Seeking Fifth Third (53rd) Loan Modification-Advice needed

[Joel Fraser]

Hello All,I obtained a 30 year fixed rate mortgage of 8% 180,500 principal balance. with Fifth Third Bank in 9/2007. The monthly payment including principal, taxes, and interest is 1,916.29. I initially was told that I would be able to refinance to a lower interest rate in 3 to 6 months with the original mortgage broker. However, this has not happened obviously. I cannot continue to make this payment as it compromises too much of my disposable income.I should note that this mortgage is in my name only and I net 2,200.00 income per month I began speaking to Fifth Third's Loan modification Department in Feb 2008. Initially they told me that I had to be unemployed in order to get a modification. I was told in March 2008 that the only was to get loan modification is to be 90 days delinquent. I have also met with two local branch offices to attempt refinance. However, due to living in a declining market ( Michigan) this has not been possible. In June 2008 I received a letter from the company stating that my account had been reviewed and errors were found therefore my principal balance was being lowered by a little over 1,600.00 dollars. I stopped making payments in July 2008. In August the loan modification department agreed to work with me. They took my financial inforation and wanted my husband's information which I found odd since he is not on the mortgage and therefore not responsible for payments. They presented me with a package where My lowered interest rate is 7%, My new principal balance is 187,290.36 and my lowered payment of 1,714.20 will be due beginning in November 2008. I also am asked to provied 1,1964.20 in certified funds. Absent from the paperwork is information on the new length (30 yrs, 29 yrs???) of the modified mortgage.I contacted the loan mod dept again and told the representative that I cannot make this payment either. I also inquired about the increased principal balance which is more that the payment and late fees for July and August payment. The rep took my financials again from myself and my husband. She had us send in a month's worth of paystubs. I also expained to her that my husband has other financial obligations that he is dealing with that mean that a signicant portion of his income prevent him from helping with the mortage payment. This past Friday I received another modifaction which is the same deal exactly with identical numbers. I am anxious to know if anyone else had worked with Fifith Third Bank and if so who do I need to email and or write to get assistance.I am looking for an interest rate of 5%-max 6% and payment no more that 1,400.00 per month max. I also am baffled by this increased principal balance.Thanks for this great board and a place to turn to.