Loan Modification Forum - LoanSafe.org - View Single Post - Countrywide will not modify because of PMI???

DanaLynne · 06-18-2009, 11:50 AM

I have heard the same information regarding Countrywide/BOA and PMI. Though, I don't believe it and feel it is just another Countrywide/BOA stall tatic. If you read the HAMP guidelines the PMI issue is addressed - I feel pretty confident that someone at Countrywide/BOA has read the guidelines. It is my personal opinion that the only way you will get anywhere with Countrywide/BOA is by NOT MAKING your house payment.

I would not deplete my savings, 401K, retirement, or borrow money from anyone if I had a Countrywide/BOA loan. Just stop making the payments and they will assist you. I'm not talking about every lender just Countrywide/BOA. So your worried about your credit? You'll be in the same place, credit wise, once you've depleted all your savings, retirement, borrowed frrom friends and family... it's gonna run out sometime.

These Countrywide/BOA folks are evil. They use every stall tatic available. There are worse things in life than a little punch to your credit. You stop making payments for 3 to 6 months - in a couple of years your credit will heal. But don't deplete all your money waiting for Countrywide/BOA to assist you - you have to stop paying them for anything to happen.

Just my opinion.

06-18-2009, 11:50 AM	#4 (permalink)
DanaLynne Member Join Date: Jun 2009 Posts: 6 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Countrywide will not modify because of PMI??? I have heard the same information regarding Countrywide/BOA and PMI. Though, I don't believe it and feel it is just another Countrywide/BOA stall tatic. If you read the HAMP guidelines the PMI issue is addressed - I feel pretty confident that someone at Countrywide/BOA has read the guidelines. It is my personal opinion that the only way you will get anywhere with Countrywide/BOA is by NOT MAKING your house payment. I would not deplete my savings, 401K, retirement, or borrow money from anyone if I had a Countrywide/BOA loan. Just stop making the payments and they will assist you. I'm not talking about every lender just Countrywide/BOA. So your worried about your credit? You'll be in the same place, credit wise, once you've depleted all your savings, retirement, borrowed frrom friends and family... it's gonna run out sometime. These Countrywide/BOA folks are evil. They use every stall tatic available. There are worse things in life than a little punch to your credit. You stop making payments for 3 to 6 months - in a couple of years your credit will heal. But don't deplete all your money waiting for Countrywide/BOA to assist you - you have to stop paying them for anything to happen. Just my opinion.