Hi Friends,
I need your perspective.
Please help me to make this important decision in my life.

House details:
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Purchase in 2005 for 600K
Current value 260K


Loan details:
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I do have First and Second loan with Wells Fargo.
1st = 490K, 2nd 110K.

Loan Restructure
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I got my first loan re-structured in last year Oct 2009 for 3% for 40 years.

As this is not an affordable loan modification, I was working with NACA and Bank for more than a year. Finally today at NACA home save event, my loan was again re-structured to
2% for 2 years
3% for 38 years.

I was expecting like 2% for 40 years.

Now the Wells Fargo is telling me that, either you accept this loan mod or we have to request the investor to re-structure your loan at 2% for 40 years. What that means is, you will loose the current offer on the table and investor may deny the loan modification all together or they may approve it for 2%, but it is very remote chance they approve the loan mod at 2%.

Goldman sac is my investor. They are considered as private Bank. During the home save event I found that NACA staff and Bank staff was very professional and very helpful to me. They both advising me that, this is the best offer they have seen from the private investor and it is better for me take this. I trust these folks but still I feel I am not out from this mess and still I got trapped. My affordability is still in question and not willing to pay this much money on the house which is worth only 250K now. The purchase rice is 600k.

Forget about all my stories. Please let me know, financially does this makes sense to keep this house. ignoring my personal financial situation ?

Thanks my friend.
KS