We purchased our home last July through Countrywide. When we did so our credit was so-so (580). We understood a downpayment would be required in order to get a decent rate. At least that's the way we understood it. The mortgage broker we went through basically told us that with the new laws being put into place that Countrywides offer was basically the only one we had. So if we wanted to purchase our first home we would have to go along with it or not get a home. We needed to move again because the people we had been renting from were wanting to sell their home. They wanted us to purchase it but the price they were asking for it was too much PLUS it needed about $20,000 in renovations. We paid rent faithfully to them for 2 years, on time EVERY MONTH. The 4 years before that we paid rent EVERY MONTH ON TIME. We thought this would help us also.
They said that since my husband is self employed that our loan was harder to get. Each time we talked to them they wanted more and more down. We ended up putting 15% which equaled everything we had in savings PLUS some from family. This is the savings we use during the winter to get us by because work slows down and we know this. We settle for an ARM that is Fixed for 2 years and then adjusts with an interest rate of 10.45%. We didn't stress too much over the rate because they told us our credit wasnt great and my dh was self employed so it would be higher than the typical rate. We decided to just refin in 2 years after we had made payments on time.
We figured my husband would have time to work the rest of the summer and we could save up some more. We live in TX and we got record rain last year so we didn't get any saved up. Thus, come winter we couldn't make payments. We called in January to get help. Told them what was going on and were promised someone would contact us. Noone did. I called back several times and had to repeat my story because each time I called I talked to someone different each said they were noting the account. We finally got to the point where they asked for our bank statements, paycheck stubs, tax returns, and letter of hardship. We got a letter about a week later saying we were denied.
We have been making our payment each month and just left the 2 owed hanging. Our payment went from $1565.32 (insurance & taxes included) to $1716.84 with penalties and fees. We just missed our 3rd payment for this month because of the weather and my husbands inability to work in the rain. I am currently a SAHM and working towards getting registered through the state to keep other children in my home. This takes time.
We can tell the economy is slowing down because we are making about 1/2 of what we were making last year and the year before. IF we weren't behind, making the payment this Friday would be okay BUT we are and can't seem to get any help. We called last week when we knew we wouldn't be able to make the payment and were told that we should be eligible for a loan mod, but no one has contacted us like they said they would. We are terrified we are going to lose the home we worked so long and hard to get. We want to live here while the kids are growing up and don't understand why
CW won't help us.
We were never late on our rent before this. We may have been late on other payments, but we were never late on rent because we knew that was THE most important payment. It got paid first. We even had documentation to prove it and feel like we should have gotten a more affordable interest rate. If it was dropped to around the current rate of 6% we could easily afford it, but the back payments are killing us as it is.
We have been married for 11 years now with 4 kiddos now and nothing we have gone through has been this stressful. And our credit is completely shot now.
Thanks for listening to me...any advice or questions would be welcome.
Kim
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NACA/CW Success Yippee!!! 
How long does it usually take? Should I call them back? 
Re: Advice please....UPDATE! 
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