Home Loans and Support

Modification or Mortification

Discussion in 'Countrywide Home Loans - Tell Us Your Countrywide ' started by debra488, Mar 24, 2008.

  1. debra488

    debra488 LoanSafe Member

    We are with CW and we are trying to refiance to get out from under them. We do not have a fixed rate, our mistake for not reading our loan papers from The Lending Connection careful enough, and it can go up to 12.5%. The problem is that we tried Allied Mortgage, Centris Mortgage, Park Place financial and no luck. CW is telling them that our house is not worth 126,000. Now we get flyers to use by name that we have 20,000.00 dollar equity in the house from CW, and we owe 105,000.00. Pay on time. But they continue to turn us down. My husband had a chapter 13 completed in 2006, all payments on time. Allied stated to us that they could not get an appraiser to even come out to appraise the house. They seem real eager at first then the call fade out. Any suggestions on where to go or do
  2. debra488

    debra488 LoanSafe Member

    We are with CW and we are trying to refiance to get out from under them. We do not have a fixed rate, our mistake for not reading our loan papers from The Lending Connection careful enough. We get letter/flyers from CW stating that we have equity in our home, but when we have tried to refiance with multiple companies they are getting a story from CW that our house is not worth an appraisal. Should we try to modify. The letters from CW also state that our interest rate will be increasing soon. We are afraid that we won't be able to afford this. We are current w/payment

    help
  3. Mary Salzer

    Mary Salzer Guest

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

    The best group right now for FHA is Flagstar, or at least it would seem that way, please call them and see if they can run a real quick look see to determine if your property has the value that will support the Refinance...the flyers from Country Wide are mass mailers and they do not discriminate as to who has or does not have the value in the property to refinance.....

    Please give the folks at Flagstar a call, meanwhile, get the modification package from Country Wide and start that process as well, better two birds in the hand than all of them in the bush....more than one plan that is being acted on will allow you to have a better percentage of success than just one.
  4. Mary Salzer

    Mary Salzer Guest

    Re: Trying to Modify Loan with CWHL since September!

    I just responded to you in your thread....please it is there....and my advice on the situation is to do both....that way you will have the opportunity of having a better solution with two options than just the one....
  5. debra488

    debra488 LoanSafe Member

    Thank you and your right. In this deal I need all the hands I can get . I am on it.
  6. Mary Salzer

    Mary Salzer Guest

    Also try your Credit Union, often cheaper and more honest by far....they also often do FHA product and are so much nicer and warmer to their members....

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