Can i qualify for modification ?

[Ocean2]

Hello... First of all I'm so glad to have found this website. It has given me courage to not give up

I purchased an investment property in California for $ 550,000 in September 2006. We owe about $ 518K with Interest rate at 10.9 % w/ 2 yr ARM. In late 2007 business slowed down so we are really having difficulty making the payments. We are currently renting and making payments of $ 2700/ month
and I thought if we would qualify for modification we want to move back to our house since value went down at least $80k in the neighborhood + estimated $ 100,000++ in repairs (structural problem, plumbing, electrical- house built over 80 years ago)
I've studied about loan modification, but I don't think I will qualify due to debt to income ratio...will I ? will they pull my credit ? We owe combined credit card debt of over $ 60K for business expenses, to pay for the bills and the house... Since I cannot afford to pay my house, bills and the credit card at the same time, I had to stop paying for credit cards... so what do we do now ?

appreciate for any response... thank you for reading my post

[Moe Bedard]

Hi Ocean2,

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

Who is the lender?
The modifications are up to the investors on the loans so you would need to go through the process and see what the options are that you would have..........

[Ocean2]

Hi ***, my lender is countrywide

[Moe Bedard]

o.k...........start by putting together a hardship letter.........click on the link for examples of this to help you out...........
Examples of a Hardship Letter

then you would need to call CW to start the process and see what else they would need you to send in. You would need to see what the options are for modification on your loan.

Call to get started
1-800-669-6650

Please keep us posted on your progress..........