Comments on: Countrywide to modify loans worth up to $16 billion http://www.fhaloanpros.com/2007/10/countrywide-to-modify-loans-worth-up-to-16-billion/ The Unofficial Guide to FHA Loans & Mortgages Mon, 15 Mar 2010 01:50:19 +0000 http://wordpress.org/?v=2.6 By: cheryl http://www.fhaloanpros.com/2007/10/countrywide-to-modify-loans-worth-up-to-16-billion/#comment-40565 cheryl Mon, 02 Feb 2009 00:15:02 +0000 http://www.fhaloanpros.com/2007/10/countrywide-to-modify-loans-worth-up-to-16-billion/#comment-40565 the foreclosure process will proceed because you haven't done anything to cure the default yet. the foreclosure process doesn't stop until you make your down payment toward your agreement with the lender. going into foreclosure adds between $1000-$2000 in legal and late fees to your obligation to the lender. but even when the lender sets a sale date, it can be put on hold pending a decision concerning your request for a modification,up to the day of the scheduled sale date. how much the time you have left in the house depends on what state you live in, but if you don't have a sale or auction date yet you are you have a couple of months. don't give up yet! the foreclosure process will proceed because you haven’t done anything to cure the default yet.
the foreclosure process doesn’t stop until you make your down payment toward your agreement with the lender. going into foreclosure adds between $1000-$2000 in legal and late fees to your obligation to the lender. but even when the lender sets a sale date, it can be put on hold pending a decision concerning your request for a modification,up to the day of the scheduled sale date. how much the time you have left in the house depends on what state you live in, but if you don’t have a sale or auction date yet you are you have a couple of months. don’t give up yet!

]]> By: jj http://www.fhaloanpros.com/2007/10/countrywide-to-modify-loans-worth-up-to-16-billion/#comment-31605 jj Thu, 11 Dec 2008 00:24:41 +0000 http://www.fhaloanpros.com/2007/10/countrywide-to-modify-loans-worth-up-to-16-billion/#comment-31605 This is just a total lie,CW is liying again like they did when preparing the loan.I try to modify the loan after december first and they told me that I was qualified for the modification , but now they are telling me that I could go on foreclosure.Every time I call them they answer with a bad mood,so i think i just going to give up with this and pick up all my stuff and the things installed in the house and leave before they kick me out. This is just a total lie,CW is liying again like they did when preparing the loan.I try to modify the loan after december first and they told me that I was qualified for the modification , but now they are telling me that I could go on foreclosure.Every time I call them they answer with a bad mood,so i think i just going to give up with this and pick up all my stuff and the things installed in the house and leave before they kick me out.

]]> By: victor http://www.fhaloanpros.com/2007/10/countrywide-to-modify-loans-worth-up-to-16-billion/#comment-29391 victor Mon, 10 Nov 2008 00:44:30 +0000 http://www.fhaloanpros.com/2007/10/countrywide-to-modify-loans-worth-up-to-16-billion/#comment-29391 Great information, but i have a conventional loan ask to modified it,and cw told me i did not qualify and that i needed to be 2 months late for help, but i just discover that most cw personal wont want to help you because they earn commissioned resolving collection calls and spending 30 minutes on your loan process wont happen because they would miss other calls.they don't make money modified your loans i strongly recommend ask for a manager. Great information, but i have a conventional loan ask to modified it,and cw told me i did not qualify and that i needed to be 2 months late for help, but i just discover that most cw personal wont want to help you because they earn commissioned resolving collection calls and spending 30 minutes on your loan process wont happen because they would miss other calls.they don’t make money modified your loans i strongly recommend ask for a manager.

]]> By: cindy http://www.fhaloanpros.com/2007/10/countrywide-to-modify-loans-worth-up-to-16-billion/#comment-29147 cindy Wed, 05 Nov 2008 13:24:17 +0000 http://www.fhaloanpros.com/2007/10/countrywide-to-modify-loans-worth-up-to-16-billion/#comment-29147 i have ben in foreclosure for a year, had an offer on my home and countrywide denied it, now the foreclosing attorney sends me a letter that the fair market value for my home is what the offer was on my home that they denied, HOW MESSED UP IS THAT i have ben in foreclosure for a year, had an offer on my home and countrywide denied it, now the foreclosing attorney sends me a letter that the fair market value for my home is what the offer was on my home that they denied, HOW MESSED UP IS THAT

]]> By: francisco http://www.fhaloanpros.com/2007/10/countrywide-to-modify-loans-worth-up-to-16-billion/#comment-28698 francisco Wed, 29 Oct 2008 02:07:57 +0000 http://www.fhaloanpros.com/2007/10/countrywide-to-modify-loans-worth-up-to-16-billion/#comment-28698 Have been talking to cw all year loan adjusted a year ago. No help what so ever had an offer to short sale now getting calls asking if we want to keep the house. Are the new modifications loan fha loans coming out with a catch about ownership if we decide to sell the home down the road. Have been talking to cw all year loan adjusted a year ago. No help what so ever had an offer to short sale now getting calls asking if we want to keep the house. Are the new modifications loan fha loans coming out with a catch about ownership if we decide to sell the home down the road.

