Loan Mod with Countrywide a joke

[willoww]

After 2 years of fighting and writing letters this is what it has come down to.
I filed for bankruptcy in Sept 2008 ,discharge Jan 2009 -did not put the house in
2 loans, a pay option arm for $294,000 no payment since Nov 2008
and a line of credit taken out at the same time for $54000, which was sold to Real time resolutions, no payment since Oct 2008.
After doing all the right things the QRS .the hardship letters, letters to every political person in my state. Nothing helped!! The deal they gave me today was the same payment I was paying on the min payment of the option arm and only for for 3 years and then it goes back to the original loan and the missed payments get tacked on the back. I also believed it is an interest only. I thought I was waiting for that Attorney General program with the pay option arm. So with the 2 loan I now owe 367,000.00 on a house what is worth about 275000. How do I know when to walk away or to keep fighting?

I guess if I can live in the house for as long as I can before the foreclosure that will help . But what happens next? Do I send the papers back with a letter stating I decline the offer and I want a better one or do I tell them what I want?

I could just cry over all of this. I love my house and I worked hard as I am sure everyone has. But any advice from anyone here would be greatly appreciated. I remember reading about a couple who waited months for their modication and got very little and hire a lawyer to sue Countrywide for making them wait for nothing. I wish I can do that. This is so very frustrating.
Willoww

[aubie37]

I understand the frustration. I would be concerned if it reverts back to the negative amortization function as that benefits no one.

[willoww]

Is there anyone out there that has some advice on my story Please anyone!!!

[Believe]

Willow, I'm sorry for your situation. I can certainly empathize because I've been trying for a modification for a couple of years, also. I don't have Countrywide, though, and I don't know the specifics about them. I DO KNOW, however, that many people on this forum have been able to get better terms than what they had before. Try to be patient and keep checking back for new posts to your thread. The good people here will be by with helpful suggestions.

[willoww]

If I send the papers back stating we are refusing the modification, will CW just start foreclosure. I have send my stuff into NACA and I have an phone appointment for Oct 16. How does that work, as far as working in NACA

[caldwellb02]

Willoww - definitely read the NACA threads, but here it is in a nutshell:

At the phone appt they are going to ask you all sorts of information re expenses, etc. It works best if you send the docs they ask for before your phone appt. Then if they think they can offer a proposal, they'll talk with you about it and submit it. That's a really simplified overview - you really do need to research the threads here and the naca.com site for what they do. NACA is no quick fix, but they may be able to help if CW starts foreclosure. Make sure you know Michigan foreclosure laws. I found California's by googling "California + Foreclosure process." Good luck

[ama125]

I don't know what programs are available in Michigan, but PA has a program for emergency mortgage assistance. It is hard to qualify, but just by applying for it, I was able to have state enforced rules preventing a sale date from being set as well as any further foreclosure activities. Amazingly, I actually got approved (last year's approval rate was only 21.1%). I did a quick google search and came across this pdf... http://www.theinfocenter.info/WTTG/W...Assistance.pdf
I'm not sure where in Michigan you are, but this may be worth checking into, even if you may not be eligible, you could still apply for some kind of assistance to buy time. It can't hurt to call and find out what services they may have. Don't be discouraged if BofA offers you crap at first, many have rejected the first offer only to be given something better later. Keep trying every avenue you can! I wish I could offer you more specific information, but each person has a unique situation so it is hard to say what BofA will or won't do for someone. Good luck and try to stay positive!

[ama125]

Here's another one I found (but I don't know what county you are in): Rent/Mortgage Assistance

[willoww]

I am in Oakland County. So when I send the papers back with no deal on it, when what happens? Do I call and ask for another deal or submit what I think it should be? I actually need a principal reduction and I thought with the pay option arm lawsuit I would get it but CW said we did not qualify for that program. This was the only program and after 3 years it goes back to the original loan ,so does that mean it is still an option arm?

[ama125]

Originally Posted by willoww

I am in Oakland County. So when I send the papers back with no deal on it, when what happens? Do I call and ask for another deal or submit what I think it should be? I actually need a principal reduction and I thought with the pay option arm lawsuit I would get it but CW said we did not qualify for that program. This was the only program and after 3 years it goes back to the original loan ,so does that mean it is still an option arm?

I am not familiar with your entire story... I will dig around your other posts. A few things to know that would be good for anyone to offer you advice are...
Are you current? Are you employed? What percentage of your gross income is your current mortgage payment? I am not an expert so I can only offer you advice based on what I have read and learned over the last few months. If there is any way I can assist you, I will try my best. I know that bankruptcy can muddy up the works. On one hand, you've unloaded the debt burden, on the other hand, the BK lowers your credit score and makes you a risk then. It's a catch 22.

[ama125]

I'm not sure if you've contacted anyone here, but I found this:
Congressman Sandy Levin : Community Corner : Mortgage Assistance

[kura52]

Originally Posted by willoww

If I send the papers back stating we are refusing the modification, will CW just start foreclosure. I have send my stuff into NACA and I have an phone appointment for Oct 16. How does that work, as far as working in NACA

Willoww, hang in there...I know it must be rough right now. I think it is great you are scheduled with NACA to try and get some help from them. I would trust them 100 times over BofA. I have read on loansafe that somehow, they are able at times to make things happen that the banks just wont. I am also in Mi, Wayne County. Also in a pay option arm. I am current on loan, in an open chapter 13 bankruptcy. I've been working trying to get a mod since March 09. I dont trust B of A at all, I am not expecting much from them. Just trying to see what happens. I honestly can see myself contacting NACA at some point. Keeping you in my thoughts and prayers.....

[willoww]

thanks for everyone help