Take this Countrywide offer or not?????

[gjw123]

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

[Dan Bailey]

Gloria,
Gald you found the forum and posted.

Unfortunately, since this is not your primary residense, your options are much more limited. Most every program is aimed at helping people save their primary residense.

If you make a partial payment, it will be put into a seperate account and not applied to your payments (reduce the balance owed)

You could try contacting:
CW home retention: CW Home Retention
1-800-669-0102fficeffice" />>>