Hello all,
I've been reading all the posting's related to Countrywide and it seems like most have posted a bad experience with them. We also have a loan through
Countrywide Home Loans and last week we applied for a
loan modification due to a hardship. We want to keep our current loan which is actually split into two loans, interest only but the interest is high on each loan and we have a really high mortgage payment. We've tried to refinance but have been turned down by
CW and our credit union because we owe more than the house is worth, so we thought this was our next option to try and lower our mortgage payment. Unfortunately since there's no equity in the house we're unable to take cash against the house to pay down some of our debt.
We haven't heard back from
CW yet since we just started the process. But I've heard alot of people mention that sometimes it can take up to 6-8 months when I was actually told by
CW that it could take up to 30 days. Is this normal and how can I speed up the process? Also since we just started the process is there any advice you can give me to try and expedite the whole process and does anyone know what the cost usually runs for a
loan modification? You would think they would add the cost to the new modified loan since we're requesting it due to financial hardship which would tell you we can't afford any other expenses........can anyone give me some guidance?
Also, does anyone have any good experiences with
CW....I've only heard all the bad.
Thanks,
Wendy