2nd mortgage modification offer not good can I refuse to sign it?

Credit and mortgage advice Forums Home Mortgage Mortgage Modification 2nd mortgage modification offer not good can I refuse to sign it?

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    • #222014

      I have requested a 2nd mortgage modification. The 1st is already modified under Hamp and we’ve been current for the past year and 1/2. The 2nd has been less than helpful getting to this point. They are offering to take our payment down from 525 to $404 which I know I won’t be able to afford. I live in CT job market still slow and we’re basically living off of my husbands income and whatever 1099 work I can get. They want to bring my interest rate down from a 9 to a 5 which doesn’t help me too much. I know under the Hamp program which my investor participates in, they are supposed to make these 2nd mortgages affordable so it doesn’t hurt your 1st mortgage. They just called me today 5/25 said I need to sign and have my first payment in for 6/1 or they will force me to do a short sale and negotiate them getting $ from the first mortgage. My house is valued at 285K My 1st mort is 338K and my 2nd is 58K. Any advice would be greatly appreciated! I feel like I’m being bullied into this and not given any time to figure out what to do next.

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