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fozzmichigan · 03-08-2009, 06:54 PM

I am hoping that someone can point me in the right direction. I am some what over whelmed, as I am sure everyone is, with the amount of information available on this site. I will try to give a short summary of my situation. As everyone knows Michiganhas been dealing with declining employment numbers for a very very long time. Our office reduced hours from 42.5 to 32 per week in December 2006. In December 2008 we reduced further to 30 hours per week. We seem to be stable at this level.

We are current on all payments with no late payments.

We currently have a 1^st. mortgage with country wide which is a 30 ARM which will reset on 12/2010 and currently is at 5.875% with a payment of $2,034.59. Balance of $327,814.82.

We have a 2^nd Mortgage with Countrywide which is a 15 year balloon at 10% with a payment of $772.26. Balance of $82,264.02.

We have an IRA that in October 2006 had a value of $250,000. Now from the market meltdown and from borrowing while to make up for the loss in income, paying the tax penalties etc… is now down to $70,000.

House appraised at $430,000.00 in Sept. 2005
House appraised at $375,000.00 in Feb. 2009

Income October 2006 $8,673.43/month
Income November 2006 $6,649.00/month
Income December 2008 $6,424.00/month

We are currently about $1200.00 per month short of barely making it.

This is a house we built ourselves and like many others desperately want to stay in it. I can probably keep this up for another 3 months max. We made quite a few phone calls to Countrywide in January of 2008 without any resolution other than you have to be in arrears before we can do anything. I know we must do something and I am ready to send a hardship letter to Countrywide but I am unsure what to ask for or what to expect.

Any help or suggestions will be greatly appreciated.

03-08-2009, 06:54 PM	#1 (permalink)
fozzmichigan Junior Member Join Date: Feb 2009 Posts: 1 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Suggestions Desired I am hoping that someone can point me in the right direction. I am some what over whelmed, as I am sure everyone is, with the amount of information available on this site. I will try to give a short summary of my situation. As everyone knows Michiganhas been dealing with declining employment numbers for a very very long time. Our office reduced hours from 42.5 to 32 per week in December 2006. In December 2008 we reduced further to 30 hours per week. We seem to be stable at this level. We are current on all payments with no late payments. We currently have a 1^st. mortgage with country wide which is a 30 ARM which will reset on 12/2010 and currently is at 5.875% with a payment of $2,034.59. Balance of $327,814.82. We have a 2^nd Mortgage with Countrywide which is a 15 year balloon at 10% with a payment of $772.26. Balance of $82,264.02. We have an IRA that in October 2006 had a value of $250,000. Now from the market meltdown and from borrowing while to make up for the loss in income, paying the tax penalties etc… is now down to $70,000. House appraised at $430,000.00 in Sept. 2005 House appraised at $375,000.00 in Feb. 2009 Income October 2006 $8,673.43/month Income November 2006 $6,649.00/month Income December 2008 $6,424.00/month We are currently about $1200.00 per month short of barely making it. This is a house we built ourselves and like many others desperately want to stay in it. I can probably keep this up for another 3 months max. We made quite a few phone calls to Countrywide in January of 2008 without any resolution other than you have to be in arrears before we can do anything. I know we must do something and I am ready to send a hardship letter to Countrywide but I am unsure what to ask for or what to expect. Any help or suggestions will be greatly appreciated.