On February of 2008, our ARM adjusted to an intereste right high enough to bring our monthly payment from 2119 to over 3500 per month. We applied for a modification and were approved. Our payments were frozen to the orginal payment of 2119 per month until 2001 (three year freze on on mortgage interest rate) Great, we thought. At that point, making payments was not too difficult at $2119. However, on June of 2008, my father lost his job and had to take another which paid half of what he used to make. Later on AUgust of 2008, my mother was laid off from her job and began to collect unemployment.
We then got our second mortgage modified and brought down the payments from $654 to about $402 per month.
However, now we are at a point where my salary and that of my dad is no enough to cover all of our expenses AND mortgages. We are planning on calling Countrywide to see what we cand do about teh H4H program. We are uncertain due to the modification that took place back in April of 2008.
The house is now worth over $120,000 LESS that what we owe and the situation does not seem to improve.
Does anyone have any suggestions or information about possibly getting a second modification based on the change of circumstances?
