Restructured my 1st, 2nd didn't restructure but sent to another company?

So, I had an odd thing happen. I was dealing with both 1st and 2nd mortgage companies to restructure after a massive arm increase. I was able to get the 1st down to 5.5% and then working on the 2nd, I was then notified that it was sent to another company, which I believe is still part of HSBC. So I called them and they essentially have cleared all the late charges and want to set up a 6month at a time payment at a much lower payment. Saying that if I can get a payment history again then I could refince the loan. It sounds a bit odd to me but maybe it's just their way to get something versus nothing. Anyone seen anything like this? They said essentially there wasn't any interest, everything I paid went to the principal balance and even if I were to refi later thay may be able to erase some of the debt to get it refinanced....it almost sounds like a scam or something.

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  • 1 decade ago
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    This does sound like such a good deal that it makes me wonder - but you are right, many mortgage companies are doing lots of strange stuff right now.

    I recommend having them send you the new terms in writing - when you can see the fine print, you can feel more comfortable that this is legit - or find the catch!

    Good luck!

  • 4 years ago

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