Behind in payments, seeking Loan Modification

[Jim B.]

Hi All

I have been assigned a negotiator today and have been in touch with someone continuously this last week that gave me their phone number and extension and they actually ANSWER their phone and follow through with what they say they will do.

I was told today the name and phone number of my Countrywide Escalation negotiator. I was asked to give the escalation negotiator up to 4 days to review my situation and work up possible scenarios that may work with the Investor who is Bank of New York.

My concern is and where I need advice is that mine and my wife's income comes through Real Estate we sell. The last 6 months verified income that I supplied Countrywide is not enough to pay our bills (The whole reason we fell behind on our payments was the down real estate market). I supplied Countrywide with several listings I now have, along with 3 homes we have in escrow and will be getting paid in the next 30 days. I told the negotiator that we have also received a gift from my wife's parents that will allow us to have at least 3-4 months backup money to pay our bills and stay current. while our other sales are coming in. I told them that our market has leveled out and sales are increasing, which is verifiable. I am looking to keep the nest egg I have and have the money owed put onto my loan and work out a new payment. I am now on a Payment Option Arm.

What else can you suggest to talk about with the assigned negotiator? I have not spoken with her yet, I was just assigned to her this morning.

I really really appreciate all your help, without it I would still be floundering out there with the rest of the borrowers, not knowing how to proceed. Your instruction is not only duplicable, IT WORKS!!

Please advise what to say and do from here.

[Moe Bedard]

Jim,

You are correct........the advice that was given and the contact information if followed like posted............does work.......

You are doing and saying all the right things..........
unfortunately what each investor requires as proof from a self employed person seems to vary..............I was asked for a P&L statement, but some have not been, and I also didn't have to give my tax returns............I was asked for 12 months bank statements instead.......and Chase asked me for the 1099 for the year which also showed my income..............hopefully in your case Countrywide Home Loans will accept the gift for additional income........

Just be honest.........you are doing great!!

Please keep us posted on your progress.........

[Jim B.]

Thank you ***, Andrew and all the other people who have been so helpful in assisting me with applying for a loan modification.

Your instructions and advice was used ver batim and I am VERY GLAD to tell you that the process I started on my own on April 7th 2008 got me nowhere.

Then with the advice of the kind and knowledgeable people at Loansafe.org I took ***'s advice and,

Within 48 hours I received two e-mails from the Office of the President. My loan was escalated and I was assigned an Escalation Negotiator.

Today I received a call from my negotiator that my loan modification was approved as requested. They took the entire amount owed in arrears with any late charges and put that amount on my loan amount, which only increased my loan by $200.00 per month. I do not have to make any payments until September 1st 2008 and I do not have to put any money up front which helps tremendously!

This is such great news!! Thank you all for your kind words, advice and support. I do not believe that Countrywide or any of the major lenders want to put us through foreclosure to take our homes. We just need to know how to BEST communicate with the lenders representatives to talk the language they understand and know how to be heard. I was within 45 days of my home's sale date.

The best THANK YOU I can give to the folks at loansafe.org is that this works, be your own advocate and follow the instructions you receive from ***, Andrew and others from loansafe.org.

If anyone of the readers here wishes to talk more about their experiences with Countrywide, I would be happy to fill in the blanks or they can read my string here. I would be very happy to help in any way I can.

Thanks again everyone, ***, you are my HERO!

Jim

[Moe Bedard]

Jim,

That is such great news!!!
I am so happy LoanSafe was able to help you get the mod done and it is a great one with breathing room until Sept. You must be so relieved...........

Please let me know when you receive the docs and if you have any questions on them at all.............

I am happy to help............that is what I am here for........

Enjoy the holiday weekend in Your House!!!...........YAY!!!

[Jim B.]

Hi ***, Andrew Et Al!

I got excellent advice from you and suceeded a few months ago to get a loan Mod from Countrywide Home Loans. They rolled about 5 past payments and some late charges into a new, modified loan.

Today I received a letter stating that my unpaid balance has increased over the amount allowed on my loan and effective 1/01.09 my new, minimum payment will be $675.00 higher than my current payment.

