Hi, I am new here.. Please read my hardship letter...

[Joel Fraser]

July 6, 2008 Our Hardship Letter Hello all, I want to thank zinomortgage.org for providing this excellent forum, I have been reading here for a few days now and believe I am ready to post.. Here it goes.. We have two loans: ARM= 410k2nd Loan= 49kCurrent value= 460kPurchase Price= 489kDown Payment= 70k Our current financial situation has made it difficult to maintain our payments on our mortgage, especially since it is a adjustable rate mortgage (ARM). We were told by Countrywide that if we wanted to refinance through them that we would have to come up with another downpayment. This was because the value of our house has decreased significantly since the purchase date and the loan amount is close to the value of the house now. We do not have the means to come up with a down payment for a refinance. I recently got notice from my wife's current employer that she will be getting laid off in April and I am self employed and also in the process of waiting for a job offer after numerous attempts for finding a job since moving to Modesto. This is her first home and first time dealing with these types of financial setbacks. At the time of acquiring her present loan, I feel that my wife was pressured into accepting terms which she both did not understand fully nor did she feel content with. My wife was was also given the impression since she was a first time home buyer, she did not have the luxury of being able to qualify for a loan with favorable terms. Our goal is to attain a loan that is both stable and affordable for our budget without it adjusting. I am not on this loan because my wife purchased the home back in 2006 and that was before we got married. So, now we are married and I have a few mortages on my name(rental properties). With this said, we are not qualified to get help by NACA because I have previous mortages. After six plus months working with them we found out today that they cannot help us. Great! We pretty much wasted six months and found out that we are not qualified with NACA to get our loan restuctured. What is the first thing we should do now. E-mail this hardship letter to the email addresses that this forum has provided or call certain numbers first? Sorry, just a little confused.. Sean B.