Loan Modification Forum - LoanSafe.org - View Single Post - countrywide modification on already fixed loan

mthomas · 12-24-2008, 10:57 PM

I recieved my countrwide loan in May 2008. The property was

origionally appraised value: $470K
My loan amount: $330K.
The current price according to CW: $270K.
Interest Rate: 6.125% fixed 30 years
Payment: $2020 a month

I requested modification becuase my income is much lower now and I was taking a medicine that cost me $300 a month (no more). Here are my numbers.

Total take home income: $5400
3300 (my job) + $1000 (wife) + 1400 rental property income

Total expenses: $6600
$2020 (residence) + 1450 (rental mortgage) + other

Both loans on residence and rental are with CW. They already denied me for rental and said that they don't do anything about rental and I would need to do a short sale.

I have not heard back from CW on the primary residence, and have not made any payments to BOTH properties since two months.

I like to keep BOTH homes. Why? Because, my rental income almost equals my mortage on it, and I have custom built where I live.

Please tell me what kind of chance I stand?

What should I bargin for?

Does my deficit seems too much and they won't listen?

For which house should I restart paying for?

Thanks in advance.

12-24-2008, 10:57 PM	#1 (permalink)
mthomas Member Join Date: Dec 2008 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	countrywide modification on already fixed loan I recieved my countrwide loan in May 2008. The property was origionally appraised value: $470K My loan amount: $330K. The current price according to CW: $270K. Interest Rate: 6.125% fixed 30 years Payment: $2020 a month I requested modification becuase my income is much lower now and I was taking a medicine that cost me $300 a month (no more). Here are my numbers. Total take home income: $5400 3300 (my job) + $1000 (wife) + 1400 rental property income Total expenses: $6600 $2020 (residence) + 1450 (rental mortgage) + other Both loans on residence and rental are with CW. They already denied me for rental and said that they don't do anything about rental and I would need to do a short sale. I have not heard back from CW on the primary residence, and have not made any payments to BOTH properties since two months. I like to keep BOTH homes. Why? Because, my rental income almost equals my mortage on it, and I have custom built where I live. Please tell me what kind of chance I stand? What should I bargin for? Does my deficit seems too much and they won't listen? For which house should I restart paying for? Thanks in advance.