Loan Modification Forum - LoanSafe.org - View Single Post - Learn How to Get a Loan Modification From Your Lender

treegirl · 02-07-2008, 09:58 PM

Hi Moe, you have been doing some great work out there. I have been watching you for a few months now and I am very impressed.
Here's the situation: We had one of those 2 year interest only loans on our 420,000 home. It started at 5.25 and thinking we could refi it sounded great! Well when it came time our house didn't appraise for bought value and it jumped to 8.25 in june. We still made payments on time and wrote a letter of hardship and sent documents to countywides home retention dept. on Sept. 29th, 2007. After struggling to pay for the high interest rate and never hearing anything from countrywide it jumped again after 6 months to 9.25. Now we had made the payments until it jumped again but we just couldn't do it at 9.25. Countrywide finally came back to us today with a 5 year 8.25 interest rate and we just coulnd't believe it? How does that help? We had cashed in on our retirement to pay for the first increase in interest rate? Any suggestions?

02-07-2008, 09:58 PM	#11 (permalink)
treegirl Junior Member Join Date: Feb 2008 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Learn How to Get a Loan Modification From Your Hi Moe, you have been doing some great work out there. I have been watching you for a few months now and I am very impressed. Here's the situation: We had one of those 2 year interest only loans on our 420,000 home. It started at 5.25 and thinking we could refi it sounded great! Well when it came time our house didn't appraise for bought value and it jumped to 8.25 in june. We still made payments on time and wrote a letter of hardship and sent documents to countywides home retention dept. on Sept. 29th, 2007. After struggling to pay for the high interest rate and never hearing anything from countrywide it jumped again after 6 months to 9.25. Now we had made the payments until it jumped again but we just couldn't do it at 9.25. Countrywide finally came back to us today with a 5 year 8.25 interest rate and we just coulnd't believe it? How does that help? We had cashed in on our retirement to pay for the first increase in interest rate? Any suggestions?