Is there anything that I can do?

[scottkimtori]

I have a 30 year first mortgage for $180,000.00 and a second for $48,000.00. My first mort was adjustable for 2 years and the payment has since gone up about $400.00. I have never been 30 days late on a payment so that it would show on my credit report and I am actually making more money now then when I first got the house. However with all my other bills and home ownership costs, I am really just treading water. My household monthly income ranges from $9,000 to $12,000 a month, but that has only been for the last 6 months and it will only last for a few more months then my household income will be around $7,000 to $9,000 a month. I also work from home as my company closed the office where I live and I know that I am on borrowed time at this job. I have been turned down twice by Countrywide for loan modifications because I have never been late. I am now deciding if I should just let this house go as I will not be able to afford it when my job disappears at the current rates. Are there any programs to help modify my loan when I have never been late?

[Moe Bedard]

Hi scottkimtori,


Welcome to the forum and thank you for joining................


For a modification currently through BofA these are the requirements:

To be eligible for a Home Affordable Modification, a borrower must:

• be an owner-occupant in a one to four unit property, and have
• an unpaid principal balance that is equal to or less than $729,750 (for one unit properties and higher for two to four unit properties, consult the Guidance for limits),
• a loan that was originated before January 1, 2009,
• a mortgage payment on a first lien alone (including taxes, insurance, and homeowners association dues) that is more than 31% of the borrowers' gross monthly income, and
• have experienced a significant change in income or expenses, to the point that the current mortgage payment is no longer affordable.


If you meet these requirements............call
1-800-669-6607 to apply for the modification