loan modification with select portfolio servicing

[Joel Fraser]

Hello allI am new here and just want to say thanks to everyone here for all of their valuable information.Ok my story, After many attempts to get a loan mod with sps. I have finally gotten them to agree to a possible interest rate freeze for the life of the loan as well as spreading the 2 past due payments over the life of the loan. I currently have a 9.5 rate on an arm that is due to adjust in Dec. of 2009. I am not able to refi as the value in my home is 15 k less than when I bought the house 8 years ago. The loan counselor said that I need to do a financial statement in order to possibly qualify; my question is how much available money do I need to have after all expenses. Is there too little of an amount as well as too much? I had tried to do a loan mod 6 months ago and they said I had 700.00 left over and that they would do a repayment over 2 years which would have raised my loan, I declined the offer. So I want to make sure that I don’t put myself in that situation again. My income has also declined drastically since then. I want the rate freeze as well as the 2 payments spread over the life of the loan, this would be a good start. sorry for the long explanation, any advice would be greatly appreciated.