I have a 1st on a 7 yr balloon note (280K) due now. Problem is that bank will not reset mod because I have a large 2nd (350k) also with them and Fannie Mae will not permit subordinate reset mod. They tell this was denied by Fannie Mae. Original loan officer told me 2nd was no problem when originating as did bank when handling reset modification-until Fannie Mae squashed! I feel deceived by my bank but what can I do? Original balloon loan was 322k and paid perfectly as was 2nd, now they won’t accept payments on 1st loan. What should I do? This property is owner occupied for last 17 years!!!
What is value of property? Can you refinance both loans into a new 1st?
Who is the lender?
It almost sounds like they want to get your property…you may need to call a very savvy real estate attorney. Is there an arbitration clause in your loan docs?
I am trying to get my first mortgage (Chase Bank) interest rate reduced with the HARP program. But Chase is not calling me back. Their “system is down” when I call. I am CHASING them to get answers. Could you use the government HARP Program?
Furnishedowner
SunTrust is lender. Don’t know for sure but there’s a good chance ltv is not in line now.