applying for dec1st program, did we forget anything?

[lavalette]

Hello,
I've been lurking a while now and figured it was time to post. First, from reading the threads, I want to thank loansafe.org for all the work they have been doing. What a comfort to find this site!

Our loan was a Countrywide subprime (borrowed in 2006) of 224,000 at 8.6, a 2/28 readjusted to 10 in September, and will go higher in a few months.

2nd loan is 56,000 at 11.75 balloon. (We are young and dumb).

We are 60 days in default, and waiting to be contacted by a negotiator. They say we qualify for the Dec 1st program, but again the negotiator will have final say. We've contacted HOPE, just for guidance, too.

My husband's small business went negative for a few months in this economy and that is why we defaulted. His income stopped while my income (tenured teacher) wouldn't start up again until 2 weeks into the school year starting. We had to use our savings to eat and finish contracts he was responsible for.

We will be sending our hardship letter, paystubs, bank statements, and income/expense sheet tmw morning. (By the way, is there a sample income/expense sheet-all I can find are the sample Hardship letters) We'll be sending them to the email list I have found in various threads, but has that changed since BofA ate Countrywide?

Have we forgotten anything?

Being that my husband is self-employed through a commission business I am very worried about showing our proof of income. He's found a few small jobs this month, but I'm just wondering if any other self employed individuals have had any luck.
As a teacher, in this economy I know my income isn't going anywhere.

Also, I finally noticed that our closing papers state our first loan to be 8.6% (which we signed), but the amorization schedule we were given just before closing with the same account number on it says 8.35%, the adjustment which took place september says 9.75 on the amorization schedule, but it is at 10% on thier website. I've got to be missing something.

oh, we are in NJ. Thanks again!

[Moe Bedard]

Hi lavalette,

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

The number that you need to call to get the information in regarding the program for Dec. 1st is:
1-800-669-6607

My email contacts are to the executives that are no longer in place........so you will need to call the above number and see where you would need to fax your info..........this is the fastest way to get your info in............all that the emails will do at this point is send you to the home retention dept.

Also the amortization schedule is just a guide............it can not predict the index that the adjustable rate would be attached to.........sometimes they adjust downward instead of upward over the course of the loan.

[lavalette]

Thank you, ***.

Ok, we've been dealing with people from that number so at least the fax numbers they have given will be current. Thanks for the heads up that the other email addresses are out of date.

And thank you for the amorization explination, I knew I was missing some detail/known fact.

Dec 1st, a little over a week away, let's see what happens.....

[alikeith]

did they say to send that much info? I have been hearing that right now they are just asking for expenses and Paystubs.

[jdett]

they asked for bank statements and paystubs from me and took expenses over the phone. no consistancy.

[lavalette]

alikeith - they asked us for that much info, but that may be because my husband is self-employed.

the consitency is an issue.

[alikeith]

Interesting. I am going to call them again today. The told me to call back with my expenses. My husband is unemployed so maybe the self employed morgtage holders have to provide bank statements. I did do a mod before, and they asked for bank statements then. Who knows though. Everyone seems to be different.