Loan Modification Forum - LoanSafe.org - View Single Post - Contemplating Hiring Attorney for Countrywide Mod Attempt

deeezldoc · 02-21-2009, 07:57 AM

Greetings All. This is an outstanding site and forum-thanks Moe and everyone else that helps and educates.

Here is my story: I have a 2nd home in Florida that I couldn't sell when I moved to Arizona in early 2006-so it is rented out at a $900.00 monthly loss. Despite the fact that I am losing at least $18,000 a year including all costs I have tried to hold on. This home now needs a new roof and a bunch of other repairs, totalling over $20,000.

I should disclose at this point that I retained Griswold and Agdeppa for a modification to my primary residence in Arizona-this is in the early stages.

I inquired with my modification processor at G & A and was told that Countrywide will not even consider a principal reduction as part of a modification on my second property regardless of the circumstances. She told me to contact the mortgage investigator to retain their services if I wanted to try. Following her advice, I contact the mortage investigator (the first person in the process-this is the person that signs you up into the process) and he told me that Countrywide had done principal reductions on second homes and that "amazing things" are happening now on a daily basis. He told me that if CW wouldn't mod to my satisfaction, they would aggressively help with a short sale effort, and if this didn't work they would help negotiate a "deed in lieu of foreclosure"-all for no additional cost.

I contacted CW at the home retention number listed elsewhere in this forum, and was told that there were no options and that I should go and stick a short sale sign on the lawn for 90 days, then come back to them to discuss a "deed in lieu of" with them. Very rude and condescending representative-no options offered.

I'm a little concerned because, although the mortgage investigator is very polite and seems to be trying to help-how can he be so sure that it's possible for me to pursue a loan modification on this property that includes principal reduction if his counterpart that actually speaks directly to the lenders is telling me that it isn't possible because it is a second home ?.

I would definitely retain G & A to try to modify this loan, but I don't have $2995.00 to shell out a second time for no good reason. I already paid this for the loan modification on my primary residence here in Arizona.

I am trying to talk myself into keeping this home, but with the excessive repairs and guaranteed negative amount every month-I can't afford to pay it unless the payment amount is reduced. The loan is a fixed rate at 6.50 for 30 years, there is no second loan on this property.

To try and help everyone out that is considering using G & A for loan modification-I will start another thread to give details on my AZ loan modification effort for my primary home. The lenders are ASC and CLC.

Does anyone have any thoughts on the questions that I have regarding what the reps from G & A are telling me ? Has anyone successfully obtained a loan mod with CW on a second home ?

Thanks
Charles

02-21-2009, 07:57 AM	#1 (permalink)
deeezldoc Member Join Date: Feb 2009 Posts: 13 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Contemplating Hiring Attorney for Countrywide Mod Attempt Greetings All. This is an outstanding site and forum-thanks Moe and everyone else that helps and educates. Here is my story: I have a 2nd home in Florida that I couldn't sell when I moved to Arizona in early 2006-so it is rented out at a $900.00 monthly loss. Despite the fact that I am losing at least $18,000 a year including all costs I have tried to hold on. This home now needs a new roof and a bunch of other repairs, totalling over $20,000. I should disclose at this point that I retained Griswold and Agdeppa for a modification to my primary residence in Arizona-this is in the early stages. I inquired with my modification processor at G & A and was told that Countrywide will not even consider a principal reduction as part of a modification on my second property regardless of the circumstances. She told me to contact the mortgage investigator to retain their services if I wanted to try. Following her advice, I contact the mortage investigator (the first person in the process-this is the person that signs you up into the process) and he told me that Countrywide had done principal reductions on second homes and that "amazing things" are happening now on a daily basis. He told me that if CW wouldn't mod to my satisfaction, they would aggressively help with a short sale effort, and if this didn't work they would help negotiate a "deed in lieu of foreclosure"-all for no additional cost. I contacted CW at the home retention number listed elsewhere in this forum, and was told that there were no options and that I should go and stick a short sale sign on the lawn for 90 days, then come back to them to discuss a "deed in lieu of" with them. Very rude and condescending representative-no options offered. I'm a little concerned because, although the mortgage investigator is very polite and seems to be trying to help-how can he be so sure that it's possible for me to pursue a loan modification on this property that includes principal reduction if his counterpart that actually speaks directly to the lenders is telling me that it isn't possible because it is a second home ?. I would definitely retain G & A to try to modify this loan, but I don't have $2995.00 to shell out a second time for no good reason. I already paid this for the loan modification on my primary residence here in Arizona. I am trying to talk myself into keeping this home, but with the excessive repairs and guaranteed negative amount every month-I can't afford to pay it unless the payment amount is reduced. The loan is a fixed rate at 6.50 for 30 years, there is no second loan on this property. To try and help everyone out that is considering using G & A for loan modification-I will start another thread to give details on my AZ loan modification effort for my primary home. The lenders are ASC and CLC. Does anyone have any thoughts on the questions that I have regarding what the reps from G & A are telling me ? Has anyone successfully obtained a loan mod with CW on a second home ? Thanks Charles