Mortgage Forum

Mike

Ok...hello everyone i'm new here and had a few questions?first of all i want to say i am clueless whwn it comes to loans!I recently tried to modify my loan with cw and was denied!i tried refinancing but my loan is upside down and i owe more than it's worth! have an option arm with cw,for the last 2yrs i have been paying the minimum payment and my loan has increase by $44,000!I only have 2 more minimum payment before the loan reaches $550,000.00 and i can no longer make the minimum payment,then i will have the interest only or interest and principle but the interest only is $3,700.00 and i have a second loan with wells fargo for $50,000 that i pay $384.00 so that brings me at 4,084.00 mortgage payment a month in only interest!I sent in all the paper work cw asked for hardship letter and taxes for 2007.A week later we recieve a letter saying they denied it so we called in and the lady we spoke to was very rude!she told my husband we were denied because we have too much debt and also because we have an option arm and those can not be modified!so my husband asked her what other options we had and she said"why don't you get a second job so you can pay your mortgage or go to a near by church and ask for free food!":eek:so know i don't know what to do!can i reapply for a loan modificaton?please please if anyone has ANY advice i would really appreciate it!cause the only other option i'm thinking of is foreclosure!oooh and what exactly is qwr?thank you!