Loan Modification Forum - LoanSafe.org - View Single Post

gjw123 · 03-26-2009, 10:55 PM

My former residence, which has been a rental for several years, is in arrears 4 months. CW says it is in pre-foreclosure. I want to move back there in a couple of years when I retire. So, I really don't want to lose it.

The only program CW said they can offer me is a 9 month payment plan to replace the arrears amount. If I pay the arrears now, the amount due is $9500. But, with the 9 payments, the amount becomes $15,500! That's a nifty $6000 profit for them in only 6 months!!!

The CW clerk did not know why the amount was so high except that late fees would continue to accrue during the 9 months. But, that only accounts for $1800!

My payments for 9 months would be about $4000. I am a freelance software consultant so when I work I make good money. Unfortunately I have not worked since November, which is why I am behind in the mortgages and everything else. The consulting market is starting to pick after the holiday lull so I will probably be back to work in a month.

The house is by the beach and rents out to tourists by the week. My rental income is the highest from May to September, so during these months I wouldn't have a problem making the $4000 payment, If I have consulting work. After September it will be a bit more difficult to make the payments.

Unfortunately, my credit is shot so I can't borrow the money elsewhere. There is a small chance that a friend will lend me the money, but I need another plan just in case. If I take the CW offer, I can save the house, but there is perhaps a 35% chance I won't be able to finish out the payment program. And, if I exit the program, I will be stuck with the extra $6000.

I can make a payment before the end of the month, which would reduce the balance owed. But, according to the CW clerk, it won't appear on my record for a few weeks so she couldn't give me the payoff figures for a lower arrears balance. I am tempted to make the payment with Check Free (as suggested) and to contact CW again in a week for other options. They should have it posted by then.

Does anyone know if CW supervisors have more flexibility in making offers or negotiating the terms? I thought I would try asking for a supervisor or manager?

Any additional insight or advice would be appreciated.

Thanks and sorry for the long post,

Gloria

03-26-2009, 10:55 PM	#1 (permalink)
gjw123 Junior Member Join Date: Mar 2009 Posts: 1 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Take this Countrywide offer or not????? My former residence, which has been a rental for several years, is in arrears 4 months. CW says it is in pre-foreclosure. I want to move back there in a couple of years when I retire. So, I really don't want to lose it. The only program CW said they can offer me is a 9 month payment plan to replace the arrears amount. If I pay the arrears now, the amount due is $9500. But, with the 9 payments, the amount becomes $15,500! That's a nifty $6000 profit for them in only 6 months!!! The CW clerk did not know why the amount was so high except that late fees would continue to accrue during the 9 months. But, that only accounts for $1800! My payments for 9 months would be about $4000. I am a freelance software consultant so when I work I make good money. Unfortunately I have not worked since November, which is why I am behind in the mortgages and everything else. The consulting market is starting to pick after the holiday lull so I will probably be back to work in a month. The house is by the beach and rents out to tourists by the week. My rental income is the highest from May to September, so during these months I wouldn't have a problem making the $4000 payment, If I have consulting work. After September it will be a bit more difficult to make the payments. Unfortunately, my credit is shot so I can't borrow the money elsewhere. There is a small chance that a friend will lend me the money, but I need another plan just in case. If I take the CW offer, I can save the house, but there is perhaps a 35% chance I won't be able to finish out the payment program. And, if I exit the program, I will be stuck with the extra $6000. I can make a payment before the end of the month, which would reduce the balance owed. But, according to the CW clerk, it won't appear on my record for a few weeks so she couldn't give me the payoff figures for a lower arrears balance. I am tempted to make the payment with Check Free (as suggested) and to contact CW again in a week for other options. They should have it posted by then. Does anyone know if CW supervisors have more flexibility in making offers or negotiating the terms? I thought I would try asking for a supervisor or manager? Any additional insight or advice would be appreciated. Thanks and sorry for the long post, Gloria