Countrywide won't help

[rodi1980]

We bought our home in 06 with the contentions of the garage being a legal one bedroom apartment because that was what was there and we bought the house with our friend. Later on 07 we were reported to the county and we had to shut down the 1 bedroom apartment because it was illegal. Long story...another day. In June 08 I was nine months pregnant, my husband loses his job and now is working but at half his income, since July we have been telling Countrywide we can no longer pay for this house because the income isnt there. Another issue, before we bought this house we were going to rebuild on top of my mother in laws house which my husband refied her house, we paid most of the loan back when we couldnt do the additon but my husband has a mortgage on that house but this "techinally isnt his house, but in order to do the refii orignally they had to put his name on the deed. How do we get help. OUr servicer is fannie mae.

[Dan Bailey]

rodi,
Glad you found the forum and posted. *** or Moe will be by as soon as they can to give you some direction. It may help them to have some concrete facts such as,
your current rate
amount owed on home
state your home is in
number of properties in your name
are you current on your payments
have you received forclosure notice
date last payment was made

[rodi1980]

With our primary residence our mortgage total is about 315.00 267,000 with countrywide and 59,000 with citi mortgage. On Cw the rate is 6.75percent and on citi mortgage it is 10.49 I believe. They are both fixed rates for 30 years. We live on Long Island New York. We have not been able to pay the mortgage since September of 08. We have been receiving mortgage statements....dont know where they are currently, but have not been served as of yet.

The second house which is our mother in laws...not ours...is by HSBC, but that is current and is paid every month as we have to because it is not our house. There is no equity in this home to take out a loan to pay off our house, she has an equity loan on this house as well. We called them several times, COuntrywide, and they said we did not qualify. We called, July, August, September, October and November, and they said because at the time only 30 days behind that we couldnt be helped and that once we hit the fourth month mark, that now we could be helped.
We are both working, but still not making enough to pay the mortgage and have listed the house but it is not selling at all, it is too "overpriced" as we are being told and now it is listed for $219,000. Please help.

[Dan Bailey]

Is your name on the loan of the second home(mother in laws) If not, you can contact NACAhttps://www.naca.com/refinance/refinanceSubmission.jsp
They are a non profit homeowners advocacy group, but cannot work with those with more than one property in their name.

[rodi1980]

yes my husband is on both, we would love to sell the first house, his moms, but that is her house and there is no equity in that house so that would really do us no good. And our primary residence has no equity either. The prices of the houses on Long Island have severly dropped.

[Moe Bedard]

Hi rodi1980,


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

You may want to contact CW and ask if you can sell the property as a short sale.............and see if that will be an option for you.

1-800-399-1762

[rodi1980]

Sorry I should have stated that earlier...they did send us the short sale package paperwork but the house is just not selling...should we just wait to get surved and go from there.

[Moe Bedard]

before making any decisions like that............I would suggest that you have a consultation with a foreclosure attorney in your state that understands the state foreclosure laws so that you will know exactly what will happen if you were to let the property foreclose.

[rodi1980]

We spoke to the attorney which we were in NY and he says to wait until we are served because most of the time we have to go through a whole process and we will be able to get better options than the ones we are dealing with at this moment.

[rodi1980]

Here's an update, I wrote a letter to our senator and the Congressman and the VP of Countrywide. Haven't heard from either, but it is also the weekend. I called Fannie Mae and they said to contact the Countrywide. Do you think we have a chance with a loan modification if this is our primary residence. I know NACA wont help us because we have the second home in our name that is not in foreclosure. How do I approach Countrywide tomorrow. I really want to save my home. BUt I am confused on how the 1st and 2nd mortgage will be done as a loan modification. Countrywide first and citimortgage second.

[rodi1980]

I have another question, I was reading with the new home owner stability act, what happens if they modify the 1st loan, then what happens to the second loan?

[gray517]

with the new bill, if qualify under the refinance (fannie and freddie loans) the 2nd mortgage would have to agree to be subordinate to the new first. If you are just getting a modification on the 1st mortgage, that has nothing to do with the 2nd mortgage, you will need to work on a modification seperately on the 2nd by contacting Citimortgage. Countrywide only modifys the 2nd mortgage if they are the note holder or servicer on the 2nd loan.

[rodi1980]

WOW, so I wonder if I should even bother at this point, because who knows if CITI mortgage will even do the loan modification? This stinks. To top it off, we were offered a price of 212,000, we really want ot stay in the home and do the loan modification, but if they arent going to help us then what choices do we have, but to move out of our home? Another question, is it true with a short sale, we possibly could have a 1099 issued to us? We live in New YOrk, I wonder if it is just better to go with foreclosure or will we ever be able to buy a house again?

[gray517]

have you contacted Countrywide and Citimortgage yet about modifications on your loans? that would be the first step, there are some good tools in the forum main page and *** or one of the other moderators can maybe guide you in the direction to at least start the process.

[rodi1980]

SO here went today.


Called Citimortgage-they were so helpful they were going to reduce our mortgage to 4 percent from 10 percent for a year until we worked on a modification for a long term loan. I thought great wonderful news. The woman was so nice and helpful.

Called COUNTRYWIDE and what not so helpful people. THey were very friendly but without even doing a modification they said our loan to ratio is too high. Really whatever. So she told us that we could go get a part time job. Really have you looked at the economy lately, nobody is hiring. So she said to call the hope for homeowners and that maybe we would be eligible for help. I called the phone number hope for homeowners and it is all prerecorded. Heres the sticky situation, the real estate guy said that there is an offer on the table, should I just take the offer and go the short sale route or wait until March 4th and see if we are eligible and perhaps take the chance that we are not eligible and lose the buyer. I wish this was a lot more easier.

[Dan Bailey]

rodi,
If you take a look at the March 4th plan, I think you will find that since you "own" more than one home, you will not qualify for that plan.

[rodi1980]

It has been a long ride and I am sure that the ride won't be over for a while We finally to go with a short sale on our house. We have had listed in November 2008 and received an offer in March, We went to contract at the end of March, Since then we have had the house inspected appraised and all necessary documents submitted. Both Countrywide and Citimortgage are in receipt of them. Countrywide said that it would take ten to fifteen days to assign a negotiator to our account. So we will see. The buyers have till June 15th to walk if we do not have an approval from our bank. It will be May 1st tomorrow so that is only 45 days away. Hopefully this will all work out. I don't like the feeling of limbo we have applications to apartment complexes but have not put anything in yet until we recieve an okay from Countrywide. So well see what happens. Our real estate agent seems to be on top of Countrywide and Citimortgage so we will see what happens. I just would like to start a new life and put this all behind us.