[SingleMom33]

I got my docs today. What happens is, you have to meet the three (3) months of on-time payments first to be eligible; so Countrywide is calling it, on my docs, a Special Forbearance Agreement. However, the interest rate is 5.125% (PITIA) where I initially had 7.375% IO. So, after you successfully make the three (3) months payments, then you are rewarded by the Obama Plan (at least this is what I read) and you are then approved to go into the modified loan at the agreed interest rate, again in my case, 5.125%, and then in year six (6) you will have a set interest rate the rate they had given you on the date of the modification agreement, which has to be less then the current market in that year.

So, with my credit score now after the surgeries and being late, I'm happy with the 5.125% PITIA rate.

*** posts this number 1-800-601-2522 for the OOP