Countrywide Modification?

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Has anyone ever been through a successful loan modification with Countrywide Mortgage? If so…can you share some details, and hints? I keep hitting brick walls with them… Thanks!

I was behind in my mortgage with Countrywide, and was offered a loan modification. After several months of back and forth phone and mail, I was finally offered to increase my total years to pay to 40, decrease interest rate to 6 and add the unpaid balance back into the loan.
This is what gets me and I need to know if it is legal, if it had not been paid why should it be added back to the loan? Essentially by adding this amount back in the modification did nothing it only lowered my payment by$ 40.00.

4 Comments
  1. Reply
    Pojo
    April 29, 2011 at 10:00 pm

    When you say brick walls have you written any return receipt requested letters asking them for details? They are notorious for being difficult so just keep calling until someone answers your questions.

  2. Reply
    Lady B
    April 29, 2011 at 10:52 pm

    You will hit many walls with many mtg companies. They are all being overly careful.

    Try some other places.

    Not that it is my business but you are kinda vague about the information your giving out.

  3. Reply
    kemperk
    April 29, 2011 at 11:43 pm

    if you have only lost/had reduced, $ 40.00 of your regular payment, someone is not doing the math. What were you first offered?

  4. Reply
    John
    April 30, 2011 at 12:25 am

    Have a professional loan modification company fix this for you; you should be able to get less than 4% a month with no add backs and possibly/probably getting the principal reduced; you got taken but it can be fixed. My aunt used a loss mitigation company to “redo” the terms of the loan at an interest only payment at 3.5% for 4 years. The company did some arm twisting with the bank to get them to accept these terms to avoid a foreclosure. She went through the free evaluation form at http://www.totaldebtsolutionsllc.com and a rep called within 24 hours. Best of luck whatever you decide.

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