Loan Modification for recently employed?

[DeDallas]

Hi all, I am new to the site I registered. I am so happy to see that I am not alone. I am scared and I want to keep my home.

Countrywide:

My situation and question...... I was layed off in February of this year, I used my savings to pay for my home and other expenses up until September. I was recently employed, but at half of my normal income. I have fallen behind 2 months on mortgage payments. I spoke with a rep. this morning, and she stated that I qualify for the Nationwide Homeowner Retention Program and that I will be receiving a letter in the mail by the end of the month. (I'm not sure what this means) She said her computer was down so I would have to call back to get more detailed information on the program.

One note: When I gave her my income and expenses. She stated that when they attempt to qualify you for a loan modification, they like to see that you at least have $150.00 positive income at the end of the month!!

[Cat Damiano]

Hi DeDallas,

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

Click on the link for information about the program that they were telling you about..............
Countrywide Financial - Real Estate Mortgage Lender - Home Loans - Equity Loan Mortgages

if you are in one of these states..........then you are pre qualified for the program................due to the AGs in these states filing suit against CW.
Arizona, California, Connecticut, Delaware, Florida, Illinois, Iowa, Michigan, Nevada, North Carolina, Ohio, Texas, Pennsylvania, and Washington

[alikeith]

I know that for the usual mods, they like to see a surplus.

When i called in for the new program, i was in the negative. The rep did not say that it would keep me from being modified. My housing payment is currently 45% of my income and they want to keep it to 34%. If they lower my payment then i wont be in the neg.

[KATHYB]

When I spoke with "The Heart Team", the place where CW sent my modification to, I was told that I didn't qualify for the B of A program because when my loan was made, I had a good credit score and the B of A program was only for loans that were sub-prime. She said sub-prime meant loans to borrowers with less than good credit.

So I am stuck with whatever this "Heart Team" eventually comes up with I guess.

[KATHYB]

And... in addition to my post above, I would like to add that I have a feeling that I will be checking my doorstep everyday for months waiting for this elusive Fed Ex packet of papers to arrive. And... its amazing to me that if you call, no one knows anything about your modification or where its at in the process. Im a tad discouraged by all the lack of information they provide you with through this process.