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Originally Posted by Feemama  Are both your loans with Countrywide? Are you upside down in the property? |
No...I have an 80/20. The 80% is with Countrywide. I have 2/28 adjustable with them. My rate was 8.25% and just adjusted in December to 9.25%.
The 20% is with Litton Loans and is fixed for 15 years @ 12.75% (OUCH). I am working with them as well for a modification.
As far as the value of my house....I bought it for 172,000 2 years ago and is now worth around 140,000-150,000. I still owe 171,000. Something I hope comes about this modification. I own a used car lot and with the economic struggles, it makes my business extra tough.