Loan Modification Forum - LoanSafe.org - View Single Post - Worried - NACA Submitted since 1/20/09 and still nothing

yaya01 · 11-13-2008, 05:58 PM

I spoke with my Countrywide negotiator again today to discuss what other options we have.

I asked her about the modifications offered by Freddie and Fannie in which Wells Fargo was also present and she said she has not recieved any information about that. She also told me that I have a conventional loan with an adjustable rate mortgage and these loans are not being flagged for the "new" modifications. Only the subprime and negative amortization are being flagged at this time.

I explained to her again that although the 5.25% is a really good rate, we cannot afford it at this time and that is why we are behind on the payments. I asked if they would consider a lower rate for a period of time and then the 5.25% for the life of the loan. She said all she could do was ask and while I was on the phone she sent an e-mail to Wells Fargo requesting 4% for 12 month and 5.25% for the rest of the term.

She also told me if I decide to go with the Short Sale option, they are authorized by Wells Fargo to handle the negotiation. We have had the house listed since September so according to her, all we have to do is drop the price to market value and if we get an offer she will submit the package to the appropriate department.

I think I would rather go the foreclosure route and live rent free for a few months so we can at least get some of the money we spent remodeling the house. Otherwise the realtor will get more than $30,000 for just listing the house and I will still have to file bk to get rid of the Wamu HELOC.

Will wait and see what they come back with. At least they have not told me we don't qualify or that there is something wrong with our financials. Also, who knows what other new plans they are going to come up with once the new president starts.

11-13-2008, 05:58 PM	#26 (permalink)
yaya01 Senior Member Join Date: Sep 2008 Posts: 95 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Bad news from Coutrywide/Wells Fargo I spoke with my Countrywide negotiator again today to discuss what other options we have. I asked her about the modifications offered by Freddie and Fannie in which Wells Fargo was also present and she said she has not recieved any information about that. She also told me that I have a conventional loan with an adjustable rate mortgage and these loans are not being flagged for the "new" modifications. Only the subprime and negative amortization are being flagged at this time. I explained to her again that although the 5.25% is a really good rate, we cannot afford it at this time and that is why we are behind on the payments. I asked if they would consider a lower rate for a period of time and then the 5.25% for the life of the loan. She said all she could do was ask and while I was on the phone she sent an e-mail to Wells Fargo requesting 4% for 12 month and 5.25% for the rest of the term. She also told me if I decide to go with the Short Sale option, they are authorized by Wells Fargo to handle the negotiation. We have had the house listed since September so according to her, all we have to do is drop the price to market value and if we get an offer she will submit the package to the appropriate department. I think I would rather go the foreclosure route and live rent free for a few months so we can at least get some of the money we spent remodeling the house. Otherwise the realtor will get more than $30,000 for just listing the house and I will still have to file bk to get rid of the Wamu HELOC. Will wait and see what they come back with. At least they have not told me we don't qualify or that there is something wrong with our financials. Also, who knows what other new plans they are going to come up with once the new president starts.