Foreclosure in Indio>Question Details

Ivonne, Other/Just Looking in Indio, CA

I DECLARED BK 7 A YEAR AGO AND INCLUDED MY HOUSE. THE PEOPLE FROM THE BANK (BANK OF AMERICA) CONTAC ME AND OFERT ME TO KEEP THE HOUSE TRYNG A LOAN

Asked by Ivonne, Indio, CA Sat Apr 10, 2010

MODIFICATION. I ACEPTED AND STARTED ALL THE PROCESS I HAVE 2 MORTGAGES. THE 1ST. FOR 300,000 IT WAS APROVED RIGHT AWAY THEY REDUCE THE INTEREST FROM 6.25 TO 2%. THAT WAS 5 MONTHS AGO. ON THE 2ND I WAS STILL WAITING AND THEY JUST CALL ME AND SAY I WAS DENIED. 2ND LOAN IS 65,000 AT 8.25. HOW IS POSSIBLE THAT THEY HELP ME WITH ONE AND TURN ME DOWN ON THE OTHER? BOTH LOANS ARE WITH BofA. THEY WANT ME TO KEEP SENDING THE PAYMONTH BUT SINCE THEY DON'T HELP ME WITH THIS 2ND LOAN DO I HAVE TO BE PREPARED FOR A FORECLOSURE ? I AM CURRENT ON MY 1ST MORTGAGE BUT DECIDED NOT TO SEND ANY MONEY ON THE SECOND. ARE THEY GOING TO FORECLOSE ON ME?

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4
Hi Ivonne,

The lender in second position can foreclose on you. They would have to pay the lender in first position (I realize that it's the same lender) the lender in second would also have to pay insurance, taxes and hoa, etc. Therefore lenders in second position are very hesitant to foreclose if there is no equity and I assume there is not much there.
The other advice provided was good advice, the other thing would be to keep paying your first lender and continue to negotiate again with the second lender for a loan modification or a short pay-off. Good luck!

Hannah Fliegel
1 vote Thank Flag Link Sun Apr 11, 2010
You did well on the 1st, consider your self lucky on that - if they turned down the 2nd mod KEEP paying it, they are different loans.

Good luck,

Soila
0 votes Thank Flag Link Wed Sep 19, 2012
They denied your request for a loan mod on the second but will they work with you to get current on it? You have a sweet deal on the first now, is that 2% permanent? Do you know what your property is currently worth? If it's close to or more than $365k I would try to get current on the second, but that's just my opinion. Do you have contact info for the department or person who approved your mod on the first? Maybe they can help on the second? Can you do fractional payments on the second gradually catching up?Best of luck Ivonne.
0 votes Thank Flag Link Sat Apr 10, 2010
good morning...quite a situation you have....first of all...b.o.a .might not be the investor on both or either loan....just the sevicer....my suggestion is to call b.o.a. back and talk to the contact(s) that helped do the modification on the first mortgage...he/she would probably have the best plan for helping you since it is an internal issue with them helping you with the first but compromising the entire deal by not granting you some relief from the second mortgage......ask them if they (b.o.a.) are the investor as well as the servicer on the second mortgage....let me know how it goes....best regards....bob mcclure- first preferreed mortgage- southfield, michigan....
0 votes Thank Flag Link Sat Apr 10, 2010
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