My loan is a Payment Option Arm, my current minimum payment without State taxes is $1656.16. The reason Countrywide said they are increasing the Mortgage payment is that when unpaid principal exceeds the maximum limit equal to 115% of the Principal amount we originally borrowed, therefore the recalculation of the loan payment.

The reeason we got behind in our payment previously is the same reason we cannot afford higher payments. My wife and I both are Realtors and with the depressed Real Estate market with the Recession on top of it, the last thing we need is our house payment increased again.

We were under the impression that our loan modification would help us longer than 3-4 months. Nothing was stated at the time of the loan Mod that our payments were in danger of sharply increasing past what the loan mod specified.

We cannot pay the extra $675.00, what can we do? Please advise.

Jim

[Moe Bedard]

Hi Jim,

There is a program that CW has begun on December 1st for modifying option arm loans.........but you would need to call and see if your loan qualifies for that program.
1-800-669-6650

click on the link for the information........
Countrywide Financial - Real Estate Mortgage Lender - Home Loans - Equity Loan Mortgages

or you can also try going through NACA's program for help with CW........
here is that link and click on the Home Save Program square for info...
www.naca.com

[Jim B.]

Hello
I bought a home 3 years ago on a Pay Option Arm. I am also A Realtor who has experienced a huge decline in my sales due to the Oregon Housing market decline. My home has gone down in value, my equity 90K equity has virtually disappeared, my paymentds have gone up over $1,000 per month and I now owe approximately 100K more than I can sell my home for in the current market. I owe approximately $450K and homes exactly like mine are selling for $350K and below. I am looking for a market adjustment and loan modification to get an affordable payment.

How can I best approach Countrywide (B of A) to get assistance, especially with the Presidents Housing Stimulus unveiled today?

I am a good student and fast learner and very pro-active. I look forward to your excellent help!

Jim

[heehoo22]

You'd want to call the home retention department to apply for a mod. Although they aren't going to be able to assist with the President's Housing Stimulus Bill since it was just announce and the detailed have not yet been worked out by the governemnt. Obama said they will not have the details until March 4th.

[Jim B.]

Am I wrong in thinking that the new program the President is rolling out will benefit my predicament? I have had a loan mod before, however I now qualify for another loan mod with Bank of America's program they rolled out at the 1st of this year. I am going on 2 months behind in my house payment and one month behind on my Home equity Loan. With about
100K loss in equity over the last year, I want to see if the President's new program will allow C/W to reduce my principal and interest rate, allowing a more affordable payment. I can wait if the new Housing Stimulus will get me closer to my goal.

Anyone??

[Moe Bedard]

Jim,


I posted the info to help the members see what the plan entails here............
http://www.loansafe.org/forum/stop-f...lity-plan.html

[Jim B.]

I received a loan work-out, as it was then called about 8 months ago, that was before my Pay Option Arm re-set and my house payments went up approximately $1,000. per month. This in tandem with the local Portland Oregon housing market decline in values, my home value has depreciate by $75-100K, which puts in in a less than 20% equity position. My wife and I are both Realtors and our business is suffering along with the local housing market. My wife is pursuing another job now, temporarily suspending her Realty license.
I called C/Ws Loan Retention Dept. today and they said I would not qualify for a loan modification, only refinancing. I wanted to apply for a moddification under Bank of America Nationwide Homeownership Retention Program for Countrywide Customers. I have heard that this program was devised to directly help Pay Option and Sub Prime Borrowers.

Can anyone help to advise me on how to pursue a modification? I cannot afford the payments any longer on the Pay Option Arm.

[heehoo22]

From what it sounds like, you modified your loan to a fixed rate loan, which would mean it's no longer a payoption arm. You wouldn't qualify for the AG Settlement if that's the case.

[Jim B.]

Thank you for your reply
My loan states that the loan is a 30 year Conv. Jumbo Pay Option Arm, not a 30 year fixed. My loan modification was finalized prior to my option arm resetting, in Sept. of 2008. The Bank Of America AG Settlement/ modification program is for Sub Prime and Pay Option Arms. I am in Oregon, not one of the settlement states. I was told BY Countrywides Home Retention Dept. that I would qualify for a new modification after Dec. of 2008.

