I need help fast

[bouldercracker]

It all starte on Sunday Spetember 30th 2007. I went for a motorcycle ride with my friends, I was haveing a great day in the canyons, not being crazy, when I rounded a 50 MPH corner at about 60 to 70 MPH I ran over some debrit and my lfe has drastically changed. I slammed into a boulder Broke and shattered several ribs on my left side, Collapsed my left lung, lacerated my spline and broke my shoulder blade in 3 places. I was airlifted to the hospital where i was placed on life support for 9 days and remained hospitalized for 3 weeks. I was then placed on home confinement due to a low immunity system. I own and operate a martial arts studio. during the next 3 months I lost nearly 75% of me members as a result of the uncertainty surrounding my accident. It has been 7 moths since my accident, I am back to my studio and business is starting to pick up. Unfortunatley, I was forced to relocate my business as a result of being late with my rent in October. (I was in the hospital most of the month) a late fee was assessed. In January, I was informed that my rent would be escalting due to poor payment history (In the prior 3 years I had been at the same location I was late in October when I was in the hospital. In 15 years of business I have only been late one other time. In January 2008 I relocated my business even though I was not in the greatest clearest state of mind. I was faced with a choice of paying my business bills or paying my mortgage. Obviously the business is my only source of income so I have been paying my expenses there. Dueto the loss of revenue I was surviving off of my credit cards, hoping my health would improve so I could return to work. Unable to pay my credit card bills, they were all closed and the interest elevated to 29.99%. Then the county stepped in and has been quite aggressive with my delinquent child support payments, which were current until the accident. My business is picking up but it is a slow process, I have applied for loan modifications with my first and my second mortgage company. The second has already granted a forebearance agreement which will raise my payment to them 638.00 per month. This does not seem like an amicable solution as I am behind in every financial obligation I have at the moment. The first mortgage company has yet to reply to my request other than to tell me that it is out for review and while it is out for review, they will not foreclose on me. I bought my hom in March of 2007. It is my dream home, 4000 square feet on a 13000 square foot lot. Other homes in my neihborhood are now selling for nearly 150k less than I bought mine for. There is no equity, my credit is own from 780 to 517. I must find a way to keep my home and business and climb back up that ladder I got knocked off of. Any assistance on how I can fix this and save my home would be greatly appreciated.

[John Camacho]

bouldercracker,

There is definitely reason to believe that you could be granted a mod on your first mortgage. Due to the fact that your delinquencies were the result of an accident, your lender may be a bit more willing to work with you. You said that you were never late on he mortgage before the accident, right? How many months behind are you right now? Who is the lender on your first mortgage? What type of loan do you have on your first mortgage, and at what interest rate? Have you refinanced since the purchase, or is this the original purchase money loan?

Keep your head up man. There are so many people in this forum with so much information that, between all of us here, we should be able to help you make some progress.

Stay positive.

[bouldercracker]

Thanks for the input John:
It is the purchase loan 5.785 is the percentage rate fixed for 5 years then it adjusts. I am hoping tohey will go ahead and adjust it to a 30 fixed with a low rate. I am concerned the credit will be an issue and disqualify me for a lower rate, also my income has dropped significantly but I am able to show gains in the last six months. I am currently 6 months down. Countrywide is the first and CTX mortgage is the second. I have not refinanced since the purchase. We also had another home that we were trying to sell, I was making the mortgage on it as well so we were paying for 2 houses with no renters. It was quite stressful. My wife signed it over whil I was in the hospital. The doctors told her that I would most likely not leave the hospital. They don't know me very well. I am a fighter, that's what I do. But somethings I am finding you can not fight. I am unsure of the foreclosure thing but I will keep fighting until I am knocked out. Or would that be locked out?? either way i am not going down without a fight. Thanks for the words of encouragement.

[Moe Bedard]

Hi bouldercracker,

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

I am sorry to hear about all that you have been through........

What lenders are your loans with?
What is the interest rate at on each?
What type of loans are they? ie......interest only, adjustable.....
What state are you in?

When you do your household income versus your household expenses do you have a surplus of at least $100-$250 left over at the end of the month.......

[Moe Bedard]

Well it appears you have already answered the same questions that I had...my computer is a bit slow today...........except for what state are you in?


With a rate like that what you would most likely receive if you qualify with the surplus is a rate freeze...........
Will that help you at all?

If it will what you need to do to get moved through more quickly.......because time is of the essence in your case..............is to put your hardship letter and everything you have been through into the body of an email and send it to each of the email addresses below..........you should receive a response within 48 hours........once you do you really need to stay on top of them so you don't get lost in the shuffle.........

Hope this helps.......

