1st mortgage solved, here is the deal on the second

[spidge]

Good luck and I am glad to hear that you are getting somewhere. I, unfortunately, am still waiting for CountryWide to respond for a modification.

Me to. I have not payed for 3 months and have a modification file with them again, but I don't think they plan to budge. I hope they come up with an offer like 10% over a couple years, but I will push for 5% as getmeoutofhere is attempting.

Thanks for the thread and posts.

[sadandconfus]

chloe did you get yours modified before or after chapter 13?

[getmeoutofhere]

Very nice negotiations! What's your bottom number? (okay, don't tell me... but I'm sure you have a realistic one... like 7%)

My goal is 7.5% payable by the end of august

[ShouldWeFile]

I am going to let this sit for a few days. My offer back to them will be 5%, or $7500 paybable over 10 months. The of course will counter back at probably 30%. My hope is to settle somewhere in the middle.

Will they take it over 10 months? I would think if they are settling for 10% or less, they will want it all upfront, no?

[justbroke]

Very nice negotiations! What's your bottom number? (okay, don't tell me... but I'm sure you have a realistic one... like 7%)

[getmeoutofhere]

Update

Update:
Spoke to GMAC this morning. I offered them a 5% buyout of the lien. They came back instantly at 10%. Telling me it is a great deal, etc etc. I told them they will get far less from a JDB or litigating. That the debt is basically an unsecured loan which I can BK. Said I would think about the 10%, but we need to get closer to 5%...

[getmeoutofhere]

Update

Update-
First call back from GMAC on the second. Offered a settlement as an option. Asked the I fax him a proposal. Then called back and asked for Hardship Letter, 2 years bank statements, 2 years tax returns, etc etc etc

LOL NOT GOING TO HAPPEN!!!!

There is NO way I would provide THIS info on a settlement. Sounds like a setup for a lawsuit lol!

Anyhow, faxed an offer with hardship letter. Will keep you posted

[chloe0724]

That's good news. I have a huge second as well and they are not into negotiating. I was able to get the 1st modifyed from an ARM to a fixed at 5.125%

[techguy74]

Good luck and I am glad to hear that you are getting somewhere. I, unfortunately, am still waiting for CountryWide to respond for a modification.

[getmeoutofhere]

You all saw my post on the 1st mortgage that I was able to renegotiate with Med-Life/First Horizon.

Here is what I found out on my Second.

Second is $150K with GMAC. Original interest rates is something crazy like 12% 30 year fixed. Last week, the loan was removed for Loss Mitigation and transferred to Recovery. I am 8 months without paying.

Today, I spoke with the Recovery department. They indicated that their standard procedure is to "settle" for 20-30%. They would provide a lien release and a 1099. However, since this is a primary residence, I may be able to get away from having to actually pay tax on the 1099.

I am going to let this sit for a few days. My offer back to them will be 5%, or $7500 paybable over 10 months. The of course will counter back at probably 30%. My hope is to settle somewhere in the middle.

Just FYI...