Mortgage Forum

Mike

Hi ya'll! This is my first time here (on this forum, not my first time facing foreclosure:() so I'm not sure where this question would go... Our loan servicer, Ocwen, is no longer offering to do Short Sales as of last Thursday...per the investors. They have offered to lower and lock the interest rate on my main loan #1 to 6% (instead of ARM at 10%+) and lower our payments to $700/mo. which is great. Here's the catch...they need a $5200.00 down payment by 3/31/08 or the house will be sold the next day. Now, if I had that much hanging around...don't you think I wouldn't be so behind in my payments?????????? How does this help? Anything I can do to lower this down payment? Thanks to all who run this website...I certainly appreciate it:D