Re: Stalling or Stopping Foreclosure?


Posted by MikeG on October 20, 2008 at 14:29:33:


In Reply to: Re: Stalling or Stopping Foreclosure?
Posted by steelep@aol.com on October 20, 2008 at 06:22:07:

To be truthful with you my comment "Shark Lawyer Outfit" is very much appropriate in identifying the lawyer group that is handling my case. I did a bit of a search on the web on this operation and they have several lawsuits along with 3 class action suits and three state attourney general suits suing them over unfair charges and unfair practices regarding how they handle foreclosures. I appologize if my comment was taken as a all inclusive to the lawyer trade. It was only directed at the particluar agency that is handling my foreclosure. I realize I have alot of legwork, reading, studying and learning all my options and know that if we can not afford the home to begin with it does not make sense to keep it.

Our current situation puts us with a monthly living expense of $10k- $11k. Our current income is around $8k -$9k which is about as low as it will go due to the fact that my wife works Part time right now and can easily move to full time if needed she is a RN and makes very good money (PT income of $50k). If needed I will take a PT job to compensate while the business income suffers in this bad economy.

So the way I figure it is that we currently have about a $2k - $3k difference between income and expenses. Once we file BK, hopefully BK7 we should be able to drop at least half the difference in CC payments that will go away. Our house is around 100k negative equity right now...(Yeah I know, why would I want to keep it with that sort of negative equity) Also we have two pretty expensive cars that can also go in BK which could save us another $1k in monthly payments. All said after the BK I will still be off about $1000 a month. This is what I am looking for as a mod from Countrywide, my current payment is $3972 @ 9.875% interest. If they would just take my interest rate down to the 5% range I feel we would be able to make our payments and recover with the business once the economy comes back!

I can't believe they have not considered working with me due to the neg equity alone. They stand to loose well over $100k if they foreclose. Any suggestions on how I can get Countrywide to at least listen to my reasoning or consider a workout as I have explained.

Thanks and sorry for the long post!

MikeG


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