Hi there, been reading through many of the information here and this site, it is very encouraging, thanks. I had nearly gotten to the point of just sucking it up and living with our situation.
Anyway, I'm now wondering what next the course of action should be. Try to move forward for a Mod on my own or maybe get with NACA, who is coming to my town in a couple weeks. The thing is I have not yet read a situation on here that totally matches mine, only partially.
Here is the situation. We did a refi a few years back to pull out some equity to do home repairs and improvements, taking advantage of the good realestate market. We didn't take out all the equity but some. Now though our value has dropped soooo much because of all the forclosures around us we are pretty underwater. We have a primary and secondary loan. Based on just the primary loan and using online estimators we are about 50-60kk upside down, and adding in secondary loan, another 18k upside down. Yuck.
We don't want to leave our home, we want to stay here. Our interest rates is not horrible either, 5.8 on the primary and 7.8 on the secondary. But I know there are better out there, and it just sucks that all these years we have been faithful paying our mortgage on time and now because of the banks greedy practices our value has dropped so much. I just don't see us getting any equity back any time soon at all, if ever before the thing is paid off.
Our loan was a
CW, now of course BoA. I have talked with both several times about Mod or Refi and they just give me the usual run around and say I don't qualify for the refi because I'm so underwater on it. But because I'm current with payments and can still make them, I don't qualify for a mod. The thing is, we are currently enrolled with CCCS to get our credit card debt paid off. Lowered interest, closed the account, fixed payment every month, but it's a huge chunk. Then with all our other household expences, mandatory pension out of my paycheck etc, we barely have enough for gas and food and incidentals each month. We no longer have a savings, and no credit cards to use now (which is good) and basically living paycheck to paycheck. So I would love to at the very least reduce our mortgage payments so we have some extra money to get buy on, maybe pay off the credit cards faster. It would REALLY be awesome to get something like the Hope for Homeowners program and reduce the debt we owe.
The other problem is based on my gross income, my ratio is no where near what they consider for the programs. I make to much. Sure I have been making my mortgage payments, but that's becasue we are responsible and have always made it the first priority bill to get paid. Doesn't mean we are making budget cuts in other areas of our life.
It's funny I found the H4H program info months ago, but none of the banks ever heard of it. I even told a guy the link and he said they never heard of it, don't do it, they only know the MHA stuff. Now I read they changed the H4H program to make it easier to qualify and more incentive for the banks. Has been successful since the changes?
So to sum up, I'm current with payments, can still make them, but we are still struggling month to month to make all the bills and survive as a family with a house to maintain. We make to much based on the gross income according to the people I talk to on the phone. And our house is pretty upside down right now so don't qualify for a refi to get better rate, and I would like to reduce the debt or at least lower my payment.
So I've read people try contacting BoA directly and hound them. I read someplaces here that people use CCCS to work something out. I've also come across the NACA site, which looks promising. Do I have a chance here to make a change for my family? Which would be the best route to go with at this time? Any further information on my options or suggestions of things to look up and read would be much appreciated.
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What's the Best Course of Action? 
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