HELP! Modify or Refi Before Foreclosure!

[Joel Fraser]

:eek: In 2006 I bought a condo in SC with an 80/20 both now with ASC with current payments. Not only did the broker fail to supply me with a HUD prior to closing, she failed to inform me that the first mort. is an ARM (that adjusted May 1, 2008 just over 8% to 10.65%). I think the broker set this up as my residence. I do not know whether to try to modify the loan with them or continue to try to refi. The problem with a refi, asside from the current market in SC, is my DTI. My primary residence is in NC with a first mort. that is also with ASC and a second with EMC. I have been trying to find someone to refi the condo mortgages for a few months, before the first payment is late or in default, of course with no luck, and am thinking a modification may have to suffice. The HOA, without notice of demand or acceleration, filed a claim of lien for assessments and dues; to spite the fact that they are protected by a lien under the Master Deed already. Their lien is actually for special assessments for construction. My HOA dues have always been kept current. Recently, they filed their complaint for foreclosure asking the court to make their lien priority over the first and second mortgages that they admit in the complaint are both superior to their lien. I am in the process of trying to reach a settlement with them before judgment is entered and a sale of property ordered but they want to accelerate monthly dues which means their offer is just over $7,700. I haven't had an extra $5,000 to pay for the special assessments so they think I'll have an extra $7,700 to pay for the dues AND special assessments. My unit has been for sale for quite some time so that I can pay everything off but the market SUCKS. Rentals are waaaay down this year and with the adjustment I don't know where I'm going to find next month's payment. Today I contacted the number listed on the FAQ page of ASC's site to inquire about loan mod. terms on the condo and they gave me a number which turns out to be WellsFargo who, of course, transferred me to their customer serv. dept. who said I must speak with the collections dept. at ASC. He went further to tell me that no one with WellsFargo could answer any general modification questions since my loan was with ASC. Evidently WellsFargo representatives only know what comes up on their screen and if you don't currently have a loan with them they can't tell you anything. Anyone have any good advice for my finances? or especially fast resolutions?