Anyone had any luck with getting a better modification?

[SueVee]

I have an 2 year ARM that is set to adjust November 1st. I called the home retention number and talked to a supervisor and was told that I couldn't do anything until 60 days prior to it adjusting. I told her that although we hadn't made any late payments, we could not afford the payments to increase, and we have had our house on the market for what we owed, and couldn't sell it. SHe did take some rough numbers over the phone and because our outgo of bills was about the income we made, she said that we wouldn't qualify for any loan modification.

My husband and I have had good credit, and I explained to her that the exact same house was for sale for 125K LESS than ours, and it wasn't selling, and we didn't want to walk away, but needed some help on the 7.50% rate we were paying... She said there wasn't anything they could do, and to call government agencies and see if they could help.

I have read some threads that looked like they got further than I did on the phone, but I don't know where to start. Can you offer the best place to start, email or phone- and to whom? I am so stressed out about this, and want to get this ball rolling to see where it takes us ASAP!

Thanks for this forum!!

[Moe Bedard]

Hi SueVee,


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

Countrywide investors do require that you have a surplus of around $100-$250 left at the end of the month when you put together your household income versus the household expenses................so if you are not in that range you would need to work on expenses to try to get there to qualify for a modification.

If you can work on the financials............call.......

1-800-405-0078

and see what options are available from the investor on your loan.........

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

[SueVee]

Hi there! I have a I/O loan that was set to adjust Nov 1st, and we applied for a loan modification. Both my husband and I lost our jobs in Sept (auto business) and hadn't been able to make the $3600 payment starting with Oct's payment. We submitted a hardship letter and proof of our income, by fax, and were told that someone would get back with us (we called mid Nov once we received the accleration letter). The customer service rep (I used that term loosely) asked us what payment we could afford ( I said $2200), and told us to ear-mark that amount for Dec, and to wait until we received our modification paperwork to pay that amount. Mid December we received a Fed-ex with a loan modification to lock in at 8.15% rate (we had on a 2 yr ARM) for 30 yrs, and our payments only decreased $100!!

My question is should we call back and ask for a better modification? Do we need to reapply with the new guidelines that started Dec 1st? Just looking for someone who may had had experience with this situation. Thanks!

[Moe Bedard]

On a modification they will usually have you wait 12 months before you are able to apply again..............however, if this is your principle owner occupied residence and you do not own any other properties...........you may want to try NACA and see if they can put together a modification proposal with you to present to your investor through CW.
click on the link for the info..............
https://www.naca.com/refinance/refinanceTenStep.jsp