Hello all,
Let make my story short.
We owe ~$343k on our loan (one loan only)
Currently house value ~$280k
My wife lost her job back in Nov. 2008 and couldn't find a job so she went back to school as of last quarter. We just had a new baby boy in Jan. 30th 2009. Since Nov/2008, we've been borrowing money from family members and friends to keep up with the mortgage. We max out our credit cards and we can no longer borrow money from family & friends.
We're one month late. I've been calling
CW for help, but as you all know, they're helpless. I finally talked with one of the loan offier trying to refinance and she could save us $89/month and the loan fee is $8000. :-) I told her we can't afford that, then she gave me a number to fax in my pay stub, tax return, bank statement...etc.. and I DID fax in everything they asked for.
I just called them again this morning they said they denied my loan modification request because i am not underwater and I am only one month behind. I told them my issues again, but they said, "do you want to pay now before we report to the credit bureau."
Anyway, I don't care about foreclosure anymore. All I care is to be able to take care of my new baby. So, I want to save as much as I can to take care of my baby.
My questions:
1) If I stop making monthly payment, how long can I stay in the house?
2) will I have problem renting an apartment later?
3) what would be your advise?