Mortgage Forum

Mike

I've read so many horror stories that I'm wondering if what I'm being offered is true. I have my 1st with Countrywide and my 2nd with Chase. We are 2 months behind on both mortgages. I called Countrywide and was transferred to the home retention dept. I was offered a repayment plan. I need to make 1 partial payment now and then 6 monthly payments each due on the 20th of the month with no grace period. They did tell me that the late fees would keep adding up each month and that a 30 day late would continue to be sent to the credit bureaus. The 6 monthly payments would be my regular mortgage payment with an additional amount added onto it to cover what I am behind on. I could pay off the entire past due amount at any time. He said that this would bring me current. Seems like a fair deal. Any thoughts?Then for Chase, they asked me to make the 2 mortgage payments that I am behind on. They then said they would submit it for an out of policy review to have the next 2 months payments added onto the balance of my loan. This would bring my account current and I wouldn't have another payment until July 1st. This sounds great to me if in fact it's true that they can do this. I am speaking with a Supervisor at Chase named Anthony. Has anyone heard of this? Thank you!!!