Mortgage Forum

Mike

All was well in our home until then end of February 2008 when I got notice my job of 4 1/2 years was ending. New work was found even before the old job ended but at a decrease of $20,000 per year.

Our mortgage was at $1,992 per month fixed on the good payment program where interest is lowered 1/8% per year for 5 years. I think we are currently at 8.125%. long story short we contacted CW to request help and were denied. we immediately knew we could not afford the payments and found a rental at a savings of almost $1000 per month.

The house was listed at the same time and CW was notified of the home no longer occupied and the name of the Realtor and permission to contact him. now 6 weeks later we have had no offers on the house and have missed the 3/1 payment and have not yet made the 4/1 payment. :(3 weeks ago after many calls to CW we finally learned that we could possibly qualify for a modification. The requested papers have been faxed and phone calls have been made e/o day. of course they initially had me down for a short sale and finally this last week I got them to switch it to a modification request.

I have not got the name of my workout negotiator yet, that should be this week I hope. Our hope is that they are able to lower interest into the 6.5% range and roll missed payments into the new loan. we want to keep the home but just need a little lower payments. I have gotten a p/t job to help make up the gap. do you think we are good candidates for CW to work with? would finding someone to co-sign the new note help our situation? our reason for moving out so soon is that we didn't feel comfortable living in the home if we were not paying for it.