Loan Modification Forum - LoanSafe.org - View Single Post

niki4h · 03-25-2009, 08:35 PM

We purchased our home in 2007. Our mortgage is an $80,000 30-yr ARM with a starting interest rate of 10.8%. We live in MN and this is our only home. We have never missed a payment nor have we made any late payments. We always thought we would refinance after two years, but now we don't know if it would be possible. Our interest rate was supposed to increase this year, but we got a statement from Countrywide and our interest rate is not going to increase at this time. This must have been done automatically since we did not request it or anything.

We recently decided to start the loan modification process and thought it was going well until we saw the posts on this forum. Here is where we are as of now...

We called Countrywide and told them that we would like to modify our loan since we wouldn't be able to afford the payments when our interest rate goes up. We were only asked two questions. How much we make each month and how much we spend each month. We make and spend close to the same. I was then told to fax in our proof of income and to continue to check the Website for updates. The Website updated after we submitted our documents and our status states processing and asks us not to contact them regarding the modification until April.

I was just wondering if anyone had a similar situation and what we should expect next. Thank you.

03-25-2009, 08:35 PM	#1 (permalink)
niki4h Junior Member Join Date: Oct 2008 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Newbie/CW Loan Modification We purchased our home in 2007. Our mortgage is an $80,000 30-yr ARM with a starting interest rate of 10.8%. We live in MN and this is our only home. We have never missed a payment nor have we made any late payments. We always thought we would refinance after two years, but now we don't know if it would be possible. Our interest rate was supposed to increase this year, but we got a statement from Countrywide and our interest rate is not going to increase at this time. This must have been done automatically since we did not request it or anything. We recently decided to start the loan modification process and thought it was going well until we saw the posts on this forum. Here is where we are as of now... We called Countrywide and told them that we would like to modify our loan since we wouldn't be able to afford the payments when our interest rate goes up. We were only asked two questions. How much we make each month and how much we spend each month. We make and spend close to the same. I was then told to fax in our proof of income and to continue to check the Website for updates. The Website updated after we submitted our documents and our status states processing and asks us not to contact them regarding the modification until April. I was just wondering if anyone had a similar situation and what we should expect next. Thank you.