I am trying to qualify for the home affordability modification program that Obama just announced. I have never been late on my mortgage payment which is $3800 interest only payment. My balance is $725,000 and it is about 60% of my gross monthly payment. Problem is I pay my taxes separately and am late with the December payment and will be late in the april payment. I have called WFB telling them that I don't want to lose my house but they are not responding. If I keep making the payment and don't pay my taxes they will then advance the past due taxes and set up an impound account. This will cause my payments to jump to close to $5,000. At this point I will be late because I could not afford the payment. My question is if they pay the property taxes that are past due, will they add the $10,000 to my loan balance and making it go over the $729,000 maximum to get help through this obama program? This is important because I am trying to get them to help before this happens.
PS I can't get help from NACA because technically I still own an investment property which is going through foreclosure right now. This loan is also through WFB. I received the notice of default on FEB 10, 2009 and am just waiting for them to take the house so I can try to save my primary residence through NACA.
Any suggestions? I am in california