Mortgage Forum

Joel Fraser

Hi, I have an investment loan (rental) that has a $161k (MTA) first and $38k second (HELOC) from Countrywide. Property values in area are now between $130k and $45k (bank repos). Out of reserves to make this business work. Tenants took a hike and left me with -$2k work to get it back to par, but cannot make full payment. Accrues neg am at about $350/mo. CW option 1) CW wants me to get a loan from a different lender...you can see why that won't work as CW and other lender want me to bring in cash that I don't have. CW option 2) List price at short sale value, meaning list for all of what I owe, initally. I cannot find an agent to list this way without giving an 'up front' fee. CW option 3) Deed in Lieu must be done after trying the short sale. CW Comment 4) I do not qualify for a modification. When I first called CW, I was not late, and I faxed them a letter explaining my issues, and was told they received my letter (the Hope Dept. - 'We're here to help!') and it was imaged to my account; however, they would not be reading it and to explain it to them... Frustrated, I found this site and want to ask - What to do ??? I did loose some hair and have anxiety but realize it is just a house. My intention was not to capitalize on the market but to help improve this neighborhood that I grew up by and do community work (side job - no pay) with youth, at risk people, etc. This is just different form of, creating 'social equity', if you will. Now that I am a few days late, and in returning CW's call, to talk with the Hope Dept., I only get transferred to loan servicing in India. Tried to send a message online but vicious loop to the promise to pay screen. Friend told me about forebareance, searched google and found this site. May I ask for help ? Thank you for your time and concern. Regards, M