How can i negotiate the intrest rate on loan modifcation

[sunmuk]

we are upside down on our house just like every one in the market and our loan is from countrywide and also line of equity form countrywide as well. my wife stop working and they gave us the loan modification bu our payments went up as we are 3 months behind the payments and 4 months behind equity payments and i was checking on line for some information about loan modification and is it true that only way we can have lower payments than before if mortgage company adjust your present intrest rate to a lower one, is it true, if it is then how can i go about it so we won't loose our house and how long that can take.

[Moe Bedard]

Hi sunmuk,

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


It would be up to the investor on the loan.........what you would need to do is to call CW and ask what options the investors on your loans have for modification........

Countrywide Home Retention
1-800-669-0102

[sunmuk]

thnx for the reply. would it be better if country wide doesn't give any infromation form investor to negotiate on the loan terms instead i include my loan in bankruptcy and try to strip off equity line and just pay for the mortgage only. how about all these loan modification companies that advertise that they will negotiate the terms on the loan and lower your payments, are they legimate of just fraud agencies only. pls advise as ihave filed for chapter 13 at this point and my house mortgage is included in that but payments are even higher coz of my past due included in the the payment plan. i haven't made my first payment to the trustee and i have not much time to decide if i want to take out my house off the bankruptcy.
thnx
Sunny

[Moe Bedard]

Sunny,

I am sorry, you would need to speak to the bk attorney about stripping liens that is a bit beyond our expertise.............
also as far as modification companies go............you can get the same results either doing it yourself...........or going through a non profit such as NACA...............they can negotiate with CW on your behalf..........
click on the link below for the info..........
https://www.naca.com/refinance/refinanceTenStep.jsp