Loan Modification Forum - LoanSafe.org - View Single Post

dthom · 10-31-2008, 06:19 AM

Refinanced out of a 2/28 arm in August of 2007 and was given Countrywide as my lender with an interest rate of 8.25 % a 1/45 higher than I had with my ARM. Mortgage is $140000 and home is now worth about $100,00. I contacted CW to inquire about the new program to start Dec 1 to see if we would qualify for a modification, since we have a sub prime rate, and a CW rep had told us last spring that we qualified for a 6.75% loan but since we had gone thru a broker to get our refi we had been given a "penalty rate" for not using CW direct. When I contacted CW this month about a modification I was directed to HOPE NOW. I called them, gave them all of my financial info and they said I did qualify for a modification, of at the very least the interest rate, said I would hear from CW in about 5 to 10 days. but to call them in the meantime. Well, we call CW, told them that the statement Bank of America had posted on the CW website about the new program mentioned people who were in fixed sub prime loans and how they could qualify for a interest rate reduction, and possibly a reduction in the amount of the loan to 90% of the current market value. Guess what CW retention people deny that there is any help for anyone in a fixed rate sub prime loan, only ARM and pay option ARMs. When I told them it was becomining increasingly difficult for us to continue to make our $1519 per month payment (tax,ins, & PMI included) they said that since I was current to just keep paying. A second person who called, said I should try to get someone else in the retention department. I kept asking about the new program to start Dec. 1, read to them right off of the statement from Bank of America about the fixed sub primes, still they deny that it is there. Does anyone know if the program that starts Dec. 1st is supposed to help those of us with sub prime fixed rates, who refinanced out of a sub prime 2/28 ? We want to keep our home, just really need some payment relief at this time. Have cut our food budget, paying late on Credit Cards, just trying to keep up.

10-31-2008, 06:19 AM	#1 (permalink)
dthom Senior Member Join Date: Oct 2008 Location: St.Clair Shores,Michigan Posts: 696	update loan modification request Refinanced out of a 2/28 arm in August of 2007 and was given Countrywide as my lender with an interest rate of 8.25 % a 1/45 higher than I had with my ARM. Mortgage is $140000 and home is now worth about $100,00. I contacted CW to inquire about the new program to start Dec 1 to see if we would qualify for a modification, since we have a sub prime rate, and a CW rep had told us last spring that we qualified for a 6.75% loan but since we had gone thru a broker to get our refi we had been given a "penalty rate" for not using CW direct. When I contacted CW this month about a modification I was directed to HOPE NOW. I called them, gave them all of my financial info and they said I did qualify for a modification, of at the very least the interest rate, said I would hear from CW in about 5 to 10 days. but to call them in the meantime. Well, we call CW, told them that the statement Bank of America had posted on the CW website about the new program mentioned people who were in fixed sub prime loans and how they could qualify for a interest rate reduction, and possibly a reduction in the amount of the loan to 90% of the current market value. Guess what CW retention people deny that there is any help for anyone in a fixed rate sub prime loan, only ARM and pay option ARMs. When I told them it was becomining increasingly difficult for us to continue to make our $1519 per month payment (tax,ins, & PMI included) they said that since I was current to just keep paying. A second person who called, said I should try to get someone else in the retention department. I kept asking about the new program to start Dec. 1, read to them right off of the statement from Bank of America about the fixed sub primes, still they deny that it is there. Does anyone know if the program that starts Dec. 1st is supposed to help those of us with sub prime fixed rates, who refinanced out of a sub prime 2/28 ? We want to keep our home, just really need some payment relief at this time. Have cut our food budget, paying late on Credit Cards, just trying to keep up.