[1Joyful1]

Hi. Thanks for this wonderful resource. We are about to start the modification process with Countrywide and are wondering whether Countrywide will require that the home remain our primary residence if they allow the modification. Realizing we could not continue to afford our payments for much longer, we listed our house for rent a few months back (thinking we would rent an apartment or something more affordable until the market allowed us to sell). When no one expressed any interest after a good deal of time, we realized we needed to request a modification in the event that we had to stay in the home. We just finished the hardship letter and other documention, and were about to submit everything, when we found a couple that is interested in renting the home. Even if we rent to them, we still have to come up with some money to cover the mortgage (and rent another place) but it is less than we are paying now for the mortgage. We are wondering whether we can submit the modification paper now, rent it out in about a month (when the tenant is ready to move in) and still be allowed the modification . Is there anything in the modification agreement or contract that says the house must remain our primay residence? If we were to start the process now (while it is our primary residence) and then rent it out in a month when the tenat is ready, we MIGHT be abe to break even IF we got the modification (otherwise, we come out of pocket). We are not trying to MAKE money from the modification....just trying to LOSE less.