First, your mortgage is $1800/month! If you currently make what you did then, and if your wife made at least the same amount, you still entered into a mortgage that was 50% of your total combined income! No lender should have approved that in the first place.

Second, you both quit your jobs during a time when the economy was starting to tank (starting in 2007). It was all over the news, so it’s not like it just creped up on you, yet you BOTH decided to risk it all for the sake of driving a few extra miles, which I assume you would gladly welcome right now if you could take your old jobs back.

Third, you planned on using tax return money and savings to fund a plan must have known was a risky one.

I admit, 60 miles each way is a LONG way, but I’d do it in a minute if it meant keeping a roof over my head and food in my families bellies. And, the next time you want to throw away your savings, call me and I’ll vive you my bank account number. You’re selling personal property to “stay afloat”? Your house is killing you! Get rid of it! Sell it, walk away from it, declare bankruptcy, something.

Short answer, you bought too much house and made some bad judgments. Personally, I don’t think a modification or refinance is for you. I think you should let it go and start over. Next time, use your head.

p.s. I realize your post sounds dangerously satirical, and if it is perhaps someone who is really in this situation will draw some insight from the comments.

Be well, do good work, and JUST SAY NO TO DEBT!

[...] My Dollar Plan presents Would You Take a Loan Modification?. [...]

This program was created to help prop up house prices and prevent foreclosures. No program is perfect and even if you weren’t really in the “intended” group of recipients – that doesn’t mean you shouldn’t get it.

Besides – if you can benefit financially from this, that will mean you are (technically) less likely to lose your home because of foreclosure which is what the thing is designed to do!

I spoke with the Hope folks and have an appointment to go over financials in early April. They aren’t having trouble placing the mortgages (EVEN IN DEFAULT), according to the woman I spoke with.

Interesting how a government program becomes a Marketing Plan for banks that don’t want to participate. I will compare the two and see which one makes the most sense. I’m disappointed in ING for intending to deceive me. They might lose a couple of customers.

i will say though, that this is the part of the plan that irked me. the first thing i thought of was this scenario….a dual income couple with a couple kids, maybe in daycare, can just say, hey why use daycare. the wife can now quit her job and be a stay at home all the while living in a much nicer house than they could have been able to buy on only the husband’s salary.
i guess i am jealous and/or stupid for not thinking the govt might do something like this and instead prepared to downsize to one income. instead my wife is quitting to stay at home with our newborn while we rent and save up for a house to move out of our 1000 sq ft small rental with rotting hardwood floors and toxic oil smelling hvac system.