| Is loan mod possible for an Option Arm w/ EMC?
I've been planning to contact EMC for 2 months now but I don't know how to proceed and don't if we have a chance of getting a loan modification. I'm just glad I found this forum last night. Hopefully, I can get some advice. Here's our situation. We have one of those "pick-a-pay" mortgages with EMC which will reset in 2012. We have been paying the minimum payment + $100 or $200 and have never been late. I was laid off 2 months ago but found a new job in Jan that pays 20K less. My husband is self-employed and has made little or nothing for the last couple months. With my new salary, we will barely be able to afford the minimum payment. I was wondering if we can get a loan modification to get a lower fixed rate so that our balance won't keep growing. Our balance was originally $697K in 2007 and now it's gone up to 723K. I don't think we are upside down yet but very close to. There's no way we will be able to afford the new payment (more than double) nor be able to refinance come 2012 with a larger loan balance. We would love to stay in our house. We also have 2 rentals, 1 with option ARM also that is due to reset in Oct and the other, interest only due to reset in June. We have renters but have a neg. cash flow on both. We are contemplating on just walking away from both rentals since they are both at least 100K upside down. I am hoping to get a loan modification with an affordable fixed rate on our primary house before we stop paying on the rentals. I apologize for this long email but we're desperate to secure our primary house and get rid of our bad rental investments once and for all so we can sleep peacefully again. Thanks in advance for any advice you can provide.
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