Hello,
I've been lurking a while now and figured it was time to post. First, from reading the threads, I want to thank loansafe.org for all the work they have been doing. What a comfort to find this site!
Our loan was a Countrywide subprime (borrowed in 2006) of 224,000 at 8.6, a 2/28 readjusted to 10 in September, and will go higher in a few months.
2nd loan is 56,000 at 11.75 balloon. (We are young and dumb
).
We are 60 days in default, and waiting to be contacted by a negotiator. They say we qualify for the Dec 1st program, but again the negotiator will have final say. We've contacted HOPE, just for guidance, too.
My husband's small business went negative for a few months in this economy and that is why we defaulted. His income stopped while my income (tenured teacher) wouldn't start up again until 2 weeks into the school year starting. We had to use our savings to eat and finish contracts he was responsible for.
We will be sending our hardship letter, paystubs, bank statements, and income/expense sheet tmw morning. (By the way, is there a sample income/expense sheet-all I can find are the sample Hardship letters) We'll be sending them to the email list I have found in various threads, but has that changed since BofA ate Countrywide?
Have we forgotten anything?
Being that my husband is self-employed through a commission business I am very worried about showing our proof of income. He's found a few small jobs this month, but I'm just wondering if any other self employed individuals have had any luck.
As a teacher, in this economy I know my income isn't going anywhere.
Also, I finally noticed that our closing papers state our first loan to be 8.6% (which we signed), but the amorization schedule we were given just before closing with the same account number on it says 8.35%, the adjustment which took place september says 9.75 on the amorization schedule, but it is at 10% on thier website. I've got to be missing something.
oh, we are in NJ. Thanks again!