Any luck with "Obama" loan mod?

[SMoore]

Hello all

Just checking in to see if anyone has persued a loan mod under the new Obama plan?

I was denied the last week of Feb, tried to find out who our "investor" is, CW says they cannot disclose as its a "private" investor.

Anyway, I realize its early, just wondering if anyone has had any luck.

ps we do not qualify for a refi due to LTV and the fact that we are on a jumbo loan. In addition, NACA cannot help as we have a second home (rental property)

[Schnelle]

SMoore,

May I ask why your loan mod was denied by CW? Did they provide a reason?

My loan mod was also denied. I am submitting recent pay stub and bank statement tomorrow for consideration for the Obama program.

I am keeping all hopes up.

Thanks.

[raejean]

You might try calling again and get a different agent at CW and see if they tell you. I had heard that sometimes they wont tell you but the first time I asked they told me. There are also the phone numbers and email addresses on the Obama plan website so you can check directly with Fannie and Freddie. I think there is a limit on the amount of the loan on Obama's plan too so you should check if your jumbo loan will work with that program. My lender is Bank of New York so I dont think I can qualify for Obamas deal which doesnt seem fair, but then none of this seems fair :-(
Good Luck

[rozuki]

I am in the Hope Team loan mod program at CW - just received 2 different loan mods a week apart (after 5 months of aggravation)...neither of which is acceptable. I asked about the "obama" H.A.S.P. program and was told "you can't apply for that because you are already in a loan mod program with us". I was also told by CW rep that because I have not missed any payments they won't lower my rate to under 5%.....I have to be behind by 2 payments.....Total insanity.....I am registered for a NACA workshop Apr 4th and submitted my application online yesterday.

[SMoore]

The rep simply stated "he had no recommendation for me" which made no sense, simply tried to get me off the phone with a rediculous answer like this. He said "Miss, you have positive cash flow AND your payments are current, therefore, I have no recommendation for you". What a joke...

[harmsway]

Hi All, I'm new here but am happy to see others in same boat as us. I called Countrywide shortly after Obama's "Making Home Affordable" plan was announced. After the girl took all my financial information she said we don't qualify and I should just let the house go into foreclosure! What a dumb answer. I also tried going to "Hope for Homeowners" who did the same thing-took all the financial info to forward to CW-no response. I then tried a Real Estate attorney who contacted Countrywide on my behalf-denied as we are still current! My lawyer's advice was to fall behind 3 months and try again-also dumb answer. If I didn't need help so badly I wouldn't keep trying. We are "under water" by about 80K-100k and can't refinance. We have an I/O 1st for $400,000 % 6.625 which will reset in 7 yrs, and a 2nd HELOC ARM for $76,500 currently @ 4.25%. My husband has taken a huge cut in pay to keep working and it is now impossible to make these payments. Where do we turn now??