Please keep us posted.........

customer_service@countrywide.com
pressroom@countrywide.com
david_bigelow@countrywide.com
angelo_mozilo@countrywide.com
lisa_riordan@countrywide.com
elizabeth_moyer@countrywide.com
sarah_perek@countrywide.com
Sarah Perek
AVP, Investor Relations
818-225-3680 Office
chris_oltmann@countrywide.com
Chris Oltmann
SVP, Treasury Finance
818-225-3275 Office
818-324-4116 Cell

vice_president@whitehouse.gov
OCIP@do.treas.gov
service@naca.com

[evel1999]

You have been thru so much and I hope the information *** provided will lead to a loan modification for you. Maybe they will freeze your rate for you since the initial rate is a good rate and do a fixed 30 year. They can add the past due payments to the balance.
They would not do a modification on the 2nd due to a hardship also instead of trying to help you catch up? It is very hard to pay those extra payments at a time when you have a true hardship.

I wish you the best. To save your home it will take being a fighter. But with the correct contacts that *** provided you will be headed in the right direction and hopeful they will see you have a true hardship and will help you save your home. We are all pulling for you and hoping you will be back up the ladder and on top once again. Sometimes life knocks us off the ladder, and everyone on this forum is seeing a lot of this, but this forum has been a big help and has given us the encouragement that we need to stay and fight for a Loan Modification. Keep us up to date and we wish you the best.

[John Camacho]

bouldercracker,

There it is! Time to start a massive email blast to Countrywide. You just need to formulate a thorough and detailed hardship letter, and send that letter off to everyone that *** listed. It is of the utmost importance that you jump on this ASAP.

You said you wouldn't go down without a fight, and you've already proven that you can beat the odds...so start swinging.

Good luck man. Keep us in the loop.

Bouldercracker, sorry to hear about your health and business challenges, but I think there is a problem with priorities. First you correctly conclude that keeping the business going is a top priority, because it provides your sole source of income. However, in a sort of "dutch uncle" approach to lecturing, I simply cannot believe that you can focus on a 4,000 square feet over-encumbered residence as being anything but a relatively low priority given your other obligations. I know what it is to pay child support, never missing a payment during the court ordered years and continuing until my children finished college.

I guess my point in all of this is you need make a realistic assessment of your situation and react accordingly.

Daniel

[bouldercracker]

In reply to professor Shays:

Dear Professor, in regards to your comments made about prioritizing. First I feel improtant to point out that I am greatly appreciative for all imput from this site. Secondly, I would like to add that I am still fighting, and making progress daily. Thirdly I would like to add that my futre does not rely on my punching a time clock (as you stated you are fortunate to have the summer off) my mind is on duty 24/7, as such, I have made incredible progress in the growth of my business, I have planted seeds that will be ready to harvest within 4 months. I only hope I will still have a home by then. in your response you stated the following. I would like to comment on that. " simply cannot believe that you can focus on a 4,000 square feet over-encumbered residence as being anything but a relatively low priority given your other obligations. I know what it is to pay child support, never missing a payment during the court ordered years and continuing until my children finished college.

I guess my point in all of this is you need make a realistic assessment of your situation and react accordingly"

Not only do I focus on my 4,000 square foot over encumbered residence. I dwell on ways to save it thank you very much. Unfortunately my credit has taken a serious hit as a result of my accident, I will not be able to rent, or purchase another home if I lose this one. I am not even able to do downsize my full sized pick up. I am able to downsize my full size 2007 yukon denali xl (they picked that up from my business last week) BTW congratulations on never missing a payment on your child support while being an employee. As far as "my home beaing a LOW PRIORITY" Isn't the whole point of this forum to be able to keep our home? When I obtained my mortgage, my health and finances were in order to afford this size of home. As for your "realistic assessment." It sounds more like your realistic assessment is drawn from more of a "I paid my support so every one else should pay theirs standpoint" It is truely a shame that there are people in this world who need to feel better about their life by trying to spread their "wisdom" in a forum of people who are having difficulty regardless of the resoning. I am quite sure that at the end of your day, after you have put your 8 hours in, as you climb into your hybrid, you tilt the mirror so you can see yourself, give yourself a little knuckle on the chin and say "Damn Danny boy you sure are one bright cookie. then adjust your dapper little bow tie and drive your happy little ass to your 800 square foot studio apartment where you have "smartly" lived ever since your wife through you out, where you will heat up your frozen entre AKA TV DINNER.
BUH BYE!

[minglewood]

LOL - as if we needed any proof that you're a fighter.... In any case, you can to this man. You've you've proven is that you won't give up, and you won't take any crap, from people, banks, or a boulder. Keep fighting, you can do this!

[elpjohnson]

Wow!!!! You are a fighter! I am with minglewood on this one.....LOL , great response....just keep your head up and DO NOT GIVE UP!!!! YOU CAN DO THIS!!! Look what you've been through already. I am praying for you and I wish you luck in your situation.

Take care and may God bless you!

[bouldercracker]

Thank you for your support! It is greatly needed and appreciated!!