Posted on: 04th Feb, 2009 09:52 am
i lost my job seven months ago. we are current on everything, but will run out of savings in a few months, and then will fall behind. i have hit a wall with countrywide. we have a 15 year loan and still owe less than the house is worth, even in this tough time. we can't sell it, because no one is buying. i wanted to convert the loan to a 30 year, but they said no. we can not refinance because i have no job yet. surely there is a way to keep from getting in trouble?
Call your bank directly and explain the situation. Most banks have a team of people dealing with these issues right now. You may qualify for a modification based upon your job loss. Expect that they will work with you in some way, but dont expect the bank to reduce your loan balance. Much of what you hear about that is simply media hype.