Mortgage Forum

Joel Fraser

Hello, I would appreciate any help with how to deal with my mortgage problem. I have been with Cental Mortgage Company for the past two year and I have a adjustable rate that will take effect next month. This will double my payment. I am right now paying $1700 a month which basically is only the interest payment on a $479,000 loan. I also have a second with Wells Fargo for $50,0000 and a third for $50,000 also with Wells Fargo. I am at this point using the third loan which is also a line of equity to help pay for my other bills. I have tried speaking with someone at Central Mortgage and they have not been any help at all. I then called The Firm (located in Rancho Cucamonga, CA) which is a company that a radio station was announcing that help with loan modification. Well the person I spoke to said he could help me lower my first loan to $350,000 with a fixed rate of 6.25% and wipe out my second and third loan. I was so excited but nervous at the same time so I asked how much this will cost me and he said $10,000 :eek:. Well I thanked him and hung up. Please any information will help. I don't know where or how to start. I live in Thousand Oaks, California and I don't want to do a BK to keep my home.:o Thank you