Any Luck Getting Principal Reduction With Countrywide

[cireg24]

I OWN A HOME IN LAKEWOOD,CA We bought 3 years ago we owe 380k its valued at 275-300k small home complete fixer upper.....Im willing to walk away from the home if the bank wont reduce the principal(countrywide). If we do a shortsale it wont sale for over 300k so im wondering how easy it is to get the bank to lower our balance.......have nay of you had luck with this. BTW i have 2 loans 1st and 2nd negative am. on first....please advice thank to all

[schwefls]

Hi cireg24 welcome to our forum:

I wanted to stop in say hello and assure you, you are not alone. Someone will be stopping to address your questions and provide you with some sound advice/suggestions. In the interim please hang in there.

[cireg24]

Originally Posted by schwefls

Hi cireg24 welcome to our forum:

I wanted to stop in say hello and assure you, you are not alone. Someone will be stopping to address your questions and provide you with some sound advice/suggestions. In the interim please hang in there.

THANK YOU SO MUCH IM SO SCARED RIGHT NOW AND I DONT KNOW WHATS GOING TO HAPPEN I HAVE A FAMILY AND A NEWBORN ON THE WAY ANYONE THAT CAN SAY ANYHING REGARDING THIS I APPRECIATE>>>>THANKS TO ALL

[Moe Bedard]

Hi cireg24,

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

Have you contacted Countrywide to find out what the options are from the investor on your loans?
Is Countrywide the servicer on both?
Are the both of these purchase money loans or have they been refinanced since the purchase of the home?

Home Retention Dept.
1-800-669-6650

[cireg24]

ok both loans 1st and second were refinanced by a broker 1 year after we bought home and both loans went immediately to counttrywide. we never took money out and havent refinanced since then...i paid down the second a few thousand dollars but since its negative on the first it just kept climbing and we saw no point in paying one off then having the other go up......we just didnt know what we got at the time...now we do but its upside down and the home is a complete fixer upper. we are willing to stay but need to bring down loan balance so we can invest money into fixing the house and make it worth it. What do you think

[Moe Bedard]

Countrywide is not reducing principle, however, some of the investors on the loans are modifying option arms.........so give a call into Countrywide and see what options you have on the loan...............they will be able to let you know what the investor on your loan is willing to do.

[cireg24]

k i just spoke with an attorney that said hes had some luck with getting a writedown on neg am loans...it is hard and a lot of work with no gaurantees but he said hes got one right now they just reduced the balance on and he was referred by a good friend....so some say no this guy says yes who do we believe

[Moe Bedard]

I can only comment based on what is happening on the forum and through the direct contacts I have with Countrywide personnel..............

So what is "some luck" and "no guarantees" going to cost you?

[cireg24]

you are absolutely right thanks"