an0ther countrywide mess

nymess · 11-11-2008, 05:23 AM

Just to start, this forum is great! It's nice to see that we are not alone going thru this mortgage mess. I've been going thru the postings and mine is similar to some in some ways, but I have not seen anyone from New York....We bought our house in 2006 with a 2/28 loan. We refiananced as soon as we could one year later, this time getting a fixed rate 10yr interest only. At this point we are about 5,000 behind on the principle,and Countrywide won't do anything for us.I even had the last rep tell me" have you and your husband thought of getting second jobs? or how about renting a room in your house?" We have been taking cash advances from our credit cards the last few months to help pay the mortgage. Iwas told that ny isn't doing the retention program starting 12/1. Do i try to get a modification or do i try for the hope4homeowners? (We also have a 2nd mortgage) HELP ?

Dan Bailey · 11-11-2008, 05:52 AM

Dontknowwhattodo,
Glad you found the forum! *** or Moe will be by as soon as they can to give you some advice/direction (they are on west coast time) Hang in there!
Alot of us have gotten those types of "suggestions" from CW collections reps (mine was to eat less)., so, no, you aren't alone in this.

Moe Bedard · 11-11-2008, 12:53 PM

HI,

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

The modifications given are up to the investor on your loan and if you loan is a low rate at interest only a modification might not be able to help..........

With the H4H program any other liens besides a first lien would need to release and extinguish............that is something that you would need to ask your second if they are willing to do before applying through FHA as you can only have the one lien................

You might want to see if you can get help through NACA..........they have their own programs and work with CW on them..........

NACA

nymess · 12-07-2008, 06:47 AM

I've read in a few different posts about a dec.15th program...can anyone give some details for this "program"?

Dan Bailey · 12-07-2008, 08:24 AM

I believe that the links posted by *** about the program are all that is known about it at this point.

Moe Bedard · 12-07-2008, 11:00 AM

thank you for the info....... but the link provided was from an unauthorized website so could not be left................

here is the actual statement of the program...........

http://www.fhfa.gov/webfiles/169/new...MENT111108.pdf

nymess · 02-22-2009, 11:29 AM

This forum is really great, there has been a lot of really good info ,and I'm sure my situation is very similar to a lot of the one's on here but I haven't read any from New York. We have our first with Countrywide ( 10yr interest only fixed @7.125) then we have an equity line of credit with Chase. We missed our first payment with countrywide Nov. 08.and are up to date with chase( paying interest only). We hired a mortgate modifcation co./lawyer to help us. So far we have only gotten a "special forberance freeze" till April 20,2009. to buy us some time, we were told that there should be a program for us starting then. What do you think? This whole thing is so stressful and such a mess!!! Has anyone heard of countrywide asking for all the missed payments all at once? This has been a big concern of ours. We are saving most of the missed payments( aprox. 7 out of 12,000). What do you think are chances are for a modification? Does anyone know of a "program" starting in April? Any feedback would be greatly apreciated!!!

mgallant · 02-22-2009, 12:56 PM

Quote:

Originally Posted by nymess

This forum is really great, there has been a lot of really good info ,and I'm sure my situation is very similar to a lot of the one's on here but I haven't read any from New York. We have our first with Countrywide ( 10yr interest only fixed @7.125) then we have an equity line of credit with Chase. We missed our first payment with countrywide Nov. 08.and are up to date with chase( paying interest only). We hired a mortgate modifcation co./lawyer to help us. So far we have only gotten a "special forberance freeze" till April 20,2009. to buy us some time, we were told that there should be a program for us starting then. What do you think? This whole thing is so stressful and such a mess!!! Has anyone heard of countrywide asking for all the missed payments all at once? This has been a big concern of ours. We are saving most of the missed payments( aprox. 7 out of 12,000). What do you think are chances are for a modification? Does anyone know of a "program" starting in April? Any feedback would be greatly apreciated!!!

First off, stop feeling this is all your fault! Based on the limited info you gave I would say both your loans are terrible loans to begin with. If I understand you correctly you have a first and second which are both interest only loans which I would consider very bad. The lenders knew exactly what they were doing when they gave you those loans, the only thing they could not have known was how bad the economy and the housing market tanked. They were most likely banking on the worse case fact that if you defaulted they would end up with a piece of property with equity that they could sell and recoup there loses plus fee's and penalties. You didn't say if you have equity in your property or not.

First thing you need to do is insure whomever you hired to represent you is in fact doing so and not just taking money and extending your situation until the FEDS hopefully come around and help you (fat chance)! To be truthful I would contact NACA immediately and get them working for your best interest and workout a solution that is right for you and not the banks and lawyer you hired!

nymess · 02-22-2009, 06:28 PM

we owe 358,000 on 1st and aprox.38,000 on second. We origanlly took the 2nd with countrywide and then refinanced it with chase.the house is probably worth somewhere around 310,000. We signed a contract with this company already.But they seem to think there will be something to happen in april...any thoughts on this?

nymess · 02-23-2009, 05:09 PM

We just thought of something today...since our loan is an interest only, with this "forberance" thing that they have us in right now does it freeze the loan completely or is the interest still piling on? Also come April when the forberance period is over is the 20,000 in payments that we've missed going to just get added to the loan to make the whole situation even worse?

pdsfoley · 02-23-2009, 06:42 PM

seems like no matter what CW does for anyone...in the end they are only out for themselves...after all....they are in the business to make money...so they are gonna fight the WHLOLE way. I figure if you can buy 5 years of peace of mind thats the way to go. Maybe I'm wrong...but I can't see any other way out