Brian and others,

I've been seeing a lot of talk of modification here. Two quick notes:

1) most (not all) mod companies are a sham. Go to HUD.gov to learn more about legit options if you are already behind.
2) do NOT intentionally miss payments in order to qualify for a modification. You run the risk of doing serious harm to your credit and, in turn, your chances of correcting this in the future.

If you have an unreasonable or unaffordable interest rate contact a mortgage bank and discuss a refinance. Do not pay an upfront fee to do so, and demand full disclosures before you reach a closing table. Most importantly, ask questions. If numbers change, ask why it has happened and if the answer isn't good enough WALK AWAY. I speak with too many people who are refinancing and sign closing paperwork that is less beneficial than originally promised- and do it because they are tired of fighting.

Good luck to all.

Kind regards,

Jason Diperstein
E Mortgage Management
800.793.9633 ext. 156
jdiperstein@emmloans.com

Bank of America owns Countrywide. Bank of America reported profits today of $2.42 Billion for the months of April, May, June (2nd quarter).

http://finance.yahoo.com/news/Bank-of-America-reports-242-ap…

Wait another year to buy, save another 20% on the price. Good Luck with the modification.

I would bring up the issue to BANK of AMERICA. I would also ask them to see if you can get a loan modification. Ask them for this. Let me know if you have any issues I can get you in front of the right people if need be.

we have the same problem. They gave a good faith quote that was $600.00 less than what we ended up paying and $15,000.00 penalty for early payment that was not completely disclosed when we signed documents. Like you, we do not qualify for the modification because the payment would still be the same or more than what we are currently paying...what kind of modification is that? I was told that it was a temporary situation that lumped back payments into the current loan and if i wanted a permanent modification I should go through refinancing. Why they send these notifications to people that are not behind and then go through the motions of getting all of your personal financial information just to tell you that you cannot afford the modification I will never understand.

In November 2008, I provided financial information to Countrywide which resulted in their sending me, in Feb 2009, paperwork offering me new loan terms, reducing my mortgage interest rate by 1% and lowering my monthly payment. The papers were notorized and returned to them in 2 days. The loan terms were to be effective April 1, 2009. It is mid-June and 2 weeks ago a representative in their Home Retention Dept. told me no one was ever assigned to reduce the payment amount of my mortgage, so she was now "escalating" this. (I've still been paying the higher amount since I am still getting billed each month for the higher, old amount).

Today I made probably call 15 to them again. Now they are saying the papers they previously acknowledged receiving were never received and the request was going to be closed out. Of course no one told me that story until today. Now they are saying they are going to review the request again and that I might not get my loan reduced after all. Some of their internal notes say they don't have the papers, some say they do. This company goes back on their work, provides poor service and basically does not care. We should probably start writing Obama about this type of thing. The government's thinking the banks are trying to help homeowners. Well, just look at what the outcomes experienced are.

Modifications?
No but to inform everyone:
We applied and got approved for a modification through LoanShrink.com and if it failed we got our money back. well it failed and they didn't give us our 2000 dollars back and gave us a farwell letter. Now we are in forclosure and about to be homeless with my family of 6. Never pay upfront for work thats not done yet even if it's garanteed.

we applied as well 5 times and were denied and now are home is in foreclosure and we have about 1 month to be out with out 4 kids they are a crock of a company and did not give us any any explanation they told us they could help us if we had $10,000 which we do not have we are a ordinary family trying to make a life for our kids. Thanks to COUNTRYWIDE that will not happen.

I see a lot of frustated folks, getting the run around all the way around.. You have to remember right now they are being slammed, and many of the folks answering the phones are inexperianced and are not in position to negotiate anything for you the lien holder. Homeowners are frustrated and the first no they get, they think its thier last recourse. Nothing is farther than the truth for most, and for some the sad truth is you cannot be helped. Caution also needs to given, because their are folks out their with business models designed around distressed homeowners, and what little you have left, they wish to help themselves to it. Be wise, contact and call a couple of real estate attorneys and ask for thier help. If they can't help you, than be real, its time to plan a strategy for getting out from underneath your home. Everyone these days is trying to gain some kind of piece of the action. I get emails every day for "short sale negotiators" they know people. Give them a referral of 1500.00 and they know the inside track. They don't have the inside to anything, they just sit on speaker phone...Take your time, and do some research.. Best of luck to everyone..

I just received a package from Countrywide Home Retention Program saying congratulations we are automatically reducing your rate to 8.5% for 5 years you don't have to do anything it will AUTOMATICALLY go into effect March 1. But guess what--that is higher than my rate now!!! I have spent over 4 hours on the phone with Countrywide trying to cancel this "beneficial" change from occuring but keep getting transferred. I am starting to believe that this is all a scam to get people to believe they are helping when in actuality they are just getting more money out of us!

I have the name of a Real Estate attorney who works in Everett. The fee is $500.00 ( best money you'll spend) and because he has experiance with working through thier legal department he would be your best shot. Please call me at 435-8750-7855 and I will give you his contact information. I would give it to you here but I left my busines card wallet at the office..

I inquired to Countrywide for a client that was wanting a little guidance. In able for them to help, you had to be behind in your house payments and they were not very helpful at answering my questions. I would hope they would get better in their customer service department.

Not me, I called Countrywide direct and they told me I need to be at least 3months behind in payments before they would even talk with me. I asked about getting thier advertised home equity loan and was told that it is at 4.75% with no money down all I need to pay is for an appraisal. That too is not the case, after you apply there are all kinds of fees and buy downs that can actually add up to alot of money.

Brian,

This is one of the key mistakes consumer make by directly going to lender. To really make lender help you stay in your home you should consider using services of an attorney based loan modification company such as http://www.LoanShrink.com

Lenders are really much more polished on dealing with consumer than the borrower themselves. Attorney or loan modification company working for you will work for you not for lender and they will get the job done.

LoanShrink.com does not charge any feel unless you get your modification done !!! No matter who the lender is.

Good Luck

Not me, Am now unemployed and called Countrywide to see about assistance and they told me i don't qualify for assistance since my loan is up to date. I told them i didn't know how long that would last but since no jobs are available.... they said call back when i get behind... hate talking to india and people i have a hard time understanding. I thought that the tarp taxpayer rip off was to assist in this area

have a copy of the lawsuit on my computer and posted it to my blog for you: http://www.floridadreamloans.com/xSites/Mortgage/CharlesRute…

sorry, yhou knew the risk, it wasnt country wides fault that you signed to contract

the reason why you are in this fix, is that your credit sucks and you chose to buy a house with sucky credit,

if you had worked on repairing your credit you would have been able to refi with a low fixed rate, but you did not

b paper loans are b paper loans, simple

No, I called them to see if I could do a loan modification and they told me I need to be at least 2 mos. behind before they will even consider helping me out. Even then its not guranteed. What happened to being honest about needing help. So, basically what they are saying is you have to stop paying your mortgage payments to possible recieve help.. wow what great advice. You risk lowering you credit score for a maybe we can help you. Good Luck!

I have a very good client, Brian, that actually recently worked out a loan modification with Countrywide. Do you have specific questions?

...randy