Loan Modification Forum - LoanSafe.org - View Single Post

condanchri · 02-06-2009, 03:30 PM

We successfully achieved a loan modification with Countrywide, back in August of 2008 (30 year fixed at 6%). Initially, during the modification process, Countrywide had not taken into account our property taxes. They then included them in an escrow payment at the last minute. This increased our original modification payment by $350.00 per month - which was actually an increase from our original, sub-prime loan payment by $250. At the time, we were trying to rescue our home from imminent forclosure. We honestly felt we could make the increase payment, in exchange for a fresh start.

Fast forward to now. We are struggling to make payments again - and we're feeling some major post-traumatic stress. We were not able to make our January payment. We contacted Countrywide during that month, and were told that our account would qualify for the Hope for Homeowners program, and possibly the Prinicipal Reduction Program (which would be available to us at some point in the future). The catch was that we would not qualify for either of these, if we remained current (which made sense to us, as they would not work with us last time until we were delinquent in our payments). So, we did not pay our January bill, in hopes of another modification or the Hope for Homeowners program.

We spoke with a Countrywide Rep in the Home Retention Dept. today. We went over our monthly bills and income, and we had $125.00 left over in our budget (of course the budget never accounts for unforseen expenditures). The rep flat out told us that we would not be able to qualify for anything with Countrywide - this was due to us defaulting within the first year of our loan modification. What's more, she said we would not qualify for the HOPE program because, due to our loan modification, we were not considered "sub-prime" anymore. She didn't know anything about a principal reduction program, but said she doubted we would qualify for that either. She said our best hope was to get a second job.

Has anyone ever heard of qualifying for a second modification with Countrywide? Does this Countrywide rep's answers seem to jive with the prevaling experience out there, or not? Thanks in advance for any advice/help.

Chris & Dani Hall

02-06-2009, 03:30 PM	#1 (permalink)
condanchri Member Join Date: May 2008 Location: Orting, WA Posts: 25 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Cash for keys We successfully achieved a loan modification with Countrywide, back in August of 2008 (30 year fixed at 6%). Initially, during the modification process, Countrywide had not taken into account our property taxes. They then included them in an escrow payment at the last minute. This increased our original modification payment by $350.00 per month - which was actually an increase from our original, sub-prime loan payment by $250. At the time, we were trying to rescue our home from imminent forclosure. We honestly felt we could make the increase payment, in exchange for a fresh start. Fast forward to now. We are struggling to make payments again - and we're feeling some major post-traumatic stress. We were not able to make our January payment. We contacted Countrywide during that month, and were told that our account would qualify for the Hope for Homeowners program, and possibly the Prinicipal Reduction Program (which would be available to us at some point in the future). The catch was that we would not qualify for either of these, if we remained current (which made sense to us, as they would not work with us last time until we were delinquent in our payments). So, we did not pay our January bill, in hopes of another modification or the Hope for Homeowners program. We spoke with a Countrywide Rep in the Home Retention Dept. today. We went over our monthly bills and income, and we had $125.00 left over in our budget (of course the budget never accounts for unforseen expenditures). The rep flat out told us that we would not be able to qualify for anything with Countrywide - this was due to us defaulting within the first year of our loan modification. What's more, she said we would not qualify for the HOPE program because, due to our loan modification, we were not considered "sub-prime" anymore. She didn't know anything about a principal reduction program, but said she doubted we would qualify for that either. She said our best hope was to get a second job. Has anyone ever heard of qualifying for a second modification with Countrywide? Does this Countrywide rep's answers seem to jive with the prevaling experience out there, or not? Thanks in advance for any advice/help. Chris & Dani Hall