Loan Modification Forum - LoanSafe.org - View Single Post

Melanie702 · 03-19-2009, 08:23 PM

Hello everyone, I'm new to this board, but have been reading A LOT since I came across it last week.

Here is our story, and I hope I don't offend anyone as I haven't seen anyone with an FHA loan and a low interest rate that we have.

In November of 2008, my husband was laid off and is now collecting unemployment benefits that caused our income to drop by approximately 60%. I'm also working full time, but we're still in the dumps. I called Countrywide because I wanted to see if we'd be able to MOD our loan, but according to them, we don't qualify for anything. We were current on our loan when I was calling them, but have now missed our March payment. When I called them on Monday, they noticed I had not paid March by the 15th, and told me to fax in all my paperwork to them to see if we qualify for the new Affordable & Stability Plan. I did all that a couple of days ago, but don't know if we will be approved, as they told us numerous times we don't qualify for anything. I figured (from reading this board) that it was because we were current on our loan, which is why we did not pay March's mortgage payment.

Our interest rate is at only 5.87% fixed/30 years and is an FHA loan. A couple of agents at CW, told me that Ginnie Mae owns the loan. We will not be able to keep up with the payments any longer due to my husband losing his job.

1. is there any help for us in our situation?
2. would it be hard to get a MOD if I am the only one working and my husband collecting unemployment? Will they count his income?
3. Is it hard to get help with a Ginnie Mae loan?
4. Will President Obama's plan work for us?

I'm so lost and trying to learn all I can to help our situation. Any help would be greatly appreciated.

I hope this board is also for FHA and fixed rate owners.

Thank you!

03-19-2009, 08:23 PM	#1 (permalink)
Melanie702 Senior Member Join Date: Mar 2009 Location: Las Vegas, Nevada Posts: 535 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	FHA/NACA In Las Vegas Hello everyone, I'm new to this board, but have been reading A LOT since I came across it last week. Here is our story, and I hope I don't offend anyone as I haven't seen anyone with an FHA loan and a low interest rate that we have. In November of 2008, my husband was laid off and is now collecting unemployment benefits that caused our income to drop by approximately 60%. I'm also working full time, but we're still in the dumps. I called Countrywide because I wanted to see if we'd be able to MOD our loan, but according to them, we don't qualify for anything. We were current on our loan when I was calling them, but have now missed our March payment. When I called them on Monday, they noticed I had not paid March by the 15th, and told me to fax in all my paperwork to them to see if we qualify for the new Affordable & Stability Plan. I did all that a couple of days ago, but don't know if we will be approved, as they told us numerous times we don't qualify for anything. I figured (from reading this board) that it was because we were current on our loan, which is why we did not pay March's mortgage payment. Our interest rate is at only 5.87% fixed/30 years and is an FHA loan. A couple of agents at CW, told me that Ginnie Mae owns the loan. We will not be able to keep up with the payments any longer due to my husband losing his job. 1. is there any help for us in our situation? 2. would it be hard to get a MOD if I am the only one working and my husband collecting unemployment? Will they count his income? 3. Is it hard to get help with a Ginnie Mae loan? 4. Will President Obama's plan work for us? I'm so lost and trying to learn all I can to help our situation. Any help would be greatly appreciated. I hope this board is also for FHA and fixed rate owners. Thank you!