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2nd mortgage/heloc modification?

I got a HAMP modification on my first mortgage last year. BOA holds the heloc/2nd mortgage and has yet to modify that loan even though I was told by someone in my family who does the modifications that it is required that the holder of the second modify when the first has successfully gone through the process. We have been calling them for months for paper work regarding our loan and are consistantly met with promises that it is in the mail or coming and nothing. I'm at the end of my rope as this was a $21,000 loan that may have a balloon payment in a few years and I cannot get any information from the bank.
  • January 12 2012 - US
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Answers (8)

Congratulations!
  • January 27 2012
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Excellent news!

After negotiating labrythian phone systems, from a BOA branch, with the help of the branch manager, we have learned our loan is in fact modified with 0% interest, and no term limit. Basically we have to keep in touch with BOA every six months to set up an automatic payment plan for the next six months, and then keep on track with our payments.

It appears that for now the spector of foreclosure has been banished. I may not have luxuries like food, heat or electricity, but at least I have a home.

Now to see if my cans of six year old paint are still viable, and work on finishing the remodelling we started when we bought the place in 2005.
  • January 27 2012
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Unfortunately we are underwater (along with most of the rest of the country) and wouldn't be able to sell and buy. Also we can't rent due to pets that with everything else I've lost, I'm not willing to either euthanize or put in shelters (which around where I am are overloaded and not healthy). And yes, I tried other options for a year. Like I said, we've taken on a housemate, added employement and reduced spending. My husband is on track for a promotion and I'm taking in extra shifts when I can. I've fought tooth and nail to modify the first mortgage and just want the same consideration from BOA.

We really aren't in a position to just pick up and move or walk away from this property and every time someone recommends it it feels like everything I have struggled through has been for naught. I'm not trying to be argumentative, but unless you've been through it, it is really hard to understand the pschological NEED to make this work. And there are things so close that if they would just click into place would give us that chance. Like BOA responding to our repeated requests for information and application papers. That would be a big step in the right direction.
  • January 14 2012
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That is correct.
2nd lien and/or HELOC can cause a foreclosure.
Have you thought of selling your current home and getting into something that is easier to afford?
What about finding something else you could rent, and then rent out your current home also?
Just a few suggestions.
  • January 13 2012
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Mark,

So did I hear correctly that a second mortgage or heloc could result in foreclosure? We are making payments at this time (not always on time, but we do make them), but with past delinquencies we still have most, if not all, of the principal to pay back and I believe that there may be a balloon payment (can't confirm without paperwork/communication with bank) due in two years. That balloon payment would be more than I make in a year. This wakes me up at 2am in a cold sweat.

I'm so sick over this situation and how poorly we are being treated by "customer service" at BOA. And the branch where we got the loan has been closed down so I can't even find the loan originator to badger him.

We have a toddler and the stress of all this mortgage headache has been a huge strain on our marriage and I just don't know how to get answers. And due to my job and needing family child care (not daycare), I don't even live at home most of the time.

I'm really discouraged. And scared.
  • January 13 2012
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KirVerWi,

You sound as if you are in a real hard spot.
And I'm sorry to hear that.
I guess I would say to keep trying and trying and trying with those clowns at BofA.
In the end,...being as persistent and repetitive as possible (now) is better than losing your house (God forbid) later.
Again, best of luck to you!
  • January 12 2012
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Thank you for your reply Mark. The thing is, we haven't even been offered the paperwork to START the process. Much less get to underwritting. And I am of the (probably wrong) opinion that if 21K was big enough to give us initially, it is big enough to make sure I don't lose my house over. I'm TERRIFIED and losing sleep over a loan that I have NO paperwork on. (Missplaced by disorganized husband, yet more sleep lost.) So basically, even if everything was fine and I wasn't struggling just to keep gas in the car and food on the table (even brough in a housemate to help with bills) I would know nothing about the status of this loan.

I've heard that second mortgages can go to foreclosure even if the first is current and I can't bear to have fought so hard (applied twice, brought in
the housemate, husband and I working three jobs between us...) just to have this hanging over my head constantly with no information, no relief, and no response from the loan holder.

I know that I am considered a TERRIBLE credit risk after all we've been through the past several years and that I couldn't get approved for a store credit card even if I wanted (don't have any credit cards at all) so I doubt a third party would be willing to rewrite a loan so I could pay off BOA and get us out from under this cloud.
  • January 12 2012
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KirVerWi,

I understand your frustration. I am actually a mortgage broker by day / moolighting as a Realtor.
Here is the problem -
$21k is a very small loan, and though your bank won't tell you this - it's not really worth their time, hence why you have been getting the run around with them.
Not to mention that a lot (if not ALL) the big banks really don't employ qualified individuals to handle their loan volume.
My suggestion would be to see if you could find a small community bank (somewhere local to you) or perhaps even a credit union (again,...somewhere local to you, or perhaps you have one offered through your place of employment...) and see if one of these institutions would refinance or modify your second lien.
That is the best suggestion I can offer.
The alternative is that you continue to (patiently) wait until someone at your current lender will actually process your paperwork.
Perhaps you could inquire with them (almost gently threaten them) mentioning that you are going to look elsewhere for your loan mod since you haven't heard from them in many months.  This may light the fire under their tail to move things along - or at minimum should let you know if they have actually started your 2nd lien loan mod.
If they encourage you to go that route (your proposed threat of looking elsewhere) you'll know that they haven't started anything on your 2nd lien.
If they tell you "no wait,...don't go..." that could suggest that they are actually working on your paperwork and you are just in line in their underwriting department.
I hope this helps you!
Good luck!!
  • January 12 2012
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