Countywide 1st SUCCESS!! Now on to HSBC 2nd - Page 2 - Home Loan, Loan Modification & Foreclosure Help Forum

JAWJr · #26 (**permalink**) IP: 71.93.65.21 08-05-2008, 10:01 AM

Getting a little worried- I've left like 4 or 5 messages for my negotiator but not getting any responses. Why would my account status show "loan modification completed" but not have any change reflected under my acct details in regards to rate, and when I call they say there are no notes in regard to what the change was?? Has anyone else seen this happen? I've been calling just about every business day and don't feel like I'm getting anywhere. Advice? Thanks.

~Jon

JAWJr · #27 (**permalink**) IP: 71.93.65.21 08-19-2008, 09:33 PM

Well I just got two letters in the mail, both dated the 11th saying my mod was denied because the financials I provided didn't support a loan mod... I freaked out. A million things started going through my head... And then- the fed ex man arrived. Approved! How could this be? Dated the 14th, it said my new rate will be 3% and fixed for 5 years. Awesome, right? I'm going to call them and ask things such as: is this principal and interest or just interest, what rate does it go back to after 5 years, and the obvious can you fix this for the life of the loan? Doing that, I run the risk of the rate being higher (my original rate was 5.7% or so)... any advice on that? Not sure if I should just accept this or try to get it fixed for life, even if the rate would be higher. Now for my second mortgage...

~Jon

Cat Damiano · 08-19-2008, 09:46 PM

Jon,

You can ask.............there should be a contact number on the mod.......but if they baulk..........I would take it and run........that is an awesome rate for 5yrs regardless..........

JAWJr · 08-20-2008, 01:53 PM

You're right it is an awesome rate- I'm thinking I should take it and apply the difference towards principal on my second... to get that paid off quick. I still haven't heard from them as to whether or not it's principal and interest, and what's with the $5,000 of interest they're adding to the principal. Also, if I have to make this months pmt or not- the papers show the rate taking effect for september, but can't figure out if I need to make this months pmt. Anybody know how that usually works?

~Jon

Cat Damiano · 08-20-2008, 02:55 PM

Jon if you can post the figures here as they appear on the docs, along with the dates, I will be able to tell you if it includes principle and interest.........
and also how the 5k is there..........

JAWJr · #31 (**permalink**) IP: 24.205.98.31 08-20-2008, 03:03 PM

Will do when I get home, Cat. Thanks

~jon

JAWJr · #32 (**permalink**) IP: 24.205.98.31 08-20-2008, 03:13 PM

P.S. Another side thought I was wondering was if lates on peoples mortgages were removed from their credit after a mod is completed? I have some on my second since this whole thing began... I know a lot of people have been late, then got a mod, but didn't mention if these were then removed- anybody know? Thanks,

~jon

Cat Damiano · 08-20-2008, 03:26 PM

the lates will stay on the credit.........unfortunately.........but once the mod is put into the system it will update as current from that point on..........

JAWJr · #34 (**permalink**) IP: 24.205.98.31 08-20-2008, 03:33 PM

ouch. Figured. Wonder how long it takes for the credit to turn around...

Cat Damiano · 08-20-2008, 03:44 PM

With a mortgage it will usually start to turn around after 6 consecutive on time payments and get even better after 12.

JAWJr · #36 (**permalink**) IP: 71.93.65.21 08-26-2008, 07:38 PM

Well I mailed all the papers back- had them notarized and dropped the papers in the mail today. I'm officially a sucess! I spoke with countrywide a couple days ago and went through all my questions- the only unknown is why there's $5000 of interest being added to principal- it supposedly shows that way because when the figures were drawn up I hadn't made my July pmt yet. I hope this is true. Now for my second... Hsbc is really trying to avoid me!

~Jon

schwefls · #37 (**permalink**) IP: 68.38.57.62 08-26-2008, 07:42 PM

Jawjr:

Congratulations, kudos to you party hardy.

Cat Damiano · 08-26-2008, 07:42 PM

Jon.........
when you make a mortgage payment you are acutally paying the interest for the month before..........so by not making the July payment you missed the June interest............that woud be what you were behind and paying for....

Would you like to start a new thread about your HSBC adventure and I will move this one to success?

JAWJr · #39 (**permalink**) IP: 71.93.65.21 08-26-2008, 08:24 PM

That makes sense about the interest- I made julys pmt, it was just late in the month. Hopefully that's the explaination. Go ahead and move this one over- I'll update it when Hsbc's done. I think I'm close. I can't thank you all enough for all your help- believe me, I'm spreading the news about this amazing site. I want there to be many sucesses folowing mine!

~Jon

Cat Damiano · 08-26-2008, 08:30 PM

Me Too.......

and you can trust me on the payment........that is the way it works.....