Hi Everyone,
I live in NC and have a mortage with Countrywide. I am real close to being or i may already be in foreclosure. I need some help in knowing who i need to talk to and what to say in order to have my loan restructured. I also need to know what i can do if the worst occurs. This is really disheartening for me because I have never been in this position before in my life. I've have owned three houses in the past and I have never been in this position. Thanks in advance for any advice.

Countrywide might be the easiest bank around at the moment for doing a loan modification or a repayment program. Just call them up and they will work with you. It's all about your debt to income ratio. Can you afford your old payment and you just fell behind or do you need a lower payment in order to stay in the home?

A reduction would help but I really need time to catch up. My business has been hit hard by the credit crunch. I am in the car business and I will probably have to give it up and go back to trucking. I need to show more income in order to qualify for a restructuring of my loan. I don't know if they actually ask for proof or not.

A reduction would help but I really need time to catch up. My business has been hit hard by the credit crunch. I am in the car business and I will probably have to give it up and go back to trucking. I need to show more income in order to qualify for a restructuring of my loan. I don't know if they actually ask for proof or not.

If you want to do a loan modification they will usually need proof of income. If you just call to do a re-payment plan (called a forebearance agreement) they will let you just state your income and go from there. Foreclosure proceedings will be haulted and you will need to start making payments again.

If you are truely in a tough employment situation that doesn't look like it is going to improve (car business)....and you can't afford the home maybe you should look at some other options like doing a shortsale.

How far behind are you in your payments? I have just recently called Countrywide and asked for help.

Countrywide is very flexible right now, in fact most lenders are.... (they rather you keep your house)

Coming from the industry, I thought I would be able to call them and get my loan re-modified to more favorable terms without a problem. I called them for 8 months trying to get some kind of help while I was unemployed and had no success. They would tell me that I had to be late on my mortgage before they could help me, and any other reason they couldn't help me.

Later I discovered it's about relationships (who knows who), and after coming across an investor that I took a chance on, within 2 weeks I received a loan remod from countrywide!

I couldn't believe it-
Previous terms-5/1 Arm at 6% (Behind 60 days)
Remod- 40 Year Fixed at 4% (brought me current)

I did pay 2,250 to get this done, however I would recommend the following steps.

1) Call your Private Mortgage Insurance company if you have one. They are in jeopardy with all the foreclosure's going on, they are willing to help for free.
2) Call Countrywide and speak directly with they HOPE TEAM- (If your savvy to the process) Remember Customer service will NOT help you and the "Workout team" will only put you on payment plans, and will not usually re-mod your terms.
3) By referral ONLY-Go through an investor/company like the one I went through that has the relationships within the modification departments. Do not just call anyone, I'd be happy to refer the company that I went through if you cannot find anyone else.

Friday I got a Fed-Ex package from CountryWide with an UNSOILICITED loan mod in it. I was not behind and not in one of the states named in the settlement back in October. I have a 3/1 ARM at 6.625% that was resetting in September 09. I did not even request a loan mod at any time. Puzzled I thought it must be one of those mortgage broker scams or some mistake at Countrywide. The terms were 4.625 fixed for 40 years lowering my payment $210. The package contained two sets of 3 page packets, consisting of a cover page and the actual loan mod to be notarized and returned by New Years Eve. I was confused by this and called them and they said my loan came up in their system for this auto loan modification program. I looked over the paperwork and BOING...a mistake. The payment amount in the loan mod agreement was my current payment. After 5 calls I actually got the guy who worked my case and after arguing basic arithmetic with him for 10 mins he agreed that the loan payment amount was wrong on the papaerwork...OY! So he is sending a new set of paperwork , the correct set for me to sign and return. My theory is with Obama taking office in Jan the mortgage guys are nervous as hell cause #1 on Obama's agenda is modificaiton to the bankputcy laws which will allow cramdowns on primary mortages and this scares the hell out of guys like Countrywide.

I would appreciate the information on the company you used for your modification.

Thanks

Hi saso,

Can you please forward me your private negotiator's information? I have a loan with CW that I am trying to have modified.

Thanks,

QPsi777

Really strange because my friend is 11 months late on a countrywide mortgage and they have not done a thing. She said every time she calls, they tell her they are just too busy and they will eventually get around to reviewing her mod.

Strange!!