Help with Countrywide Modification

[SA0305]

Hi there. I am new to this website. We are about 5 months late but was just informed by Countrywide that there has not been an NOD filed yet. We have been told by Countrywide before than we do not qualify for any of their programs b/c due to decrease in pay we are about $600 dollars negative every month and they want to see more income to modify our loan.
We are hoping that there is a program based on Obama's new plan for us. Countrywide has told us that our investor is cooperating with the new plan but the plan hasn't rolled out yet so we don't know if we fall within the new guidelines.
Anyway, since we are not in NOD do you recommend us making 3 payments to stay out of NOD before the new plan rolls out?

[snapple candy]

Have you reviewed new guidelines? They have been out since the 4th but some lenders busy putting in place how they will use them. Making payments now? tough call.
If the investor may pick and choose how much they want to cooperate with the plan so that is up in the air how they will apply it to your case.None of know how our lenders will apply and there has not been anyone posting yet a workout.
I am assuming if they want the incentives though provided by the plan, they will want to (or have to) abide by it all. Not sure how that will all play out in the end. I thought they only look at income vs mortgage payment (NPV-31%) and not total of other debt under new plan.

[Moe Bedard]

Hi SA0305,


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

The information regarding CW regarding the new program and the way to get started can be found here..............

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