Countrywide Hardship

[philcyn11]

Is this where I post it? hope so

To Whom It May Concern:

I am writing this letter to explain my unfortunate set of circumstances that have caused me to become delinquent on my mortgage. I have done everything in my power to make ends meet but unfortunately I have fallen short and would like you to consider working with me to modify my loan. My number one goal is to keep my home and I would really appreciate the opportunity to do that.

The main reason that caused me to be late is a medical operation and Illness. Soon after being late and my income not being nearly enough, I had fallen further and further behind. Now, it’s to the point where I cannot afford to pay what is owed to Countrywide. It is my full intention to pay what I owe. But at this time I have exhausted all of my income and resources so I am turning to you for help.

Though I believe this situation to be temporary, the hardship began August 22, 2008 when I had an operation and was forced to take a 6 month leave of absence due to complications.

My situation will get better once I return to work. I feel that a Principle reduction and fixed interest rate loan modification would benefit us both. I would appreciate if you can work with me to modify the delinquent amount and or payments so I can keep my home and also afford to make amends with your office.

Additionally, my builder Ryland Homes has dropped the price of all new unsold homes in my development by +100k. My current appraised home value is 291,500 while I am currently paying 350.000 plus tax and insurance. I have not been in my home 2yrs. And there are currently 500 homes for sale in this immediate area. Additionally, at the time of Closing on my home, Countrywide only offered me what is now called subprime mortage rates though I qualified for a prime rate due to my good credit.


Please be informed that I am currently working with loansafe.org and my case will be profiled on the public website.

I truly hope that you will consider working with me and I am anxious to get this settled so we all can move on.

Sincerely and Respectfully,

[Moe Bedard]

HI philcyn11,

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

The letter is good, however, we have not seen the investors doing any principle reductions on first liens as their options with modifications yet..................without that option will a modification be able to help you?

What is the interest rate at?
When is it adjusting?
Are you paying interest only?
What is the loan amount?
One loan or two?

[philcyn11]

One guy in my neighborhood got a principle reduction of 100k. I would rather a principle reduction over a modification.


What is the interest rate at? 1st. 7.5 2nd 12
When is it adjusting? fixed
Are you paying interest only? Paying PI
What is the loan amount? 350.000
One loan or two? two loans

[Moe Bedard]

We have yet to see a principle reduction on a first mortgage here on the forum...............and it would be up to the investor on the loan........
you may want to contact CW and ask if the investor on your loan has that for an option............
1-800-669-6650

or see if you can work with your second lien on something like that........
who is servicing the second lien?

[FloridaGirl]

I agree, I was helped with a lowered interest rate but no principal reduction, even though my home was purchased for $193K and similar ones are now selling for $89K!!!

[philcyn11]

Re: Requesting Loan Modification

Dear Sir/Madam:

I am writing this letter to explain my unfortunate set of circumstances that have caused me to become delinquent on my mortgage. I have done everything in my power to make ends meet but unfortunately I have fallen short and would like you to consider working with me to modify my loan. My number one goal is to keep my home and I would really appreciate the opportunity to do that.

The main reason that caused me to be late is a medical operation and Illness. The hardship began August 22, 2008 when I had an operation and was forced to take a 6 month leave of absence due to complications.

Soon after being late and my income not being nearly enough, I had fallen further and further behind. Now, it’s to the point where I cannot afford to pay what is owed to Countrywide. It is my full intention to pay what I owe. But at this time I have exhausted all of my income and resources so I am turning to you for help.


Though I believe this situation to be temporary, I feel that one lowered fixed interest rate loan modification would benefit us both. I would appreciate it if you can work with me to modify the delinquent amounts and or payments and include the taxes owed and insurance into the modification so I can keep my home and also afford to make amends with your office. I am requesting one lowered fixed rate loan modification to include the PITI on the mortgage.


Though I am sure my situation will get better once I am well. Here is my current situation:



Hardship: while I have been off sick, the current job market has changed. I work for a small Defense company that has experienced a work slowdown. They are asking us to take a much reduced cut in pay to match the current pay rate comparable to other companies in our industries. This for me would be the equivalent of a 20k cut in pay. I have been offered other jobs in this industry and find that, to date, this salary reduction estimate is correct. Bills: My current car note plus insurance is expensive but manageable. My house utilities for electric and propane however have increased by 75% in the past year and are expected to increase again this year. Food and gas this year have also greatly increased.

