Bank of America Announces Nationwide Homeownership Retention - Home Loan, Loan Modification & Foreclosure Help Forum

Krazenater · #1 (**permalink**) IP: 199.231.49.128 10-06-2008, 09:45 AM

Hi All,

Countrywide Financial - Real Estate Mortgage Lender - Home Loans - Equity Loan Mortgages

What are the implications for us on this? Anyone have detailsed or called yet?

Cat Damiano · #2 (**permalink**) IP: 67.177.243.104 10-06-2008, 09:55 AM

Here is the contact info for this program................it is rolling out on
Dec. 1st...........

Countrywide Homeownership Retention Program
1-800-669-6607

Krazenater · #3 (**permalink**) IP: 199.231.49.128 10-06-2008, 10:02 AM

Thanks Cat....

Just one thing I was reviewing this program and yet again it is aimed for the Sub-Prime market. Those of us who have 30 yr fixed rate prime mortages who are having trouble making payments and house have lost lotsof value (upside down) are getting lost in the mix. Are there any real solutions for us out there? In my case I have a 30 yr fixed at 6.75% (Good rate?) and a 2nd (Not through countrywide) @ 13%. I owe way more then my house is worth, my taxes have increased. What can I do?

Cat Damiano · #4 (**permalink**) IP: 67.177.243.104 10-06-2008, 10:07 AM

It has been a while since you contacted Countrywide, what have they told you about the modification of a fixed rate loan?

alikeith · #5 (**permalink**) IP: 192.254.1.7 10-06-2008, 10:27 AM

So i wonder what this means for someone like me who is on a sub prime loan, that they already have locked in at 8.35% for 5 years? Is it possible they may lower it? I know that my rate was set to adjust several times.

Krazenater · #6 (**permalink**) IP: 199.231.49.128 10-06-2008, 10:29 AM

To be honest I submitted everything and I got very little feedback from them. My Debt to income ratio was inadequate they sai and there was little taht could be done. I borrowed from my 401K to bring my mortgage current. But now I am over 30 days late again on both the 1st and 2nd.

Cat Damiano · #7 (**permalink**) IP: 67.177.243.104 10-06-2008, 10:33 AM

alikeith,

Try calling the number and asking..................they might be set up to at least answer some questions before Dec. 1st.

alikeith · #8 (**permalink**) IP: 192.254.1.7 10-06-2008, 11:13 AM

its pretty new it sound slike so i wonder if they will have much info. I will wait

homehelp · 10-06-2008, 07:54 PM

Hi there -

I called CW today about a mod I have been working on since JULY 15th and got told by the rep that my loan qualified for the new BOA Nationwide Homeownership Retention Program (She actually said that as my file was populating, the system "flashed" a warning that I was a candidate...that is fast seeing that this signed over the weekend). She requested my financials again and told me that although they did not have much information, that my file would be under review and I would get a letter in the mail! I am baffled. My loan does not re-set until Mar 09 and although I am struggling, I have never been 30 days late (late yes, but not 30 days). I have been trying to get a MOD forever and I am told the file was sent to HOPE on 9/15/08 and I should receive the famous FedEx any day now. My question is this, I asked the rep if I should wait for the FedEx or wait for the new program, of course she had no idea.

I see so many options here that I am now confused. Should I try an FHA loan? Should I see what this new program does? IF I EVER get the mod docs, I can see the terms, but I am a closing agent and I do a great deal of CW mods, and not all of them are great (at least not compared to what this new program states it will be doing).

I bought my house for $480k, put alot down and owe $308k (plus $10k pre pay up in Mar). I have a 2/1 re-setting in March and my current rate is 7.75%. When I got the loan I was making good money in real estate, but now my salary is $45k which can barely cover my mtg and escrow and certainly not a re-set. My investor is Bank of New York. Should I try this Secure Loan FHA thing and who do I call to even see if I qualify? My income is stable (but low) and my debt to income is horrible. My husband is self employed, but he is not on the loan b/c his credit is worst than mine.

Thanks for the help!

Familyof5 · 10-07-2008, 10:22 AM

Quote:

Originally Posted by homehelp

Hi there -

... I asked the rep if I should wait for the FedEx or wait for the new program, of course she had no idea.

I see so many options here that I am now confused. Should I try an FHA loan? Should I see what this new program does? IF I EVER get the mod docs, I can see the terms, but I am a closing agent and I do a great deal of CW mods, and not all of them are great (at least not compared to what this new program states it will be doing)....

I wonder the same things as you. This new program sounds so good, I wonder if I should wait for it. But as long as they are taking, and especially now w/ this new program, many more homeowners will want to contact CW. By the time they figure anything out for us, it will most likely be past Dec. 1st and maybe more or better help will be available. Good luck to us all!!

Please keep us updated, if anyone gets any info or guidence from CW. Thank you!

whatdidigetinto · #11 (**permalink**) IP: 76.14.45.140 10-07-2008, 03:29 PM

Does anyone know if people who already got a loan modification are gonna be able to get help?I recently got a loan mod about 3-4 months ago but my payment is still pretty high $3,490.00 plus the second for almost $400.00. I use to have an option arm loan with countrywide that started of at 500,000 to us owing 550,000.will i still be able to get help?btw i'm in california.

kenneth · #12 (**permalink**) IP: 72.152.92.249 10-07-2008, 04:58 PM

Quote:

Originally Posted by alikeith

So i wonder what this means for someone like me who is on a sub prime loan, that they already have locked in at 8.35% for 5 years? Is it possible they may lower it? I know that my rate was set to adjust several times.

yes you can look at whati done :0

whatdidigetinto · #13 (**permalink**) IP: 76.14.45.140 10-08-2008, 08:26 AM

Quote:

Originally Posted by whatdidigetinto

Does anyone know if people who already got a loan modification are gonna be able to get help?I recently got a loan mod about 3-4 months ago but my payment is still pretty high $3,490.00 plus the second for almost $400.00. I use to have an option arm loan with countrywide that started of at 500,000 to us owing 550,000.will i still be able to get help?btw i'm in california.

so does anyone know?

jrolfedrev · #14 (**permalink**) IP: 214.1.197.8 10-08-2008, 11:28 AM

I called the 1800 and basically I did not qualify since my loan is a pay-option not a pay-option ARM.

jrolfedrev · #15 (**permalink**) IP: 214.1.197.8 10-08-2008, 11:44 AM

I called the 1800 and basically I did not qualify since my loan is a pay-option with 6.62 % IO that will expire in 2017 not a pay-option ARM. They even transfer me to HOPE and told them my situation about my wife quit her job due to new baby but the rep said I was not qualified. My payment of 1st mortgage of 3588 and 2nd mortgage of 466 is running out on top of that I still have to pay the Southern California property tax. I'm even using my 401 to make ends meet. I guess for my situation I have to miss three months of payment before I can get help from them.

countrywidecustomer · #16 (**permalink**) IP: 24.154.34.104 10-09-2008, 05:55 PM

I am also wondering if my husband and I can take advantage of this new program. I applied for a Loan Mod or Forebearance, even though we have never been more than 30 days late on a single payment, we have a loan for $83,000 fixed rate of 7%, and a smaller ARM of $15,000.00 at 5.5%, both through Countrywide. Today I was told that we were denied the Loan Mod or Forbearance. I told them they should be willing to help us since we have never been over 30 days late on a payment...but it's like they could care less. I'm trying my hardest NOT to fall behind and having a 3 month Forbearance wo