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Old 03-18-2009, 11:25 PM
CntrlVllyCA CntrlVllyCA is offline
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Join Date: Feb 2009
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Default Countrywide Loan Modification Approved

Countrywide Approved Loan Modification

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Countrywide just sent me an approved loan modification.
They want me to sign and return by April 6, 2009 effective May 1,2009 .

I paid 315,000 for my home plus over 8,000.00 for misc fees in Nov 2005 with a 71,000.00 cash down payment.

Nov 2007 the rate adjusted about the same time my wages were significantly lowered and property values dropped. Many homeowners in my area walked out on their properties after gutting them of their upgrades leaving them vacant eyesores.

I contacted Countrywide immediately and began the lengthy process of workout. I worked with many different workers in many departments (Home Retention Dept, Loss Mitigation Dept, Workout Dept and their Hope Dept). I documented every worker, every call, every offer, every decline, every fax...everything! I called regularly for updates. This process began at the end of 2007 to present.

I'm so disappointed with the outcome. I don't have much of a fight left in me and the house is in the middle of vacant homes with dilapidated sale signs on their front lawns (weeds). I don't expect CW to take the hit alone. I am willing to work with them but they are trying to get 100 % of 100% and expecting me to take it all.

This is what Countrywide is offering me at this point: (My home value is about 180,000 )

Original loan: 252,000.00
Interest, fees and escrow total: 46,992.82
Modified Loan: 294,582.90

My payment will change from $1668.11 to $2424.64.

P&I Payment: 2,205.09 (int rate 7.875%)
Escrow: 219.55
Total: 2,424.64

I don't like giving out personal information but I will for those who may be trying to work with their mortgage company only to end up with these type of numbers.
I want to get out from under this mess but I just can't walk away but I don't want to sign this modification either. I may have to contact a real estate attorney but I don't know.


On the other hand JW Financial Solutions may be my oasis (or mirage) in the desert. Their money back guarantee is to help homeowners reduce the principle amount to 25% less than appraised value and the interest to 3% above prime rate (to 6% ??) bringing the payment down significantly.

A friend I know has signed with this company and is waiting to hear from them. There are agents charging 1000.00 + for their services aside from the fee the company charges but my friend went directly through William (Bill) Showen who is not one of the agents and paid only 2500.00.
She just told me that her original loan is with Countrywide and she signed up in December 2008. I wonder if they submitted the request to CW or are needing more loans to submit. Well her home no longer has a sale date and she is not expected to make a payment until the deal goes through (and they have 12 months to do this). I am unsure of how it all works...but one thing I know is that I cannot agree to the loan mod I am being offered and CW's investors most likely aren't going to agree to reduce principle, interest rates or fees.

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