Mortgage Forum

Joel Fraser

First I'd like to say thank you to all who contribute to this forum- I might not have had the courage to tackle my loan problems on my own had it not been for all your efforts.I have a 1st with Countrywide for $345000, started at 5.75% fixed for two years, then will adjust for the next 28. It has now adjusted 3 times since December (after the two year mark), and now is at 9.35%. Its payment including impounds has risen from $2500 total per month, and is now sitting at over $3500 per month. You see my dilemma. After calling Countrywide in May I sent all req'd docs via fax on the first of June. I was instructed to not call until at least 30-45 days after sending that fax because it would slow down things. So I waited. It's been impossible to make my payments, but I have scraped by at the end of each month. I saw a posting today about checking your modification status on the CW website, so I did and they show receiving my docs on the 6th of June, but under status it reads no action taken!!! What does that mean? I don't want to spend $4000 to have someone fix this for me- What's the best route to take? Do the e mails on the CW pages here still work after the takeover?My 2nd was sold to HSBC from CW about 6 months after I moved in. It is a fixed interest only for $85000, at 11.2%. Payment is $850/month. Haven't read too many postings in regards to HSBC- what's the possibility of getting my rate reduced, and a principal reduction? Not sure who the best people to contact are etc. Any help would be appreciated, I don't want to lose my house!Thank you,~JonPS total loan amount was $430000 originally, now has just been appraised at $330000. That's where I think I might have my ammo for a principal reduction. Ideas?