Hello all,
I am trying to follow protocol, and stick to the rules of this site.
It seems I do not fit the mold with regard to all I have read in the various threads herein. I currently have a mortgage being serviced by
CW, but it is not "toxic", at least not by their standards.I have a "conventional" loan with 28 more painful years to pay on it at 6.875% interest.
Our problems stem from the fact that my income has been cut down by $1500.00 per month and we are paying 54.3% of our take home pay for mortgage/tax/insurance. This, by any financial planner's standard, is insanely high. As I do not see this income returning in the near or distant future, I must take action and this house must be dealt with.
Our home prices here in the central valley of Ca.(Stanislaus Co.) have seen some of the most drastic declines in all the united states. Our home was purchased in May of 2007 for $395,000.00. Today, it will list for $190,000.00. Next week....????? is anyone's guess .
We need to know, what are the options available to those of us in this situation? We will be officially late on our payment at 12:01 on the 16th of February, 2009. We have exhausted all sources of additional monthly income - no more borrowing from anyone. We've been borrowing since June of last year. We contacted
CW then and were told we are "opportunists".
Going forward, I hope anyone reading this will have come to the same conclusion we have with regard to finances. Do the math based on proven percentages of take home pay based on base salaries, not overtime. Our broker failed to do what we requested in this regard, and we were ignorant and ill informed.
I could go on, but for now I will leave it here.
Thank you in advance for any and all help.
Sincerely,
David