[yaya01]

I made my first call to Countrywide yesterday. At the beginning the rep told me I was not late on my mortgage until the last day of the month and told me that at this time I did not qualify for a mod since my rate was not adjusting until 2010 and to call back 4 months before that date. I then told her I was not making this month's payment and I was not sure if I would be able to make them from now on. She then changed her approach and suggested we get a part time job, rent a room, ask relatives for money.....etc. I told her neither one of those suggestions was an option and asked after how many late payments they would start foreclosure. She said after three months and also suggested a short sale. Told me I did not have to get prior approval for the short sale. She said to just list it and contact them if we got an offer. If the house does not sell in 3 months I could request a Deed in Liue of Foreclosure. When I told her that I wanted to keep the house but I would let it go into foreclosure if I had to, she then started asking me for income and expenses. I gave her some of the info and she came up with a $2100 deficit. I knew this was going to happen so the call was just to get a feeling of what they were willing to do. I played dum and asked her why she was asking for this information to which she responded it was for a mod. I was like, wait a minute, didn't you just tell me at the beginning of this conversation I could not do a mod? She didn't really answer my question and told me to call back if anything changed about my financials so they could submit it to the inverstor. I have not done it yet because I'm still not sure what we want to do. My husband and I were just discussing that may be we can strech every penny and make the payments until the rate adjusts. At that time our other biggest expense which is the car-hauler truck would be paid off and that would reduce our expenses by $2600. I think we might be able to qualify in the future for a refi with a principal reduction (if the lenders are really doing it) but that is a year and a half away and we don't know what could happen between now and then and if we can really take this missery for that long. I have already gotten used to the idea of having to ruin our excellent credit rating so the worst part of foreclosure or deed in lieu would be the change for the kids having to move out of our dream home, move to another school if we don't find a rental near by. But oh well, we will deal with that when and if it comes to.
I also called Wamu for our HELOC today and they told me I had to call HOPE. The rep did not even asked for my account number. I told him my situation and he said I had to call HOPE. Of course I have called 3 times and no housing counselors available. They keep telling me to call back in an hour. All I want to know is what would happen with the HELOC if I forecluse or do the lien in lieu. I guess I just have to keep calling.
Well, I guess this post is just for venting since I really don't have any questions at this time. I have been reading other posts but can't make up my mind about what to do. I really feel bad that there are a lot of other people in a lot worse situation that us.