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

[relief13035]

Are you current with your mortgages or did you let them fall behind a little... We are in the same boat-- both mortg. with same bank and we are currently waiting discharge.. wondering if we should let them go neg. a little so we have better ability to negotiate... look forward to your response.

I am current on my 1st with CitiMortgage. Right now (so I can play the settlement game) I am 2 months behind on my HELOC.

CitiMortgage called me this morning on my cell stating that they have submitted my HELOC proposal, along with my hardship letter, to the settlement negitiator.

Please check out the Obama plan on 2nd mortgages that came out today. It is encouraging.

[eddiep]

I was current on my mortgage when we negotiated our modification.

[onacliff]

relief ??????

Are you current with your mortgages or did you let them fall behind a little... We are in the same boat-- both mortg. with same bank and we are currently waiting discharge.. wondering if we should let them go neg. a little so we have better ability to negotiate... look forward to your response.

[relief13035]

Yeah, we can have a pool party at my house.......what a kick, a bunch of drunk broke bankrupted californians.

PRICELESS............I'll bring the limes

[eddiep]

Cut it out guys, you are making me wish I had a cc so I could fly out there for the party!

[albacore44]

Opps - sorry. Drinks for all the BK forum members in the IE. OMG that would be a blast!

Yeah, we can have a pool party at my house.......what a kick, a bunch of drunk broke bankrupted californians.

[relief13035]

Opps - sorry. Drinks for all the BK forum members in the IE. OMG that would be a blast!

[relief13035]

Yes I filed Chapter 7 in Oct. 2008 and was discharged 3/25/09. We did not reaffirm anything.

Both my 1st and my HELOC are with CitiMortgage. I am negotiating 2 different deals with them right now. I'm pretty confident that the 1st is going to go through.

I've made an offer to settle on the HELOC. All I can say is that they didn't say no yet, so I will keep at the wheeling and dealing.

[spidge]

I should know what my loan modification options are by next week on my 1st with CitiMortgage.

I am still in the negotiating stages with Citi on my HELOC. I offered them $12,000 to settle in full.

If I make this work - ME, ALBACORE & LIZ are going out for drinks.

[willsurvive]

Relief -

Let me get this right, you filed CH 7 and it's been discharged. Did you or did you not reaffirm the 1st or the 2nd? I'm assuming you want to live there and have negotiated the 1st, but what makes the 2nd willing to work with you? Is it not secured by the house?

Let me tell you my scenario. We owe $276,00 on the 1st mortgage (countrywide/fannie mae) and 33,600 (Chase/WAMU) on the HELOC. We filed CH 7 and it was recently discharged. WE are currently trying to negotiate a lower payment with countrywide (we did NOT reaffirm) and we are several months behind. The HELOC I haven't been paying on time either. Is there a way for me to negotiate with them? Like offer them 10% of the balance? For what it's worth, the home is probably valued at close or slightly below what we owe between the 2 mortgages. Thanks for your help!

[relief13035]

I should know what my loan modification options are by next week on my 1st with CitiMortgage.

I am still in the negotiating stages with Citi on my HELOC. I offered them $12,000 to settle in full.

If I make this work - ME, ALBACORE & LIZ are going out for drinks.

[albacore44]

I'm working with Citi to settle on my HELOC. I owe $123k and offered them 10% within 6-8 months.

Thanks to all my BK forum friends and especially the person that PM'd me with the info to get me directly to the Executive Response Team at CitiMortgage. My 1st is also with CitiMortgage and I am WELL on my way to my loan modification. I didn't have to go through a million phone transfers. What a blessing

Keep us posted how this works out for you. I have Citi too, and eventually have to do something with it. You are our test case.

[sly777]

?? Paying less on a HELOC

Am I understanding this correctly? You folks are getting a deal paying 10% of principal on a loan that is secured by real estate? Is the home worth less than the first mortgage? I was wondering if I would be able to do this on mine but I owe 150K on my HELOC and 320K on my 1st. My house is probably worth around 460K which is 10K less than both loans combinded. Can I try to get them to reduce the principal on my HELOC?

[BKINAZ]

Congrats. BTW...waiting (if you have decided to take it) I don't think is a good thing. IMO they aren't going any lower, but best of luck...hope they come through on the 12 months...I will be surprised. THough I say that based on the idiots at chase and their willingness not to work with my credit cards. lol

[relief13035]

I'm working with Citi to settle on my HELOC. I owe $123k and offered them 10% within 6-8 months.

Thanks to all my BK forum friends and especially the person that PM'd me with the info to get me directly to the Executive Response Team at CitiMortgage. My 1st is also with CitiMortgage and I am WELL on my way to my loan modification. I didn't have to go through a million phone transfers. What a blessing