Screwed by Countrywide - Loan Modification Forum

Cathy · 04-12-2009, 08:27 AM

First, Thank you to everyone out there and best of luck in this fight!!!

I have gone to a laywer here in Fl that suggested I try and offer a deed in leiu or just let it foreclose

I own a townhome in Indian Trail, North Carolina. My rate went from 7.4% up to 10.125% I have lost count on the amount of times I have spoken to a CW rep...everytime a different story. I can re-fi because loan to value is not there. I owe $154,000. I also have a 170.00 HOA due every month.

My situation is a bit different...I got married 10/08 and moved with my husband to Florida since I tried and could not sell the townhouse months before I was moving. I thought it was better to rent then have lost the home way before now. I have a 2 year lease paid on time every month. The problem is with that ARM I am paying above the rental income about $400.00 plus the HOA a mo. to maintain the property. (NOT including property taxes)

I am now in default 3 months on the loan. CW told me many times the only way you can qualify for any help is to default 3 mo. So I finally did. (Prior I never have paid late and HAD great credit )

I have written my hardship letter, with this posts help! Have still not heard back. I have left out the part that the property is rented to CW since everyone looks down on that...which I don't get.

I would really like to keep this home. I added many, many upgrades to this property not to mention the money I put down to buy it.

ANY and ALL comments are greatly appreciated!!!

Cathy · 04-12-2009, 08:34 AM

Everything I have read says in order to qualify the property has to be owner occupied??? Makes me so angry because I had no choice but to rent!!!!

04-12-2009, 08:27 AM	#1 (permalink)
Cathy Member Join Date: Apr 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Screwed by Countrywide First, Thank you to everyone out there and best of luck in this fight!!! I have gone to a laywer here in Fl that suggested I try and offer a deed in leiu or just let it foreclose I own a townhome in Indian Trail, North Carolina. My rate went from 7.4% up to 10.125% I have lost count on the amount of times I have spoken to a CW rep...everytime a different story. I can re-fi because loan to value is not there. I owe $154,000. I also have a 170.00 HOA due every month. My situation is a bit different...I got married 10/08 and moved with my husband to Florida since I tried and could not sell the townhouse months before I was moving. I thought it was better to rent then have lost the home way before now. I have a 2 year lease paid on time every month. The problem is with that ARM I am paying above the rental income about $400.00 plus the HOA a mo. to maintain the property. (NOT including property taxes) I am now in default 3 months on the loan. CW told me many times the only way you can qualify for any help is to default 3 mo. So I finally did. (Prior I never have paid late and HAD great credit ) I have written my hardship letter, with this posts help! Have still not heard back. I have left out the part that the property is rented to CW since everyone looks down on that...which I don't get. I would really like to keep this home. I added many, many upgrades to this property not to mention the money I put down to buy it. ANY and ALL comments are greatly appreciated!!!

04-12-2009, 08:34 AM	#2 (permalink)
Cathy Member Join Date: Apr 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Screwed by Countrywide Everything I have read says in order to qualify the property has to be owner occupied??? Makes me so angry because I had no choice but to rent!!!!

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