Loan Modification Forum - LoanSafe.org - View Single Post - 2nd attempt for mods on mulit-properties

ngilles38 · 01-28-2009, 02:58 PM

Is there any hope for people with multiple properties who are not deliquent?

I have already been denied once by CW after sending in my docs w/a hardship letter. Our loans are marked to reset in Feb. 2011. We have 5 yr. pay opt. arms w/neg. am. on both our primary and our rental. We are stretched even to make minimum on both. Our rental is in Merced, where the prop. value has dropped approx. $200,000. We are not delinquent on any payments, however our mortgage plus the amount that we have to contribute to our rental to make up the difference between what we get for rent and the minimum is about 51% of our net income. With our loan amounts grow $30,000 each year due to neg. am. coupled with the decreasing prop. values, leaves us in a sinking boat. We desperately need to stop putting bandaids on this situation and find perminant solutions to our ever increasing mortgage problems.

I feel like we are in that nowhere place of not being financially healthy, but not so bad off that CW would deem us a modification worthy case, since there are so many other "more" needy cases out there. Please help advise me on what to do next to try to get CW's attention before we end up deliquent or worse...forclosure. We can't keep up this game of living paycheck to paycheck. Our credit card bills are mounting with no end in sight.

01-28-2009, 02:58 PM	#1 (permalink)
ngilles38 Junior Member Join Date: Sep 2008 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	2nd attempt for mods on mulit-properties Is there any hope for people with multiple properties who are not deliquent? I have already been denied once by CW after sending in my docs w/a hardship letter. Our loans are marked to reset in Feb. 2011. We have 5 yr. pay opt. arms w/neg. am. on both our primary and our rental. We are stretched even to make minimum on both. Our rental is in Merced, where the prop. value has dropped approx. $200,000. We are not delinquent on any payments, however our mortgage plus the amount that we have to contribute to our rental to make up the difference between what we get for rent and the minimum is about 51% of our net income. With our loan amounts grow $30,000 each year due to neg. am. coupled with the decreasing prop. values, leaves us in a sinking boat. We desperately need to stop putting bandaids on this situation and find perminant solutions to our ever increasing mortgage problems. I feel like we are in that nowhere place of not being financially healthy, but not so bad off that CW would deem us a modification worthy case, since there are so many other "more" needy cases out there. Please help advise me on what to do next to try to get CW's attention before we end up deliquent or worse...forclosure. We can't keep up this game of living paycheck to paycheck. Our credit card bills are mounting with no end in sight.