Loan Modification Forum - LoanSafe.org - View Single Post - NACA or Short Sale? I'm current

miked2023 · 03-20-2009, 02:15 PM

Bought a house in 2004 for 590K. Interest only loan. As of now, it seems there's no equity in the house due to the crash and my stupidity of not putting more down (although if I had, I'd probably be out that too).

In December, the loan is set to go adjustable. I make a decent salary but if I can't qualify for some kind of re-fi in the next six months, I may be forced to default. I don't know what to do.

I send a hardship letter to Countrywide (My wife lost her job not long after our daughter was born - she worked in subprime) but they didn't seem to care unless we were in default (I've never been late on a payment).

I don't think I qualify for Obama's deal because I make too much money. But believe me, in LA, with a wife out of work and a 2 year old, I'm in stretched to the max.

Does anyone have any advice for me? I'm freaking out that I may be forced to default on my loan early next year. Obviously, I want to take care of this without defaulting. Please let me know if I need to provide any more info. Thank you so much.

03-20-2009, 02:15 PM	#1 (permalink)
miked2023 Senior Member Join Date: Mar 2009 Posts: 48 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	NACA or Short Sale? I'm current - for now. Bought a house in 2004 for 590K. Interest only loan. As of now, it seems there's no equity in the house due to the crash and my stupidity of not putting more down (although if I had, I'd probably be out that too). In December, the loan is set to go adjustable. I make a decent salary but if I can't qualify for some kind of re-fi in the next six months, I may be forced to default. I don't know what to do. I send a hardship letter to Countrywide (My wife lost her job not long after our daughter was born - she worked in subprime) but they didn't seem to care unless we were in default (I've never been late on a payment). I don't think I qualify for Obama's deal because I make too much money. But believe me, in LA, with a wife out of work and a 2 year old, I'm in stretched to the max. Does anyone have any advice for me? I'm freaking out that I may be forced to default on my loan early next year. Obviously, I want to take care of this without defaulting. Please let me know if I need to provide any more info. Thank you so much.