What can I do to save my home?

[LLESPRON]

I recently called my mortgage company HFC letting them know that I had a hardship. I talked to someone and received a letter stating they will be lowering my payment from $3409.99 to $3201.76 for the remainder of my loan. I brought my house almost 4 years ago and refinance about 2 years ago. I owe about $476,000 on my house and it worth about $390,000. The loan we originally sign for started our payment at $3609.00 and if we paid on time over the next 10 years our payment would be reduce $90/each year until the 10th year and our payments would go down to $2760 on the 10th year and would remain this amount for the remainder of the loan (total 30 years) little did I know I would be losing my job and get another job but took a pay cut and now with the economy I can't even afford the $3201.76/a month. I called my mortage company and they advise me that they were not going to be able to do anything else for me and I need help. I haven't been able to pay my taxes for December 07 & April 08 and I don't know what to do or where to start.

[Moe Bedard]

Hi LLESPRON,

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

HFC is very difficult to deal with.............and if you are not able to afford the offer you might want to try to get some additional help because it isn't looking like they want to work with you.........these lenders are ridiculous.......

For a modification this is important............when putting together the household income versus the household expenses.......are you able to show a surplus of $100-$250 left at the end of the month?

What state are you in?

If you have not already done so you might want to give a try to............
NACA
or
1-888-995-HOPE