[seemore]

Hi all! This is a great forum and thank you everyone for posting as this is a great resource to utilize. I am in a situation that may be uncommon as i have not read that many stories similar to mine yet.

I have a 10 Year Interest only loan with a 7.5% interest rate. Last January our payment went up due to taxes for a $256,000 house that we have yet paid any principle on (for 1.5 years) and who knows what the house is worth now. I am the only working family member have 3 daughters and a 1 son on the way. I do make good money in my career about 100K but when i did my spreadsheet with expenses i was negative $225+. I tried to get a loan mod by calling the Home Retention line and went over my financials with a young lady verbally (she did not believe how much the gov took out for my taxes but its the same on every pay stub) and by the end she showed i was in the negative but did not qualify for a loan mod. I am not late in my payments but we are living paycheck to paycheck with almost no money in the bank, no principle paid and I do have fears of losing my job. I am not trying to take advantage of the system here just barely making ends meet (really not if i am in the negative) and want to be proactive to ensure i dont get behind and ruin my credit score and most of all have some room to breath in case of the worst. Can any one suggest what I should do to try to get a loan mod? Thanks for reading and please offer any and all suggestions.....

I am in MI by the way and do not qualify for the Dec 1st Plan...

Mortgage $256,000
State: MI
Months Past Due: 0
ARM/Fixed: 30 Year Fixed
Int Rate: 7.5
Overall Expenses: -$225