I can track which entries get the most hits on my blog and they are topping the list by far. I am getting many calls a day now and also comment from people that are trying to stop foreclosure by trying to get a loan workout or loan modification.
I had a nice guy named Ryan call me from Indiana this morning and he told me that he is having a real hard time since his wife has been out of work. He has been on time with his mortgage payment but he was barely hanging on.
He needed help.
I explained to him that since he wasn’t late that and his ARM loan did not adjust yet (it wouldn’t for a year) that Countrywide’s may not work with him. He wasn’t going to give up and encouraged him not to.
About 2 hours later I receive a call and it’s Ryan again. He’s excited and he tells me that he called Countrywide’s HOPE Department and first was on the phone with someone who wasn’t too helpful. But he kindly asked to speak with a manager and that this guy was real helpful. The manager said he may be eligible for a loan modification and set him up to begin the process.
I told Ryan that that’s awesome and to please let me know what happens. He agreed and we hung up.
Does this mean Countrywide is going to be more flexible with distraught borrowers? I sure hope so because they are the largest lender in the country and their are a lot of people who need it. Maybe the HOPE department will live up to its name.
Missed my July payment and here we are in August and just about ready to make my July payment, so basically running about 5 to 6 weeks behind. Countrywide won’t restructure my payment so I can carry that month over to the next months…now I read I should not even agree to that…should be something more realistic for me…will the HOPE people help?
Good day Alex!
I’m sorry about your situation. My question to you is “If they work with you can you realistically catch up and maintain these payments?” The key here is maintain and don’t agree to something just because they will work with you. You can always counter their offer for a loan modification to better terms.
Why did you become late in the first place? I would definitely seek help with a non-profit or legit for profit firm that can negotiate for you if your having trouble. Just make sure they know what they are doing.
I wish you the best of luck!
Moe
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