Mortgage Forum

Joel Fraser

This is a great thread and implies to my situations as well. We have a fixed rate at 6.75% for 30 years w/ Countrywide. Our monthly payment is approx $2500 a month. We only put down 5% when we purchased the house and are paying $215.00 a month for PMI. To top it off we got a 2nd Mortgage (Home Equity) for $50,000 at a fixed rate of 13% they payment on that is $600 a month. We called the company we got the 2nd from and they did admit our Interest Rate was quite high, but we need to work with the lender on our 1st Mortgage. Needless to say my wife and I have quite a bit of debt, and we are working hard (struggling to pay it down) she closed all her Credit Card Accounts and went into a debt mgt program in which she'll be paying $1100 a month for the next 40 months or so. I called Countrywide about a Loan Mod and they told me I would need to send an Income/expense sheet which I am working on. they also said as of right now they show my income as $8400 a month and expenses as $8000 a month so I have a "surplus". This is not accurate. But really am I wasting my time pursuing this. In addition we when we got the home equity loan the appraised our home for Almost $315,000, the market value is no approx. 240,000. Can i do anything with the 2nd Mortage? I was hoping I could have dropped the PMI with this appraisal, but tey had said taht it was an online apprasisal and i coould not get a copy of it.... PLEASE HELP!!!! I called countrywide and told them that this months payment would definitely be over 30 days late and I could not commit to a date when I would pay, my May payment was also over 30 days late. :(