Loan Modification Forum - LoanSafe.org - View Single Post - Going to attempt a Countrywide Loan Mod, advice needed please

NoahSi · 11-17-2008, 05:10 PM

I have been reading the forum posts constantly for about a week now. As a lot of people did from 2004 – 2007 I get in way over my head on two properties because income was good at the time and funding came easy.

Primary Residence
1^st - ING 1,020,000 5.50% 5/1 Arm IO = 4675/mo
2^nd - Chase 250,000 7.00% 30 yr fixed = 1754/mo
We paid $1,275,000 in Dec 2006 and current value is probably $900,000

**I am afraid we must walk from this home or short sale as we can no longer come close to affording it with property taxes + mortgage payments. What we want to do is move back to our condo which is now being rented out – which countrywide holds the 1^st on. Here is that scenario:

Investment Property (want to move into as soon as we sell/foreclose on our primary residence)
1^st Countrywide – 510,000 Neg Am 6.00% - Minimum pmt 1510/mo + 1800/mo impound acct (see below) – Principal climbing quickly!
2^nd Popular Mortgage – 110,000 HELOC around 6.00% pmt 650/mo
We have impounded taxes on the Countrywide loan of $1800/mo!! (current impounds plus approx $9,000 in back taxes spread out over 12 months)
Current Value = $360,000 per appraiser
We are 30 days late on both loans as of Nov 1^st.

My income has taken a pretty big hit being in the past month so I know we cannot afford both homes – but I want to try and hang onto the condo if I can get some sort of loan modification either reducing principal or putting us into a low 5/1 IO and spreading the impounded taxes over a longer period.

What do you think my chances are and what is the first step? Will we have any chance at principal reduction given the fact we want to move back in and make it our primary?

What is my first step? Thanks so much for any advice given!

11-17-2008, 05:10 PM	#1 (permalink)
NoahSi Member Join Date: Nov 2008 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Going to attempt a Countrywide Loan Mod, advice needed please I have been reading the forum posts constantly for about a week now. As a lot of people did from 2004 – 2007 I get in way over my head on two properties because income was good at the time and funding came easy. Primary Residence 1^st - ING 1,020,000 5.50% 5/1 Arm IO = 4675/mo 2^nd - Chase 250,000 7.00% 30 yr fixed = 1754/mo We paid $1,275,000 in Dec 2006 and current value is probably $900,000 **I am afraid we must walk from this home or short sale as we can no longer come close to affording it with property taxes + mortgage payments. What we want to do is move back to our condo which is now being rented out – which countrywide holds the 1^st on. Here is that scenario: Investment Property (want to move into as soon as we sell/foreclose on our primary residence) 1^st Countrywide – 510,000 Neg Am 6.00% - Minimum pmt 1510/mo + 1800/mo impound acct (see below) – Principal climbing quickly! 2^nd Popular Mortgage – 110,000 HELOC around 6.00% pmt 650/mo We have impounded taxes on the Countrywide loan of $1800/mo!! (current impounds plus approx $9,000 in back taxes spread out over 12 months) Current Value = $360,000 per appraiser We are 30 days late on both loans as of Nov 1^st. My income has taken a pretty big hit being in the past month so I know we cannot afford both homes – but I want to try and hang onto the condo if I can get some sort of loan modification either reducing principal or putting us into a low 5/1 IO and spreading the impounded taxes over a longer period. What do you think my chances are and what is the first step? Will we have any chance at principal reduction given the fact we want to move back in and make it our primary? What is my first step? Thanks so much for any advice given!