| Jim B. Oregon
Hi ***, Andrew Et Al!
I got excellent advice from you and suceeded a few months ago to get a loan Mod from Countrywide Home Loans. They rolled about 5 past payments and some late charges into a new, modified loan.
Today I received a letter stating that my unpaid balance has increased over the amount allowed on my loan and effective 1/01.09 my new, minimum payment will be $675.00 higher than my current payment.
My loan is a Payment Option Arm, my current minimum payment without State taxes is $1656.16. The reason Countrywide said they are increasing the Mortgage payment is that when unpaid principal exceeds the maximum limit equal to 115% of the Principal amount we originally borrowed, therefore the recalculation of the loan payment.
The reeason we got behind in our payment previously is the same reason we cannot afford higher payments. My wife and I both are Realtors and with the depressed Real Estate market with the Recession on top of it, the last thing we need is our house payment increased again.
We were under the impression that our loan modification would help us longer than 3-4 months. Nothing was stated at the time of the loan Mod that our payments were in danger of sharply increasing past what the loan mod specified.
We cannot pay the extra $675.00, what can we do? Please advise.
Jim |