Loan Modification Forum - LoanSafe.org - View Single Post - Just hired J. Griswold Law to handle Loan Mod w/ CW

jdhines448 · 02-19-2009, 11:44 AM

Update! Update!

Countrywide finally sent us the long awaited FedEx package. The modification, which we have accepted, is as follows:

- All past due payments added to back of loan with no late fees added. This amounted to $28,000 (approximately 10 months). Loan is now current and we have paid a bunch of nagging bills, helped our kids and stashed $12,000 in cash.

- Step-rate interest-only for the next 10 years. It starts at 5.375% and gradually (over 6 years) works it's way up to 7.99% where it remains fixed for 4 years. Note: if we do make additional, non-required, principle payments, the interest due for the next months will decrease.

- At the 11th year, the loan becomes fully amortizing for the remainder of the loan (16 years) based on whatever principle balance is remaining at 7.99% per year. Of course, it will be very dependent on how much, if any, additional principle we will add each month during the initial 10 year interest only portion. We plan to kick in quite a bit in order to reduce the payment during the last 16 years.

- Our old, fully amortizing 30 year fixed payment was $2,417 for Prin and Interest, based on 7.99% fixed. The new first year interest only payment is $1,545, or roughly $900 less per month.

Summary: We avoided foreclosure and can now stay in our home. The pressure is off for the next several years and we have resolution to our "mortgage problem." There was no principle reduction, or permanently reduced interest rate, but we are grateful for the reduced interest for 6 years and to be current again. Having the option / flexibility to legitimately pay interest only has also given us some good "wiggle" room.

All in all, we have to say that the result was a big success for our family and that the Griswold Law firm was instrumental in getting this solution for us. Thanks to everyone at Griswold Law that helped us through this process! We appreciate it very much.

Also, thanks to LoanSafe.org and all the folks on this board that have been so helpful and informative these past several months. The support and information was invaluable.

In closing...., hang in there... the game is long and there are many cards drawn, but it definitely CAN workout (pun intended)! I wish all of you the very best of luck and hope you achieve excellent results.

Best regards,

JD

02-19-2009, 11:44 AM	#82 (permalink)
jdhines448 Member Join Date: Sep 2008 Posts: 21 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Just hired J. Griswold Law to handle Loan Mod w/ CW Update! Update! Countrywide finally sent us the long awaited FedEx package. The modification, which we have accepted, is as follows: - All past due payments added to back of loan with no late fees added. This amounted to $28,000 (approximately 10 months). Loan is now current and we have paid a bunch of nagging bills, helped our kids and stashed $12,000 in cash. - Step-rate interest-only for the next 10 years. It starts at 5.375% and gradually (over 6 years) works it's way up to 7.99% where it remains fixed for 4 years. Note: if we do make additional, non-required, principle payments, the interest due for the next months will decrease. - At the 11th year, the loan becomes fully amortizing for the remainder of the loan (16 years) based on whatever principle balance is remaining at 7.99% per year. Of course, it will be very dependent on how much, if any, additional principle we will add each month during the initial 10 year interest only portion. We plan to kick in quite a bit in order to reduce the payment during the last 16 years. - Our old, fully amortizing 30 year fixed payment was $2,417 for Prin and Interest, based on 7.99% fixed. The new first year interest only payment is $1,545, or roughly $900 less per month. Summary: We avoided foreclosure and can now stay in our home. The pressure is off for the next several years and we have resolution to our "mortgage problem." There was no principle reduction, or permanently reduced interest rate, but we are grateful for the reduced interest for 6 years and to be current again. Having the option / flexibility to legitimately pay interest only has also given us some good "wiggle" room. All in all, we have to say that the result was a big success for our family and that the Griswold Law firm was instrumental in getting this solution for us. Thanks to everyone at Griswold Law that helped us through this process! We appreciate it very much. Also, thanks to LoanSafe.org and all the folks on this board that have been so helpful and informative these past several months. The support and information was invaluable. In closing...., hang in there... the game is long and there are many cards drawn, but it definitely CAN workout (pun intended)! I wish all of you the very best of luck and hope you achieve excellent results. Best regards, JD