When I called Countrywide's Loan Retention Dept. today, they said that I was denied a modification in August of 2008, in fact I have the paperwork for the loan mod which was accepted, signed and delivered in Sept of 2008.

[heehoo22]

What do the modification documents you signed say at the top? What kind of loan? Not the kind you had originally but the modification documents... A payoption arm would not increase by $1000 if they modified it and kept it as a payoption.

[Jim B.]

Hi Moe and ***

My wife and I are both Realtors. The past 6 months has been very depressed, it is like we have been un-employed, thankfully we were able to make our payments through 2008. We are now behind in Jan-March payments and have exhausted our reserves and will not be able to make April payment on time. Thankfully business is picking up and by May we will have money to support ourselves on an ongoing basis. The problem is we are behind and I want to apply for a loan modification. Our loan is a payment option arm, we have had the loan for 3 years.
Our home value has declined by approximately 15% and I would like to get a loan modification under Obama's Making Homes Affordable Loan Modification Program. Since we have effectively not had a real income for about 6 months and we are self employed, do you think we might be able to get a forebearance since we are already behind 3 months payments? We just need a chance to get back on our feet. The depressed housing market is why we have fell behind. We really want to keep our home and this is the first time we have gone without income. We can show in past years a steady income. I understand that the Making Homes Affordable Modification Plan formula will help reduce monthly payments on mortgages to a specified affordability level. Can you suggest the best way to approach Countrywide?
Also, when I do contact Countrywide, I would like to send my application for the modification to the office of the President of Countrywide along with any other e-mail addresses and Mailing addresses you have. I would really appreciate your help!
Thanks, Jim

[Dan Bailey]

Jim,
Following the same steps that you did for your previous mod would be how to delve into the process. CW has a "version" and application process for the "obama plan". The processs and aplication can be found here:Countrywide Financial - Real Estate Mortgage Lender - Home Loans - Equity Loan Mortgages

[Jim B.]

I am going to apply for a Loan Modification under Obama's plan. I have prepared a hardship letter, 2 years tax returns, Monthly expense sheet and Self employment information. Is there anything else I may need that I can prepare now and send with the application? I am applying for a loan modification under the Making Homes Affordable Obama plan. I don't have a loan backed by Fannie or Freddie, so I know I cannot get a refinance through the Obama plan, my situation fits in exactly with the assessment found on the Obama's Making Home Affordable - Home
website. Previously Loansafe.org has supplied mailing addresses and names of Countrywide officials to whom I should postal mail and e-mail my Modification Request Package. Does anyone have a thread of names, addresses and organizations I should copy my information to, for an effective communication? I want this "first strike" to zero in on all forces that can be of help, willing to try most anything, including sending a copy of the request to Biden and Obama themselves. Can anyone help??

[Moe Bedard]

Where to contact to submit the package to CW for the MHA program is located in the link that Dan has posted above...........

The other contact information that was previously availabe has not been available since July 2008 when BofA took over CW and most recently with the name and information changing as of April 27th......CW emails will not be valid.

[Jim B.]

Very good point. Should I send my package of info to one location or more? Has there been any loansafe.org members that have reported receiving a modification under the Obama Making Homes Affordable plan?
I am very much hoping that Countrywide/Bank of America will take in consideration that the last 6 months being in Real Estate has been like being un-employed. Both my wife and I have been Full-time Realtors for over 8 years and business has been almost non existant for the last 6 months, until recently and we seem to be turning the corner. My wife has just taken a full time job and I am getting back on track now commissions wise. The housing economic condition is directly correlated with where I am now, behind in my payments. If I can get the monthly payment down to a manageable amount, there will be no further problems. Any thoughts on how to reflect my predicament in a hardship letter? I appreciate Loansafe.org SO MUCH!!

[Moe Bedard]

CW is still putting the program guidelines into their system and they are doing it in phases..................you would need to contact them directly and see if you can fax the package in at this time..........
1-800-669-0102