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

dthom · 06-18-2009, 05:52 PM

secondchances:

We have been working with NACA since Jan. and we have PMI on our mortgage also. We are now just waiting, as our investor and mortgage insurer asked for updated proof of income middle of May. We have now missed 2 payments. On CW/BofA website, it does state that on the MHA plan they will work with mortgages with PMI, but not at the present time. They are focusing on the loans that are in or near foreclosure. I figure they don't care about the loans with PMI because your loan is guaranteed by the mortgage insurer. In our case Genworth.
I gave up with CW back at the end of the year, as they just kept giving us the runaraound, same as you, you qualify, you don't qualify etc etc. Loss of income is listed as a hardship. They are inconsistent at CW/BofA.
Definitely contact NACA. The process is very slow at this point. CW/BofA drags their feet, but at least NACA seems to be able to get somewhere with them.

06-18-2009, 05:52 PM	#8 (permalink)
dthom Senior Member Join Date: Oct 2008 Location: St.Clair Shores,Michigan Posts: 699 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Countrywide will not modify because of PMI??? secondchances: We have been working with NACA since Jan. and we have PMI on our mortgage also. We are now just waiting, as our investor and mortgage insurer asked for updated proof of income middle of May. We have now missed 2 payments. On CW/BofA website, it does state that on the MHA plan they will work with mortgages with PMI, but not at the present time. They are focusing on the loans that are in or near foreclosure. I figure they don't care about the loans with PMI because your loan is guaranteed by the mortgage insurer. In our case Genworth. I gave up with CW back at the end of the year, as they just kept giving us the runaraound, same as you, you qualify, you don't qualify etc etc. Loss of income is listed as a hardship. They are inconsistent at CW/BofA. Definitely contact NACA. The process is very slow at this point. CW/BofA drags their feet, but at least NACA seems to be able to get somewhere with them.