Mortgage Forum

Mike

I am not very good with words, so please bear with me. I don't know if mine is a success story yet, but I have been approved for a loan mod by Countrywide for my 2 homes (1 primary and the other one is a rental home) for 4.875% interest only loan fixed for 5 years. The loan mod docs have already been notarized and fedexed back to them and they already received it last Thursday, March 20th, along with my cashier's check for $1,000 for processing fee for both properties ($500/property). I had to hire an independent negotiator for me who used to work for CW, since me and my husband work full time and we both don't have the time to email, fax, fax, fax and call,call, call them. My outside negotiator, Gabriele keeps in contact with CW negotiator, Amber Hill, and according to my outside negotiator, Amber Hill is very good in returning calls and emails. Last March 24th, Monday, Amber Hill advised my outside negotiator that CW already received everything (notarized docs, $1,000 cashier's check, etc.) but the MOD has not been completed yet. She was supposed to email back Gabriele last Monday, March 31st, to advise her that the MOD has been completed. Gabriele has been trying to get hold of her since Monday, but CW negotiator has not responded to her emails yet. My concern is, our new payment is supposed to be due April 1st. The CW negotiator advised Gabriele for us not to make our new payment until the MOD is completed. In the meantime, I don't want to be late with our payment. We have a good income, stable jobs and good credit. I have been reading this forum and it is very, very informative. This is how I got the idea of trying to apply for a loan mod with CW. Thank you guys for all these information. You are great! I have another rental property and my loan is with GMAC. Just like my original loan with CW, that loan is also an OPTION ARM. I haven't seen any success stories yet regarding GMAC loan mods. Our payment with them will reset in January 2009. We won't be able to afford the payment once it resets as the rent we collect won't cover the new payment. But with all the tools provided in this forum, I am going to try. Hopefully, I will have the time to do it myself so I can save a lot of money.