[scoobit]

Hi All -

Hoping to get some decent feedback here.

Countywide 30yr Adjustable Jumbo 5yr.
Have been delinquent on my loan since 2/08 due to divorce and bankruptcy. Been going through hoops trying to get loan mod. Finally got a loan rep to assist. Today he came back with my options.

1. Want 4 months of back payments $8,800
2. First two years interest reduced to 3.25 with a approx $1770 monthly payment
3. At 3rd year loan will increase to 4.25 to approx $2000 per month
4. At 5th year loan will increase to my current rate of 5.25 with a 2,200 and that rate and loan will turn into a 30 year fixed.

Seems pretty reasonable...and think I can swing it, but here is the kicker. My loan adjuster wants me to send in the $8800 right away or they won't continue with the loan mod process. No specific details on the loan and everything above was stated as a "estimate". I've been advised by multiple people to give them a cent until I have something in writing. Let alone these funds could be used to move to a rental if need be.

Another thing is the loan was for 365,750 if they tack on my outstanding payments of 28k that will bring the final loan of the house up to 393,750. The house if I am lucky is worth 325-350. As someone else stated in a post...if that is the case...in 5 years...unless the market swings back up, I will continue to be upside down for a long long time. Since I am only a year out of my bankruptcy it will probably be another 3-4 years before I could qualify for another loan anyway and no way I could ever qualify for a house like this on my own so trying to do what I can to stay in it.

Oh and...I thought they were going to use some specific income to debt ratio rules to figure out what is a affordable payment. In my situation almost 50% of my monthly salary will go to the mortgage and thought it was supposed to be closer to 31%.

Feedback...insight, ideas...whatever would be greatly appreciated!!

Thanks
SGM