Need Loan Mod ASAP

[H8Gov]

Hi,
My name is Nick and I live in San Diego California. I need some help on my home loan. I bought my first house in 2001 and had a fixed 30 year loan that was very affordable. My wife and I then had are first child and in 2004 we had are second on the way. We need to get a house that was bigger and found a great deal on a 4 bedroom house. Price was 460,000 and more than I wanted to spend. I talked to my broker he said I could buy it with a 5 yr fixed loan and then refi later. so I did. The house next door a week later sold for 525,000 and was the same floor plan. I put money down and after everything I owed 357,000 on the first and 30,000 on the second. I figured I had lots of equity if I got into trouble I could sell. Well long story short my house peaked to value of 600,000. I never pulled money out cause I wanted to pay it off. Last year my wife lost her job and my small buisness tanked. My full time job cut my hours so I got another job. Well I have always been on time with my payments intill Jan of 2008. I fell behind on mortgage and my life spirled down from there. I tried making the payments and in turn fell behind on other payments. Now my house is worth 390,000 I cant sell or refi. I cant keep up with the payments or back payments. SDGE electric bill is now double cause the want more money to be sure I dont leave them high and dry I have back payments on mortgage and I dont know what to do. I want to keep the house but dont know who to call for loan mod. My first was sold to Countrywide so they said they wont help because they didnt set up my loan. My second is with chase and I dont know what to do with them because Im behind there to. My first is at 5.5 and going up in few months. chase is at 2.0 and going up now. Any advice. Sorry so long. thanks Nick

[Moe Bedard]

Hi Nick,


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

you story wasn't that long...........it was small........the font

Is this the only property that you own?
Is it owner occupied?

[LHarveyMadman]

What is the index and margin on your ARM? This will be listed on your adjustable rate note. An example of an index used in ARMs is the London Interbank Offered Rate (Libor), which come in 1-, 3-, 6-, and 12-month forms. The margin would be stated as some percentage that is added to the index.

Do you know for a fact that your ARM will adjust higher? A lot of ARMs are adjusting lower because short-term lending rates are dropping.