Loan Modification Forum - LoanSafe.org - View Single Post - Behind in payments, seeking Loan Modification

Jim B. · 02-20-2009, 04:37 PM

I received a loan work-out, as it was then called about 8 months ago, that was before my Pay Option Arm re-set and my house payments went up approximately $1,000. per month. This in tandem with the local Portland Oregon housing market decline in values, my home value has depreciate by $75-100K, which puts in in a less than 20% equity position. My wife and I are both Realtors and our business is suffering along with the local housing market. My wife is pursuing another job now, temporarily suspending her Realty license.
I called C/Ws Loan Retention Dept. today and they said I would not qualify for a loan modification, only refinancing. I wanted to apply for a moddification under Bank of America Nationwide Homeownership Retention Program for Countrywide Customers. I have heard that this program was devised to directly help Pay Option and Sub Prime Borrowers.

Can anyone help to advise me on how to pursue a modification? I cannot afford the payments any longer on the Pay Option Arm.

02-20-2009, 04:37 PM	#36 (permalink)
Jim B. Senior Member Join Date: May 2008 Posts: 34 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Equity Deficit, What Now? I received a loan work-out, as it was then called about 8 months ago, that was before my Pay Option Arm re-set and my house payments went up approximately $1,000. per month. This in tandem with the local Portland Oregon housing market decline in values, my home value has depreciate by $75-100K, which puts in in a less than 20% equity position. My wife and I are both Realtors and our business is suffering along with the local housing market. My wife is pursuing another job now, temporarily suspending her Realty license. I called C/Ws Loan Retention Dept. today and they said I would not qualify for a loan modification, only refinancing. I wanted to apply for a moddification under Bank of America Nationwide Homeownership Retention Program for Countrywide Customers. I have heard that this program was devised to directly help Pay Option and Sub Prime Borrowers. Can anyone help to advise me on how to pursue a modification? I cannot afford the payments any longer on the Pay Option Arm.