| Help Wanted
My husband and I live in our "forever" house with our two beautiful daughters. We have been here for over 3 years and would love to stay here forever! Unfortunately, we have a negative am loan that we pay the lowest possible payment since I am a stay at home mom. My husband is a firefighter and has been able to provide for our family from day one, but as the economy continues to circle the drain, his overtime opportunities are drying up. This leaves us paycheck to paycheck and dipping into our savings here and there. Well, we are approaching our payment hike which will devistate us! Our current payment is roughly $3200 for both a 1st and 2nd (Countrywide holds both loans). We are royally screwed with the loan to value margin! We owe 881K and our house value is 430K, so a refi is out of the question!
We are current on the loan and have tried to get help from Countrywide for about a year now. As you can guess, NO HELP. We were told back in August to wait until Dec 1 for the new programs to go into effect. Well, December 1 came and went and NO HELP. Oh wait, I take that back. We have been told they can help us with a short sale! Our file says in review, but no one will tell us anything helpful.
We are thinking we don't want to put any m ore money into this house, like our payment, if we are going to have to leave it. Our main objective is to stay in this house!
We feel like we are in a little holding pattern since the Obama Stimulus Package is coming down the pipes and no one will comment on how it will effect us specifically. Can you offer advice/help? Can something be done with Countrywide? Would it be better to just walk away or do a short sale? PLEASE HELP
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