countrywide loan mod turned down

[Joel Fraser]

Hi there, I have a jul 2005 3/27 arm at 6.25% set to go to 9.125% after July. This is $330 and would be very hard for me to afford. I took on this terrible loan at a time when I had bad credit that was "healing". I ASSumed in 3 years I could refi with a better credit score. I didn't count on the market collapsing and requirements being much higher. Well my credit score has gotten as better as it can in 3 years and I have been on time with the mortgage but now countrywide has turned me down for a refi and said I'll have to wait until I'm paying the 9+% and possibly behind on payments before I'm considered for the loan mod or rate reduction program. I'm afraid I'm going to lose the house now, I talked to the original mortgage broker and she says no for a refi as well (I'm self employed, very little stated income after deductions). I see my only option as trying to get countrywide to give me the 5 year freeze deal but so far it hasn't been looking good. I faxed them bank statements, they said I'm -$261 per month in income, I told them I have a variable income hut it didn't seem to matter. I don't know what to do, I've been reading threads here to try and get ideas, anybody help would be great.thanks,Soren