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b6731 · 04-02-2009, 06:18 PM

My wife and I purchase the home of our dreams in southern California and REFINANCED in October 2005 to pay off "HER" student loans, vehicle and credit cards. Seemed like an okay decision at the time. We both have stable government jobs with no change in sight. The Interest Only loan, for The First Ten Years, seemed like a reasonable option to PULL equity from the residence and pay her bills off? After the bills were paid in full she changed employment (In 2007) and left me holding the bag. For the first year after she left, she continued to pay half the mortgage. The house was listed with real estate since the inception of the divorce, (About Two Years) without a single offer. (No Short Sale Offers Either)My ex-wife stopped helping with our (Intrest Only Affordable Payment) and I was left to TRY AND SAFE THE HOUSE. I rented out rooms, and have been eating top ramen soup since. My roommates have since moved out and I net about $4000.00 per month. My interest only payment is $2,934.51 with COUNTRY WIDE per month. I am still current on my payments. (Unknown How Long I Can Hold On) I called CW after my EX stopped helping (April 2008) and was told, “Sorry Sir There Is Nothing We Can Do."

The house won’t sell, wont short sale, and is worth less than I owe…I feel fortunate to have found this site and have gathered the necessary documents to content CW for a possible loan modification. This is the third house I have owned and put all my savings into it. Guess I know, after reading everyone’s stories; bring on the Country Wide headache.
ADVISE PLEASE ANYONE
Blood, Sweat, and Tears in California

04-02-2009, 06:18 PM	#1 (permalink)
b6731 Junior Member Join Date: Apr 2009 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Blood, Sweat, Tears in California... My wife and I purchase the home of our dreams in southern California and REFINANCED in October 2005 to pay off "HER" student loans, vehicle and credit cards. Seemed like an okay decision at the time. We both have stable government jobs with no change in sight. The Interest Only loan, for The First Ten Years, seemed like a reasonable option to PULL equity from the residence and pay her bills off? After the bills were paid in full she changed employment (In 2007) and left me holding the bag. For the first year after she left, she continued to pay half the mortgage. The house was listed with real estate since the inception of the divorce, (About Two Years) without a single offer. (No Short Sale Offers Either)My ex-wife stopped helping with our (Intrest Only Affordable Payment) and I was left to TRY AND SAFE THE HOUSE. I rented out rooms, and have been eating top ramen soup since. My roommates have since moved out and I net about $4000.00 per month. My interest only payment is $2,934.51 with COUNTRY WIDE per month. I am still current on my payments. (Unknown How Long I Can Hold On) I called CW after my EX stopped helping (April 2008) and was told, “Sorry Sir There Is Nothing We Can Do." The house won’t sell, wont short sale, and is worth less than I owe…I feel fortunate to have found this site and have gathered the necessary documents to content CW for a possible loan modification. This is the third house I have owned and put all my savings into it. Guess I know, after reading everyone’s stories; bring on the Country Wide headache. ADVISE PLEASE ANYONE Blood, Sweat, and Tears in California