Mortgage Forum

Joel Fraser

Hello All - I'm Jim..I am curious if I can seek help - my situation is as follows. 1st Mortgage is a 10 yr ARM / about 5 yrs in , rate is 5.75. Balance 280k2nd Mortgage is a 30 yr fix at 9% - about 9 mos old. Balance is 220k 500K Owed - actual market value is approx 450k.never been late on loans. However, about to be late on both for the first time. Credit Card debt accum to approx 200k last year or two. my first is with wells and I plan to call them to help with Juys payment byt payment plan or whatever the can provide to preserve credit impact. second is with country wide and I called and got pre-qulaififed for a modification.questions I have are as follows - should I keep the loans current and pay them ? - will that stop the modification process that just begun with CW? - I have not sent in the letter or financials yet.should I pay the first - let the second go late?would Wells be willing to do any type of modification being i've never been late and the rate is low?can I expect anything from country wide?my income is approx 150k and my expense are enourmous with the cc debt. i would hate to forclouse , walk away, etc. - would really like to keep the home...dont know what to do t this point