Low wages fixed rate problem

[lukefra]

I'm a carpenter living in st lucie county florida, with my wife and three kids
five years ago we bought our first house. this was before the big house
boom in this area. It was an arm, so well before it adjusted we refinanced.
we thought it was with our existing lender, but somehow we wound up
with CW.we have always paid on time, but when the housing bubble popped building came to a grinding halt putting alot of carpenters on the
job market. so work for me has been spotty at best. we are now two months behind going on three. Our mortgage now is fixed at 8% which was'nt bad when I had forty a week. Now, I think there might be light at the end of the tunnel. Tragically my wifes mother died suddenly last dec
it was and still is very hard for her,and the stuff going is'nt making it any
easier.I knew this was coming so before we got behind i tried talking to CW But it seems to have fallen on deaf ears. so we were sending them
what we could, 700 here 800 there but that is becoming harder.Back to the light, my wife inherited half her mothers house,her sister the other half. The house is in England and there is an offer on it.I guess I;d like to know what someone else thinks. Should we approach CW and explain our
situation and see if they will give us a couple months? Has any body out there heard of a similar situation?

Thanks

[Dan Bailey]

Luke,
Welcome to the forum and thank you for joining. Cat or Moe will be by as soon as they can to answer your question and give you some solid advice on where to go. Good luck!

[Cat Damiano]

Hi lukefra,


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

You would need to call Countrywide and see what options the investor on your loan has............and also ask about your partial payments, which are most likely sitting in a suspense account and not getting applied to anything and if one more payment is missed, they could start the foreclosure process................you might want to see if you can go through the process for a modification to try to buy some time for the sale of the other property........

1-800-669-6650

Please keep us posted on your progress.........

[lukefra]

well I have an update in my little saga with cw. since I last posted we asked cw for a forbearence based on the fact that
we had a buyer for our house in england. well we we were
tentetively approved until the buyer in england bailed. Now
we're back to square one. I asked our loss mitigation counselor at cw where do we go from here? she told me to keep calling, that cw was working on other opptions. But here's
the problem, I have found a job but its 30hrs a week and half the hourly rate I used to make. I'm a carpenter and in south florida there is just not enough work to keep the thousands,
[ and I dont think I'm exagerating here] carpenters employed.
My question is, and Im asking for opinons or advice. Realistically
is cw going work with me on a loan mod with my lame wages
and my fixed rate mortgage? We've always paid on time but now we're 4months behind we're not in forclosure yet but
I expect will be getting that letter very soon.

[Cat Damiano]

Luke,

You would need to make the call and see what options there are.........

1-800-669-6607

This is the number to the program starting on Dec. 1st..............Florida is one of the states that were included in the suit...........so call and see what options they have for you.