Loan Mod Options | 2 loans with Chase

[Joel Fraser]

Hi Everybody!,This is a great forum, so much useful information. I'm so glad I found this website off google. So this is my story:Me and two other people went in on a home together. Only my name is on the loan since i had the best credit but all three of us are on the title. In April, one of the guys was suffering major financial problems so he did a quitclaim deed and dropped out. So me and the other guy (my roommate) had to split the bills between us.The first loan:Balance: 386700Rate: 5.875Monthly: 2352.93Second loan:Balance: 94,600Rate: 8.5Monthly: 752.52So if add the first 2 loans plus HOA fees and utilities, that is already 70% of my take home pay. That is without calculating monthly expenses such as gas, food, car insurance and credit cards. After adding my monthly expenses then i would be negative about $100 and that is a conservative estimate. I have been using my life savings to pay off bills for the last couple of months but that is running out and I am trying to weigh my options on what to do. I was considering short selling but i don't want to risk going to forclosure if I can't get a buyer and plus I don't want to owe any taxes or get a deficiency from the bank. I have been calling around to find out how much it would cost to do a loan mod. The first place I called quoted me for 4500, The second place, quoted me 3500. The third place i called, quoted me 2400. I also called a non-profit my co-worker told me about_: acornhousing.org. I called them up and of course it was free.Is anybody familiar with these "loss mitigation specialists". They all say they are the best and have the best people with "connections" with the lenders so their customers will have the best, fastest service. They even mention that using a non-profit is slow and non-responsive and that a loan mod will take several months longer. Only mentioned that they have a 95% success rate and also provide customer references and were in the business the longest at over 10 years. When i called acornhousing they mentioned that their success rate was 85% and plus its free. Has anyone used acornhousing? I was wondering if I went with acornhousing for a loan mod and if i wasn't satisfied with the result then try another loan mod with a for-profit specialist. What do you guys think about that? Is that possible? I appreciate everyone for reading this long post and thank you in advance for any advice you can give me.