Hi everyone,
thks for reading my posting.

I have 1st and 2nd loan with countrywide.
1st 417k @ 5.375% 30 yrs fixed
2nd 75k @ 6.75% 30 yrs fixed.
So, My interest is not that bad but not great either.
MY home has gone down from last year, but I still have about 5% equity left on the house. so applying HELOC or refinance isnot an option for me now. Or, at least that what i thought.

My finance is not doing well and I dont see it gets better soon. My worse problem now is that I inccured too much revolving debts. And, with the tight credit now, many banks/CU (ie: patelco, USAA and etc) that i deal with has gone increase the rates by 1 - 3% what i am originally paying. I am still current with all my debts and I wish i can do so.

I have taken 2nd job to compensate my lose of income by helping my friend who owns a restaurant in my area. So, income from this job i cant really document much. With this income, I can manage to get by with all the bills (short a little here and there but I can manage)

Come in 2009, my wife is expecting our 1st baby. I am very happy but yet worried more because my other source of income is our business that my wife runs. So, i can see that in 2009 I wont be seeing much income from there. So, in 2009, I am seeing that a lose of income from my wife, plus additional cost for the baby. I am a little worried in 2009.

I did called Countrywide 2 weeks ago to get loan mod. But, she shot me down, she is kind of rushing to ask the questions. She is sounding more like in collection department because she asked me right away on what is my payment method to pay my mortage before the conversation starts. After i told her that i am not late and i want to get loan mod, she take a deep breather and ask me questions about my income and etc.

this is what i provided:
income w2 is around 3.5k / month
business income 0 (i am reading 2009 expected since my wife will be in labor and taking care baby), normally i can expect 2k - 3k / month
2nd income, not mentioned
roomate income, not mentioned.

hh expense
looking around $1k
mortgage 2.8k
bills 2.2k

So, i am short about 2.4k/month based on documented.

She recommended the Hope program or home affordability program from Pres. Obama, but she said since everything is new, she only can put my info down and maybe wait for someone in countrywide to call me, and she doesnt give specific time frame.
I found out that my 1st loan is owned my freddie mac and 2nd loan owned by countrywide.

I dont expect much from this.
Ideally, this is my wish.
I wish that I will try not screwing up financially in 2009.
And if I can plan everything, I like countrywide to reduce my 2nd mortage rate to my 1st mortage and gives me a window (such as 2-5 yrs) to pay my loan Interest only, so i can focus on paying my revolving debts faster (or at least reduce my monthly obligation).

Do you think it is possible?
Has anyone dealt with Countrywide? And, if someone has a contact person there, i really appreciated it!!

thank you in advance.

BK

Reducing the 6.75% rate to 5.37% will only save you $67/month.
Making interest-only payments will save you $84/month. (The interest only on the 2'nd at 5.37 will be about $335/month)
Even if you managed to get C'wide to agree to both options, you are nowhere near saving the $2.4K/month you claim to be short.

Since your rates are already reasonable and your mortgage is not upside-down, there isn't much a lender-mod can do for you.

If you add up all your income- including that which you are leaving out- and subtract all your bills, what is your actual situation? Anything left to start a snowball on the credit cards?

Radi8,
Thank you in advance for your reply.

Actually, at this time, I am at break - even to a little bit lost.
Undocumented income is about $2000 - $2200 a month, ($900 from my friend's rental and the rest from helping my friend's restaurant).

I made so many mistakes in stock market that I accumulate alot of unrevolving debts.
Alot of these debts are 0% int in 2008, but soon to reset, and alot of credit union increased their rate as well (patelco, USAA) and some even close my account (provident).

If i can get int only payment and reducing rate on 2nd loan, I can picture a saving about $550 amonth that i can apply to pay my revolving debts. ($468 from 1st loan ($2335 to $1867) and $80 from 2nd loan ($500 to $420).

In addition, we will start generating income from business again maybe in 2010, after the baby borned. It will be substially smaller than before (due to economy and my wife cant be 100%), but by moving to smaller facility or moving the business to home, we can generate some money from there, and my wife can take care the baby at the same time, which will be asaving from day-care cost.

So, i calculated that it takes me 2-3 years to take care my revolving debts to the level that i am not so worried anymore. and since int from home is tax deductible, it is more beneficary for me to pay off my revolving debts as soon as possible.

Thank you again for reading.

BkinSM

bump for someone with Countrywide Loan Mod.
Should i disclose my undocumented income?

it cant hurt if it gets you closer where you want to be.

Just wanted to add a little note to this.

I've been dealing with Countrywide since Oct 2007, when I first notified them that our income was being cut in half and we could no longer afford the current payments. This was before I was even late on a payment. They refused to do any sort of loan modification at that time. I called several times after this, again before we were late on a payment, to try to get some help to keep the house. They refused to work with us on this.

We received our first NOD in March 08, after 3 missed payments. I called them several times to see what our options were. I was specifically told that we could either pay the full amount that was late, or foreclosure - no loan modification whatsoever. Since our house had lost nearly $200,000 in value at that time, we decided to try a deed-in-lieu. Countrywide did look at the paperwork, but then denied our request with no reason given. By the time we got the denial, we had both lost our jobs. I asked for them to reconsider based on this, and they still said we didn't "qualify" (how does someone with no income not qualify to just hand back the house?).

In May 08, we put the home up as a short sale. From May 08 to Dec 08, we sent them 4 offers - all reasonable given the market and with pre-approved buyers. Countrywide denied each, saying the offers were too low- they were all fair market value. I sent them one last offer in Jan - ALL CASH. They refused, again saying it was too low (honestly it was FMV for the area).

They have set a foreclosure sale for every month since Aug 08. They haven't sold the house yet, probably because we kept sending them offers and because they are so overrun with foreclosures that they can't process them in a timely fashion. Anyway, that's the point of my story - you probably have some time because Countrywide is slow. I've been waiting for them to take the house since the first NOD over a year ago.

Good luck!

Give them the financial info they are asking for. This is your best bet to get the loan terms modified.