You have taken the right first step in trying to talk with your lender for a loan modification. If you can afford the repayment plan Countrywide is doing and you don't have to move right now, then take it. If you can't, then I would continue to talk with your lender and say that you may be forced to do a short sale on your property.
It would be important that you contact a licensed real estate professional to get a detailed report on your property's current market value and report of current and past activity of comparable homes in your area so you have some solid numbers and statistics to back your claim up. They may be willing to negotiate further with your loan modification after seeing the facts, or Countrywide has been increasingly more accepting of short sales. The one thing that no one involved wants, including Countrywide, is for the bank to take possession of the home.
It is important to act quickly on this. If you have any questions or would like a free analysis of your property's current market value, contact me anytime.
Mike Dobranski, REALTORÂ®
Keller Williams Realty - The Marketplace
Las Vegas / Henderson, NV
Another option that you may want to consider is doing a short sale. A short sale is usually the next option after someone tries to obtain a loan modification with their lender. Many lenders are denying loan modifications.
In a short sale, you would not be able to keep your home. It is much better than heading towards foreclosure though. It is basically when you have a Realtor sell your home before you get foreclosed on. Keep in mind, you are selling the home for fair market value, which is less than the balance of your loan. This means that your lender will have to approve the short sale once you obtain an offer. This is a great option if you just cannot afford to keep the home.
I am a Short Sale Specialist for the Las Vegas area. I have saved many people from foreclosure with this process. I also have no problem explaining the process thoroughly over the phone to people. If you would like to know how the process of a short sale works in details, please call me. There is a lot of information I can give you so you can make an educated decision if this is right for you. Talking to me will definitely be worth your time. My contact info is below.
Hope to hear from you!
Len McGuirk, Realtor
Short Sale Specialist
Prudential Real Estate ~ Las Vegas
Cell: (702) 203-6688