C.w. Retention plan recieved beware!

[JBURT]

AFTER RECEIVING HOME RETENTION TERMS IN MAIL @ 4.85%
WITH STEP INCREASES EACH YEAR TO MAX @ 8% IN 20 YEARS
WITH MY PRINCIPAL LOAN AMOUNT AT $430,000.00
AND CURRENT ASSORS HOUSE VALUE AT $250,000.00
I QUESTION THE REPOSSIABLE LEDING PRACTICES OF SUCH A LOAN OFFER. IN LAYMANS TERMS DOES THIS MEAN THAT IF A WANT TO PERCHASE A $20,000 CAR I CAN GET FIANCING
FOR $40,000 OR BETTER YEY IF I WANT TO PURCHASE
A HOME FOR $250,000 C.W. WILL PROVIDE FIANANCING
FOR $400,000. IS THIS NOT THE EXACT TYPE OF UNSECCUED LOAN FIANCING THAT GOT THE NATION IN THIS MESS IN THE FIRST PLACE HEDGING I LOAN ON THE HOPE ONES PROPERTY VALUE MAY INCREASE. I HAVE BRIDE LOANS TO NOWWHERE BEFORE AND COULD NOT REFI WHY WOULD I BE STUPID
ENOUGH TO DO IT AGAIN GIVING THE STATE OF THE ECONOMY

[JBURT]

Sorry folks, before i could complete the last post i hit the wrong button before i could add some further thoughts i am near blind and cant see the key board and did not spell check. The problem that i have with the loan mod agreement is that they are offering a loan amount that is not even close to what a bank would loan on. Is that responsiable lending ? And what are some of your thoughts as well as terms you are being offered from the c.w. Retention program. That came out in dec. The mod i recieved will put me back in the same situation 5 years from now and does not provide long term stability. There would not be a person willing to pay more than $250,000 for a house they want me to take out a $430,000 mortgage in which property values
are projected to decline another 20% this year.

I am in doubt as to my fiduciary duty to my family
to accept the loan mod offer

[Moe Bedard]

JBURT,


If you are not able to afford the modification or you are not in agreement with the terms, you do not have to accept the mod offer..............a modification is just a restructure of your current loan. The modifications given are up to the investors on the loan and what they are or are not willing to do, they have been offering to lower rates and extend terms depending on the type of loan that it was. However, they have not been reducing principle as a part of a modification yet..........whether or not they will in the future is anyones guess.

[JBURT]

*** & company

my real question is the acceptance of such terms principal compared to loan value as well as counrty wide to offer a loan that is unsecured by almost $200,000? What are your thoughts and opinions?

Maybe i misunderstood the intent of
ag settlement program i thought it was to promote
long term sustainablity. My loan is serviced and owned by c.w and simply curious as to see what different mod terms are actually being offered thru the dec 1st program. My terms are identical to some of your posts please provide terms to compare.

[Moe Bedard]

this is the only info posted on the program itself.........
Countrywide Financial - Real Estate Mortgage Lender - Home Loans - Equity Loan Mortgages

[JBURT]

AT FIRST GLANCE IN BOLD TYPE I COULD SEE MY NEW LOWER
PAYMENT WITH MY NEW INTREST RATE I THOUGHT TO MYSELF BRAVO C.W. CAME TO TERMS WITH THE MESS
THAT THEY CREATED. HOWEVER AFTER FURTHER REVIEW
IT WAS APPARENT THEY WERE UP TO THERE OLD TRICKS

THE SHORTED OR MODIFIED INTEREST RATE AS ADVERTISED WAS BEING ADDED TO THE TOTAL AMOUNT OWED TO THE LENDER C.W'S LOAN BALANCE. BEWARE !!

THE MOD TERMS 4.85 STEPPED OVER 5 YEARS
GOING UP TO 8% FOR THE NEXT 15 YEARS AT INTEREST ONLY WAS GOING TO PUT ME IN WORST SHAPE. "WHAT HAPPENED TO THE LONG TERM SUSTAINABLE PLAN THATS THE ONE I AM LOOKING FOR!!!!!!!!

CURRENTLY I OWE $430 K ON A HOUSE THAT IS VALUED AT
$250 K THIS TYPE OF NEGITIVE AMORITAZTION LOAN MOD DOES NOTHING BUT INCREASE MY LOAN PRINCIPAL BY ADDING THE AMOUNT OF UNPAID INTEREST TO MY LOAN BALANCE AND THEN IN 10 YEARS I COULD OWE DOUBLE
WHAT MY PRINCIPAL IS NOW. BAD BAD BAD!!!!!!!

THIS DOES NOT MAKE SENSE TO SIGN AND ACCEPT SUCH A DOCUMENT WITH PROPERTY VALUES EXPECTED TO FLATLINE WITH NO REAL VALUE GAINS A DECADE AWAY

HOW DOES THIS LOAN MOD FIX MY BAD LOAN. IT IS A TEASER OFFER THAT WILL PUT ANYBODY THAT WOULD ACCEPT SUCH AN OFFER AS WHAT I RECEIVED IN DEEPER DEBT WITH THE RISK OF DEFAULT 5 YEARS FROM NOW.


HOW MANY OTHERS HAVE RECEIVED SUCH TERMS THRU THE A.G. RETENTION SETTLEMENT ???