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danimari76 · 04-01-2009, 04:21 AM

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We were given a loan modification offer from Countrywide in December that we didn't ask for. We later found out in February through a letter from Countrwide that we had been denied because we didn't submit 2 of my husbands current pay statements. When he called them about it they told him that we would have to start the process all over again when we weren't even the ones who started the process to begin with. Which brings us to our current situation. We are about $9000 in arrears for our mortgage and our house value just dropped by $50,000 so we are $30,000 underwater on our mortgage (our house was appraised at $300,000 in 2005 the assessment in January was at $255,000 and as of last month it was down to 204,000 and we owe 237,000 in principal however we tried to sell a year and a half ago and the realty company told us they would list us for $200,000 but we would be lucky to get $180,000 and that was before the market became as bad as it is). My husband lost his job last year (thankfully he found a new one after being unemployed for 3 months) but so did my brother who co-owns the house with us (who is also thankfully employed again). Our 7 year old son was diagnosed with Kidney disease on election day last November and due to an ice storm last december we lost electricity for 12 days (we literally got our power back on 36 hours before Christmas) and no we didn't have a generator so that meant no heat, hot water or even phone because we had no power which was also during the period of time we were offered the loan mod from countrywide. We live in a single family home with one bathroom. Our home is literally crumbling around us. It has mold, a water problem in the basement and asbestos siding. We called countrywide in March after the announcement of the Obama plan to try to modify our loan and we were told by a woman who could barely speak english that we didn't qualify so they couldn't help us. She told us we didn't make enough money to qualify for the modification. I thought that that was the point. They modified if you could no longer afford your mortgage. What's going on here? I thought we were the type of family that would qualiy we had 3 qualifying events in less than a year being job loss and re-employment, underwater on mortgage and our 7 year old son being diagnosed with kidney disease which seriously put a strain on our finances. On top of this my parents who survive on nothing but my dad's social security also live with us and I have type 1 diabetes myself. Now my question is this. I have 3 children ranging from 14 to 5 one with a major health complication and have my parents (who are not in the greatest of health themselves) as well if the mortgage company refuses to help us what are we to do. We can't rent because landlords do credit checks and if we become ********, because of my son's condition we risk having him taken away. And also since Massachusetts is a disclosure state should I inform the mortgage company of the condition of the house i.e. bad condition, water in basement, mold and asbestos siding because they would be forced to have to disclose this at a foreclosure auction? We don't live in a mansion, we bought a house we could afford that we worked very hard for. We made a down payment and paid closing costs when we originally purchased our house in 2001 before we refied with countrywide in 2005. We were proud of ourselves as we moved out of the "projects" in Boston to a safe neighborhood in a small town. Now if we are foreclosed upon we won't even have the "projects". Sorry about the rambling I needed to get it all out.

04-01-2009, 04:21 AM	#1 (permalink)
danimari76 Member Join Date: Mar 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	confused and not sure what to do • We were given a loan modification offer from Countrywide in December that we didn't ask for. We later found out in February through a letter from Countrwide that we had been denied because we didn't submit 2 of my husbands current pay statements. When he called them about it they told him that we would have to start the process all over again when we weren't even the ones who started the process to begin with. Which brings us to our current situation. We are about $9000 in arrears for our mortgage and our house value just dropped by $50,000 so we are $30,000 underwater on our mortgage (our house was appraised at $300,000 in 2005 the assessment in January was at $255,000 and as of last month it was down to 204,000 and we owe 237,000 in principal however we tried to sell a year and a half ago and the realty company told us they would list us for $200,000 but we would be lucky to get $180,000 and that was before the market became as bad as it is). My husband lost his job last year (thankfully he found a new one after being unemployed for 3 months) but so did my brother who co-owns the house with us (who is also thankfully employed again). Our 7 year old son was diagnosed with Kidney disease on election day last November and due to an ice storm last december we lost electricity for 12 days (we literally got our power back on 36 hours before Christmas) and no we didn't have a generator so that meant no heat, hot water or even phone because we had no power which was also during the period of time we were offered the loan mod from countrywide. We live in a single family home with one bathroom. Our home is literally crumbling around us. It has mold, a water problem in the basement and asbestos siding. We called countrywide in March after the announcement of the Obama plan to try to modify our loan and we were told by a woman who could barely speak english that we didn't qualify so they couldn't help us. She told us we didn't make enough money to qualify for the modification. I thought that that was the point. They modified if you could no longer afford your mortgage. What's going on here? I thought we were the type of family that would qualiy we had 3 qualifying events in less than a year being job loss and re-employment, underwater on mortgage and our 7 year old son being diagnosed with kidney disease which seriously put a strain on our finances. On top of this my parents who survive on nothing but my dad's social security also live with us and I have type 1 diabetes myself. Now my question is this. I have 3 children ranging from 14 to 5 one with a major health complication and have my parents (who are not in the greatest of health themselves) as well if the mortgage company refuses to help us what are we to do. We can't rent because landlords do credit checks and if we become ********, because of my son's condition we risk having him taken away. And also since Massachusetts is a disclosure state should I inform the mortgage company of the condition of the house i.e. bad condition, water in basement, mold and asbestos siding because they would be forced to have to disclose this at a foreclosure auction? We don't live in a mansion, we bought a house we could afford that we worked very hard for. We made a down payment and paid closing costs when we originally purchased our house in 2001 before we refied with countrywide in 2005. We were proud of ourselves as we moved out of the "projects" in Boston to a safe neighborhood in a small town. Now if we are foreclosed upon we won't even have the "projects". Sorry about the rambling I needed to get it all out.