I originated a 30yr conventional Jumbo payoption ARM loan in Idaho through
CW in March 2005 for $650,000 with the four payment options - shown below - the current balance is $709,000 due to the negative amortization as I've been making the minimum payment only (which originally started out at $2600 and are now $3185). I contacted
cw re: the dec 1 program and they told me to fax all the usual info (income, bank statements, etc.). I have been out of work due to seasonal slowdown, injury, and bad economic times in my state. I have rented out 2 rooms to try to keep enough coming in to keep making the payments and I am current right now. Am I going to be denied a loan mod because I am current? I can show a very small surplus ($250 or less) in income but am not sure to go through the "loan modification specialists" as they claim to know all the superior negotiating tactics. Any advice would be sincerely appreciated.