Any Advice??

[Bail_ME_Out]

I bought my house at the height of the market when I was making good money. Now like many other people it's worth 1/2 and I am no longer making good money as I am in the service industry and people just aren't going out these days. I barely made my payment today and I am worried about next month. I paid $250k. I have a first w/ Countrywide for $200k and a second with Suntrust for $50k. I initially had a heloc w/ Countrywide for the second but I managed to refinance to a regular mortgage with Suntrust. I have no equity. I have excellent credit and am not behind on any payments yet. I hear so many horror stories about how difficult and unhelpful Countrywide is. I am a bit intimidated to even try to do anything myself. I would like to stay in this house, but would also not be against moving if I could find a way to purchase a properly valued house. Any advice from people who know about this stuff would be appreciated.

[Dan Bailey]

Bailmeout, Welcome to the forum and thank you for joining. *** or Moe will be by as soon as they can to give you some direction.

It may help them to know what state youre in, your rates right now, etc...

There is alot of good information on the site in the meantime to look over, and there have been success stories with CW.

Good luck!

[Bail_ME_Out]

I am in Florida. The problem is not really a bad rate, it's a change in income.

[Moe Bedard]

Actually Countrywide is not unhelpful, they are modifying loans pretty aggressively if it makes sense to do so.............the modifications are given by the investors on the loans, in most cases, CW is just a servicer and they do not have the final approval for a modification.
Also buy and bail is considered fraudulent...........so you might want to try to either work on the property you are in or rent another one and short sale this property...........

Either way you would need to start out by contacting Countrywide to see what options are available on your loan..............

Put together a hardship letter and an income/expense sheet, there are examples in the Homeowner Tool Box to the left of the forum...........then contact CW and see what else they would need you to submit.......

Countrywide Home Retention
1-800-669-6650

[Bail_ME_Out]

Thanks for your advice. I don't really know much about the whole mortgage business. I know that my sister and several coworkers have tried to deal with Countrywide and have not had any luck and in fact have pretty much been ignored. One of my friends at work is currently going through a forclosure with Countrywide because they wouldn't talk to him and all he wanted was a fixed rate. I certainly don't want to commit any sort of fraud...I just want a house payment that is less than my income. I've looked into that FHA homesaver loan but it doesn't seem to be for people that have 2nd mortgages and Countrywide has to agree to it. I will start compiling my hardship letter and income reports.

[Bail_ME_Out]

My boyfriend of the last 6 years just moved out and left me stuck with this house by myself. We were barely making the payments together and now I can not come up with the entire payment by myself. I have excellent credit and have never missed a payment on anything in my life. I called Countrywide for help like their web page says to do and was told that there was absolutley nothing they could do for me. I can not move or refinance because my house that I paid $250,000 for is now worth about $100,000. I pleaded with the woman for any help lowering my payment via a lower interest rate or extended term or anything and she said I had NO options. I asked if I would have more options if I stopped paying and she said no. I do have some income and am able to pay a good payment...just not the $2000 a month that I am paying interest only right now. I have tried the FLASh program and CCCS and they haven't helped a bit. What can I do? Please advise.

[Moe Bedard]

Call and see if you qualify for the program beginning on Dec. 1st and if not then you will need to ask Countrywide what options the investor on your loan has...................

1-800-669-6607

[Bail_ME_Out]

I forgot to mention. I have an 80/20. The 80 is with Countrywide in a 30 year fixed interest only for the 1st 10 years and the second is with Suntrust also in a 30 year fixed. My rate with Countrywide is at almost 7%. I was just so shocked to hear the home retention dept tell me that I had absolutley no options as I was looking at their website that says --"call if you need help ...we have lots of options to help you."

[cdmosaic]

I wish I had good news for you, but I am in the same boat. Also have a fixed interest rate loan/10 years interest only and CW says the same thing to me. No options available. I've tried faxing my hardship letter and written the office of the president. so far nothing, but keep trying.

[Bail_ME_Out]

I just find it so hard to believe that they would rather have another foreclosure on a $250,000 house in a market full of $90,000 foreclosed houses than help someone who has excellent credit and has never missed a payment on anything EVER stay in their house.

It is extremely frustrating, and makes the decision to stop paying them that much easier. I just emailed a hardship letter to all of the listed Countrywide emails pleading my case. Hopefully someone will help.