Dealing with CountryWide

[Susan Shaw]

Hi All,
I am trying to work with CountryWide to save my home. I bought my home in 2002 with $20,000 from my first home and $40,000 or my mother’s money. I have refinanced several times. I started a therapeutic riding program on the property and am currently making $40,000. I have doubled my income in 6 years and forsee doubling again as we will be hosting the local YMCA horse camp next summer along with constant growth. I have been a single parent throughout my life raising two children. I only wish a chance to make this work or sell in a better market so everyone doesn’t lose.

When I got my current loan with Countrywide I was told that the PMI could come off in a year when the values rose (at the time they were rising). This hasn't held true. I want to work this out with Countrywide. Using an online loan calculator it looks like I can afford a 40 year loan at 2% along with losing the PMI. . I would like to present that offer to countrywide for at least two years. If I can’t afford regular payments at the end of that time I wish the opportunity to sell in a better market so everyone can get their money back. I hope this is feasible input please. Thanks in advance for the help Loansafe

[Moe Bedard]

Hi Susan,

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

What is the loan amount currently?
What is the value on the house?
What is the current interest rate?
Is it an adjustable rate?
Has it adjusted yet?
Is it interest only?
Are you behind in payments at all?
Is your loan a 40 year now?
What state are you in?

On a modification CW can only offer you what the investor on your loan is offering for modifications. If your loan is currently amortized over 30 years, then the modification will be amortized over the remainder of the term that is left. You would have to refi to change the structure and terms of the loan. A modification will freeze or change the rate only.