Loan Modification Forum - LoanSafe.org - View Single Post

SingleMom33 · 03-18-2009, 09:14 AM

Hi, everyone...I've read many posts and threads before I decided to apply for membership. I'm wondering if anyone is feeling the same way as I am, as if you are being bullied by Countrywide. Here's my story....

I've had four (4) surgeries since last June. I'm currently recuping from my last surgery at the end of February. I ultimately fell behind on my mtg in October as I was placed on Short Term Disability and the payments were not nearly enough to cover both of my mtgs. I have a 1st and 2nd with Countrywide. The first is a I/O for 7.375% with a principal balance of $411,150; the second is 10.5% 15 yr balloon with a balance of $49,219.00 They (Countrywide) allowed me to go into a Special Forebearance plan where I was paying only half of my mortgage for a couple of months; however, that only put me further in the hole, because at the end of the forebearance, I was due for three (3) months. I enlisted the help of two (2) HUD approved counseling agencies and only one (1) responded. The Counselor worked with me and we made contact with Countrywide to begin the modification process.

I was approved; I then received the paperwork this week with the modification terms for the 1st, not the 2nd. It states that they are willing to drop me to 7% for 5 yrs at $2,477.66 I/O and then back to my normal rate at 7.375% yrs 6-30 PI and at that time my payment would increase $2,610.39! How in the name of everything Holy could anyone afford that payment?

I've placed calls to the HOPE Team, HRD Team, anyone who would listen and have been told that either I take it or I get nothing. Basically, saying I should be grateful for anything. I've had four (4) surgeries, I don't know, I pray not, but I don't know if I'll need another, how can I say yes to this....

I saw the NACA info, but due to my illnesses, I don't know if I'll be able to volunteer as much as the normal, person, so what do I do?

I feel like that kid in the schoolyard who has their back against the wall with no options...

Any thoughts and/or assistance anyone can provide would be greatly appreciated.

SingleMom33

03-18-2009, 09:14 AM	#1 (permalink)
SingleMom33 Member Join Date: Mar 2009 Location: DC Posts: 21 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Bullied By Countrywide..... Hi, everyone...I've read many posts and threads before I decided to apply for membership. I'm wondering if anyone is feeling the same way as I am, as if you are being bullied by Countrywide. Here's my story.... I've had four (4) surgeries since last June. I'm currently recuping from my last surgery at the end of February. I ultimately fell behind on my mtg in October as I was placed on Short Term Disability and the payments were not nearly enough to cover both of my mtgs. I have a 1st and 2nd with Countrywide. The first is a I/O for 7.375% with a principal balance of $411,150; the second is 10.5% 15 yr balloon with a balance of $49,219.00 They (Countrywide) allowed me to go into a Special Forebearance plan where I was paying only half of my mortgage for a couple of months; however, that only put me further in the hole, because at the end of the forebearance, I was due for three (3) months. I enlisted the help of two (2) HUD approved counseling agencies and only one (1) responded. The Counselor worked with me and we made contact with Countrywide to begin the modification process. I was approved; I then received the paperwork this week with the modification terms for the 1st, not the 2nd. It states that they are willing to drop me to 7% for 5 yrs at $2,477.66 I/O and then back to my normal rate at 7.375% yrs 6-30 PI and at that time my payment would increase $2,610.39! How in the name of everything Holy could anyone afford that payment? I've placed calls to the HOPE Team, HRD Team, anyone who would listen and have been told that either I take it or I get nothing. Basically, saying I should be grateful for anything. I've had four (4) surgeries, I don't know, I pray not, but I don't know if I'll need another, how can I say yes to this.... I saw the NACA info, but due to my illnesses, I don't know if I'll be able to volunteer as much as the normal, person, so what do I do? I feel like that kid in the schoolyard who has their back against the wall with no options... Any thoughts and/or assistance anyone can provide would be greatly appreciated. SingleMom33