Loan Modification Forum - LoanSafe.org - View Single Post - Purposely 2 Months Late

txnlady · 02-24-2009, 10:56 AM

Hello, All…
I want to know the best way to simply get in the works to be considered for a loan modification. I was told that absolutely I’d be able to refinance at the end of my first 2 years (which is when my ARM was scheduled to reset). My ignorance makes its appearance at this point: I call Countrywide to get refinanced and I’m told that I can't (owe more than house is worth, etc).

My situation is now such that I can pay the mortgage or I can pay my bills (school loans, utilities, taxes, no frills!). I also have an installment agreement and a tax lien courtesy of the IRS.

I am told that when doing a loan mod the company takes into consideration these criteria: divorce, income status change, medical bills, etc. Should I include that info with my data? Do I mail it? Where to?

Will the tax lien cause me to be denied anyway? I am worried the ultimate end to this has no option BUT foreclosure….? With the IRS and CW duking it out……

Please advise. Because if that really is the end of the story and I'm just prolonging my agony - I'd like to plan in the right direction and be proactive.

Ideally….I want to pay my installment agreement monthly with the IRS and make my mortgage payment – and also recover my lost income back. I know I CAN and my biz WILL come back around to the higher income – BUT I don’t think its going to do it in time to save me from my ARM loan.

I have tried calling CW in the past – and I can NEVER get to anything resembling a loan modification department and if I did, I can’t tell – because I can’t understand the representative. I think CW must outsource to another country. I hope this doesn’t make me sound terrible but I really want to talk to someone whom I understand clearly when discussing financing and my families home. So – I can’t figure out how to actually GET to the right department. Is this normal? to call and call and call and not get ANYWHERE?!

Additionally – I can’t make the entire mortgage payment this month and I keep hearing that I have to actually miss a payment before CW will wake up and notice me with someone who actually works in the loan mod dept.

Where do send loan modification request? What do I include? What do I ask for? Does CW actually have a department that will let me speak to them or do they really have to see me 30 days late before they will even consider the loan mod?

Loan Stats:
2 loans -one is already fixed
ARM - 30 yr
Original $172,000
Interest Rate: 7.44%
New Rate as of 2/1/09: 8.94% (adjusting again in July)

02-24-2009, 10:56 AM	#1 (permalink)
txnlady Member Join Date: Feb 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Purposely 2 Months Late - Nervous. Feedback? Hello, All… I want to know the best way to simply get in the works to be considered for a loan modification. I was told that absolutely I’d be able to refinance at the end of my first 2 years (which is when my ARM was scheduled to reset). My ignorance makes its appearance at this point: I call Countrywide to get refinanced and I’m told that I can't (owe more than house is worth, etc). My situation is now such that I can pay the mortgage or I can pay my bills (school loans, utilities, taxes, no frills!). I also have an installment agreement and a tax lien courtesy of the IRS. I am told that when doing a loan mod the company takes into consideration these criteria: divorce, income status change, medical bills, etc. Should I include that info with my data? Do I mail it? Where to? Will the tax lien cause me to be denied anyway? I am worried the ultimate end to this has no option BUT foreclosure….? With the IRS and CW duking it out…… Please advise. Because if that really is the end of the story and I'm just prolonging my agony - I'd like to plan in the right direction and be proactive. Ideally….I want to pay my installment agreement monthly with the IRS and make my mortgage payment – and also recover my lost income back. I know I CAN and my biz WILL come back around to the higher income – BUT I don’t think its going to do it in time to save me from my ARM loan. I have tried calling CW in the past – and I can NEVER get to anything resembling a loan modification department and if I did, I can’t tell – because I can’t understand the representative. I think CW must outsource to another country. I hope this doesn’t make me sound terrible but I really want to talk to someone whom I understand clearly when discussing financing and my families home. So – I can’t figure out how to actually GET to the right department. Is this normal? to call and call and call and not get ANYWHERE?! Additionally – I can’t make the entire mortgage payment this month and I keep hearing that I have to actually miss a payment before CW will wake up and notice me with someone who actually works in the loan mod dept. Where do send loan modification request? What do I include? What do I ask for? Does CW actually have a department that will let me speak to them or do they really have to see me 30 days late before they will even consider the loan mod? Loan Stats: 2 loans -one is already fixed ARM - 30 yr Original $172,000 Interest Rate: 7.44% New Rate as of 2/1/09: 8.94% (adjusting again in July)