President's Homeowner Affordability and Stability Plan

[whatdidigetinto]

i have a 1st mortgage with countrywide for $546,000 and a second with national city for $50,000>i received a loan mod from countrywide in june 08,they took me out of an pay option arm and put me at a 6.25% for the remainder of the loan,my payments for countrywide are $3,490.00 and 384.46 for my 2nd almost $4,000 a month(that's not including taxes and insurance,which insurance i have not paid for over a year).My house's value is probably around $480,000.Our income is about $6,000 a month and can barely pay our mortagage each month after paying all our other bills.I've been reading over the President's Homeowner Affordability and Stability Plan that says something about 105%LTV what does that mean 105%LTV?can someone give me an example?And what is that all about craming down with a chapter 13 bancrupcy?

[whatdidigetinto]

Hi!......do you know when Countrywide will start doing the Home Affordability Modifications?I called yesterday and the 2 different reps i spoke to in Home retention told me that they were waiting on the guidelines?

[heehoo22]

Yea, we are definitely waiting on guidelines. My guess best guess is... 30 - 60 days....

[Moe Bedard]

They are going to be posting updates here..............'

Countrywide Financial - Real Estate Mortgage Lender - Home Loans - Equity Loan Mortgages

[whatdidigetinto]

Thanks *** and heehooo22! I spoke to them yesterday and the rep told me"she thought i might not qualify because i wasn't in a Fannie Mae or Freddie Mac loan!" So i told her that on the guidelines On the web page for the Home Affordability program it says nothing about having to be on a Fannie Mae or Freddie Mac loan to qualify for the Modification program!Ans she was like...."well i still don't have all the guidelines in front of me" so i said "well which ones do you have? and she said"well actually none" then she shouldn't be opening her mouth!