[kawor168]

Hi Experts:

I am really new to this forum. I would like to thank everyone for posting all the suggestion. I have gone through some of them; it is really informative. I have a question for you regarding to my mortgage.


Here is my situation. I have bought house about 520K with 20 %percent
down. I have Country wide 30 fixed at 6% percent. Principal balance is
$422400(original). I have never been late with a single payment. The
problem is that my current financial situation is not in a good sharp
( company is start reducing a number of hours and like everyone else,
my monthly income hit hard.

The monthly interest payment on the loan is $2900 (including
properties tax). I cannot afford to make this payment much longer. But
as of now I am still making payments on time.

The property is over-leveraged now that prices have fallen about 30%
percent. I am thinking to go for short sale; However, I would like to
stay in my home if the payment were more manageable.

I have contacted Countrywide to request for a home loan modification.
However, Countrywide Representative told me not to do home load
modification because it will add one extra payment on my entire 30
fixed payment, and it will affect my FICO score.

Also, they told me to wait for a government support program
countrywide/other Morgate companies. and government are working on) -
This program will re-value my house value ( lower pricipal) with
current market value.

Also, right now the interest rate is going down, I am thinking to
either refinance; Hope that it will lower my monthly payment. However,
the current value of my houjse is almost the same as my current
principal.


I am a little confused about all this information. I am not sure if I
should do a home loan odification even if I haven't missed a payment yet or I just should refinance.


Please let me know if you have any advise....