My new home builder Ryland Homes has dropped the price of all unsold homes in my development, selling comparable homes for 199,990. I am currently paying 350.000 for my home, plus 3800.00 taxes and 650.00 insurance. This means my home has lost 150k in value in 2years. My property taxes are due in December 2008. There are currently 500 homes for sale in my area, most in foreclosure. Additionally, at the time I purchased/closed on my home, Countrywide only offered what is now called sub prime mortgage rates though I had prime credit.


Please be informed that I am currently working with loansafe.org and my case will be profiled on the public website. I am also working with NACA and Md. Housing and Rural Development.

I truly hope that you will consider working with me and I am anxious to get this settled so we all can move on.

Sincerely and Respectfully,

[Moe Bedard]

That is a good one.......

Good Luck on the modification!

Please keep us posted on your progress............

[Moe Bedard]

You would need to fax your hardship to the number that they are giving you at CW..........
Countrywide is Bank of America now and the emails are not valid....the executives are not there........

[philcyn11]

Hello,
Countrywide refused to work with me initially because I was not late. Now I am late and they want to excelerate my loans on Dec. 3. What do I do?

[philcyn11]

Here is my situation

I am now 2months behind due to an operation and illness. I have called all the numbers on the list: Home retention, ex team, loan resolution, early intervention dept. They are all recordings and no one is answering

[wchamilton]

Try 1-800-669-6650. I just called that number and was able to get through. This is the number for the Home Retention Team.

I imagine you may have to wait on hold for a bit; today's the day that Countrywide is rolling out their Home Retention Program so they may be swamped.

[philcyn11]

Hello,

Is there anyone I can contact immediately to top the foreclosure procedings? The modification might take awhile and CW does not seem to want to play ball or wait. Please offered directions

[Dan Bailey]

I'm sure *** will have a better answer for you as soon as she sees your post...but, BK lawyer or some other lawyer? Have you had one handling the mod so far?

[Moe Bedard]

Do you have a sale date?

[philcyn11]

I am two months behind on my mortgage due to illness.

I spoke with one of the lawyers listed on your forum- Jim Griswald. He wants 3000.00 up front? Is this standard? Are there any hidden costs to come?

Has using a lawyer been found to be more effective then going it alone? Is it faster? Can you get better interest or principle reductions?

Can I just use the lawyer for a letter to send to coutrywide-to get them to listen with the threat of a law suit?

[Moe Bedard]

Using a third party would not give you a different outcome than doing it yourself because the investor on the loan would still need to give the approval to any type of modification..............so if you need the added help..........you can try a non profit such as HOPE or NACA.......
Homeownership Preservation Foundation
NACA

With a servicer as large as CW..........if you are going to threaten a law suit you should be prepared to follow through.........an attorney won't draft a letter using an idle threat.

I just called the Home Retention number and got through...........have you called and asked them what your options are from the investor on your loan?
1-800-669-6650

[philcyn11]

My lender is Fannie Mae. Country Retention CSRs refuse to do anything other then a forbearance, where the increase the monthly payments to bring me current and keep my interest rate the same.

How do I get past the CSRs and to someone who can actully modify my loan? Gate keeper still in the way.

I think I need help with my financials. They are either too low or too high.

[Moe Bedard]

If your servicer is FannieMae and you are 90+ days in default at this time........there is a program beginning Dec. 15th for your loan and it is not a forbearance and it will not raise your payment........but you would need to go through the Home Retention Dept. for it......
1-800-669-6650

but you can do your financials with HOPE
1-888-995-HOPE

[philcyn11]

Thank You,

I called Hope, so I will wait and see. I am glad I read your short sale forum, that was next on my list. I will try to hang in there.

[philcyn11]

Can Bank of America sell my loan out from under me-while saying they are working with me thru NaCA?

I have a foreclosure date with Bank of America-july 12th. I am also working with NACA. Problem is that BaC does not seem to know what NACA is doing and is going forward with the forclosure on July 12th. Bank of America will no give me any information about the status of my loan because NACA has it.

I dont want any surprises, should I wait on NACA-who is not contacting me back. Or get my loan back and get a lawyer before it is too late.

[CW California]

You need to get a hold of NACA and let them know about the foreclosure date. There is a link to do that on their website or you can call them.