Loan Modification – 2nd Mortgage?

Unfortunately, like many others I am struggling to pay my mortgage after being laid off over a year ago. My first mortgage has been modified same terms, just a lower interest rate reducing the payment by about $ 200. Not much, I hear most people get a significant reduction, but I guess every bit helps.

I am really looking to modify my 2nd mortgage. My 1st is thru IndyMac & the 2nd I am told by IndyMac is by a PRIVATE LENDER and they will not modify my 2nd. I asked who the lender is & I was told that they couldn’t give that info out over the phone that I had to write to them and then they will mail me who the lender is. I am only looking to reduce my interest which is at almost 9 % to a lower rate, reducing my monthly payment. Unfortunately I was told that I can not refinance since my home does not have enough equity & because I was late once in 12 months. Both seem unfair & was just wondering if I am able to negotiate with the private lender? As far as I knew I thought both were IndyMac since that’s who I went through from day one & that’s who I made the checks to?

Any advice on how to modify the 2nd? I am really struggling & the 2nd mortgage being reduced to say 5% would be such a big help.

I also heard that Obama might be doing something with 2nd mortgages? Not sure if that is true or if that would even help me since I have a private lender?

Thanks!

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