Mortgage Forum

SuzieQ

Trying to modifiy loan but getting no help. I quess my story starts back a year ago when I could not make the mortgage for March. I called Countrywide and they easily agreed to break the payment into the next 6 payments. I was able to stay on track until Oct. My husband is a real estate agent and needless to say with the down turn in the market sales dried up completely. He began to look for work part time. I tried to increase my work hours but had no luck with my current employer. I was doing decorating(painting) for people on my off days to bring in extra money. OK, to sum up it's now the end of Dec and we made a payment for Oct and Nov on our 1st and brought the 2nd to date. During this time we wrote a hardship letter and was told someone would get back to us. January we were told the dept was back logged and they would get to us and wait to send payments. Sometime in Feb or early March we were told we did not quailify for hardship. We should send in a payment right away since the loan was now 4 months in the rear. Explained would have to cash in the remainder of our 401k but would send as soon as we received the money. Upon receiving the check called Countrywide to make arrangments re: payment i.e. over the phone or cashiers check. This was around the 24th of March. I was told over the phone it was now to late the loan had been turned over for foreclosure and if I sent the payment it would just be returned. I was told I did not qualify for restructure or loan modifications. I explained my husband had a second job a secured government job and was still working real estate as well. He is putting in 14 - 15 hr days. I also explained I received a hefty raise and my work hours would be increasing June 1. She didn't care said until we had enough pay stubs to show there was nothing they could do. April 11, I call back again trying to get help and stop the foreclosure process this time Misty was a little more help. She ordered a reinstatement # figures. We should be able to do a partial reinstatement. At this point the numbers are within our reach. However, when I call back for the reinstatement I am told sorry no can do. It's now the whole reinstatement # plus legal fees. I contacted CCCS for advise, they contacted Countrywide which has postponed the sale date. The counselor and I spoke with them today of course the payment now has gone from 12,059.00 to 20,000.00. They may consider modification if we pay 30% of the 20,000.00 and a letter from my employer stating what my new salary will be. At this point I don't trust anything they tell me. I have been advised to file BK, DMP, to just walk away and give the house back. Take the money I have saved and rent a place and start over. We have done a lot to this home remodeling etc and we had plan our future here. It is not easy just to walk away but I will if it keeps my children fed and off the streets. This has been a gut wrenching year and I just want the end to come. Is it worth working with Countrywide to save my family's home. debbi