Home Loans and Support

Pay while waiting on approval for loan modification

Discussion in 'Countrywide Home Loans - Tell Us Your Countrywide ' started by debdog, Feb 20, 2008.

  1. debdog

    debdog LoanSafe Member

    I am on a repayment plan with CW. This month (Feb) I fell short to pay the full amount due to unexpected car repairs (2 transmissions), increase fuel costs, city taxes, medical bills, 1st year son in college. I called them yesterday to see what I can do..well they can raise the amount each month by $300 more! I couldn't afford to do that.

    So they said, I could go for a loan modification, it could take 4-8 weeks, send the hardship letter, proof of income..etc.

    I asked them if I should still make monthly payments, they said yes. I will be making a payment in Feb..I was short $1000.00, in March I will pay another $2000.00. I plan on catching up when my income tax refund comes in. My repayment plan was $3488.00 a month. I never had any trouble before.

    Is this a good idea to keep paying? I don't want to NOT pay a month. Will they just send me back the money? Will they credit it to my loan? Will they look at that as "well she is trying?"

    If I pay everything I owe, can I cancel the Loan Modification process?

    Please advice. I don't want to loose my house :-(
  2. Mary Salzer

    Mary Salzer Guest

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

    Pay them, the worst that can happen is that they send the funds back as it was not enough for their taste. Meanwhile please get the tax return to bring it current.

    Why would you want to stop the modification if it can give you future relief....it is not a bad thing and it may help you live more comfortably down the road with the adjustments and all of the day to day expenses of just living. I would not cancel it, you can, but I would not, get the Modification and make your life more manageable going forward.

    My advice to everyone is do not stop paying your house payments, make them and get the modification ---- modification does not affect/effect your credit, actually it does, you can get a lower house payment and make the payments so that you do not show missed house payments in the future.

    So yes, pay what you can, see if they take it and definitely get the Modification.

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