Countrywide changed my date online for adj

[Moe Bedard]

You would need to ask them how they are going to apply the payments..........you can probably just call a csr for that from the number on your statements.

[kgusta]

I would like to add to my last post. I just called and wanted to ask about the fannie mea announcement. This guy I spoke with said my invester is wells fargo. So that is out. Fannie mea i mean. Also the guy said that i needed to sign that joke of a modification which by the way is the same exact terms i have right know, adjustable and all before they will even look to see if i qualify for the nationwide home retention. I am not going to sign something this is not even a mod. I am telling this guy its the same thing i have why would i sign it. I don't know what to do. I am lost.

[Moe Bedard]

Wells Fargo is extremely difficult with modifications on the loans that they hold.................

You may want to go through the process with NACA and see if they are able to make a modification proposal that Wells will approve............

click on the link for for info............and then click on the Home Save Program square.........
NACA

[kgusta]

Called again and a nice woman referred my file to the Dec 1st program and said to fax in proof of income only for this program at this time. So I did. She said letters are going out, but they are behind in sending them, so I should know either way. I also took your advise and signed up with Naca, I have a phone appt today or tomorrow. I will keep you updated when I have and information. Again thanks for any help anyone has ever given me. I am trying to hold on to my sanity, as I'm sure everyone is.

[kgusta]

While I am waiting on this Countrywide mess, I would like to start on my second mortgage. It is a balloon note of 15yrs at 10.3% interest rate. This was at bank of America but the 1st Dec they sold to Green tree. Does anyone have any information on Green Tree such as processes, phone numbers, results??? Any help would be helpful, thier site does not have any of this information. At least the site I use. Also, do you think this type of loan can be modified. It is fixed, I forgot to mention up top.

[Moe Bedard]

Call and see what options there are on your loan........
Greentree Loss Mitigation
1-877-816-9125

[kgusta]

A quick update. I have a mod in process with countrywide and with NACA. NACA is trying for a 5.62 interest rate fixed. I thought they were going lower than that. I think even the current interest rate is lower. huh Payment will be higher but taxes and insurance are included. I just thought they could work a better deal than that. I quess not.

[gray517]

naca's proposal is determined by what you can afford based on the financials you give them. the rate they ask for is usually determined by the payment amount you can afford based on the financials you provided. for a refi or purchase in order to get the Low rates offered now you have to have perfect credit, low ratios, large down payment or high equity and/or pay points to buy the rate down. Naca got my rate lowered to 6% and I got a payment that we can afford and I am able to keep my house which is my objective.

[kgusta]

I have a question. I was just going over NACAs proposal to countrywide and just realized something. I do not think they are counting in my expense all credit card payments to be paid. When they went over my credit report with me i heard them mention all of them but if i were to pay all of them and the new mortgage amount i would still be in the neg. I believe because some are in collections they are not counting them. Wouldn't that be defeating the purpose, as i will have to pay these once my mortgage is under control. they are only counting the ones i am currently paying. that does not make sense to me at all. shouldn't all my expenses be included in this restructure? I would think so. I have tried to call NACA and was on hold for about 30 minutes then it hung up on me. nice If i am going to be in the neg every month what is sense.

[kgusta]

Well still waiting on Naca and countrywide but would like to add that i have called Green Tree (second Mortgage) and asked who was the invester on the loan and what options do i have. Hmm quess who the investor is 'Bank of America". seems strange because i was told by green tree that they are only offering a two year rate reduction thats it. This does not seem right to me being that Bank of america just announced helping homeowners, this is not helping me. Does anyone have any ideas on this on how i can get a permanent fix. Should i contact Bank of America and how? Bank of America is suppose to be helping not putting me right back where i came from. Anybody have any ideas????

oh ya and Bank of America just sold this loan to green tree two months ago.

[Moe Bedard]

So far.........that is the type of workout that we have seen being offered by BofA on seconds...........they reduce for one or two years and then return to the original rate fixed.

[kgusta]

update: I just got an email from NACA saying congrats the mod came back approved with a 4.5% interest rate. This is wonderful news for me! They told me originally they were trying for 5.6%, so how i got 4.5% I don't know or care. I can finally sleep at night. NACA said that I should be getting paper work in about two weeks. I am so happy! Thank you sooo much loansafe, you have been very helpful. Now I am starting on my second mortgage that is through Green Tree and Bank of America as the invester. Just sent paperwork yesterday.

[vicjohn]

Great News! When did NACA submit your file to CW? How often did you get updates from NACA?

[kgusta]

NACA submitted in the first week of jan and I got the approval email this morning. They never called me, but i called them three times to check up on it.


I do want to add to this for anyone reading it. When i started the process with NACA i asked them why they are not including my Credit card payments that i need to make because i will need to start as soon as i can afford it. I told them cause if i don't and they garnish my wages, that is not going to do me any good if at that point i can not afford my mortgage payment because of it, so why not include. They said "oh don't worry they can not garnish your wages for unsecured debt. I think they are wrong because i have a court date with one of them this month. Just thought someone might need that info for themselves.

[kgusta]

My docs have arrived from Fed ex, they are waiting for me at home. yes yes yes. I will update after opening them. thank you loan safe and NACA
Now I am just waiting on my second.

[teenut]

kgust,
I used to do recovery work for a cc compay, and depending on your state laws, its very unlikely they will garnish your wages. It is quite expensive for the cc companies to go that route. Unless you owe a tremendous amount or based on your credit report they feel that you can pay. They look at all of this before they take action. The court date you have coming up can most likely be for a judgement, which they all have to go to court in order to put one on you. This doesnt mean your wages are being garnished.