Need some advice

[lovemyhome]

We are going to start the loan modification process and I have a question. My parents gave us $9500 in February because we were told that would help us to get refinanced. Refinancing is not an option now though and I am wondering if that money will affect our ability to get a modification. Should we leave it or give the money back. I have read that Countrywide will want to see bank statements and I don't want that money to hurt us. It is money that we do not use and planned on giving back. Any advice would be really appreciated.

[lovemyhome]

We are going to start the loan modification process and I have a question. My parents gave us $9500 in February because we were told that would help us to get refinanced. Refinancing is not an option now though and I am wondering if that money will affect our ability to get a modification. Should we leave it or give the money back. I have read that Countrywide will want to see bank statements and I don't want that money to hurt us. It is money that we do not use and planned on giving back. Any advice would be really appreciated.

[Cat Damiano]

Hi lovemyhome,

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

Just give it back to your parents to hold for later so it isn't showing in your accounts...........if you are in default you might need some for a good faith payment as a part of the modification............but on the flip side in a modification situation you have to prove a hardship and you will have to send in bank statements and proof of income..........

when you put together your household income versus household expenses you should have a surplus of around $100-$250 left a the end of the month, but you shouldn't have more than this.......

[lovemyhome]

Thank you so much for the information. When I do our budget we have a $150-$200 surplus. We are current on our mortgage payments. The $9500 was just given to us if it would help in refinancing. But now that we cannot, I need to give it back. I did not know that if our bank statements showed that we wrote a check for $9500 to someone if that would hurt our chances for a modification. Any ideas on what I should do? Thanks so much!

[Cat Damiano]

If you take it out now it shouldn't show on your next statement......but I don't know how far back they will ask for statements.......
I just don't know if they will even ask about it.........but they might.....
so I really can't advise as to whether or not that will prevent or hinder a modification.....
You will also have to write a hardship letter explaining why you are not able to afford the payments.........

All you can do is give it a try and get started......

[lovemyhome]

Thank you so much!

[Cat Damiano]

Here is what you can do to get yourself started...............

Put your hardship letter into the body of an email along with your loan number, address of the property, and contact info..........and send it to each of the email addresses below.......you should receive a response by next week giving you a contact person that you can send your information to.....

Hope this helps........
Please keep us posted on your progress......


advocacy@countrywide.com
customer_service@countrywide.com
pressroom@countrywide.com
david_bigelow@countrywide.com
angelo_mozilo@countrywide.com
lisa_riordan@countrywide.com
elizabeth_moyer@countrywide.com
sarah_perek@countrywide.com
chris_oltmann@countrywide.com
gabrielle_williams@countrywide.com
maheshika_ruwanpathirana@countrywide.com
adrienne_ely@countrywide.com
raquel_robinson@countrywide.com
linda_turner@countrywide.com
daniel_whitehead@countrywide.com
melissa_guerra@countrywide.com
mary_archer@countrywide.com
aline_ramirez@countrywide.com
kacie_miller@countrywide.com
patricia_mckenzie@countrywide.com

[lovemyhome]

This site is really a blessing. I have been reading a lot of stories here and have learned so much! I hope that we will have success. Thank you for taking the time to answer my questions!

[lovemyhome]

Hi Cat!
I was hoping to verify something regarding the budget...I need to have a $100-250 surplus, is that using the net or gross amount of pay?
Thank you so much!

[Cat Damiano]

strangely enough they go by gross not net.........

[lovemyhome]

Thanks...that is strange, but good to know! Also, our first half property taxes were due May 15, 2008, we have not payed them yet...what will happen when we ask for a modification? Our 2007 property taxes are paid. Thank you for all your help. You must be an angel!

[Cat Damiano]

If they are not escrowed in your payments...........then the notice will be sent from the county to CW and they will pay them and add them to the modification and the payments moving forward will have escrows attached to them.........