i am 3 months behind i applied for a loan modification but countrywide only offer a repayment plan what to do

Asked by Jeremy Fisher, Las Vegas, Las Vegas, NV Sun Dec 14, 2008

what should i do take the repayment or fight for a loan mod they are stating that they are not doing 80 20 loan modifications

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Phil DeSimone, Agent, Hemet, CA
Thu Dec 18, 2008
You have to have an attorney deal with them.The price is about $3000 on a payment plan $1000 per month for 3 months.You do not have to make any payments for months, as the attorneys will fight for you to see if there is any violations,predatory lending,missing loan docs, or a numerous other things that they use for fire power.If you have an adjustable rate loan,yaaa, easy way to win against the bank.I have more info about this on my website if you need more answers

Phil DeSimone
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Devan Reaves, , Henderson, NV
Thu Dec 18, 2008
That's not true they are doing them. I just saw one approved today. My broker did one for his friend and Countrywide only holds the first HSBC is holding the second. You will have to show and prove and FIGHT to get the modification compared to a repayment plan. The problem most people have is they walk into the battle defeated and believing they should only take what is given to them. A repayment plan only works for one person and that person is not you. You are speaking with a glorified collection agent who will potentially make money off of putting you into a repayment plan, but the problem is if you can't afford the current payment how are you going to afford it with the inclusion of the moneys that you are currently in the arrears on. You will have to dig in and bunker down for a fight. You will need to order comparables, and may even want to look into an appraisal. Do not ask that they consider you for a loan modification tell them what you can afford and stick to your guns. My broker got his friend approved at 4.375% for the next five years and they are tacking the arrears on the back of the loan and removing the lates from her credit. If you want it done you have to fight for what you want. It is either that or get ready to pack.
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Delete Me, , 89052
Sun Dec 14, 2008
Hi Jeremy,

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.

Best wishes,

Mike Dobranski, REALTOR®
Keller Williams Realty - The Marketplace
Las Vegas / Henderson, NV

0 votes
Len McGuirk, , Las Vegas, NV
Sun Dec 14, 2008
Hi Jeremy,

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
0 votes
David Grant, Agent, Las Vegas, NV
Sun Dec 14, 2008
There are a lot of options that may be available to you. You can call me or email and we coud discuss you scenario. There is way to much detail to discuss here. Good luck.
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