Countrywide Modification SUCCESS!!

[tonyi]

Wholy.....WOW....

Ok so we've been on the negotiator alot calling all the time. Actually got her on the phone yesterday and she said it seemed things were going well and the mamager that had to sign the thing had been out but she would check in with the manager and get us an answer by the end of the day. We both said sure.. Expecting to continue the calling again after the new year to keep teh trend going.
SO tonight we were relaxing with the kids and got a call. We were shocked it was our negotiator at countrywide..

She called to tell us she was sorry she dident call us last night but it was too late.. We were APPROVED for a modification...And she was getting the paperwork together to be fed x'd out to us and we should see it no later than next wednesday. This is what she got approved.

5% interest for the first five years.. Then 7 % after....
The payments with escro would be 2830 a month... We were FLOORED. AND they were going to make it start as of march so we do not have to make a payment for january and febuary...

I dident even know what to say. I was in shock.. I'm still a little sckeptical untill the papers are in hand but she made it sound like it's really just a matter of printing them out and getting them in fed x. She even confirmed the best address to send them so someone would be there to sighn for them...

IF this is real it's about the best new year xmas presant anyone could ask for. It only took us about 8 months of constantly calling and bugging and nagging them.. but wow....Just wow.

I'll update once i have papers in hand. BUt just AMAZEING news.

[cristiei]

Here's to a happy new year.... !!

[HopefulMA]

Hi, I was just wondering if you have received your paperwork for your mod yet? Countrywide told me that I am approved for a modification that is very similiar to what you describe. I have two loans, and I have already signed the papers for the second one, just waiting on the paperwork for the first.

[cristiei]

We just got the word on New Year's Eve. We were told to expect it no later than this Wednesday. We'll update once we have something.

[tonyi]

Well havent gotten the papers yet but spoke to our contact in the presidents office thursday She said she had just gotten the papers in hand fully approved and would put them in fed x on friday for delivery today. I'll let you all know if we get them.

[cristiei]

So we got our modification documents via fedex yesterday. They're giving us an interest only loan starting at 5.375% (or close, docs not in front of me to quote exacts). It's scheduled to go up each year incrementally for the first 5 years, each year. By 2016, it would hit 8% and would stay there, never changing. After 10 years, were we to hold this loan for that long, we'd start paying principal in the required monthly payments.

Our payments will be $2000 and some change without escrow. Our escrow payments are around $400/month. So we're going from a $4,700 payment at 11.5% (yuck) to about $2400/month.

I can't say that I'm thrilled with the interest only bit, but it sure as heck beats the alternative we were facing.

There's no pre-payment penalty and nothing else really changes.

Oh - it also brings our loan current. We had just hit 90 days late Jan.1, but we've been running about 2 months behind since about September. The past due amount gets tacked onto this new loan, bringing the new loan to over $20k more than the original loan from 2 years ago. It makes me cringe to think of that, but again I'm reminded of the alternative.

In the end - a SUCCESS story! It took a LOT of work. We've been talking to various people at Countrywide for over a year now, starting months before we were even struggling, but knowing that it was coming up. Towards the end, we were calling every other day if not every day to keep updated. Documenting everything and when our calls weren't returned, we called someone else.

This site has helped tremendously - not only with great information, but with letting us know that we were not alone in our struggle. Our biggest turn around came after I emailed about 20 people at Countrywide with addresses that *** posted on these forums. I got to customer service and the office of the president and things progessed quite nicely from there.

Thanks to everyone!
-cristie

[Moe Bedard]

cristiei,


Congratulations on the mod!!!





P.S. you can always treat the payment as if it were not just interest only by sending in extra to go toward your principle each month.

[tonyi]

We are just trying to figgure out how now life will be without the constant worrie we might loose our house due to this market. And it took Cristie bugging them constantly but as soon as i put this packet in fed x we can move on with our lives knowing our kids will grow up in this house we love.

We could not have done this without the help of this site and especially *** for her contacts!!

THANKS!!

[tonyi]

Just got our new Mortgage bill... less than half we were paying.. Still weird not haveing to worry about it anymore hehe

[denised]

Wow that is so great! Congrats to you!!!

[moliver2k9]

Yeah..it weird not walking the earth with the clouds over you,,,enjoy the sunshine..just got my mod finalized too!

[tonyi]

Yea nice to no longer hear about forclosures and wonder if we'll be next heh

[gray517]

Congrats on your mod , hopefully this thread will end up the largest in the forum.!

[starwisher]

thats amazing gray517!.. we have been battling cw for 8 months now. constantly being told no help. NO nothing.. denied everytime we tried. so we too turned to naca . two weeks ago they submitted our paperwork, and proposal to cw for us. we have not heard anything yet.. we are praying for our miracle, like yours. we did get a brief email from naca saying they are receiving some resistance from various companies, and although they don't have an approval yet, they are staying optimistic... we were told cw had 45 days to reply, so again it is a waiting game.. we don't want to lose our home, we want to make the payment on time, and one that we can afford again.. you are about the only one i have seen helped successfully by naca, so its encouraging at this point..

[Moe Bedard]

starwisher,


If you look through this section there are actually 5 NACA success stories right here in the year and half since the beginning of LoanSafe.......Gray would be number 5...............and you will see many threads thruout the forum of member currently working with them.

[rodi1980]

I tried looking for this thread and it didnt come up

[Moe Bedard]

what thread?