Mortgage Forum

Mike

I will be calling ASC and Homecomings to see if i can do a loan modification (http://www.modifyloan.net) on my condo. 80/20 loan.

It was a 2 year interest only ARM at 6.25%.

Simi Valley, CA 3/2 Condo Purchased $449,000 6/20/2005 FMV $407,000 ASC (80% 1st) $359,200 8.375% Interest Only ARM(adjusts every 6 months) Homecomings (20% 2nd) $89,800 Principal 10.6% 30 Year Fixed 1 late mortgage. Mortgages are current. Make good money yet we're currently struggling paycheck to paycheck.

Struggling with taxes and HOA Next adjustment in 8/01/2008. Already did our financial balance sheet. I'd like to get my 1st into a fixed rate. I can keep the principal AS IS but I want to see if I can negotiate the 1st below 8.375% into a fixed rate. Hopefully I can get it at the initial rate of 6.25%. We plan to keep the property for a long time and eventually turn it into a rental when we move up.

What would be a good way to structure our case especially with a hardship letter.

Would it make it better to show that we have extra cashflow? Overall goal is to just to get a piece of mind to have it at a fixed rate. We can afford the monthly and we could care less about the value of the property since we plan to live in the condo for a long time. I'm in computer engineering full time but I'm also very knowledgeable with lease options and other types of seller financing to help other homeowners sell their properties. Thanks in advance