Countrywide Loan Mod

[backert2002]

Originally Posted by strive2win

Has anyone else gotten one of these letters?

Hi I am new to this site but I am very interested in loan modification for fixed rate fha loan with countrywide. i have been denied any help twice over the past several months, we have just missed our first payment due to all our savings, credit gone is there any point in hoping that they will help?

[Cat Damiano]

Hi backert2002,

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

What is the reason that you were denied two times?
What is your interest rate at?
Is it fixed or adjustable?
If adjustable when is it adjusting?
Are you paying interest only?
Do you have one loan or two?
Are you in default?
What state are you in?

[countrywidecustomer]

Did you try to a Special 3 Month Repayment/Forebearance Plan yet ? I did, and was approved just the other day! No one helped me though until I found this site. The minute I mentioned I was a member of Loansafe.org Countrywide decided to help us. After you get the 3 mo Forebearance Plan they will call you for a Loan Mod and to see how you can repay those 3 months back, either a flat sum, payments spread out over 12 months or lower payments added every month over the life of the loan. You need to call them and ask for the 3 month Forebearance and tell them you are a member of Loansafe.org and that your story will go Public. It worked for me.

[eagle 218]

Countrywide Customer,

I hate to sound abrisive so please do not take it that way. How did your forbearance work? What is a special 3 month forbearance? How do you know they will call you in 3 months? Also, how do you know that if they call you that they will spilt the paymets out 12 month or the life of the loan.

[countrywidecustomer]

It's ok, I understand where you are coming from. I have a Negotiator assigned to me, and they sent Documents to me via Fedex, that needed signed and sent back. The Documents described the Forebearance in detail. They set up a Loan Mod/Repayment Plan after the end of the 3 month period, which by the way is actually 5 months of no payments. You can either pay those 5 months off (which we intend to) in one lump sum, or choose one of the two different repayment plans. You must show a Surplus of about $250 after your debt to income ratio is added up. Ours was done very quickly, and the day after we received our Negotiator, it was posted on the website as approved, just like he said on the phone.......I was shocked! I called every day though hounding them. Now we have no payments from Oct-Feb. They are calling on Feb. 3rd.

[backert2002]

Originally Posted by Cat Damiano

Hi backert2002,

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

What is the reason that you were denied two times?
What is your interest rate at?
Is it fixed or adjustable?
If adjustable when is it adjusting?
Are you paying interest only?
Do you have one loan or two?
Are you in default?
What state are you in?

Hi

We were denied twice because they said we could afford the loan, are loan is 3 of my husbands paychecks. We have a fixed at 6.87%, one loan, principal, interest, taxes, isurance and PMI all included in payment. we refinanced last year before the market totaly fell apart into a fixed insured fha otherwise we woud have adjusted last November. To qualifiy for our fixed they used my husbands income, my income which was commission only and our savings, we were hesitant because my income was commission only in a failing realestate market which I was fairly new to. In order to try and save our home and trying to be optimistic that things would change we went ahead. We have owned our home since 2004 and where trying to keep it. Thinking back now I almost whish we would have lost our home last year rather than lose all our savings etc. I have been very ill this past year but have still tried to look for some part time work with no avail. We where paying $3,000.00 per month to countrywide, we were not able to pay October so now we are one month behind with numerous late charges . We explained all of this to Countrywide several times before we got to this point and all they will say is we can afford it or do a short sale. We now have medical bills in collection we need to pay, credit card bills we need to pay all because we were trying to honour our obligations to Countrywide and hoping they would in some way assist us. We have just made things worse and put our family in a financial crisses. Any suggestions would help at this point? We live in Sacramento California

[Cat Damiano]

Since you have an FHA loan have you contacted HUD to speak with a counselor and go over what options you may have.........

Call 1 (800) 225-5342 to see what options FHA can offer you.

[countrywidecustomer]

I don't have an FHA Loan, but Countrywide was telling us the same thing about being able to afford our payments because we were never late and paid up to date. I just kept calling in and then finally as soon as I mentioned Loansafe, they agreed to help us and they have!