Country wide and loan modification, are they willing to work with the struggling home owners? March 29, 2010
Posted by Credit in : Renting & Real Estate , trackback
lalis1976@att.net asked:
Would anybody know how willing Country Wide is to participate in the President’s loan modification program, we tried it at the beginning of the year and found a really arrogant and and indifferent company policy in regards to struggling home owners. Should we hire one of those companies that do it for you for around two to three thousand dollars?
Help please!
Would anybody know how willing Country Wide is to participate in the President’s loan modification program, we tried it at the beginning of the year and found a really arrogant and and indifferent company policy in regards to struggling home owners. Should we hire one of those companies that do it for you for around two to three thousand dollars?
Help please!
Comments»
Don’t hire a company they are ALL scams. Call Bank of America (They own countrywide) and ask to speak to someone. If they don’t help either ast to speak to their manager or simply call back and speak to someone else.
Countrywide isn’t interested in doing anything to help anyone except themselves~! They are in the process of merging with Bank of America!
They sat on an offer for my house for 3 months, then counter offered to buyer by $55,000! Obviously the buyer walked away. So they are getting the friggin house back as of April 21st! I hope someone at CNN reads my email about this.
NO. Don’t hire one of those companies–scammers.
Countrywide is more willing to work with borrowers now. Customers have to persist.
Problem is too many borrowers think that Countrywide should just absorb everything. The borrower chose a home and chose Countrywide and asked for money to buy the home, and got it. A Loan Modification is borrower keeping loan, same amount, but modifying the interest rate.
So if borrower is upside down on loan, a loan modification or refi isn’t possible because the borrower has NO Equity in home. Too many borrowers put nothing into the homes they “bought” except themselves.
The President’s new program HASP requires that you have been current on all payments for the last year. Countrywide will be participating but they are not ready yet. They just got the paperwork.
Previously Countrywide told homeowners they would not help unless you were 2 payments behind and you could prove that you lost your job. The best offer they made was lowering the interest rate to 4.5% fixed, extending the loan to 40 years, and forgiving 4 unpaid back payments.
Do not hire the companies that charge you $3,000. You will never see your money or them again. Avoid them. Deal directly with your lender..