Okay, I went through the exact same thing just last year! I jumped through the same rings of fire for the loan company to tell me I didn't make enough money to have my payment lowered (can you beleive that)!!! They finally told me they would lower my payment by a whopping...(drum roll)$3 a month hahaha!They sent me the loan packet to that effect, I did not sign it. At this point I was so fed up, I stopped making payments (I had not missed a payment and had not been late either until this point), then told them to lower the payment on my house or come and get the keys! I figured I didn't have anything more to loose and I couldn't keep paying the outrageous payment I was making for the duration of the loan, so if I was going to loose it anyway I might as well save what money I could and move. Well, I kept demanding the modification and what do you know the payment was magically reduced by $200 per month. The truth of the matter is the mortgage company would rather have someone paying on the loan then not. Meaning if they foreclose on you, they would have to pay for the up keep on an abandoned house until it sold (if ever). The mortgage companies know better than you how hard it is to sell a house in this market now a days. Some money is better than no money. What I also did was question them specifically about what the ratio of debt to income needed to be in order for me to qualify for the modification, then I prayed about it and let God do His thing! Best case cenario you can play chicken with them and win or worse case cenario, stop making your payments, save your money and move! You should be able to save a good six months worth of payments before you absolutely have to move out of the house. I know the latter part sounds horrible, but it sounds like you've tried playing fair enough but in the end you have to do what you have to do to make sure you will be alright and having a place to live is a definite security we all need. God bless