]]> By: Kenneth Grace http://www.fhaloanpros.com/2007/10/countrywide-to-modify-loans-worth-up-to-16-billion/#comment-27059 Kenneth Grace Tue, 07 Oct 2008 17:40:44 +0000 http://www.fhaloanpros.com/2007/10/countrywide-to-modify-loans-worth-up-to-16-billion/#comment-27059 Loan Modification my --- I started talking with country wide Back in April My Arm was to reset in June I got no resonse except for a guy who told me I did not qaulify for my house just give it back to Countrywide I tried that I got no response. I got an offer for an interest only mortage only after I told them that I no longer lived in the home. I paid my account every month on time I had a credit rating of 750 before my arm reset and the market around me crashed my home lost over half it's value. Loan Modification my — I started talking with country wide Back in April My Arm was to reset in June I got no resonse except for a guy who told me I did not qaulify for my house just give it back to Countrywide I tried that I got no response. I got an offer for an interest only mortage only after I told them that I no longer lived in the home. I paid my account every month on time I had a credit rating of 750 before my arm reset and the market around me crashed my home lost over half it’s value.

]]> By: Moe Bedard http://www.fhaloanpros.com/2007/10/countrywide-to-modify-loans-worth-up-to-16-billion/#comment-580 Moe Bedard Sat, 27 Oct 2007 00:18:54 +0000 http://www.fhaloanpros.com/2007/10/countrywide-to-modify-loans-worth-up-to-16-billion/#comment-580 Peter, Keep up the great work and I really appreciate you giving me credit for my blog. You're a stand up guy and you are doing a great service with your blog and work. I need someone like you and would love if you can offer any advice or posts for my blog and forum in regards to FHA, especially the FHA Secure Loan. You are very smart to offer this information to borrowers as believe that FHA will be the only game in town in the future for non-prime borrowers and there needs to be a good site that educates and informs. Looks like you filled that niche quite nicely and I want to affiliate myself with professionals like yourself. OK, don't get me started on Countrywide. lol. It just never stops with them and their antics. Meanwhile they keep foreclosing on homes and NOT working with borrowers as they send out these propaganda press releases that the media just eats up. It amazes me that this stuff continues and then to top it off Peter, their stock goes up after they report a 1.2 billion dollar loss. ?? Gee whiz. I feel like I'm in the twilight zone sometimes. I wish you the best! Moe Peter,

Keep up the great work and I really appreciate you giving me credit for my blog. You’re a stand up guy and you are doing a great service with your blog and work.

I need someone like you and would love if you can offer any advice or posts for my blog and forum in regards to FHA, especially the FHA Secure Loan.

You are very smart to offer this information to borrowers as believe that FHA will be the only game in town in the future for non-prime borrowers and there needs to be a good site that educates and informs. Looks like you filled that niche quite nicely and I want to affiliate myself with professionals like yourself.

OK, don’t get me started on Countrywide. lol. It just never stops with them and their antics. Meanwhile they keep foreclosing on homes and NOT working with borrowers as they send out these propaganda press releases that the media just eats up. It amazes me that this stuff continues and then to top it off Peter, their stock goes up after they report a 1.2 billion dollar loss. ??

Gee whiz. I feel like I’m in the twilight zone sometimes.

I wish you the best!

Moe

]]> By: Glen Glines http://www.fhaloanpros.com/2007/10/countrywide-to-modify-loans-worth-up-to-16-billion/#comment-517 Glen Glines Tue, 23 Oct 2007 20:03:50 +0000 http://www.fhaloanpros.com/2007/10/countrywide-to-modify-loans-worth-up-to-16-billion/#comment-517 The comments are: Is CW offering modifications for the all loans that they service or just those loans that they own and have not been able to sell. The difference is huge, the first option shows that they have been able to negotiate with the down stream investors a monumental event, the second option (refi teh loans that they own or have a particpation in) is just self preservation repackaged in the cloak of community responsibility. They have so many garbage loans on the books that they have to act. Further more they have no choice, total up the potential loss on forclosures and the write down that they will have to take for revenue they posted on the servicing revenue that will never come about if the loans are "repaired" by other companies or are lost to foreclosure. Countrywides offer is not altruism or community responsibility it is SELF PRESERVATION at it's finest. The comments are:

Is CW offering modifications for the all loans that they service or just those loans that they own and have not been able to sell.
The difference is huge, the first option shows that they have been able to negotiate with the down stream investors a monumental event, the second option (refi teh loans that they own or have a particpation in) is just self preservation repackaged in the cloak of community responsibility.
They have so many garbage loans on the books that they have to act.
Further more they have no choice, total up the potential loss on forclosures and the write down that they will have to take for revenue they posted on the servicing revenue that will never come about if the loans are “repaired” by other companies or are lost to foreclosure.

Countrywides offer is not altruism or community responsibility it is SELF PRESERVATION at it’s finest.

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