what to do

tom33

LoanSafe Member
Dec 13, 2008
2
0
0
Me and my fiance bought our house for last March of '07.
We had an 80/20 loan:
EMC Mortgage 6.5% / 30yr fixed / interest only (principal balance $256k)
Monthly payment no tax, no insurance = $1386.67
Countrywide 7.125% / 30yr ammortized 10yr.balloon/ principal and interest ($62,9xx principal balance)
Monthly payment no tax, no insurance = $431.18

combined total credit card debt = $7k
1 car loan = $13k

We were qualified for a monthly mortage assistance (MMAP) for $500 a month for 2 years (ends March of '09). We usually get this check at the end of the month for payment for the following month but have not receive a check the end of November. I have contacted the office for MMAP but they have not returned my calls nor my email.
In addition, I was laid off the second week of November and I havent had any luck finding another job. Right now our total combined income is $4k (i am collecting unemployment while my fiance is working full time) and we are going to barely make it without the MMAP. Our mortgage is up to date and our credit scores are around 790 each.
Does anyone think I can apply for a loan mod? Are the mortgage company going to ask where is my MMAP? Who do I need to contact if I have to apply for a loan mod, is it directly to the lenders or do I contact the Hope program?
Hopefully this post is clear. Thanks in advance.
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,841
466
1,000
48
Southern California
www.loansafe.org
Hi Tom,


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

You would need to contact both EMC and CW and see what options there are.........the investor on your first could be either FannieMae or FreddieMac...........and they have a program beginning next week called a Streamlined Modification so ask EMC if Fannie or Freddie are the investor and if they are see if you would qualify for this program.

EMC
1-877-362-6631

Countrywide
1-800-669-6650


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

tom33

LoanSafe Member
Dec 13, 2008
2
0
0
Thanks for the warm welcome, Cat.
I called EMC and the investor on my loan is FanniMae and they would not do a loan mod since I am current on my payments. My payments need to be 90days delinquent to qualify on their loan mod program.
Now my question is, if I have my payment delinquent for 90 days, what will happen to my credit score? Does it affect my credit score and fiancee's credit score? What happens to the missed payments during the modification process?
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,841
466
1,000
48
Southern California
www.loansafe.org
Yes it will affect your score............I am not sure by how much though..........it will be reflected as a 90 day default........but you would need to make the determination based on your situation if the modification will be able to help...........

The defaulted payments and fees will normally be added back into the principle balance..............

here is the info on the program...........
Media: News Releases > Streamlined Modification Program (SMP) Now Available to Borrowers