What should I do......

[Joel Fraser]

Here's my situation.... I'm a first time homeowner who got caught up in the ARM fiasco. Everything was great until my mortgage company went bankrupt. They sold my mortgage to a company called Ocwen & of course, most of you have probably read or heard all of the lawsuits filed against Ocwen. Well, of course, after 2 years, my adjustable rate went up. My wife and I were worried considering we both lost our jobs within a year & she gave birth to child #2. I was able to find a steady job & my wife has been able to find temporary work here & there. Now, she's still looking for a steady job & we are trying to survive, just on my reasonable income, when really we had no problems as a 2 income household. We are in our 3rd year in our home. Ocwen, did offer us a "loan modification" due to the adjustable rate increase. We did accept & met the qualifications. However, with my wife, still unable to find work, times have fallen pretty hard on us. We were unable to make June's payment & more than likely, we may not have July's payment. I am scared to death of the whole foreclosure thing. I mean, I havent received any calls or letters yet stating that the procedures have started, but I know they'll come soon, probably. I see there are all kinds of programs to help prevent foreclosure & some lenders are willing to help as well. But with all the mess going on with Ocwen & their lawsuits, I'm even extra worried. Let alone, they havent been making any harrassing calls...which is strange. Anyways, I'm on the verge of a nervous breakdown! How can I protect my home in my situation? Is there any hope? Should I contact a govt agency for assistance? Is there a such thing as using the equity in your home to catch up on behind payments? This young family man in Illinois needs help or advice!!