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First, does an IDI test with a primary lender ever consider a secondary loan payment that originated at the same time as the first? Secondly, some specific questions with regard to the ramifications of letting a second mortgage go to chargeoff. The existing forums have already been very helpful! Specifically, can they freeze funds in my existing checking account? Would it be wise to move these funds to another bank? As I understand it, the primary was owned by FNMA, the secondary by Suntrust, both serviced by Suntrust.

We were able to refinance the primary in 2012 (HARP? The primary mortgage was transferred effective July 1st to Seterus. We applied for a loan modification in August 2014 with Suntrust because significant drops in our income beyond our control threatened us with the very real possibility of not being able to keep making our combined mortgage payments. I was able to secure a second job late in 2013 but this income is significantly less and there is no guarantee that this will be able to be maintained.

Our desire is to make this happen, ideally without lengthening our loan period, which already runs through our age 85. With the passing of time and delays caused by the transfer of the primary loan to Seterus, we had missed our April through July primary payments and our July secondary payment. We filed a loan modification request with Seterus in August 2015 after my wife had the 30 days worth of paystubs at her new income level. Now it appears that even though we have fallen behind, the IDI test still haunts us because they do not consider the secondary loan payment and the secondary mortgagor will not do anything to help us without a primary loan modification approval. Our credit scores have of course taken a hit from the high 700s to 500s so along with the underwater valuations, traditional refinancing obviously continues to not be an option. I still do not see making both payments being a sustainable achievement going forward, therefore I am now considering allowing the second mortgage to fall even further behind hoping for greater leverage or perhaps a charge-off followed by a settlement. I have found that most homeowners simply do not get help from their mortgage servicers until they are late on their payments. Even after they are late, it is still difficult to obtain a loan modification and or a settlement once a loan is charged off.

In the end, all they care about is making money and maximizing profits on each and every loan regardless of the pain someone might be in. With that said, be prepared for a long hard fight with no guarantees other that that they will play games with you like you have already experienced. So my suggestion is to prepare yourself mentally for a long tough road and do not take things personal and know they will play games and sometimes lie.


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Be kind to the employees you encounter and be professional stating your case proving you are right. Most likely it will happen if you just get these basics of business and human behavior down to a simple science. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you payday usa find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the online loan services individual author and may not reflect the opinions of the firm or any individual attorney. Please direct loan lenders only Read our I have found that most homeowners simply do not get help from their mortgage servicers until they are late on their payments. Even after they are late, it is still difficult to obtain a loan modification and or a settlement once a loan is charged off. In the end, all they care about is making money and maximizing profits on each and every loan regardless of the pain someone might be in. With that said, be prepared for a long hard fight with no guarantees other that that they will play games with you like you have already experienced. So my suggestion is to prepare yourself mentally for a long tough road and do not take things personal and know they will play games and sometimes lie. Be kind to the employees you encounter and be professional stating your case proving you are right. Most likely it will happen if you just get these basics of business and human behavior down to a simple science.

So have you ever seen a primary lender on a FNMA loan consider a secondary loan payment that www loan com originated at the same time as the first in the IDI test?

Would it be wise to move these funds to another bank? No creditor can do that without a court ordered judgment against you stating that is ok for them to garnish your bank account. Your credit card may have provisions that state they can raise your interest rate or limit your credit at their discretion.

The comments how can i get a loan with bad credit by me and the materials available at this web site are for informational purposes only and not for small loans for bad credit the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

Please Read our No creditor can do that without a court ordered judgment against you stating that is ok for them to garnish your bank account. Your credit card may have provisions that state they can raise your interest rate or limit your credit at their discretion.

No creditor can do that without a court ordered judgment against you stating that is ok for them to garnish your bank account. Your credit card may have provisions that state they can raise your interest rate or limit your credit at their discretion.

I just talked with my primary lender (Seterus) who said a 3 month trial offer letter is enroute and he discussed the terms. The disappointing news is that after 16 months of back and forth all they did was extend my mortgage from 30 years to 40 years so instead of saving money overall with a reduced interest rate, (presently 4. Supposedly they tried to qualify us for a lower interest rate via HAMP but were unsuccessful, I think because our original loan of 2008 was refinanced in 2012. So I assume we should accept the modification and consider making extra payments when possible? My arrears amount does not have to be brought current but is just included in the new amount to be paid down.

Perhaps my bigger area of question is my secondary loan with Suntrust. I have neither paid them nor communicated with them since July when I advised them I was still in the process of trying to get a loan modification with the primary lender. It was clear they were not going to do anything to help us unless we got a successful modification with the primary lender.

Today I received a letter containing the following verbage: This letter is to inform you that Sun Trust Mortgage, Inc has made the decision not to pursue foreclosure of the above referenced loan and will be releasing our lien interest on this property.

Although Sun Trust is releasing its lien, this does not mean that you are being released from liability on this debt. Collection efforts may be pursued on this otherwise invalid debt. You www loan com have the right to continue to occupy the property until a sale or other title transfer action occurs.

You will also be responsible for maintaining the property, insurance and paying for all real estate taxes due.

SO, I assume I should still not contact them or make payments and see if some collection agency contacts us to negotiate a settlement? We are not in any danger of losing our home because of action they may take? If so, then all you have to deal with is a personal liability on the debt. Meaning instead of being attached to the property, it is attached to you and they can still try to sue and or collect from you. Most likely they will sell the best place for a personal loan debt to a debt collection agency.


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The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice.

Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions top 10 loan companies expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.

Please Read our If so, then all you have www loan com to deal with is a personal liability on the debt. Meaning instead of being attached to the property, it is attached to you and they can still try to sue and or collect from you. Most likely they will sell the debt to a debt collection agency.

Back to the primary modification - do you see any benefit to not accepting the modification or any other desirable recourse for me? Again, was really hoping for www loan com www loan com a reduced interest rate that would help us pay off the mortgage earlier.

Back to the primary modification - do you see any benefit to not accepting the modification or any other desirable recourse for me? Again, was really hoping for a reduced interest rate that would help us pay off the mortgage earlier. Suntrust Mortgage website where I used to go to make payments shows a zero balance. Is there any benefit to me trying to contact the bank to see what their intention is? If so, then all you have to deal with is a personal liability on the debt. Meaning instead of being attached to the property, it is attached to you and they can still try to sue and or collect from you. Most likely they will sell the debt to a debt collection agency. Based on my recent conversation with my attorney, this (lien release) seems to be happening more and more.

I literally just received (3 weeks ago) a Certificate of Release from Deutsche Bank for an investment property that I own. I was in shock for two days and finally talked to my attorney about it and she told me I now own the property free and clear. The debt was uncollectable if sold to a collection agency, because it was included in a 2010 bankruptcy. Out of pure ignorance, I allowed that to happen once. Never again - I read an excellent book that was written by Robert M. Janes ( Fighting The Foreclosure Machine ) that gave me the courage and information needed to fight the process.