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newport · 12-28-2008, 08:18 PM

Hi all! This is my story, and its not very pretty. Actually, getting uglier by the day!

About a year ago I got a check in the mail from CW for a little over $1400. It was for paying to much on our impound account . GREAT! I'll cash it. Well 3 months later I received a letter from you know who, saying I was short in the account and my insurance was also going to increase at the same time. My original payment was $2414 and jumped to $2800 at 7.1 in. and a balance of $406000 on the first. ASAP I was on the phone telling them I couldn't afford this new payment.
This is where the snowball begins. My question to them was, can they help us?......NO! -

Why? Their answer was just basically, "because". I told CW it was going to get bad, and it did/or has.
I have a second mortgage also $1668 at 12.5 with a balance of $155000 GRAND TOTAL OF $562.000.00 AND TOTAL PAYMENT OF ABOUT $4500. The second is w/ SPS services. They call nightly. Neither one wants to help out. Playing hardball. To top it all off, our house has dropped 140,000 in this past year. It's coming down daily. Now we are about 140,000 upside down. So, now it's worth roughly 420,000 w/ a balance of 562,000.
I am a contractor and the pay is about 1/2 of what we used to make. Labor has been trimmed as much as possible. Between gas, food, electric, slow business, etc. we are about 4 months behind. We started TRYING to talk to them before we were behind at all, but we were told that we had to be behind, in order to to talk about renegotiating or doing anything to help us. We want to try to re-negotiate our loans and get a lower interest rate/monthly payment. We DO NOT want to leave our home.
As far as I can see, we have 4 options. 1-Negotiate/Modification on our own (seems extremely difficult if even possible?). 2-Hiring a lawyer (who do you choose?). 3- File for Chapter 11 (to re-organize, give us more time - don't want to do). 4 - Walk away and rent. (last resort, definately don't want to do)
We have 90 days and we're out, according to letter received day after x-mas. Ugh! Amazing how they rec'd billions to help people, but they are so impossible to deal with.

Any words of advice?

12-28-2008, 08:18 PM	#1 (permalink)
newport Member Join Date: Dec 2008 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	90 days from foreclosure Hi all! This is my story, and its not very pretty. Actually, getting uglier by the day! About a year ago I got a check in the mail from CW for a little over $1400. It was for paying to much on our impound account . GREAT! I'll cash it. Well 3 months later I received a letter from you know who, saying I was short in the account and my insurance was also going to increase at the same time. My original payment was $2414 and jumped to $2800 at 7.1 in. and a balance of $406000 on the first. ASAP I was on the phone telling them I couldn't afford this new payment. This is where the snowball begins. My question to them was, can they help us?......NO! - Why? Their answer was just basically, "because". I told CW it was going to get bad, and it did/or has. I have a second mortgage also $1668 at 12.5 with a balance of $155000 GRAND TOTAL OF $562.000.00 AND TOTAL PAYMENT OF ABOUT $4500. The second is w/ SPS services. They call nightly. Neither one wants to help out. Playing hardball. To top it all off, our house has dropped 140,000 in this past year. It's coming down daily. Now we are about 140,000 upside down. So, now it's worth roughly 420,000 w/ a balance of 562,000. I am a contractor and the pay is about 1/2 of what we used to make. Labor has been trimmed as much as possible. Between gas, food, electric, slow business, etc. we are about 4 months behind. We started TRYING to talk to them before we were behind at all, but we were told that we had to be behind, in order to to talk about renegotiating or doing anything to help us. We want to try to re-negotiate our loans and get a lower interest rate/monthly payment. We DO NOT want to leave our home. As far as I can see, we have 4 options. 1-Negotiate/Modification on our own (seems extremely difficult if even possible?). 2-Hiring a lawyer (who do you choose?). 3- File for Chapter 11 (to re-organize, give us more time - don't want to do). 4 - Walk away and rent. (last resort, definately don't want to do) We have 90 days and we're out, according to letter received day after x-mas. Ugh! Amazing how they rec'd billions to help people, but they are so impossible to deal with. Any words of advice?