Countrywide Forbearance Agreement

[rudy03]

Hello everybody, Im new to the site and I love it. I have been trying to get my loan modified with Countrywide for 6 months now with no success. Well I recently lost my job due to this economy. I sent Countrywide a copy of my unemployment checks as they requested. Shortly after I got a forbearance agreement via Fed-Ex. This agreement reduces my payments by $1600 for 2 months, and on April 1 they will decide if they are going to modify my loan or not. My question is this. If I do not have a job by April, does that mean I wont get my loan modified? I'm looking everywhere for a job, but it's hard out there now a days. Any comments or advice is greatly appreciated.

[Carrie]

Please make sure to read it & if yu have questions do not sign it until you get them answered. Make sure you know what you are signing and agreeing to.

Good luck
Carrie
Miami, Fl

[Jim B.]

I too have a question about approaching Countrywide for a forebearance while applying for the Obama "Making Homes Affordable" Modification Program.

I am a Realtor in Portland Oregon. Normally I make, on average, between
5K to 7K per month, however, due to the housing crisis, I am maintaining between 10-15 listings consistantly with little or no money coming in and realizing once the lending institutions start freeing up money for buyers my income will increase to make a loan modification make sense. I need about a 4-5 month cushion or in this case forebearance from Countrywide.

***, or anyone, is this feasible? How can I approach Countrywide to make this happen?

[chena75]

I have a question, is it true that that the Obama plan will only apply to those people who are current on their mortgage and have good credit, because if that's true, then half the people on this site are in trouble? If anybody has any info please let me know.

[Jim B.]

The Obama plan has 2 parts, one refinancing of loans in good standing but the potential to default. These loans have to be backed by eithr Fannie Mae or freddie Mac. This will not be a broad stroke fix.

The other part is directed to loan modifications for both people that are current but sliding toward default and those already behind in payments or in default. This modification help is going to help a lot more people than the 1st part. Go to recovery.gov and then click on the "making homes more affordable" link, March 4th update. Or google the same There is help out there.

[chena75]

Thank you, so much for replying so quickly, this message gives me hope in times of uncertainty. I'm going to go ahead and google the information you gave me.
~Chenas 75

[hockey17]

I have been struggling with cw for a true loan modification for months. in june they say they gave me a loan mod really a forberance they raised my pmt and added the $ I owed on to the end, Knowing I would fail I took what thye gave me like being in the middle of the ocean and throwing you a life perserver. hence forth i am in the position I am in now, They wanted me to do a repmt to a modification but knpwing I would failand that was not a good idea they put me in for another lm. Awaiting the answer. they had given me a 40yr loan lowering my pmt by $800 dollars but resinded the offer saying the investor wanted me to do a repmt to amod but realizing that would not work they decided to give me another chance at a modification, so i wait