I wish I could answer that for you, but it is a decision you will have to make based on your own personal situation. In my case, we really wanted to keep our home, but if we couldn't make the payment then we were screwed anyway. Even though our loan qualified for the 12/1 AG settlement offer (delinquent more than 60 days, sub-prime fixed) we never actually got an offer from
cw even though they kept saying it was coming, the only offer was the approval of the naca proposal. I would have accepted a step rate for 5 years from
cw if we did not get approved for the naca proposal, as this would bide me more time. the modification you got is only adding the past due to the loan balance which increases your payments, if you are having trouble now, a higher payment won't help you. We decided if the naca proposal failed and
cw wouldn't help us, we would stay in the home saving money until they made us get out. this was an absolute last resort, as I stated before we wanted to keep our home as it was "our home" you have to decide how far you can go with this comfortably? what your home means to you? what is the monthly amount that you can pay if needed to keep your home? is what you have invested both emotionally & financially in you home worth losing? I advocate for naca 100% but everyone's situation is different and only you can decide what is best for you and your family. good luck & my prayers are with you
!