Has anyone done a loan mod on 2nd after discharge?

[maddog2112]

Ok, my 7 was discharged in dec.09 and I did not reaffirm my 1st or 2nd mortgage. The 2 loans combined are approximately what our home is worth, so I am not upside down. My problem would be alot simpler if it were. I would just quit paying my second. We want to keep the home for various reasons, and can afford it. I probably could have reaffirmed at better terms before the discharge, but thats water under the bridge. Ok, what I want to do is modify the 2nd mortgage and lock in a better interest rate as well as lower payment if possible. The loss mitigation dept. has told me I may be able to modify the interest rate and payment, but would have to fill out the forms, showing proof of income and such. The guy says, the loan is still discharged, and this would not be some sort of reaffirm. Could this all be wishful thinking? Does it sound like it`s on the up and up? Has anyone done this? The 2nd is with fifth third bank. Thanks, Maddog

[maddog2112]

OK, so I guess, noone has modded a 2nd mortgage after ch7 discharge!

[blncd1]

OK, so I guess, noone has modded a 2nd mortgage after ch7 discharge!

We are same boat, but have not finished 7 yet so cannot tell you. it's a very frustrating place being in even place with mortgages and not deficient....weird isn't it to think that way.....good luck we are hoping to eventually dump our 2/3 and see what happens.....

[CCsAreEvil]

People always post the question without giving out their own numbers. If your home would sell for your 1st+2nd in this market, if you stop paying the 2nd, they will most likely foreclose on you. And obviously, the higher amount you owe on your 2nd, the more likely they'll foreclose on you sooner than later (assuming what you said that your home would sell for the value of your 1st+2nd).

So, if you really would like to stay in your home, you probably need to keep paying both your 1st and 2nd.