Hopefully this works

[jsteve]

I found this website a few months ago and am glad its around as I saw the writing on the wall for me coming to an end sooner than I thought.

I will keep it short and sweet:

I live in California.

I got into a 3 year adjustable 3 years ago with the hopes of locking into a fixed when my credit got better.

Wife and I had credit scores of mid 600's so we were not top tier according to the Lien Holders but we were told that within 3 years, we could refinance into a good rate since wer paid off our credit card debt that amounted to 80K.

1st with countrywide was 6.25% $468,000
2nd with HSBC (heloc) 12.1% $115,000

All credit paid off, credit score for her in low 700's and 780+ for me. Never missed a mortgage payment or been late, EVER.

CW went to 7.5% this past January which made things real tight ($1000.00 extra a month), I called CW and they informed me that I could not refinance because I was at 95% LTV back then(2005) and now upside down by about 80K, if not more. They told me to pay the piper so to speak that they could do nothing.

I get a notice last week that its readjusting to 8.75% July 1st of this year and I can't believe it, it will readjust every six months .75% to max 13.1%. Of course the loan guys either don't tell you or steer you away from the reallities.

I can hardly afford what I have now and I am self employed and my business is directly related to the real estate market which has fallen as my business has taken a hit. I have taken about $8,000 our of savings already to cover the payments and don't have much left. I told the wife that a modification is our last hope or we are prepared to start all over again.

I unfortunately do not have the time to put into this what it takes so I filled out the loan modification service form and the Rosenbach Law Firm contacted me and I hired them April 18,2008. They began a loan document review which was supposed to be completed week before last but I have not heard anything. I am not in desperation mode quite yet but I do not have the money for this increase in July. No QWR or anything has been sent yet to my knowledge and I see just how long this can take (2-4 months). I want to retain my credit score if possible but I cannot deplete my savings anymore.

JS

[jsteve]

PS. All property taxes are current as well.

[Moe Bedard]

Hi jsteve,

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

You are in good hands with Marshall.......I am sure you will be hearing from them soon.......

Good Luck with you modification.......
Keep us posted on your progress.......