I need to add this here because I am wishing I can give some of you out there hope. I had my loan modified to a 5% TERM MORTGAGE for the life of the mortgage. They would not extend the loan and did add 40k in back payments and legal fees but I have 2 small children and cannot move.
This was done after a bankruptcy (Chapter 7). This is my first mortgage, my 2nd mortgage company decided to write me off. While I know many of you are not willing to go through bankruptcy, mine was truly warranted as I lost my job due to illnes, not the recession and am now back at work.
You need to do whatever you can to keep your home and I did. THEY WILL WORK with you.
Good luck,
I hope your situation turns out as well as mine.
Jack88
Somewhere, Pennsylvania
U.S.A.