You have few options, if you want to keep your property do not give up, work something with the second lien holder they are open for negotiaton. The only thing is if you would like to reduce the principal you need to be on time on your payments for the last 12 months if not the only modification will be the interest reduction.
Right now is a lot of help for home owners that want to keep the properties, you can also call the HUD and they will help you at no charge. If after looking all the options you do not get the help you need please call me and we can meet and go over your case.
Thanks and have a nice day
You also need to check that your lender has signed on to the HAFA program. There are approximately 108 lenders who have done so. Incidentally Fannie Mae and Freddie Mac have not signed onto HAFA, however, I understand, they have said that they would follow it.
I know is been over 30 days since that letter, do i need to reapply for Hamp and go to the process again? (getting an answer from the bank took 2 months)
If your loan was taken out prior to January 1, 2009, in all likelihood, you may qualify for a short sale under the Home Affordability Foreclosure Alternative (HAFA) program. In this case both loans would come under the program. Not only is the process under HAFA dictated by a time-line, unlike how short sales were taking place earlier, you may also be able to do the short sale without any hit on your credit score, provided you are current on your mortgage payments. Finally, under HAFA you are entitled to a borrowerâ€™s relocation assistance amount of $3,000.
If you need details of the HAFA program, let me know.
United America Realty