Get a Second Job

[olivia303]

I am in the process of obtaining a second loan modification from Countrywide. The first gave us a 7.75% interest rate fixed for 30 years. The problem is we were never able to make the payments that modification gave us. When I called yesterday to get the ball rolling again the associate informed me that I needed to get a second job so I could make ends meet. I was not too happy about that. Trust me, if I could make ends meet I would. We have desperately cut costs of all kinds to the point that there is nothing left to shave off.

Currently we pay 55.5% of our monthly income on our mortgage. That is too much! Since I have been through this process before I think I know how to go about it. The question I do have is how will the new legislation that comes into affect in October affect people like me? How do we go about getting info on that? Help with that? Should I slow down the modification process until we know more? Any answers will be helpful.

[Cat Damiano]

Hi olivia303,


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

Here is the info on the FHA program................but keep in mind that this program also requires your current investor to accept a short payoff, and it is voluntary.............so we don't know how many investors are going to accept that. The same applies to modifications.........they are up to the investors that hold your loan and they have certain criteria that has to me met regarding the income and expenses.

FACT SHEET: FHA TO PROVIDE ADDITIONAL MORTGAGE ASSISTANCE TO STRUGGLING HOMEOWNERS