Loan Modification Forum - LoanSafe.org - View Single Post - countrywide modification on already fixed loan

mthomas · 01-03-2009, 10:48 PM

Hi ***,

Becuase I have a rental, I believe I would not qualify for NACA as long as I owe the rental.

I finally got a call from the loan mod rep and explained my situation. As I stated earlier, becuase I don't want to lose my home and told him that I am hoping for a raise in Febraury and will get everything back to normal.

He agreed to 4 months delay in payments (October to Feb).

They will stop all collection activities and forclusoure process which would have started on Jan 20.
Still report me late 90+ days on credit report.
My score has gone from 790 to 674 since I started the mod process in October (I have not been making payments)
End of Febraruy, I will have to start making payments.
They will then decide what to do with the 4 months of payments I have not made.

I am thinking of getting money from credit cards to pay off three months, so it does not get to 90 day late.

Please help me. Should I make payments? Should I agree to their proposal? What other place can I go for help.

01-03-2009, 10:48 PM	#4 (permalink)
mthomas Member Join Date: Dec 2008 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: countrywide modification on already fixed loan Hi ***, Becuase I have a rental, I believe I would not qualify for NACA as long as I owe the rental. I finally got a call from the loan mod rep and explained my situation. As I stated earlier, becuase I don't want to lose my home and told him that I am hoping for a raise in Febraury and will get everything back to normal. He agreed to 4 months delay in payments (October to Feb). They will stop all collection activities and forclusoure process which would have started on Jan 20. Still report me late 90+ days on credit report. My score has gone from 790 to 674 since I started the mod process in October (I have not been making payments) End of Febraruy, I will have to start making payments. They will then decide what to do with the 4 months of payments I have not made. I am thinking of getting money from credit cards to pay off three months, so it does not get to 90 day late. Please help me. Should I make payments? Should I agree to their proposal? What other place can I go for help.