Help Me Save My Home from Countrywide

[mplane2008]

I need help saving my home.

I have two children (A students) in the local school district. I have been out of work for nearly a year. Job creation here is virtually non-existant.

My current mortgage is 30-yr fixed at 6.375
We have not missed a payment, but soon UI will expire and our income will be reduced to only one.

I've written Countrywide 3X letting them know. They prefer that I be late or fall behind, because they haven't offered us much in terms of help.

My last communication with them advised them proactively of this pending change in income levels and asked for reduced payments.

I need some strategies for keeping my home, while working an acceptable payment plan with Countrywide.

Thanks
mplane2008

[Cat Damiano]

mplane2008,


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

Is your loan and FHA loan?

[mplane2008]

No I have a 30-yr fixed at 6.375 interest

Never late, paid each month

Now threadened with extend period of unemployment which will reduce our income to 1.

I've picked up your Thread with all the contacts at Countrywide and just e-mailed the entire list. My letter was mailed yesterday to three of the executives.

I have contacted 995hope.org, who kindly took my information, but nothing has come of it. What must I do to stay on-top of it.

Thanks, This could be another home we save!
mplane2008

[Cat Damiano]

I will be honest with you.................if you are paying interest only at 6.375% ...........a modification might not be able to help you........most of the modifications with Countrywide include escrows for Principle, Interest, Taxes and Insurance.........so it could potentially raise the payment...........
You will just have to see what options are available from the investor on your loan............you should received a response by Wed. of next week on the emails........and they will forward you to the HOPE dept..........from there they can tell you what options you will have........

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

[mplane2008]

I understand my interest rate is low. My strategy is to lower the paymnets for several months to say $1,000 until I can find employment. Have you had any experience with how such a plan is received at CW?

OR am I barking up the wrong tree.

BTW, my home is on the market.

Thanks
mplan2008

[Cat Damiano]

It would be entirely up to the investor on the loan and what they are doing as far as modifications go..............they do have a certain criteria that they will follow and as soon as they contact you they will request the financials from you and then let you know...............so for now it is a waiting game..........

[mplane2008]

Looks like they (CW) are wise to our tactics. Angelo, Kay and several others are no longer in their e-mail system (Domino)

My guess it that due to the volume of e-mails received, they've ask for a change of address.

mplane2008

previous post from cat:
Ladybug,

These are the ones we have courtesy of Andrew and he used them and got great results..........

email addresses:

[mplane2008]

"entirely up to the investor on the loan"

Alias, the rub!

Our loan was originally sold to CW only a few months after we passed papers. A unit of Sherson Lehman was the first investor, I believe.

Does that make it harder?

Also, we are an Alt-A loan (stated income), which has since disappeared, evaporated, terminated, etc.

Ramifications?

[Cat Damiano]

That is not the updated list..............Angelo Mozilo the CEO retired on July 1st...and BofA has since taken over Countrywide and the email addresses don't always work......they were put in place to help members that have already started the process and had their paperwork in so they can check on the progress of the file...............

What you need to do to see what options are available to you from the investor on your loan is to call the Home Retention Dept..........they are the ones that start the modification process with you.........

Home Retention Dept.
1-800-669-6087