Need Advice

[goingquackers0127]

I am so happy that I found this forum. I am very anxious about a impending rate increase that will happen in February and I am terrified we could lose our house. I am looking for any advice please. Here is my story. Purchased home back in a 2007 on a 2 year arm that is getting ready to adjust. I know at the time we figured we would refi out of it and get a fixed and live happily ever after. Then we got some surprises along the way got blessed with another child (#4) and then in late 2007 was laid off after 7 years with a company.

So here we are it is almost 2009 and I have been making my payments late (last business day of each month) for almost a year now and I am barely making it which is why they are made on the last day of each month.

I am not sure where to start with this modification. I had originally applied for one back in July and it was denied due to lack of income. Since then my husband has taken on another 2 jobs and that has increased our household income to barely cover the payment. I know that if the rate increases that will do us in.

So here are my questions:

Do I really have to be behind before they will work with me?

If I do go behind and lose my house due to foreclosure will anyone actually rent to us?

Thank you so much for reading my story and for any advice.

[elpjohnson]

goingquackers0127.....

Welcome to the forum and thanks so much for joining.....

To answer your questions.....no, you don't have to be behind for them to work with you.....there are some members who have received mods while they were current and I happen to be one of them....

I don't know much about the rentals.....however, if you are going to rent, rent through a property management company and not a private owner because the private owner could be in foreclosure and you wouldn't even know it......

You need to get your hardship letter together along with your financials that show a small surplus of like $100-$250 per month and fax it to the following vp's

Jeanne Drake-Direct phone line 949-784-6011
Fax Line 866-642-4196

Jim Davis- Phone-904-996-9696
Fax-904-996-9653

Fax your hardship letter and financial's to both Jeanne and Jim, then follow up with phone calls to both.

Again, welcome and you are not alone!

[goingquackers0127]

I just over my modification package and I am so nervous. I was already told that my investor would approve modifications but I was turned down back in July due to lack of income. I did my financials and we have a surplus of about $200 each month. Funny, I never actually see that money but that is how it looks on paper.

I faxed the paperwork over to both Jeanne and Jim. How long should I wait to do a follow up phone call?

[elpjohnson]

I would give them 48 hours then start calling.....

[goingquackers0127]

I just wanted to give a quick update. Jackie called and left a message . I called back and received her voicemail. She seems very nice. She called back after I had stepped out for the evening. My husband said she will call back tomorrow. I am so nervous about this process and feel very blessed to have found this forum for advice and support.

[goingquackers0127]

Another update. I talked Jackie today and we went over the financials. She asked alot of questions and then worked some numbers and called me back. She advised me that "we were kinda between a rock and a hard place" because on paper it appears that we can afford the payment without issue. However, she said that she felt something could be done since we do have an ARM mortgage and at adjustment that payment could increase signifcantly. She had said that she may be able get the investor to drop the rate a little and fix the rate. My question is has anyone else dealt with this and what type of an offer was given?

[goingquackers0127]

Thank you so much for the advice on this forum. I am so happy so far with the process. I just spoke with my negotiator and was offered a modification rate of 7% for the life of the loan. This is not the 5% were hoping for but I am still very happy. The way the loan structured it would have adjusted every 6 months for the life of the loan, now I don t have to worry about that. I am amazed and how hassle free this has been, my prayers have been answered and it only took a little over a week.

[elpjohnson]

CONGRATULATIONS!!! Let us know when you get the docs and it's official! God bless you and your family during this holiday season!