Mortgage Forum

Mike

My wife and I have lived in Las Vegas for four years as students. We purchased a one bedroom condo when we first moved here, and have been trying to sell it since February. We are moving across the country in at the end of July, and due to the market in Las Vegas, we are currently upside down with our mortgage. Our mortgage went adjustable last October, but we have maintained a perfect payment history. As we are graduating this month and moving shortly for a job, we only have part-time, low paying jobs. We have contacted Countrywide numerous times to discuss our options, and each time they transfer us to the short sale department to speak with a representative with marginal English. Although we would ideally like to sell our condo before leaving the state, we recognize that our neighbors foreclosing on all sides will make this nearly impossible. If we were to rent our condo right now, we would lose over $500 per month based on what other one bedroom units are renting for and what we pay each month for our mortgage/HOA payment. We were told, not by Countrywide, that our best option would be to modify the terms of our loan. My wife spent over an hour being transferred from rep to rep at Countrywide trying to pursue a loan modification. Bottom line, they cannot help us because we have not paid off enough principle on the loans (interest only) and we do not make enough money. We have worked hard to maintain our credit, we have consistently paid our mortgage payments despite the terrible terms of the mortgage, and we want to do everything possible avoid foreclosure. If anyone can help, we would really appreciate any information that you can offer. Thanks.