Loan Modification Forum - LoanSafe.org - View Single Post - Behind in payments, seeking Loan Modification

Jim B. · 03-30-2009, 01:08 AM

Hi Moe and ***

My wife and I are both Realtors. The past 6 months has been very depressed, it is like we have been un-employed, thankfully we were able to make our payments through 2008. We are now behind in Jan-March payments and have exhausted our reserves and will not be able to make April payment on time. Thankfully business is picking up and by May we will have money to support ourselves on an ongoing basis. The problem is we are behind and I want to apply for a loan modification. Our loan is a payment option arm, we have had the loan for 3 years.
Our home value has declined by approximately 15% and I would like to get a loan modification under Obama's Making Homes Affordable Loan Modification Program. Since we have effectively not had a real income for about 6 months and we are self employed, do you think we might be able to get a forebearance since we are already behind 3 months payments? We just need a chance to get back on our feet. The depressed housing market is why we have fell behind. We really want to keep our home and this is the first time we have gone without income. We can show in past years a steady income. I understand that the Making Homes Affordable Modification Plan formula will help reduce monthly payments on mortgages to a specified affordability level. Can you suggest the best way to approach Countrywide?
Also, when I do contact Countrywide, I would like to send my application for the modification to the office of the President of Countrywide along with any other e-mail addresses and Mailing addresses you have. I would really appreciate your help!
Thanks, Jim

03-30-2009, 01:08 AM	#40 (permalink)
Jim B. Senior Member Join Date: May 2008 Posts: 34 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Behind in payments, seeking Loan Modification Hi Moe and *** My wife and I are both Realtors. The past 6 months has been very depressed, it is like we have been un-employed, thankfully we were able to make our payments through 2008. We are now behind in Jan-March payments and have exhausted our reserves and will not be able to make April payment on time. Thankfully business is picking up and by May we will have money to support ourselves on an ongoing basis. The problem is we are behind and I want to apply for a loan modification. Our loan is a payment option arm, we have had the loan for 3 years. Our home value has declined by approximately 15% and I would like to get a loan modification under Obama's Making Homes Affordable Loan Modification Program. Since we have effectively not had a real income for about 6 months and we are self employed, do you think we might be able to get a forebearance since we are already behind 3 months payments? We just need a chance to get back on our feet. The depressed housing market is why we have fell behind. We really want to keep our home and this is the first time we have gone without income. We can show in past years a steady income. I understand that the Making Homes Affordable Modification Plan formula will help reduce monthly payments on mortgages to a specified affordability level. Can you suggest the best way to approach Countrywide? Also, when I do contact Countrywide, I would like to send my application for the modification to the office of the President of Countrywide along with any other e-mail addresses and Mailing addresses you have. I would really appreciate your help! Thanks, Jim