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hrguru206
hrguru206, Consultant
Category: General
Satisfied Customers: 954
Experience:  Human Resources Professional, Bachelor of Science in Business Administration from the University of Central Florida
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loan modification my husband and i have two mortgages on

Resolved Question:

loan modification

my husband and i have two mortgages on our primary residence. we are behind on our first, and we are current on our second (principal-only). we are working through loan modification with the first mortgage holder. we are wondering if we should negotiate down the principal balance with the second mortgage holder as well, but since we are current, and this is principal-only, how likely will they work with us on a principal reduction?
Submitted: 5 years ago.
Category: General
Expert:  hrguru206 replied 5 years ago.

hrguru206 :

Is your mortgage held by a bank or a private finance company? Is it a Freddie/Fannie Mae?

hrguru206 :

I ask because I am sure you have heard about the recent $25 Billion settlement with certain banks in 49 states, part of the settlement is to help those current on their loans refinance no matter what they owe. I do not believe this includes loans backed by Fannie and Freddie.

hrguru206 :

Even though you are on a mod, the new settlement is also offering principal reductions for who are behind on their mortgage so you may wish to inquire about this as well.

hrguru206 :

The best thing to do is call your bank, the settlement occured early February so the banks have had some time gather some information although I am sure you understand as you have been going through the mod process that there is typically more talk then action.

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