My parents and I purchased a home back in Dec. 2005. The house is under my name because my credit report was better than theirs. When we bought the house, we expected to refinance after two years to avoid the jump in our interest rate. Because of the condition of the market, we were unable to refi and were introduced into a modification program with countrywide in Dec. of 2007, two months before our interest rate went from $2,300 to $3,060! On January of 08 I sent the workout department a hardship letter with a listing of my expenses and income. Our total expenses come out to be about $8,800 and our income is of about $8,900. This includes the increase of our mortgage and our second mortgage with another bank. We were allowed to include my parents’ salaries and that’s how we manage to pay for most of the expenses in our home.
Two weeks after I had sent in the documents, I was finally told that it had been assigned to a negotiator, but that I would not be hearing from her until about 30 days later. I called every week, twice a week, to obtain upgrades. It wasn’t until some 40 days later that I was finally ALLOWED to speak to the negotiator. The sent her an email and I was contacted within 2-3 days. She went over our finances and said that we were spending too much on things like food, car payment, etc.
$700 for a family of 5 seems to be too much to be spending in food. I have to commute about 60 each way to work because the salary that I make here in one month will take me months to make it around home.
She suggested the modification to work as follows: freeze the interest rate as it was, 9.99% with $3,060 per month. I told her that as much as we tried, we just couldn’t. She suggested that I call back the next day, I did. I modified the numbers in my expenses and they still came up to the same. How is a family of 5 supposed to live with only $64 dollars left over???
The following week I received a call from a different person calling on behalf of my negotiator who offered to apply for the interest rate to be brought down to 6.99% (the initial rate) and said that she did not see why it would be denied. She asked that I call back within 5 business days.
I decided not to wait and called two days later only to be told that my application had been DENIED, yesterday.
The customer service representative could not give me a reason why, but even she was surprised that it had been denied.
March was our second month with the increased payment and we are struggling to make those payments, yet we are. We are tapping into savings accounts and credit cards to not fall behind but it seems like we just keep making them think that yes in fact we can make payments and everything is fine and dandy.
As of right now I await a call back from the negotiator to tell me the WHY of the decline in the modification.
Where do I go from here?
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Re: Declined or NOT??? 
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