Posted on: 13th Mar, 2009 06:29 pm
countrywide only helped me with my 1st loan, but not with the second from another bank. why is that?...
my situation:
i have an option arm loan.
1st mortgage with countrywide (fannie mae) = $ 150k (80% of house value)
2nd mortgage with flagstar bank) = $15k (20% of house value)
credit score: 796
no credit card debt
countrywide offered to modify only my 1st loan with them at a 30-yr fixed at 4.875% but could not help me with the 1st mortgage, which has high rate of 7% or more.
what can i do? can i negotiate with countrywide to consider the second mortgage as well?
my situation:
i have an option arm loan.
1st mortgage with countrywide (fannie mae) = $ 150k (80% of house value)
2nd mortgage with flagstar bank) = $15k (20% of house value)
credit score: 796
no credit card debt
countrywide offered to modify only my 1st loan with them at a 30-yr fixed at 4.875% but could not help me with the 1st mortgage, which has high rate of 7% or more.
what can i do? can i negotiate with countrywide to consider the second mortgage as well?
Hi betinhobr!
Welcome to forums!
You have mentioned that your second mortgage is with a different bank. In that case, Countrywide will not be able to help you with your second loan. You will have to contact your second lender and check if they can modify your mortgage interest rates.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
You have mentioned that your second mortgage is with a different bank. In that case, Countrywide will not be able to help you with your second loan. You will have to contact your second lender and check if they can modify your mortgage interest rates.
Feel free to ask if you have further queries.
Sussane
countrywide has enough trouble with its own portfolio of loans without trying to negotiate and navigate around someone else's junior lien. they'd have no standing to step in and renegotiate anyway.
the lender who granted that loan is the lender with whom you'd have to deal, in every case.
the lender who granted that loan is the lender with whom you'd have to deal, in every case.
Although you are not happy with a 7% rate, the loan balance is small so you are not getting hurt too badly. Even if you were able to get your rate reduced to 6%, that is not a huge difference in your monthly payment since the loan is $15k.
The best thing you can do is (if you can), pay down that second loan faster by sending extra money on occasion.
The best thing you can do is (if you can), pay down that second loan faster by sending extra money on occasion.
