Would they consider giving me a loan mod or debt reduction??

[schermd]

I am still in very good standing with all my creditors, but I am not sure for how long I can keep up, it seems like things keep getting worse.
I thought I made very very good choices by getting out of a ARM loan but now I am wondering if I should of just stayed in the ARM and we would of lost the house a while back and my credit would be on its way to being repaired.

Heres a little bit of my story.......
When we bought the house I was a little reluctant on wanting to have a big responsibility that big, I did not want to take a chance that big with my credit, when we went to a realtor they explained that now is the time to jump in to the housing market and they told us about the differnt loans they could get us so we could get in the house and they said that if something happens and you cannot make the payment then you could always sell the house and be out from under the loan and make a little money, they also added that you will be OK and they told us most people live in there house about five years and they do so good on profits that they made on there house that they up grade to a bigger and better house, a little time went by and we started looking at houses, we found the house we liked which is this house we have now, we ended up getting one of those funky loans, about two years went by and I started hearing about interest rates starting to adjust, me being me got very concerned and called the lady that got us the loan, she said dont worrie it's just a little hicup in the market, I said OK and I put my trust in her, so more time went on and I was hearing the same thing about rates climbing higher, so I called her again and again she said dont worrie the type of rates that are going up wont effect your loan, I said OK and thought what do I know about interest rates and I again listened to her, so again more time went on and I started hearing of peoples payments starting to adjust to very high payments, so I called her and told her that I want to see what she could get us a fixed rate for and I told her that I want to do it now and if she tells me not to worrie again I would go to a different loan officer, so she tolt me to come in and she would see what she could do for us.
As we enjoyed those lower 2200.00 a month payments I was excelling at work and started making pretty good money and there were people I worked with that had those low payments also, theres a pretty good difference though in how I handled me and my x wifes money, as I was excelling at work I was putting alot of money in the bank and at one point we were even 4 or five payments ahead with our lender.
When I was getting worried with the loan we had I was talking with different people at work and I was explaining what I thought was going to happen with all the people and there ARM loans and I told them that I am looking into getting a fixed rate, they told me that there enjoying the low payments and there enjoying all the toys there buying, like desert toys, they would bring dune buggies, motorcycles and toyhaulers and new cars to work and show off, well it was not long that they started losing there houses.

NOTE ..............I HAVE TO GO NOW TO DO SOMETHING, I AM NOT SURE HOW TO SAVE THIS WITHOUT POSTING IT, I DO NOT WANT TO LOSE ALL THAT I WROTE SO FAR SO I POSTED IT AND WILL FINISH IT LATER TODAY, THANKS FOR READING AND IF YOU HAVE ANY INPUT PLEASE LET ME KNOW, THANKS

Doug

[schermd]

How would I know what to shoot for, a loan mod or refi ? my house is upside down I had to take a job with a pay cut after being layed off.
I am not behind on payments yet.
I have a first and a second loan, I have 30 year fixed 6.37500% for my first and 8.250% fixed for 15 years on my second.

Is there a specialist that can help me to decide what to do or how could I figure it out my self ?

Thanks

[schermd]

I really want to try to save my home My first is a payment of 2,295.00 a month.
My second is a payment of 659.00 a month

At the bottom of the post it says it is better to walk away insted of trying to save the home by refinancing, I really only want to try to refi my 1st and leave my 2nd alone, does that statement count in what I want to do also or does it only count in if a person wants to refi there second?

Thanks,Doug

[Moe Bedard]

You hadn't finished the rest of your story..........


What lender are you working with?


The information regarding the refi and modification programs announced on March 4th. can be found in this link along with a payment estimator and a FAQ sheet for homeowners...........

Making Home Affordable - Home

[schermd]

My first is with GMAC
My second is with First franklin

[Moe Bedard]

With GMAC the steps to take to be considered for the new modification plan and contact information can be found here.........

Homeowner Help


First Franklin
1-800-622-5035

[schermd]

If you have expereince with loan restructruing in this situation
could you give me any insight you might have.

Not behind on payments

House about 150,000.00 upsidedown

About 750 credit score

Layed of from work last Sept and had to take a job with a pay
cut and had to get roommates to make mortgage payment and property tax payment, that way I can try to keep from getting into my savings account, I know that once a person needs to get into there savings a big crash is in the near future.

I got divorced 2 1/2 years ago and had to pay 500.00 a month for 2 1/4 years.

Over 10,000.00 in savings.

One credit card balance with about 1,700.00 on it, I know it's dumb to have that credit card balance with that money sitting in the bank but I want to figure out whats happening soon, If I am going to loose the house and screw my credit why pay the credit card off, I was paying the card down very quick until I got layed off.

I have no car payments

Dealing with GMAC for my first with a 30 yr fixed

Dealing with First franklin on my second with a 15 yr fixed

Thats me in a nut shell.

[Moe Bedard]

I am not quite sure what you are asking here............


I have posted the steps necessary to take above............here in your original post............LoanSafe is a free do it yourself forum with the support and information to do a loan modification with your lender on your own...........

If this is the only property that you own and you are unable to do this yourself............you can try going through NACA for assistance.........they are a HUD approved counseling agency and their Home Save modification services are free...........here is the link.........
https://www.naca.com/refinance/refinanceTenStep.jsp