Countrywide Option Arm Mod SUCCESS!!

[evs3939]

I am not very good with words, so please bear with me. I don't know if mine is a success story yet, but I have been approved for a loan mod by Countrywide for my 2 homes (1 primary and the other one is a rental home) for 4.875% interest only loan fixed for 5 years. The loan mod docs have already been notarized and fedexed back to them and they already received it last Thursday, March 20th, along with my cashier's check for $1,000 for processing fee for both properties ($500/property). I had to hire an independent negotiator for me who used to work for CW, since me and my husband work full time and we both don't have the time to email, fax, fax, fax and call,call, call them. My outside negotiator, Gabriele keeps in contact with CW negotiator, Amber Hill, and according to my outside negotiator, Amber Hill is very good in returning calls and emails. Last March 24th, Monday, Amber Hill advised my outside negotiator that CW already received everything (notarized docs, $1,000 cashier's check, etc.) but the MOD has not been completed yet. She was supposed to email back Gabriele last Monday, March 31st, to advise her that the MOD has been completed. Gabriele has been trying to get hold of her since Monday, but CW negotiator has not responded to her emails yet. My concern is, our new payment is supposed to be due April 1st. The CW negotiator advised Gabriele for us not to make our new payment until the MOD is completed. In the meantime, I don't want to be late with our payment. We have a good income, stable jobs and good credit.

I have been reading this forum and it is very, very informative. This is how I got the idea of trying to apply for a loan mod with CW. Thank you guys for all these information. You are great! I have another rental property and my loan is with GMAC. Just like my original loan with CW, that loan is also an OPTION ARM. I haven't seen any success stories yet regarding GMAC loan mods. Our payment with them will reset in January 2009. We won't be able to afford the payment once it resets as the rent we collect won't cover the new payment. But with all the tools provided in this forum, I am going to try. Hopefully, I will have the time to do it myself so I can save a lot of money.

[Moe Bedard]

Evs3939,


That is a great rate, and you were worried they wouldn't be able to modify your neg am loan.......
If I were you over the next five years I would definately throw extra to the principle balance and not just rely on the interest only payment.......IMO....
Well you are success number two with CW and the neg am loan so you did send back the signed mod docs.........I would say that is a

Success..........Congratulations!!

[evs3939]

Thank you so much. Yes, my husband and I will definitely put some money towards the principal.

I am still waiting for Amber Hill to advise us on the completion of the MOD. I need to send in payment this week so I won't be late, but I don't know if I should send in the new payment or the old payment amount.

Do you know of anybody who has been approved of a loan mod with GMAC?

My friend, who is also on neg AM with GMAC tried to call them for a loan mod but she was advised to short sell her property. I have the impression that GMAC is not as responsive as CW towards loan mod.

GMAC has just started rolling out the modification programs for Option ARMS...you need to call and have them send the package and see if you are eligible at this time. Some of the pools have yet to roll out the guidelines for their terms of modification, i.e. what they can stomach and not stomach in the process of the negotiations.

Option ARMS are the hardest and the most touchy of the products out there to be modified as they have that neg am feature with the really, really low payments that the borrower is accustom to and as such the modification even at really good terms can be over a 150% payment shock to the borrower.

[evs3939]

Thank you, Poppy, I will keep on replying as much as I can since it is slow today at work. Once my audits pick up, I won't be able to visit this forum again for awhile.

I will try to call them and ask them to send the package to us. Yes, based on what I have read so far from this forum, it is not easy to have a neg am loan modified. Must have been some Divine intervention when I got approved for a mod by CW. Of course, all the info you provided in this forum that I have read each time I have time to read, are very, very useful and have helped us a lot through this ordeal.

We aim to please....and if we can help we are glad to do so, keep us posted in the Tell Your Story Section on the GMAC experience, we learn too through your experiences and can pass it forward to others.

[evs3939]

Will do. Is there a section in this forum for GMAC stories only? I have been trying to look for threads regarding GMAC but I was not able to find one.

[Moe Bedard]

We don't have a section for GMAC so just start a thread for that story in the " Tell us your Story" section......

[evs3939]

Okay.

It looks like I am going to be the first one to start battle with GMAC. Wish me luck!

[Moe Bedard]

Actually we have a few......I don't know why your not getting them in the thread search..........but when you start the story I will see if I can find them for you so you could see what they have been doing too....

[evs3939]

I'd appreciate it.

Guess what, just a minute ago, I got an email from Amber Hill of CW, the MOD has been completed and we can now make the new payments. They are higher but at least, no more neg ams except, of course, with GMAC.

[Moe Bedard]

Congratulations from ALL of us to you! Great job and keep fighting, one more to go

[evs3939]

Thank you, Moe. I wouldn't have made it without the wealth of info I gained from this forum.

I hope to share another success story with everyone.