Loan Modification Forum - LoanSafe.org - View Single Post

pbbobkanobi · 09-07-2007, 10:35 AM

Hello all. I just joined this forum a few minutes ago and already have got tons of good info. Thanks Moe! You are a hero.

I contacted Countrywide yesterday to try and start the loan modification process. My 3/27 ARM just adjusted this month and my payment went up $610. they pre-qualified me over the phone for the process and told me to fax them a letter explaining my situation and proff of income. Here is a copy of the letter I sent them. Hopefully it will do some good. I will keep you all posted. They told me i should have an answer within 7-10 business days....we shall see.

**********************************

September 7, 2007
To: Countrywide Mortgage account # 058989482

Re: Mortgage modification program

Due to the recent adjustment to the mortgage I currently have with your company, I am finding it very difficult to afford the new payment. I have a 3 year fixed rate which is now adjustable and is schedule to adjust again in Feb. 2008. Considering my current income, there will be no way I can afford the increased payments come February. Hopefully there is way to renegotiate the terms of my current mortgage to avoid default or foreclosure on my home.
Is it possible to have my current adjustable rate mortgage converted to a fixed rate? If this is not possible can the next rate change be postponed to a future date to allow me to hopefully refinance. Any other solutions you could provide would be greatly appreciated.
I have had no problem making my payments for over three years now and do not want that to change. My mortgage was originally written by another company and bought by Countrywide. The original mortgage terms are terrible but it was the only loan I was qualified for at the time. I was assured that refinancing would be no problem but that turned out not to be true due to the downturn of the housing industry.
The main problem is that my property is now worth about 5-10% less than what I paid for it which is preventing me from being able to refinance. I was researching on the internet and came across the Fannie Mae Announcement #06-18 (Oct. 4th 2006) regarding the servicing of Conventional Mortgage Modifications. I believe this addresses the situation I currently find myself in along with many other homeowners.
Attached are recent pay stubs showing my current income. thanks you for your time and consideration.

******************************

Feel free to use any of this letter if you need to.

09-07-2007, 10:35 AM	#3 (permalink)
pbbobkanobi Successful Homeowner Still Fighting HSBC Join Date: Sep 2007 Posts: 139 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Hardship letter sent Hello all. I just joined this forum a few minutes ago and already have got tons of good info. Thanks Moe! You are a hero. I contacted Countrywide yesterday to try and start the loan modification process. My 3/27 ARM just adjusted this month and my payment went up $610. they pre-qualified me over the phone for the process and told me to fax them a letter explaining my situation and proff of income. Here is a copy of the letter I sent them. Hopefully it will do some good. I will keep you all posted. They told me i should have an answer within 7-10 business days....we shall see. ******************************** September 7, 2007 To: Countrywide Mortgage account # 058989482 Re: Mortgage modification program Due to the recent adjustment to the mortgage I currently have with your company, I am finding it very difficult to afford the new payment. I have a 3 year fixed rate which is now adjustable and is schedule to adjust again in Feb. 2008. Considering my current income, there will be no way I can afford the increased payments come February. Hopefully there is way to renegotiate the terms of my current mortgage to avoid default or foreclosure on my home. Is it possible to have my current adjustable rate mortgage converted to a fixed rate? If this is not possible can the next rate change be postponed to a future date to allow me to hopefully refinance. Any other solutions you could provide would be greatly appreciated. I have had no problem making my payments for over three years now and do not want that to change. My mortgage was originally written by another company and bought by Countrywide. The original mortgage terms are terrible but it was the only loan I was qualified for at the time. I was assured that refinancing would be no problem but that turned out not to be true due to the downturn of the housing industry. The main problem is that my property is now worth about 5-10% less than what I paid for it which is preventing me from being able to refinance. I was researching on the internet and came across the Fannie Mae Announcement #06-18 (Oct. 4th 2006) regarding the servicing of Conventional Mortgage Modifications. I believe this addresses the situation I currently find myself in along with many other homeowners. Attached are recent pay stubs showing my current income. thanks you for your time and consideration. **************************** Feel free to use any of this letter if you need to.