All Forum Posts by: Jay McCormick

I requested a loan modification and waiting of a reply from the lender. The property taxes and insurance will be due in about 90 days and there are zero dollars in escrow. Will the lender paid the property taxes and insurance or should I pay them myself directly to the county and the insurance company?

Thanks for the info.

How do you know which companies are legitimate? If the company is legitimate, would they have a better chance of getting a loan modified versus the home owner?

Thanks

I’ve been in the home less than two years and competing with the builder. The builder has lowered the price to 675k plus 50k in help to the buyer. I have considered a short sale but don’t have the cash to make up the shortage.

How does a foreclosure work if you have a first and second mortgage?

I live in Maryland and have a first for 750k and a second for 221k. I’m no longer able to make the mortgage payment because the co-borrower has waked away. I have asked for help from the lenders in the way of a loan modification. I’m now 4 months behind and have not heard anything for the first mortgage lender and the second (Countrywide) lender has denied my request. Can the second foreclose before the first or will they wait until the first makes a decision?