Bank of America Announces Nationwide Homeownership Retention

[HobieCat]

I called CW and they told me since my rates were fixed-rates; they could not modify any of them. My first loan rate is 6.75% 30-yr Conventional Jumbo (investor is Fannie Mae) and my second loan is 7.875% Conventional 2nd Balloon thru 2021 (investor is Bank of New York).

[tazzy20176]

I just found out from Countrywide that my state (MD) is not participating in the new homeownership retention program. I guess when I saw "nationwide", I assumed all states were participating. What do I do now?

[Cat Damiano]

tazzy,

your state may not be one of the 11 that is getting the monetary help from the law suits filed by the AG's in those 11 states, but the program is being offered to loans that fall within the parameters of the qualifications............one of which is that your loan would have had to originate with either Countrywide or Bank of America...................and the number to call is.......

1-800-669-6607

to see if your loan qualifies............

here is a link to the qualifications too..........
http://my.countrywide.com/media/Fina...sistance1.html

[tazzy20176]

Thanks Cat, I did call that number on yesterday and was that yes I have a pay option arm, but that my state is not participating right now, but will eventually later. The first representative I spoke with at CW told my flat out that my loan didn't qualify, which I new it did. So I called again and was told that the information about my state not participating right now. I'll call again today and I'm sure I'll get a different answer again. I'll follow up.

[tazzy20176]

Cat, I just got off of the phone with CW for 4th time and was told that since the program is so new, all states have not signed on yet. They expect that all states will participate and for me to call back after Dec 1. So maybe there's hope after all.

[Cat Damiano]

There is always hope...............You have a loan that qualifies..........so just follow up as it gets closer to Dec. 1st...........maybe mid November.......try again...........Don't give up....Dec. 1st is just 5 weeks away...

[renee626]

here are th latest numbers and contacts I have come up with regardign the above; lisa lopez, exec research specialist office of the pres 800 669 2443 extension 2716 and Nadine Price (loss mitigation) in the same dept but I don't have her extension. their fax number is 800 658 9364. not sure if it is the same dept 800 669 6607

[alikeith]

Nadine Price is my workout negotiator from before. i had e-mailed her asking about this program, and she told me to call the number. I dont think she will be much help to anyone,