Posted on: 15th Feb, 2011 05:23 am
Hi I have a question in regards to two mortgages I have. The first one is a FHA that I owe $195,000 on and the second one is a conventional that I owe $135,000. I am unable to pay both of them at this time. I have tried to get help from the FHA folks and they said they can't help me because my second lone is messing things up. They told me if they try to modify the FHA loan they need to close it and make changes to it and by doing that the second loan takes the number one position and that's not allowed because the FHA one always needs to be first..(if that makes any sense) Then I called the 1800 hope line to see what they can do and they said they can do nothing because of the FHA loan being there... If anyone understands what I am trying to say can you give me feedback as to what I might be able to do... BTW I am 2 months behind on both of them as we speak...
Hi sunaru,
As there are two mortgages, things have become difficult for you. You can contact NACA and take their help in trying to negotiate with your lenders and help you with your loan.
Thanks
As there are two mortgages, things have become difficult for you. You can contact NACA and take their help in trying to negotiate with your lenders and help you with your loan.
Thanks
Thanks James I will see what NACA can do for me....
:-)
Ken
:-)
Ken
i suggest you do not call naca and any of those free counseling agencies really most of the people who work there don't even know what they are doing. if you have a fha loan and they are staying you cannot modify because of the second mortgage? that is a bunch of bs. you need to contact an attorney to problem right this. according to hamp guidelines you can modify a loan under fha however, their guidelines are somewhat strict.
without knowing more of your situation, it will be hard to tell you the correct information.
without knowing more of your situation, it will be hard to tell you the correct information.