What do you think our mod chances are? - Page 2 - Loan Modification Forum

Moe Bedard · 01-09-2009, 09:42 AM

That is great news!
Congrats.........

robijamie · 01-10-2009, 09:14 AM

THat's wonderful, congrats!

md37793 · 01-28-2009, 07:44 AM

I just logged into countryide this morning to find this:

Workout Status Details:	Your Loan Modification has been canceled from workout servicing because of the investor guidelines which govern your loan. Please be advised that normal collections activities will resume on your loan. Please continue to explore alternative options to bring your account current. If there is any change in your financial situation, please call for reconsideration. Thank you.
Information as of:	01/27/2009
Workout Stage:	Canceled
Phase/Sub-Phase:	Canceled by Investor

Does anyone have any guidance as to what this means? It it because I don't qualify under the investor's guidelines, or is it because I just signed up with NACA. My NACA phone appointment was just last night, but I had submitted my documents days ago. I'm thinking it is more to do with the investor not liking something. NACA said that they are confident that they can get my situation resolved, but this still worries me. Any input?

bossguy66 · 01-28-2009, 09:16 AM

Exactly. It's always up to the investor (lender) of the loan. Some lenders do not allow modifications period.

md37793 · 01-28-2009, 10:56 AM

Just got off the phone w/ countrywide. The rep said that the investor on my loan does not accept modifications! Why would the not want to modify upside down 2/28 arms. Also, when I was denied last month, it said "borrower does not qualify" instead of "investor cancelled." Why am I getting two different repsponses. Something seems a little fishy. If the investor does not accept mods (which I find no reason for), then why would they not tell me that the first time!Finally, they had my income in incorrectly and were showing a monthly surplus of 1000 dollars rather then a 200 dollar deficit. They were very rude to me (both the rep and the manager I asked for), and I hope NACA can help. Does not look to good. Anyone have any advice??? I am about to just stop paying altogether... Sorry for the rant...I am really frustrated.

md37793 · 01-29-2009, 07:15 AM

With Countrywide saying the investor doesn't accept modifications, is there any reason to believe NACA is going to be successful in doing what we could not?

Moe Bedard · 01-29-2009, 01:28 PM

Maybe not.................but the nice part about it is that going through the process is free..............and maybe NACA can change the investors mind............you never know.

MP927 · 01-29-2009, 01:56 PM

I feel the same-doesn't hurt to try...but it sounds like your investor is pretty unwilling to work with you. I have no idea who our investor is, but I hope they are of the flexible variety.
Best of luck with NACA

md37793 · 01-29-2009, 02:18 PM

They said the investor was not accepting mods period...I cannot figure out for the life of me why any investor would want to lose all of their cash flow and incurr costs, rather than preserve some level of income. Is there something I'm missing here? Thanks again to everyone that has responded. I can only hope NACA can help me. They seemed really confident, but had not talked to Countrywide yet.

jrolfedrev · 01-29-2009, 02:42 PM

Maybe contact your senators and congressman. Verify also if the investor got the bail-out money.

md37793 · 01-29-2009, 03:42 PM

I wish I could verify that they recieved bailout funds, but Countrywide won't cough up the identity of my investor. I wish there was a way to find out who it is!

01-09-2009, 09:42 AM	#26 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What do you think our mod chances are? That is great news! Congrats......... __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

01-10-2009, 09:14 AM	#27 (permalink)
robijamie Senior Member Join Date: Nov 2008 Posts: 53 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What do you think our mod chances are? THat's wonderful, congrats!

01-28-2009, 09:16 AM	#29 (permalink)
bossguy66 Member Join Date: Jan 2009 Posts: 10 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What do you think our mod chances are? Exactly. It's always up to the investor (lender) of the loan. Some lenders do not allow modifications period.

01-28-2009, 10:56 AM	#30 (permalink)
md37793 Senior Member Join Date: Dec 2008 Posts: 77 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What do you think our mod chances are? Just got off the phone w/ countrywide. The rep said that the investor on my loan does not accept modifications! Why would the not want to modify upside down 2/28 arms. Also, when I was denied last month, it said "borrower does not qualify" instead of "investor cancelled." Why am I getting two different repsponses. Something seems a little fishy. If the investor does not accept mods (which I find no reason for), then why would they not tell me that the first time!Finally, they had my income in incorrectly and were showing a monthly surplus of 1000 dollars rather then a 200 dollar deficit. They were very rude to me (both the rep and the manager I asked for), and I hope NACA can help. Does not look to good. Anyone have any advice??? I am about to just stop paying altogether... Sorry for the rant...I am really frustrated.

01-29-2009, 07:15 AM	#31 (permalink)
md37793 Senior Member Join Date: Dec 2008 Posts: 77 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What do you think our mod chances are? With Countrywide saying the investor doesn't accept modifications, is there any reason to believe NACA is going to be successful in doing what we could not?

01-29-2009, 01:28 PM	#32 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What do you think our mod chances are? Maybe not.................but the nice part about it is that going through the process is free..............and maybe NACA can change the investors mind............you never know. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

01-29-2009, 01:56 PM	#33 (permalink)
MP927 Senior Member Join Date: Jan 2009 Location: California Posts: 265 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What do you think our mod chances are? I feel the same-doesn't hurt to try...but it sounds like your investor is pretty unwilling to work with you. I have no idea who our investor is, but I hope they are of the flexible variety. Best of luck with NACA

01-29-2009, 02:18 PM	#34 (permalink)
md37793 Senior Member Join Date: Dec 2008 Posts: 77 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What do you think our mod chances are? They said the investor was not accepting mods period...I cannot figure out for the life of me why any investor would want to lose all of their cash flow and incurr costs, rather than preserve some level of income. Is there something I'm missing here? Thanks again to everyone that has responded. I can only hope NACA can help me. They seemed really confident, but had not talked to Countrywide yet.

01-29-2009, 02:42 PM	#35 (permalink)
jrolfedrev Senior Member Join Date: Sep 2008 Location: the commie state of California Posts: 125 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What do you think our mod chances are? Maybe contact your senators and congressman. Verify also if the investor got the bail-out money.

01-29-2009, 03:42 PM	#36 (permalink)
md37793 Senior Member Join Date: Dec 2008 Posts: 77 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: What do you think our mod chances are? I wish I could verify that they recieved bailout funds, but Countrywide won't cough up the identity of my investor. I wish there was a way to find out who it is!

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