We are going through a loan modification and have just been told that it will be Countrywide who makes the decision about our loan modification. We are 2 months behind on our 1st and 3 on our HELOC (never been behind before in 4 years). This is due to my husband being unemployed for 5 months last winter/spring, waiting for his work permit (we are foreigners running our own business in USA). The loss mitigation representative telephoned my husband and informed him that our loan modification was being processed - they just needed the valuation. However, ultimately
CW would make the decision. Since that call we have not been able to clarify anything with her - and she doesn't return calls. I panicked the other day as an appraiser booked a visit and the order came from a title company. He had never done an order from a title company before and it was for asset management purposes. Does anyone know what that means? Are we on the road to modification or foreclosure? In the hardship package I explained that my husband is back to work as usual and I am starting my own school with a potential income per month of $4000 - I have not previously worked in the USA. Has anyone got any comments or advice - should I be panicking or does it look like the loan mod is going to go through in the light of the appraisal. Our house is worth approximately $380,000 and our loans = $349,000. Thanks so much.