I am new here.. Please read my story

[Joel Fraser]

Hi, My name is sonvme1; I am new here and really could use some advice! I am so happy I found this site, I have learned a great deal just by reading other stories. My problem is my husband and I have a first loan with Ocwen, an Arm (at 6.99) that will adjust in April 2009. We have a second with Select Porfolio Servicing, a fixed with a nearly 11.00% interest rate. Our combined payment NOW for these loans is $4000.00, the first 2800 plus the second around $1100. We bought our home for $596,000 with 0 down. It is now worth $540,000. When our payment goes up, it will go up in $700.00 increments, to nearly $6000.00 by 2010. I have a rental property I inherited in 2007, which brings in an additional income of $1786.00. Our combined monthly gross income is around $11,086. But we have BIG BILLS! I also have a hard money loan on the rental property that will be around $2100.00, payments are deferrred until December.Questions:1. Will I still be able to get a loan modification if I have a rental property plus the home we live in ?2. Can I possibly try and get a loan modification on the hard money loan?3. Should I talk about the evictions/losses/expense we endured with the rental property last year and should I mention my husband had a death in his immediate family that he had to contribute toward in my hardship letter?4. Where do I start? And how long after faxing the first package should I start calling the other numbers you have listed for Ocwen? 5. Lastly, can I try for a modification with SPS though it is fixed witha high rate (see above) as well?Sorry this was so lengthy. Thank you very much.