I owe 490,000.00 on first mortgage and just finished 3 trials of loan modification with fannie mae for a much lower affordable payments. Dropping our interest rate and extending loan for 40 years. Payments went from 4,000 to 2600.00 . Our final papers have not come in yet to finalize. In the meantime we fell behind on our second mortgage for 80,000 at 11% interest (crazy I know) and when we called to start thinking about applying for loan mod we were told we were charged off. Now we are given 1 month to send in documents for a settlement. Our house is underwater worth much less than owed. we are worried this will deny us our first loan mod.
I am wondering if the second mortgage that is charged off will affect our first mortgage loan modification since the 3 trial periods are completed and this happened before the first was finalized. I also want to know is it best to send the collector the paperwork and settle on our own or consult an attorney to assist. We do not have much money to come up with so we would have to do a payment plan which they said is an option. We want to stay in the house
See Why It Makes Sense to Consider Debt Settlement for Second Mortgages and HELOCs.
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