chap 13 lien strip. Attorney agrees if we want to keep house this is what we should do. So now we wait to see what Wachovia is going to offer. I was approved for fast little loans online a Hamp loan through B of A and have a second also through them. They did not say anything about the second mortgage 2MP program. I also contacted a HUD counselor who said he did not know anyone who got their second modified as of this date. Your 2nd is handled by a different dept than your first. I used same HAMP trial application changing the account number and information to reflect the 2nd and faxed it in to the Home Equity Dept. You should be able to call in the customer service number on the 2nd and ask for a fax number or dept handling trial mods on 2nds.
Explain you got a HAMP mod on your 1st and mention the 2MP program (which is stalled out apparently and the lenders wont sign on yet with the treasury) Read up on the directives about it before you call in so you know what you are talking about. Theres another sure fire way of getting their attention and that is to stop paying it for a few months. YOu could then tell them you just cant afford those payments and see how far it takes you. They are too busy trying to just get 1st HAMP mods off the ground. I do think now that some of us have achieved a mod on our first, it is time to start advocating for the 2MP program. Considering the BK cram down has been stalled and probably wont ever see the light of day, and the real issue is loss in equity and everyone underwater and reduced or no income, I think that the 2MP program or something like it will be the new frontier to tame. The directives are in place so they (lenders) have direction. It might be time to prompt our congress people about this. A friend shom does have high level clearance told me that BK can be an issue but with all that are going thru this, if you are up front and disclose, under these circumstances, it may not be as big of an issue as in the past.
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Last week Treasury basically said this was true but its not dead yet. Treasury suggests its a problem of linking who owns the 2nds with the first which is where LPS comes in and is designing a matching program. To me the bigger issues seems to be the very small incentive for the servicers in 2MP so I can see their point why bother.
Keep in mind that video was for NON-GSEs only Dave. Different rules for Freddie and Fannie owned loans.
As I did with the first, loan with bad credit history I took a stand and was ready to walk away if they foreclosed on me. I really am wondering is I told Chase to pound sand on the 2nd (since they have the 1st and 2nd) what they would do.
Again, I feel I would have to be prepared to walk in the event it would come to that. If more of us dont do this, the lenders will continue on this track. Now that I have gotten this far, I am really starting to think about other options.
If I could get any kind of principal reductions or a settlement on my 2nd, I would have alot more invested in holding on to my house.
Im still 100K underwater and nothing will change that.
I am really starting to think I am better off going down the street and doing a lease with option with a private owner or investor if I really want to own a house. I read some HAMP stats yesterday and about 900 have gotten trial mods and 98 have gotten permanent mods.
I am grateful i got a perm mod but the win is bittersweet.
My research shows that Bank of America modified your HELOC effective with the payment due January 20, 2009 this modification will expire in December 2010 ( ). Currently, BofA has systems in place to begin fast little loans online implementing the 2MP with the release of final program policies and guidelines by federal regulatory agencies, which is expected soon. However, under the initial implementation of the program we will consider only modifications.
I am unable to give you further details until we receive the final program policies and guidelines from the best unsecured loan rates federal regulatory agency. There is one poster here who reported an amazing settlement on a HELOC with BofA, but unfortunately he has not provided any information as to who he dealt with and how he did it despite a few requests from myself and others. I am unable to give you further details until we receive the final program policies and guidelines from the federal regulatory agency. Apparently all the other lenders are in a holding pattern while this is being worked out. BofA indicated the release of guidelines may be coming soon, although a time frame for execution has not yet been announced. I ran our credit and B of A destroyed our rating during the trial period.
I phoned and voiced our concerns and were told we did not have to take the offer and we could begin the process over.
Our advise was to take the mod or be ineligible to participate in any further mods under the HAMP program! I am very fast little loans online concerned about our second through B of A. If you are significantly underwater, I would tell them to take a hike if this is NOT a long term sustainable solution.
If they they will not discuss this, then I see red flags.
If this is a HAMP mod, I suggest sending a letter in writing back to the address with the mod rejected written on it. Id ask for an explanation, and then I would cc a copy of the letter to TARP and OCC. Assuming they gave you a fed ex envelope, copy the label so you have tracking number to know it was received back. I dont know why they would say that if you turned this down, you would be ineligible for any other mod in cheapest personal loan the future.
I just got a 2nd modified according to the 2MP program guidelines thru Chase. Havent heard of B of A people getting one just yet. BTW, if you have already signed the perm loan docs for first, I suggest still doing all the things I said. Send letter to B of A via registered mail asking unsecured personal loans bad credit instant decision for a correction and still file complaint with TARP and OCC. Hammer on them to correct their mistakes or explain how payday loans delaware they arrived at their figures.
I honestly dont know what pushed them over the edge to agree on a HAMP trial. Within about 6-8 weeks the Home equity dept was pretty aggressive in calling me and when they found I had gotton long term loans online on HAMp trial they immediately cut my payment in half. In december they kept trying to get me to make it permanent when I said no, not until the 1st gets modified. After the first of the year they seemed to change their stance. When I got the final mod I started asking about terms and they seemed to waver. I was told initially that they would match HAMP terms. Having had experience with them reniging on things, I argued on several occasions pretty strongly that they better do what they said they were going to do. I then sent a letter stating my experiences and how I felt they were trying to change the terms promised.