What are my options?

[NEED HELP]

I bought my house in 2005 in maryland. I took a job in the west in 2006. The housing market dropped drastically about 4 months before we moved. We could not sell. Half the houses on are street were for sale still. I finished the basement and luckily found a renter. We were able to move in with family and have no rent. I have an arm and would like to sell but still have negative equity. Right now I am paying close to $600 a month above what I can rent the home for.
Aparently I am not eligible as I do not live in the house. What can I do? Will Litton be willing to work with me? I am about 55 days behind on my payments.
Thanks

[Gigi in Florida]

Here is the link to the new bill:

http://banking.senate.gov/public/_fi...ActSummary.pdf

ELIGIBIBLE BORROWERS: "...Only owner occupants who are unable to afford their mortgage payments are available for the program. No investors or investor properties will qualify..."

[NEED HELP]

I bought my house in 2005 in maryland. I took a job in the west in 2006. The housing market dropped drastically about 4 months before we moved. We could not sell. Half the houses on are street were for sale still. I finished the basement and luckily found a renter. We were able to move in with family and have no rent payment right now. I am paying close to $600 a month above what I can rent the home for just to cover the mortgage.
I have an arm and would like to sell but still have negative equity. They sent a document last year extending the period 2 years before the arm would adjust. I will not be able to afford it when it adjusts. I am barely hanging on now. When Litton calls because I'm late and I ask what I can do they say there is nothing they can do because they already modified it by extending the adjusting date. Aparently I am not eligible for the new bill passed as I do not live in the house. ( I guess I am considered an investor) What can I do? It looks like for now maybe loan modification would be the best option. Will Litton be willing to work with me? I am about 55 days behind on my payments.
I just got a notice of default.
Please Help, Where do I start?

[Moe Bedard]

Need Help,


If Litton did the extension already then that is why they are not offering you another modification at this time..........

Have you tried to ask them if you can do a Short Sale.....you would need to ask for a Short Sale package and get the house on the market preferably with an agent or attorney well versed in Short Sale negotiation to help you with any deficiencies that might arise as a result.