Mortgage Forum

Mike

I have to make the decision as to wheher or not i should make Aprils pmt by the end of the month. I have NEVER been late on anything in my life but feel hopeless when i look at the market in my area and my big picture. i bought my home in jan 2006 for 425K. I put 20% down (85K) and did an option arm loan. I have been making the minimum pmts for 2+ years now. My negative equity is about 27K and my pmts just jumped to $1900. If that isn't bad enough, here is where it gets worse...even after putting 85K down, i now owe 367K....the home is only worth abot 250K now due to a major"burst-of-the-bubble" in my area. What do i do???? Has anyone heard of Countrywide doing anything to help people like me. I could probably continue to make my payments for another 6 months by completly wiping out my savings but i know that eventually the loan is going to reset and i will NOT be able to make the pmts at that time. With all the foreclosures in my neighborhood...i would predict that by the time all the REO's start reselling w/in the next year or 2, my home could depreciate to below 200K. I have a family member that will buy the property from me so that i can stay here. I submitted the short-sale offer of 220K to countrywide and all i got back was a form letter denying it. Now i am hearing that the only way to get them to help you at all is to be behind atleast 3 months. Is this true.??? I had resigned myself to not make another pmt in hopes of negotiating with them or getting them to allow the short sale...but i am terrified of ruining my credit. I just found this website and if anyone has any advice, please help me determine the best route....make the pmts or not???? I have a number of rentals and have "flipped" many properties over the years and am having a hard time justifying tring to save a home that is clearly not worth what i owe EVEN after putting 85K down. Can anyone offer any hope that countrywide will allow the short sale or help me keep it AND reduce my balance to a more fair market value since i do have such good credit and am willing to stay if they will help me???? I had thought that if i stayed current and tried reasoning with them, i could get somewhere, but so far it is like a brick wall. Are they more likely to help if i am behind and show hardship??? It doesnt make sense to me. Please, I welcome any thoughts. Thanks, Brandy:(