New and need suggestions for next steps with Indymac

[Joel Fraser]

Greetings, I attended the Save the Dream NACA event in DC and I haven't heard anything yet but I need some suggestions about what to do next. I have a 30 year loan with Indymac fixed 7% 320,000 my payments are $2300. I have been managing the payments with great difficulty over the past few months. I had a change in income from a second job and I split with my significant other that was paying half the mortgage. This is the last month that I will probably be able to pay the mortgage on time and I am worried. I received a letter from Indymac thanking me for my interest in the Homeowners Assistance Program and telling me that after review and analysis of my information my loan workout was denied because my income cannot support any further debt obligation. I guess this is something that NACA tried to get me approved for?? The plan the NACA counselor told me they were trying to work out would be an interest rate of 3% and reducing the balance to 195,000 with a monthly payment of $1060 :D....is this possible? I am current on my mortgage I have never been late and I would like to keep it that way if I can get my loan reworked. Any suggestions or next steps would be greatly appreciated.