2mp Modification for 2nd Mortgage That Has Been Charged Off
I just received a trial mod under HAMP with Chase.
Chase also holds the 2nd which has been sent to recovery for no payment for greater than 150 days.
Will 2mp still work on this second even though it is in recovery?
What are the chances of extingushiment vs. mod on the 2nd?Mortgage Loan Modification Answer:
You will need to call Chase to find out if they will take it back from recovery and will still do a 2MP modification on your second now that they've approved you under HAMP on your first mortgage.
I honestly don't know how it is handled after the lender sells your loan to a collection agency for recovery.
If you don't get a satisfactory answer, you may want to engage a knowledgeable attorney to help you.
Extinguishment vs. modification is entirely up to the lender depending on what will be most beneficial and profitable for them.
All the best to you.