Loan Modification Forum - LoanSafe.org - View Single Post - Thank you Loansafe.Org! Countrywide Success!Modification Approved!!!

8pacmama · 02-19-2009, 05:13 PM

Started this new thread to express my gratitude to loansafe.org and its members for helping me through my loan modification with Countrywide. I have been lurking and reading all of your posts, doing what was suggested CALL, CALL, CALL, for the past 6 months but finally signed up as a member a few weeks ago.

My Countrywide modification was approved unexpectedly on 2/10/09 per the paperwork I received today by Fedex. I was informed by the Home Retention team last week that the modification had originally been denied by my investor and had been resubmitted by my negotiator but no mention of this modification approval was made. I immediately called to verify that this was not a mistake and received a recorded message, after I entered my loan number, that modification was approved and to send back paperwork notarized by 2/23/09. It also said not to call or else it may cause a problem with the offer, therefore can't confirm Home Retention team or negotiator. Is this normal? They don't give you much time do they?? Anyway, the following is modification offered and it's way better than I could have imagined!:

Modified principal balance $348,728*
*Amount added to original loan $29,232 6 months past due mortgage payments and escrow three years property taxes. Original principal balance was approx $319,000

Interest rate decreased to 4.25%* 5 years 2012
*Interest rate was at 6.25 and due to increase 5/09 6 month libor

New monthly payment to include current property tax(escrow) $1666 due March 1*
*We were originally looking at $4000 monthly payment prior to modification due to past due payments and property taxes.

No fees nor past due payments requested, 0 cost!

Now we will notarize tonight and send back with current pay stubs and cross our fingers for final approval. I hope the best for the rest of you going through the modification process. Like others on this forum have said, it can be done but does take time and persistence. Thank you once again to all of you for the great advice and the positive support that you provide others.

02-19-2009, 05:13 PM	#3 (permalink)
8pacmama Junior Member Join Date: Feb 2009 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Thank you Loansafe.Org! Countrywide Success!Modification Approved!!! Started this new thread to express my gratitude to loansafe.org and its members for helping me through my loan modification with Countrywide. I have been lurking and reading all of your posts, doing what was suggested CALL, CALL, CALL, for the past 6 months but finally signed up as a member a few weeks ago. My Countrywide modification was approved unexpectedly on 2/10/09 per the paperwork I received today by Fedex. I was informed by the Home Retention team last week that the modification had originally been denied by my investor and had been resubmitted by my negotiator but no mention of this modification approval was made. I immediately called to verify that this was not a mistake and received a recorded message, after I entered my loan number, that modification was approved and to send back paperwork notarized by 2/23/09. It also said not to call or else it may cause a problem with the offer, therefore can't confirm Home Retention team or negotiator. Is this normal? They don't give you much time do they?? Anyway, the following is modification offered and it's way better than I could have imagined!: Modified principal balance $348,728* Amount added to original loan $29,232 6 months past due mortgage payments and escrow three years property taxes. Original principal balance was approx $319,000 Interest rate decreased to 4.25% 5 years 2012 Interest rate was at 6.25 and due to increase 5/09 6 month libor New monthly payment to include current property tax(escrow) $1666 due March 1 *We were originally looking at $4000 monthly payment prior to modification due to past due payments and property taxes. No fees nor past due payments requested, 0 cost! Now we will notarize tonight and send back with current pay stubs and cross our fingers for final approval. I hope the best for the rest of you going through the modification process. Like others on this forum have said, it can be done but does take time and persistence. Thank you once again to all of you for the great advice and the positive support that you provide others.