Countrywide Help

[countrywidehelp]

Hi,

I have an investment loan (rental) that has a $161k (MTA) first and $38k second (HELOC) from Countrywide. Property values in area are now between $130k and $45k (bank repos). Out of reserves to make this business work. Tenants took a hike and left me with -$2k work to get it back to par, but cannot make full payment. Accrues neg am at about $350/mo. CW option 1) CW wants me to get a loan from a different lender...you can see why that won't work as CW and other lender want me to bring in cash that I don't have. CW option 2) List price at short sale value, meaning list for all of what I owe, initally. I cannot find an agent to list this way without giving an 'up front' fee. CW option 3) Deed in Lieu must be done after trying the short sale. CW Comment 4) I do not qualify for a modification.

When I first called CW, I was not late, and I faxed them a letter explaining my issues, and was told they received my letter (the Hope Dept. - 'We're here to help!') and it was imaged to my account; however, they would not be reading it and to explain it to them...

Frustrated, I found this site and want to ask - What to do ???

I did loose some hair and have anxiety but realize it is just a house. My intention was not to capitalize on the market but to help improve this neighborhood that I grew up by and do community work (side job - no pay) with youth, at risk people, etc. This is just different form of, creating 'social equity', if you will.

Now that I am a few days late, and in returning CW's call, to talk with the Hope Dept., I only get transferred to loan servicing in India. Tried to send a message online but vicious loop to the promise to pay screen.

Friend told me about forebareance, searched google and found this site. May I ask for help ?

Thank you for your time and concern.

Regards,
M

[Moe Bedard]

Hi M,

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

If you are not in default with your payments a forebearance won't be the answer..........that takes past due payments and spreads them out over a set number of months and adds them to the current payment............

What was the reason why you don't qualify for a modification?

[countrywidehelp]

Hi ***,

Thank you for the information on forebearance.

The reason for declination of a modification request was that the loan rate is under 8% on the 1st MTA loan.

Thanks again,
M

[Moe Bedard]

If you want to try to sell the property at a Short Sale what you can do to bypass all of the CW problems is to ask them for a Short Sale agent referal in your area........CW negotiates the fee with the agent and covers it in the Short Sale value that they give the property........CW requires a house to be listed for 60 days before they consider a Short Sale......

In order to try for a modification again............you would need to show a hardship.......and declining market conditions are not considered a hardship for a modification..........

when you put together your household income versus household expense do you show a surplus of $100-$250 at the end of the month.........

[countrywidehelp]

Good Morning ***,

With the property not rented, the mo. income goes negative.

Otherwise, it's pretty much break even, until I consider the taxes and insurance, especially taxes, that have to be paid too (not a PITI loan).

Thank you,
M

[countrywidehelp]

Still need help Please.