Anyone have any luck with a mortgage modification?

[ltrain823]

Hello everyone, I recently sent Countrwide a loan modification package and they said it could be 4-6 weeks for them to respond with a decision. Does anyone know what the possibilites are and what i should expect?

[Overmylimit]

It depends on what type of loan you have with them, fixed, adjustable, interest only. I just recieved a modification from GMAC. My loan was already a fixed Jumbo loan at 7.87 % interest. They rolled the 3 months I was behind into the loan and lowered the rate to 6.1 percent for the life of the loan.

[hereforinfo]

They MAY reduce your interest rate and extend your loan out to 40 years, but don't expect any lenders to write down your principal.

[HHM]

What I have been hearing from multiple people is this...
First and foremost, you MUST be employed to get a modification.

Roll what ever missed payments in to the principle.
2% interest the first year
3% the second year
4% the third year.
5% the forth year
6% fixed thereafter

Or some variation on the above.

I have yet to hear of anyone getting a true principle modification (i.e. reduce principle balance to current market value), they are focusing the modifications on temporarily lowering your monthly payment.

[itcaughtup]

would someone tel me the guidelines for this? I was discharged in aug. '08 and never reaffirmed with countrywide as I was told they no longer do that. I am current on my mortgage and always have been, I am employed as well. i live in a condo and have an 80-20 mortgage with both being held by country wide. The first mortgage is at 7%, interest only and the second is 10% traditional. Do I have any shot of modifying this loan?

[brokeNconfused]

what is the Modification Package you sent to Country Wide? I am looking to do same thing with my lender, a local credit union, and dont even know where to start. I am not behind and only want my adjustable to be modified into a fixed rate. ANY HELP FROM ANYONE WOULD BE GREAT. I have contacted the fedmod.com people and they want at least 3400 to get going for attorney fees. seems like my situation is less complicated than being behind and such.

[Flamingo]

would someone tel me the guidelines for this? I was discharged in aug. '08 and never reaffirmed with countrywide as I was told they no longer do that. I am current on my mortgage and always have been, I am employed as well. i live in a condo and have an 80-20 mortgage with both being held by country wide. The first mortgage is at 7%, interest only and the second is 10% traditional. Do I have any shot of modifying this loan?

To qualify for a modification. it appears you must be at least 3 months behind in your mortgage payments, be able to make any adjusted new payments (i.e., be employed) and meet certain other criteria that apparently varies from lender to lender. Otherwise, you would have to investigate refinancing.

[itcaughtup]

To qualify for a modification. it appears you must be at least 3 months behind in your mortgage payments, be able to make any adjusted new payments (i.e., be employed) and meet certain other criteria that apparently varies from lender to lender. Otherwise, you would have to investigate refinancing.

Thats what I figured... What amazes me the most is that trying to be proactive and do the right thing gets you no where, I called country wides "home retention dept" and was told just about the same thing, the guy even said I would have an easier time if I stopped paying the mortgage but then promptly told me country wide never suggests that.. what a joke, the best part is my mortgage was discharged with the ch7, i tried explaining that without being an a**hole but the guy wasn't having it...

[brokeNconfused]

well that is bad news. So even thoes who will soon fall behind cant take a step to prevent it? ive got and wont have enough equity to refinance before my arm begins. anyone know any good brokers

[SobStory]

I had no luck w/ Countrywide. They said for me to be eligible to rewrite the rate (Hope program) I had to either (1) have subprime credit to start OR (2) have a pay option with negative amortization.
Well, as they told me, I wasn't subprime to start (I had excellent credit). And the negative amortization was such a BAD deal (high rate) that I refused that product when I wrote the loan. So I'm not eligible. I can't refinance - I no longer qualify. Basically, I'm screwed and thus the BK.
I applied for the one month mod, where they put one month payment on the back end. I sent in all the docs and after 6 weeks I saw on line that they had refused it. I didn't call to ask why.

[treadingwater]

What about when the lender says they'll negotiate and then they drag their feet until you get your discharge? We filed Ch 7 in Sept. and hired an atty. just to negotiate a modification. The bank (BB&T) said they'd work with us, but two months later, demanded a reffirmation before negoatiating, the atty. said send it over weeks ago, nothing. Now we just got discharged and the atty. is telling me they no longer have the option to modify or reaffirm and we are just SOL??? We stopped paying in Sept. on atty's advice and desperately want to stay in the home.

[saintjohn]

subprime? what's that? is there a general set of qualifications that countrywide automatically classifies as unfit for a loan modification?

what's the sense of trying to meet all the requirements if they have a disqualification list?

[brokeNconfused]

sooo.. let me understand. The lenders would rather have the homes back still? Rather than modify loans and keep people in the house? seems kind of bass ackwards.