Melanie702,
My situation is similar to yours. My income has dropped over 50% in the last year (22 yrs in auto sales). My monthly income is averaging $3400 this year. My first mortgage with
CW is $1472 per month (doesn't include tax and insurance which I am current on). NACA submitted a special forbearance proposal for me to
CW, but after much thought and advice from others I know it will put me in a worse position down the road. At the end of the forbearance you have to pay back the missed portions of the payments. My confusion is how does NACA come up with the proposals to
CW? NACA told me I was not making enough to be able to offer a mod to
CW. NACA did not include my 2nd mortgage or cc debt in my affordability budget. All I was hoping for was a monthly payment of no more than what I am paying now BUT include my taxes and insurance which are currently $460 per month. It would basically take the current mortgage of 6.5% fixed rate to 3.5% for 30 years. I don't want a principle reduction and I have no late payments with
CW. I just don't get it.