Problem with 2 loans with Countrywide

Posted by Sonny on January 27, 2008 at 20:11:57:

well, here is my dilemma, when things were good and my job was paying well i bought 2 houses with CW in a matter of 6 months. Recently, i figured out that my loan officer (builder mortgage company) put those two loans for me as my primary resident. one of them is my house which i live in currently, and the other one is a townhome which is vacant at the moment. I don't know what to do b/c i've been jobless for the past 4 months and i'm afraid that i can't contact them b/c then they might say that why i bought 2 primaries in a matter of 6 months but i had no idea b/c i put 20% downpayment on both and now with the downward slope that the market is going through i lost money on both and plus my rates are almost 1.5 point apart so i really had no idea up to now that the Town home was also pushed through as primary. PLEASE HELP, should i call countrywide and ask them for short sale at least on the townhome or maybe even both, i have managed to secure home equity but things are really bad and i have used most of the equity (out of a 12K credit line used 11K) i really don't know what to do i have put down over 80K on both of these houses and now they don't even sell for the 1st mortgage and the small equity that i took out please assist.

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