Do I need to be over 60 days late before getting help?

[rvbruner]

First of all, let me say this is a great forum and resource - thank you. Like most of you, I have a long story, but I'll save that for later. Here is the quick version:

• Subprime "Credit Come Back" loan with Countrywide for 2.5 years
• Have not made a payment since November 2008
• I will be 60 days past due on Feb 01, 2009 (for the Dec 1st payment)
• I've received a "Notice of Intent to Accelerate" from CW
• I just filled-out the NACA online submission forms yesterday

My question is.... Should I make a payment to CW to keep from being over 60 days late? Or, do I need to be over 60 days late to actually get help?

I greatly appreciate the input. As so many have done, I'll keep my progress updated so others can learn from the experience.

Thank you.

[MP927]

hi rvbruner,
Great question because I would like to know as well. I scraped together our Jan. house payment but can't pay car loans. And then if I pay car loans I can't pay house payment-double jeopardy!
I have submitted to NACA as well so I really hope that will be a blessing for us
I received the intent to accelerate as well and in response to that sent CW a hardship letter. I'm not sure if I'm doing things properly to help my case but I'm reading here and learning.
I hope someone knows about the 60 day question tho'!

[dthom]

NACA didn't say we had to be 60 days past due, as of today we are still current,pay just before the 15th, but don't know about Feb. NACA told us to keep making our payments. But like MP927 dont know if we can make Feb payment, and car loans, plus utiilities, and eat too, with husband now on unemployment. As far as CW they never did respond to our hardship request for mod, even after they told us we qualified. I think it was because we are not officially late by their terms, so maybe the 60 day thing has some merit. NACA seems to be our best option. They submitted restructure to CW this week.

[rvbruner]

Thanks for the input so far. We are doing the same thing... missing the car payments in order to pay the late house payment. I know this is going to tank our credit, but I'm hoping for a long-term solution.

[MP927]

CW has already started hitting our credit. We've only been 30 days late for the last 6 months and our number went down 100 pts. I guess they are noticing the trend and making a mark that we are a potential hazard.
At this point we need a 40 year loan @3% to be at a manageable percentage of our income & debt ratio. Right now we are paying 56% of gross income, and 64% of net income...