Need help with my countrywide loan

[mindscreations]

I have read all the countrywide threads that I could find. I am currently trying to get a loan modification. I lost my job so countrywide has agreed to a forbearance time period of three months so I can find a job and modify my loan accordingly to my income. I accepted my forbearance period but, now my concern is the modification price. My friend has tried to modify her loan with countrywide and her fees are very high.

They are charging her
Interest: 15,850.00
Fees: 0.00
Escrow: 6,848.48
in total $22,698.48

and then they had a breakdown of her new payment which is no less than her current payment.

The breakdown was
Interest: $1,698.49
Escrow Items: $331.07
Optional Insurance: 0.00

with the new monthly payment of $2,029.56 and her pre-modified payment was $2,058.64. On top of all that my friend had other fees to be paid by CERTIFIED FUNDS they are as followed:

Modification fee: $500.00
Title and Recording fee: $0.00
Delinquent Escrow: $757.27
Foreclosure fees: $0.00
Bankruptcy fees: $0.00
Field Inspection Fees: $90.00
Outstanding Late Charges: $237.75
NSF/Misc. fees: $0.00
Delinquent Mortgage Payment: $0.00
Modified Mortgage payment: $0.00
partial Payment: $0.00

____________________________________
total= $1,585.00


She did not send sign her paperwork for the reason that it was not a good workout program. I have told her about this web-site and she is currently reading the threads to fight countrywide again..

My question is, Will I find myself with fees like these? Will I have to pay $1,585.00 up front in certified funds in order to modify my loan? We are loosing our home because we are struggling though unpleasant circumstances financially and for us to pay a large fee and only get our payment lowered just a little bit does not make any sense!!!

PLEASE HELP...
Thanks...

[Moe Bedard]

mindscreation,


From the figures here it looks like your friend was in default and had not paid taxes which the lender was forced to pay so a lien was not put on the property.........so they have charged to get them back................in your friends case the 1500 good faith payment is good..........some investors will have you pay 1/3 of the past due amount and fees up front.

The modifications are based on what the investor will or won't do...........and in cases where the escrows are added sometimes that will increase the payment.

[mindscreations]

So, in this case why would I want a modifications if the payment might increase.

[Moe Bedard]

It doesn't hurt in the given situation to at least see what the outcome will be for you as your investor might not be the same on your loan as your friends and each investor will do different workouts.