Loans, Debt & Credit - View Single Post

werter · 08-09-2009, 05:29 AM

My husband is self empolyed in the building trades which dried up here. We have a $720,000 interest only loan @ 6.37% and were on forebearance payments for 12 months of $912.00/ month. They now want us to resume the regular $3,856.00/ mortgage payments and just turned down our loan modification. Our P & L statement for the 1st 6 months was gross receivables of $52,500.00 and our net income was $16,600.00 They said we didn't make enough money to work out an affordable payment and should submit another P & L at the end of August. My husband's work has not picked up.
Our house is worth about 1.4 mil.We are putting it on the market today. If Deutsche bank would just lower our interest rates we could make the mortgage payments! Does anyone know what they want income wise? Our representative Kevin Kyle wouldn't say.
We are now in arrears by $50,000.00. and they haven't opened foreclosure proceedings yet but Kevin said it could happen in a month or two unless we start making the $3856.00 payments. Any advise anyone can give us would be greatly appreciated.

08-09-2009, 05:29 AM	#3 (permalink)
werter Member Join Date: Jun 2009 Posts: 6 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	One West / Investor Deutsche bank turned down my loan modification HELP! My husband is self empolyed in the building trades which dried up here. We have a $720,000 interest only loan @ 6.37% and were on forebearance payments for 12 months of $912.00/ month. They now want us to resume the regular $3,856.00/ mortgage payments and just turned down our loan modification. Our P & L statement for the 1st 6 months was gross receivables of $52,500.00 and our net income was $16,600.00 They said we didn't make enough money to work out an affordable payment and should submit another P & L at the end of August. My husband's work has not picked up. Our house is worth about 1.4 mil.We are putting it on the market today. If Deutsche bank would just lower our interest rates we could make the mortgage payments! Does anyone know what they want income wise? Our representative Kevin Kyle wouldn't say. We are now in arrears by $50,000.00. and they haven't opened foreclosure proceedings yet but Kevin said it could happen in a month or two unless we start making the $3856.00 payments. Any advise anyone can give us would be greatly appreciated.