Help! First time loan mod help.

[hai109]

I have been browsing the website and so far have read up on some good stories. I am just in a bind right now and really don't know where to start. Well, here's the situation. Our mortgage rates are not that bad to begin with but our situation currently right now is that 2 of the prime earners in the family are currently unemployed due to the economy. We are now slowly depleting our funds and soon will be dipping into our retirement funds but that has been taking a huge hit due to the market.

There seems to be no light at the end of this dark tunnel. Our mortgage is current til this day but looking at the future money is running low and looks like we are just trying to patch a wound with a band-aide while the wound needs stitches instead. We are fighting to hold on to our first house. Property value has dropped around the area and I am trying to get information to see if we can petition to lower our property taxes. Well, we are hoping to hold on as long as we can because it is our first home and now caught up in this huge mortgage crisis.

My question is should I contact our servicing department (WAMU) or go directly to HOPE or NACA? Please let me know. Thank you and great website!

Hai

[Moe Bedard]

Hi Hai,

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

With the primary wage earners without income, is there any other income available in the household as it would be necessary for a workout of some sort.....

[hai109]

Yes, we have some family helping us out. Parents but they are on a limited budget. Also, renting out a room for extra help. Not sure if we should state that to the bank or not.

[Moe Bedard]

You may need to...............for a modification they take all household income and all household expenses and in most cases after all is said and done you would need to have a little bit of disposable income left at the end of the month........


You would need to first put together a hardship letter........click on the link for the examples..........
Examples of a Hardship Letter


Then contact WaMu to see what options there are from the investor on your loan.............
WaMu Loss Mitigation
1-877-533-8960

[hai109]

Thank you! I will go ahead and work on it and will keep you posted. Thank you