Home Affordability plan - Chapter 7

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Has anyone tried to work out better arrangements with their lender in regards to obama's new plan? I Called Countrywide and they said that they really do not know how the plan is supposed to be carried out as of yet?!?!?!?!?

Since I am with CW I have not reaffirmed my mortgage but want to see if I can get some assistance.... I am changing careers and getting into education.... and cannot qualify for unemloyment as I was a 1099 employee... so I need the help.

Anyone have any luck?

[DaisysMom]

I am with GMAC and they are in the process of working out my modification as we speak. The process was slowed down a little, while they were catching up with all of the Obama changes, but they are up and running now.

You can get a good idea where you stand by going to the government website.....financialstability.gov. The new regulations are spelled out for you there. And I would think that Countrywide should be getting onboard soon as there is money to be made for the mortgage holders who make the modifications.

Go to the site and get familiar with the ins and outs of the plan so that when you are working with Countrywide you are informed what to expect and what to ask and what the plan can do for you.

D....

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were you behind on your payment to bring forth the modification or did you met the modification requirements for financial distress by being in a bankruptcy? Are you also in a 7?

[HHM]

Here is the website you need to get started

http://www.financialstability.gov/makinghomeaffordable/

Honestly, I would not be too optimistic. Although a BK does not automatically disqualify you, it will be an uphill battle.

[DaisysMom]

In the plan there is a financial incentive for the mortgage holder to work on the loan modification while the borrower is current on payments. The plan will pay an extra $1,500 to the mortgage company for working with a non-delinquent borrower. This is meant to increase the help available to borrower BEFORE they get into crisis.

There is also an incentive for the newly modified borrower to stay current on the new payment amount. The plan will pay $1000 per year for 5 years towards the principal when the borrower is current on the payments.

D...

[NoMoreRed]

Not to put a damper on things, but good luck with Countrywide. We too have CW as our lender and have been trying since Sept. '08 to work out a modification. Their unwillingness to do anything is what pushed us into bankruptcy. They are still working on it to this day which basically equates to dragging their feet. My wife used to work for Countrywide and we know how they operate so we are not expecting to get anything done with them.

[newbeginning]

This is a little annoying how the lenders are doing so little to help!

I spoke with an agent with our lender and did a quick over-the-phone assessment of what could be done for us and it was disheartening. Our circumstances:

1. filed for ch. 7, completed 341
2. current on mortgage
3. wife diagnosed with stage 4 breast cancer and cannot work
4. only my income
5. no escrow, so wait for tax refund to pay taxes

...and i was told that we may actually have to pay more per month because they would include escrow! How is that helping???? End up paying MORE per month is NOT what i had in mind when I thought of help.

Anyway, perhaps over-reacting...