Countrywide 1st loan mod & GMAC 2nd paid off for a $1733 savings!

[jdett]

I have been doing alot of reading on this site. It is assume.

My story ( try to keep it short)

I have lived in this home for 15 years with the exception of 1 year were I bought a bigger home , moved the family 16 miles away and rented the home old out. My wife and 2 kids didn't do well with the move. We moved back to the old house when the renters got out and it took 8 months to sell the other home. mtg pmts on 2 homes for 8 months. ouch. I finally sold for a loss of 40k plus paying realtor fees(28,600) and the prepayment penalty(12k) that was only 3 mos away from being nil and HSBC would not prorate. plus refinancing( $$closings costs) the older home to aborb the losses on the home sold. I was trying to do the right thing ( knowing what I know now I would have let that one go to forecloser)I already had another home. Now I owe 492K on a house that is probably worth 400k. My wife and I have both been laid off form the mortgage business, now making less money. I have spend all the money from my IRA and now have 12k in credit card debt. I can't afford this anymore. I have cancelled health coverage to help. a family without health coverage ( nice). I have a first of 417k at 6.875 30 yr fixed with 8 more years left of interest only. My second is with Homecomings of 75K at 14%. both of these were done on december of 2006, Alt A, No Doc. My lawyer is trying to get somewhere with the seocond, nothing yet. I have been calling CW, told I do not qualify. I have not been late yet, bet it is about time I will be. I am currently 15 days late on both. Do I pay the first or the second or neither at this piont? HELP.. oH, I live in VA

[Moe Bedard]

Hi jdett,

Welcome to the forum and thank you for joining............

We can not advise you on whether to make payments or not that would be a personal decision based on your individual situation............

Your attorney should be able to go over options and outcomes of what they are trying to accomplish...........

The modifications given would depend on the investor on your loan and what they are willing to do............you would need to contact each servicer and ask what the options are that the investors on your loans have for modification.............

Countrywide Home Retention
1-800-669-6650

Homecomings
1-800-206-2901

[jdett]

***,

thanks for the response.

I have called the CW home ret number and rocky told me there is nothing they can do for me.

My attorney has been on the phone with Homecomings yelling and was promised a phone call from a supervisor last week. still no call.

I am guessing that I need to be late before they get serious. since HC is at 14% , I will stop paying them ( good bye good credit for awhile).

I am busting my butt at work and do not have time to deal with these idiots.

[jdett]

My pmt total over 3700.00 a month. I can rent the same house in my neighborhood for 1900.00 a month. why should I stay here.

[Moe Bedard]

I hear ya...........and you are correct in the assumption..........they work it like an emergency room and the most critical homeowners get the attention first.

You might want to find out if your investor is FannieMae or FreddieMac which it could be and that might be why they don't have a program..........all of these investor's programs are geared toward homeowners that are in default..............If you find out that it is one of them you may want to have your attorney try for a term extension to lower the payment because I am not sure that they will lower the rate............although I have seen them do it for a year or two, but not permanent.

[jdett]

the second is also a 30 year fixed at 14%. possibly Preditory.

Does the provide me a copy of the NOTE work in VA?

[Moe Bedard]

a 30yr fixed second at 14% wouldn't necessarily be predatory.........if that was an adjustable rate or a balloon note that would be a different story...........

I am not sure what your question is.........

[jdett]

The question, “Mr. Lender, would you be so kind to produce the mortgage note that I signed when I bought the home with my original signature?”

[Moe Bedard]

For that you can write a QWR (Qualified Written Request) to get copies of all of your loan documents and closing documents..........you would need to send it to the Calabasas CA address on your statement..........and make sure that you send it certified mail return receipt requested so that you have a record...........

click on the link for info on the QWR.....

Qualified Written Request | Home Mortgage Forum | Protect Your Home & Mortgage With Loan Safe

[jdett]

Thanks ***,

I was thinking of not paying either 1st or 2nd so that I can save up some casd and pay off other debt and get prepared for what could be worst times ahead for all before it gets better.

[Moe Bedard]

I will post the info here so we are not hijacking someone elses thread...


Countrywide Financial - Real Estate Mortgage Lender - Home Loans - Equity Loan Mortgages

[jdett]

***,

I like that. Did you come with HIJACK?

The program was developed together with state Attorneys General and is designed to achieve affordable and sustainable mortgage payments for borrowers who financed their homes with subprime loans or pay option adjustable rate mortgages serviced by Countrywide and originated prior to December 31, 2007. Bank of America acquired Countrywide July 1, 2008.


Mne is not a subprime or Option ARM, mine is an Alt - A , No DOC

[Moe Bedard]

You should still call and see.............you never know........

1-800-669-6607

[jdett]

CW reduced rate from 6.875 Principle and interest to a 4% interest only fro 5 years on 417000 loan and added my miised pmts to loan balance to make it 428,000. saves 900.00 a month,

GMAC gave me a settlement of 5900.00 on a 75,000 loan. paid the 5900 and the 2nd is paid off.

Sweet.

Thanks LoanSafe

[jdett]

oh, I forgot. the pmt on the second with GMAC was 888.00 a month

save 900.00 plus 888.00. total monthly savings is 1788.00 a month

[Moe Bedard]

Sweeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeet deal and way to wipe that 2nd off of there!!! Now that is impressive $1788 saved a month by negotiating hard and gives a lot of hope for others out there that want to do the same thing.

Congratulations, you should be very proud of yourself!!!

[kdtran08]

Originally Posted by jdett

CW reduced rate from 6.875 Principle and interest to a 4% interest only fro 5 years on 417000 loan and added my miised pmts to loan balance to make it 428,000. saves 900.00 a month,

GMAC gave me a settlement of 5900.00 on a 75,000 loan. paid the 5900 and the 2nd is paid off.

Sweet.

Thanks LoanSafe

Congratulations! I hope you're still here to answer my question :-) I have the first loan with CW also and undergo a 3 month trial with them for a loan mod. My second loan (40,000) is with Bank of America. May I ask, how did you deal with GMAC to get the settlement? I want to do the same but I don't know how to start. I can afford the new payment for my first loan but the second one is killing us. Thank you!

[jdett]

I stopped paying GMAC. told them that I was thinking about filing BK and the BK attornet with see that the 2nd mtg is really not a secured loan anymore because the first mtg is more than the home is worth. after 4 ot 5 months of not paying I recieved a seetlement.

[kdtran08]

Originally Posted by jdett

I stopped paying GMAC. told them that I was thinking about filing BK and the BK attornet with see that the 2nd mtg is really not a secured loan anymore because the first mtg is more than the home is worth. after 4 ot 5 months of not paying I recieved a seetlement.

Thank you. I am almost 4 months late and Bank of America is not doing anything. They never called me. Should I call them first and tell them the same story (mine is the same as yours)? I submitted the same mod package to them and planned to wait for 30 days before calling them.... It's so stressful!