CW loan mod income eligibility

[indeep1959]

Hello all,
Never thought I'd be in this boat as some of us unfortunate souls are in this country,but I have fallen behind in my payments to CW on a first and second after trying so hard to keep up and depleting my savings.
I work in construction in the Chicago area and have always had good years and income was always increasing year to year. So I decided to reward myself with a nice home,worked hard for it,and which means a lot to me.
Unfortunately several circumstances have occured to basically bring me to my financial knees. My income was down 30% in 08, and 09 may be worse. On top of that I've had a legal issue to deal with which has so far cost me thousands.

I'm going to try to get a loan mod here soon from CW and with the help of this forum and possibly NACA,hope it works out.
I had a question though on what income they will be able to use to qualify me for a loan mod. I realize to get to where they want me to be I'll have to show positive cash flow,and won't be able to until my gf (future fiance) can move in with me later this year as she is out east and is trying to find a job here first before she can come out.Because of my reduced income and the certainty of it not getting any better this year,I need to have her income included with mine.Would I be able to use her income as well,without having to refi (I'd never qualify since I've missed a couple payments now). Would they allow that,what stipulations would they put on it,or would they require her to fill out a credit app etc.
(Her credit is stellar,and I don't want to poison it with my lower score.)
Or would it just be better to sell the house to her and she could use my income to qualify me if that was allowed? Though I'd rather keep title in my name for now.

Sorry for the long post,but just trying to convey my questions coherently.

[Moe Bedard]

HI indeep1959,


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

A modification isn't based off of credit like a refi is.............it is simply a restructure of the rate and term of your current loan. Since your fiance is not living in the house...........you would need to ask CW if you are able to include her income if she is helping with the household expenses currently.
Call CW and see what the options are for modification.....it would depend on the type of loan that you have and what the investor's guidelines are for modifications.............
Call
1-800-669-0102

to get started.

[indeep1959]

Called and they do allow the income.My concern is how long can I hold out until she is actually here. I cannot do a thing until I get back to work April 1st or so to show income,then the earliest she can be here is mid summer. If I can manage to make a payment here or there,does that "delay" the process,make it easier or worse to try to get a loan mod? I'd hate to cut it so close where foreclosure looms as the next option if I can't get the mod.

[indeep1959]

I'm about to start the process of a loan mod (hopefully) and was wondering if I still call CW's number or call B of A and email them as well?

Has Bank of America taken over these loans completely from CW?

[Moe Bedard]

the contact numbers are located on their site here
Countrywide Financial - Real Estate Mortgage Lender - Home Loans - Equity Loan Mortgages