Loan Modification Forum - LoanSafe.org - View Single Post - President's Homeowner Affordability and Stability Plan

whatdidigetinto · 02-23-2009, 10:50 AM

i have a 1st mortgage with countrywide for $546,000 and a second with national city for $50,000>i received a loan mod from countrywide in june 08,they took me out of an pay option arm and put me at a 6.25% for the remainder of the loan,my payments for countrywide are $3,490.00 and 384.46 for my 2nd almost $4,000 a month(that's not including taxes and insurance,which insurance i have not paid for over a year).My house's value is probably around $480,000.Our income is about $6,000 a month and can barely pay our mortagage each month after paying all our other bills.I've been reading over the President's Homeowner Affordability and Stability Plan that says something about 105%LTV what does that mean 105%LTV?can someone give me an example?And what is that all about craming down with a chapter 13 bancrupcy?

02-23-2009, 10:50 AM	#1 (permalink)
whatdidigetinto Senior Member Join Date: Apr 2008 Posts: 155 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	President's Homeowner Affordability and Stability Plan i have a 1st mortgage with countrywide for $546,000 and a second with national city for $50,000>i received a loan mod from countrywide in june 08,they took me out of an pay option arm and put me at a 6.25% for the remainder of the loan,my payments for countrywide are $3,490.00 and 384.46 for my 2nd almost $4,000 a month(that's not including taxes and insurance,which insurance i have not paid for over a year).My house's value is probably around $480,000.Our income is about $6,000 a month and can barely pay our mortagage each month after paying all our other bills.I've been reading over the President's Homeowner Affordability and Stability Plan that says something about 105%LTV what does that mean 105%LTV?can someone give me an example?And what is that all about craming down with a chapter 13 bancrupcy?