I got a hold of someone at Countrywide today. All of a sudden it is easier to get through. They asked a bunch of questions and calculated the average household expenses. They only had 2 figures to choose from. Either the “lower” end which was around $2000 or the “higher” end which was around $4000. Neither was accurate but $4000 was closest so I chose that one. That left a negative of $239 after the new payment and a positive of $1000 after the pre-adjusted payment.

She could not give me an answer as to whether the borrowers qualified for a modification or not. They will be contacted within 30 days with an answer.

I am now out of the loop.

Be sure and have the following information available when you call-

Gross income and net income on a weekly, bi-weekly and monthly basis

Total credit card payments

Total student loans

Total secured (car, 2nd mortgage) payments

The rest of the expenses are pre-calculated based on some form they have provided by the Dept. of Labor. If there are arrearages they are going to want a payment.

I did this last week with another lender and they gave an approval on the spot.