CIT1st / EMC 2nd - 60 days Behind and rate adjusting again

[Joel Fraser]

So as many here I am in trouble with our loan and need some suggestions. We have a first with CIT and a second with EMC. The 1st we are now 60 days behind going to ninety soon. We have been behind on the 1st for some time but have been making monthly payments so that we were not falling farther behind. Although we are looking at missing a payment this month as my income (self employed) were way below projections and I need to catch up on my office rent. About 12 months ago we did get an adjustment were they took two months of past due payments and brought us current. We managed to slip behind again over the last 12 months. My intention was to go to ninety days late and then keep making my payments and slowing work on making a payment and a fourth to bring myself current. Well today I got a letter saying that my rate would be adjusting so add on $500 more per month. That is the back breaker, no way I can ever catch up in that scenario. So I am wondering if I have any chance at a Mod in light of them already giving me the payment adjustment 12-13 months ago. And there is one other small problem. I stopped paying my 2nd with EMC 2 years ago. So that was sent to a collection agency. I have never told CIT about EMC status (ok when they ask if I am current I have said yes). So I don’t know if I tell CIT about EMC that they will not want to discuss a modification of the 1st. I am also interested in what programs maybe available through the bailout or FHA, but again do not know what they will have to say about the 2nd satatus. Any advice or thoughts would be greatly appreciated. The 1st with CIT is about $525,000The 2nd with EMC is about $100,000Value of the home is somewhere around $500,000