[vietvivi]

Hi everyone,

I've been reading all the posts regarding the process of loan modifications. There's been more horror stories than good ones, but I'm going to be optimistic. This site is the best! Thank goodness for people like all of you to help us feel like we are not alone. I used the email contact list of countrywide to write my hardship letter today.
To provide some background on my situation: I have an 80/20 loan for $390k. Countrywide owns the larger loan at 6.79% 3YR ARM P/I and OCWEN owns the smaller one at 10.99% I/O 30YR fixed. I have no equity in my home since the value has decreased by 100k from the purchase amount of my home. At the time of my purchase, my home had appraised for $410k. My loan is due to reset on December 1st and I don't want to wait until then to do something. I have written that I do not want to default on my loan and will be unable to afford the increase of $500 to my mortgage. I'm already strapped as it is!
I had spoken to a rep at Countrywide last month, in which I was told that the investor, Bank of NY, had no programs available for me and I need to be within the 45 days of my reset date for a loan modification to be considered. The rep proceeded to say that my other options were short-sale or foreclosure. I responded that I am trying to be proactive to save my home, not walk away. I had been making payments responsibly for the past 3 years. I want to maintain my good credit rating (low 700's). It had taken 3 years for me to improve it from the 600's and I don't want to damage it. What else can I do??