Property Q&A in Whittier>Question Details

E, Other/Just Looking in Whittier, CA

Is Countrywide difficult to work with regarding loan assistance/modifications?

Asked by E, Whittier, CA Tue Feb 3, 2009

Help the community by answering this question:



I am currently working with (I think) Countrywide on my own loan modification. I call CW all the time and am yet to speak with my home retension specialist assigned to my file. As a matter of fact I was told it was handed to yet another representative just last week.

I was verbally approved for a loan modification on December 22, 2008. All documentation was submitted for final review and approval on December 29, 2008. They told me that it take upwards of 45-60 days for a final approval but my file would be expedited due to the impending trustee sale date. The sale date has been postponed twice so far (March 11th) in light of this negotiation. What could possibly be holding up their final approval, I won't know - until I know.

Countrywide is supposed to be implementing a streamline loan mod system. Well my package must have floated down another stream because I cannot get a handle on all of this. So in my case and in answer to your question, yes.

Good luck to you!

Diane Wheatley
(909) 815-4499.
0 votes Thank Flag Link Thu Feb 12, 2009

The hardest thing with Countrywide is to get them to open a file. Once they do, it can take months for a decision, but at least you are in the system. They are currently working on ways to streamline their process, however, don't count on it helping in the near future.

Also, they will tell you that you need to be behind on your payments, but this is just a way to cut down on the open files. Do not believe them. It is my experience that if you get to the right person, they will open a file even if you are current on your mortgage. You just need to demonstrate that default is imminent (like an upcoming rate adjustment, loss of overtime on your job, two earner family income reduced to one, etc). Keep calling until you get the "right" person who will help you. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
0 votes Thank Flag Link Thu Feb 5, 2009
The thing with Countrywide is that they won't negotiate unless your late and preferrably 60 days.
0 votes Thank Flag Link Tue Feb 3, 2009
Countrywide is somewhat difficult. The thing about Countrywide is you have to make more income than less for them to grant you a loan modification. Sometimes people think that if they claim less, they will be granted the loan mod., but its actually the other way around. Just call them and plead your case. I spoke to a client that attempted it on his own with Countrywide and he was granted the loan modification.

Good Luck
0 votes Thank Flag Link Tue Feb 3, 2009
Most of lender are kind based on country circumstance. Nice words will get you further than harsh statements. Keep in mind with property owner if leasing would have you evicted within 30 days, lenders are working with home owners where some are living on property for up to 12 months FREE attempts work out mortgage payments.
Web Reference:
0 votes Thank Flag Link Tue Feb 3, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer