We're not behind yet on our mortgage even though our income has dropped by $25,000 annually. It is very difficult to make our mortgage payment and when Countrywide was contacted they refused to modify our loan.
We can't refinance due to the huge decline in home values in Fresno County. Although the loan itself was a good loan as I said we were making alot more money at the time of purchase. All we want is an interest reduction or have the loan changed from a 30 year mortgage to a 40 year mortgage. Preferably both, but Coumtrywide refuses.
Our credit rating is 800 and there isn't any reason for them not to look at a modification. We even went through all of our expenses and all we have left each month after paying our bills is $200.00.
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