I'm about to hit the wall... $1.5MM ARM is killing me

Posted by Roxanne on August 27, 2007 at 11:09:51:

OK, don't laugh (too hard) I need some advice. I borrowed $2.5MM ($1MM 1st and $1.5 second ARM) from Countrywide against my house in the 2006 strong California market. The ARM is now $10,500/mo. I had a financial set-back on a business deal and now I can't keep up. The house is worth close to the loan amount but the market is super slow. I'd like to keep the house if possible and I'll be back on my feet again soon, but I need a bridge of some sort until then. 12 months should do it. Should I call Countrywide and tell them this story or ?? I don't want to call unprepared. I want to know the likely scenarios first. Somehow I need to live through this without damage to my credit so I remain viable and can make everyone whole. Any thoughts would be tremendously appreciated. Rox

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