Loan Modification Forum - LoanSafe.org - View Single Post - Behind in payments, seeking Loan Modification

Jim B. · 06-18-2008, 08:56 PM

Hi All

I have been assigned a negotiator today and have been in touch with someone continuously this last week that gave me their phone number and extension and they actually ANSWER their phone and follow through with what they say they will do.

I was told today the name and phone number of my Countrywide Escalation negotiator. I was asked to give the escalation negotiator up to 4 days to review my situation and work up possible scenarios that may work with the Investor who is Bank of New York.

My concern is and where I need advice is that mine and my wife's income comes through Real Estate we sell. The last 6 months verified income that I supplied Countrywide is not enough to pay our bills (The whole reason we fell behind on our payments was the down real estate market). I supplied Countrywide with several listings I now have, along with 3 homes we have in escrow and will be getting paid in the next 30 days. I told the negotiator that we have also received a gift from my wife's parents that will allow us to have at least 3-4 months backup money to pay our bills and stay current. while our other sales are coming in. I told them that our market has leveled out and sales are increasing, which is verifiable. I am looking to keep the nest egg I have and have the money owed put onto my loan and work out a new payment. I am now on a Payment Option Arm.

What else can you suggest to talk about with the assigned negotiator? I have not spoken with her yet, I was just assigned to her this morning.

I really really appreciate all your help, without it I would still be floundering out there with the rest of the borrowers, not knowing how to proceed. Your instruction is not only duplicable, IT WORKS!!

Please advise what to say and do from here.

06-18-2008, 08:56 PM	#26 (permalink)
Jim B. Senior Member Join Date: May 2008 Posts: 34 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Need Help With Countrywide Loan Modification Hi All I have been assigned a negotiator today and have been in touch with someone continuously this last week that gave me their phone number and extension and they actually ANSWER their phone and follow through with what they say they will do. I was told today the name and phone number of my Countrywide Escalation negotiator. I was asked to give the escalation negotiator up to 4 days to review my situation and work up possible scenarios that may work with the Investor who is Bank of New York. My concern is and where I need advice is that mine and my wife's income comes through Real Estate we sell. The last 6 months verified income that I supplied Countrywide is not enough to pay our bills (The whole reason we fell behind on our payments was the down real estate market). I supplied Countrywide with several listings I now have, along with 3 homes we have in escrow and will be getting paid in the next 30 days. I told the negotiator that we have also received a gift from my wife's parents that will allow us to have at least 3-4 months backup money to pay our bills and stay current. while our other sales are coming in. I told them that our market has leveled out and sales are increasing, which is verifiable. I am looking to keep the nest egg I have and have the money owed put onto my loan and work out a new payment. I am now on a Payment Option Arm. What else can you suggest to talk about with the assigned negotiator? I have not spoken with her yet, I was just assigned to her this morning. I really really appreciate all your help, without it I would still be floundering out there with the rest of the borrowers, not knowing how to proceed. Your instruction is not only duplicable, IT WORKS!! Please advise what to say and do from here.