What to do

[fresnelman]

We purchased our home in Las Vegas during the 2006 peak. Purchased on golf course for 429k, added 47K pool and about 5K of landscaping. We moved our original loan from builder to our credit union. This mortgage is now serviced by Countrywide and we have a balance of $335k, 30 year fixed and a rate of 6.375%.
Due to the economy my work has dropped off by about 25-35%. We are current with bills, but I think that is about to change this month.
Zillow.com has our house valued at 313.5k
Would any of you guys know if countrywide would even consider modifying our loan?
With one vehicle being paid off in March and a loan modification I could see light at the end of the tunnel.
On a side note, I noticed that my home assessment has increased every year. The county has us assessed at $485,000 right now and they have said I can not appeal until the new year.
Any advise would be greatly appreciated.

[fresnelman]

More insight please. After lookin through more of the forums is it correct to assume that I do not want to talk to Countrywide but to the Investor?

If that is correct, where do I find out who the investor is?

Thank you for any help you can provide

[Moe Bedard]

Hi fresnelman,

Welcome to the forum and thank you for joining.................

You would need to start the process by putting together a hardship letter.......click on the link for examples of a hardship letter.........
Examples of a Hardship Letter

Then you would need to call Countrywide and ask what options the investor on the loan has for a modification............they will let you know what the investor is willing to do..........and you would need to work with them as the servicer.......
call.....
1-800-669-6650


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

[fresnelman]

Thank you. Fanny May is doing a seminar for B of A and Countrywide homeowners. Hopefully they can offer some advice. I also spoke with a lady named Lori at Countrywide to explain my situation and she was very nice and helpful so lets hope that keeps up.
One interesting thing about CW, i posted a partial payment of $2000 on my November statement. The money is out of my account and in their hands but they said they do not apply it to the mortgage until they have received the balance of that months payment. That sounds a little odd.
I will keep you posted

[Moe Bedard]

If your investor is FannieMae.............they just made an announcement on Monday, Dec. 8th............that they will now be looking at the loans that they back that are current for the streamlined modification..........so you can ask about that at the seminar too.

click on the link for more info............
Media: News Releases > Fannie Mae Provides New Servicer Flexibility to Help

[fresnelman]

Had a meeting regarding loan modification Dec 11/08. Today I learned that they are reviewing the information and should have an answer by Jan 23. CW also said in a recording that there will be no collection calls until review is complete. I am currently late on Dec and Jan but have made Dec payment a couple of days ago. Just keeping my fingers crossed

[fresnelman]

Last December I tried to get a loan modification from CW and the rep I spoke with said there would be no problem with getting us down to 5%. Great I thought. Yeah right. CW sent a FedEX package with a Repayment Plan Agreement for the missed payments. If that is not bad enough, the package was dropped off at the front door, hidden from street, and we use the garage so we did not even know it was there. Needless to say when I phoned CW (they told me on the website not to call prior to that date or all work would have to start again) the offer had expired.
So, now we are working on catching up and we are only one month late right now. Wouldn't you know it, my wife's job was eliminated by her employer. Add to that the fact that my income has dropped by about 30% from last year we are a train wreck waiting to happen. Oh yeah, our house also dropped another 30k in value over the last two month. (according to Zillow)
House was bought for 429k and 47k pool added.
Mortgage balance is for $330,000 at 6.375%.
Does anyone think I should try again?
If so, should I do it on my own with CW or should I get a Lawyer or agency to help me out?
Any advice, as always, will be greatly appreciated.

[helpsavemyhome]

fresnelman,

Have you tried contacting NACA? If you have had a loss of income they may be able to help you.

Best of luck to you!

[fresnelman]

i am filling out their paperwork as we speak. Thank you

[helpsavemyhome]

That's good! NACA has been able to get many of the members here successful restructures. The process does take quite a while for most, but is said to be worth it.