Posted on: 29th Aug, 2009 11:32 am
we are UPSIDE DOWN IN OUR HOUSE BY AT LEAST $80,000 and have a 2nd of $71,000 . Our hrs have been cut so we do not make as much money as we did when we puchased the house . now we can not make the 2nd payment as we have 5 kids and costs are going up. we are trying to do a loan modification on the first . they told us to stop making the payment on the 2nd to save the house. what do you think the 2nd will do and what can they do ? OUR FIRST IS AN ARM AT 7.00% $271.000 and 2nd is 11%
ZONTELLI
Welcome to the forum
If you stop mkaing payments to the second the secodn may put ypur house in t forclosure
Better option is to call your second and work with them or loan modification
I amnot sure why the first lender is askign you stop making payment to the second
Good luck and feel free to ask
Welcome to the forum
If you stop mkaing payments to the second the secodn may put ypur house in t forclosure
Better option is to call your second and work with them or loan modification
I amnot sure why the first lender is askign you stop making payment to the second
Good luck and feel free to ask
we have contacted a co. "NACA " THEY ARE DOING A LOAN MODIFCATION FOR US ON THE 1ST.THEY ADVISED US TO STOP MAKING PAYMENT ON 2ND MORTGAGE. THEY SAID THERE IS NOTHONG TO MODIFY ON THE 2ND AS WE ARE MORE THAN THAT AMOUNT UPSIDE DOWN IN HOME
kelly paja
Thats not the correct way to dela with this situation
continue to make payments or it is goign to affect yoru credit report
Good luck and feel free to ask
Thats not the correct way to dela with this situation
continue to make payments or it is goign to affect yoru credit report
Good luck and feel free to ask