how do i get my mortgage company to help me with loan modification that i qualify for before i lose my house.?

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I keep calling countywide and I get the most rude and unhelpful people..they just keep saying call back or call this number and I have been trying now for over a month..i need help that is why I’m calling them.I qualify according to their charts but they are giving me the run around.How can I get them to listen to me and help me.Can I go to another bank for a mortgage even if my house is worth less than its mortgage for but not by much.I live in Pa and have owned it for 3 years.Can someone lead me in some kind of direction> thanks

  1. Reply
    February 19, 2011 at 7:02 am

    Homeowners qualify for a modification based on either hardship (late or struggling to make monthly payment), “creative financing” (adjustable rate, interest only payments, 100% financing, interest defered to principal, etc.), or both.

    Unfortunately, banks and other lenders are not eager to modify most struggling homeowners’ loans. It’s just not in their best interest. If you’re making your payments, you’re a performing asset and they have no need to modify your loan. If you’re in a “creative financing loan” – the type the government has pumped in $ 75 Billion to help get modified – your lender (the one who put you in that bad loan) is not going to point out the violations in the loan they created.

    Any private modification service you work with should have a 100% money-back guarantee (in writing), have you pay an attorney (not the company directly), and hold your payment in escrow until your loan is modified.

    You can read more about this avenue at

  2. Reply
    Johnny B
    February 19, 2011 at 7:28 am

    Hi Ann, Did you try Countrywide Or just the number on your statement? Here’s some #’s from their website.
    Call – 1-800-669-6607 to find out if you’re eligible.
    Before you call our Home Retention Department at 1-800-669-6607, please be prepared to fax or mail the following documents so we can better assist you:
    Your Loan Number and Property Address
    Bank Statements and Tax Returns for the past two (2) months
    Recent income documents (e.g., pay stubs)
    List of current expenses
    Brief explanation of your current financial circumstances warranting assistance
    The more information you collect before you call, the quicker we can determine your eligibility for assistance and the best available solution for you.
    Hopes this helps.
    johnny b

  3. Reply
    February 19, 2011 at 8:11 am

    I work in the Loss Mitigation department of a major bank. Some advice for you; A third party mod company or lender wont be able to do anything you can’t do yourself. I’ve delt with them on a regular basis and they only thing they can provide is actually calling and you not having to do it yourself. If that’s important to you then feel free to seek one of them out. They can not offer to get you better terms or rate on a mod if you qualify. Also there are a lot of factors that go into determining if you qualify for a mod and a website listing wont show them all. Some are the major ones are who actually owns the loan. I know you said you’re with countrywide, but they may, and probably don’t actually own the loan, they just service it. It’s most likely owned by Fannie or Freddie, if so then countrywide has to go by Fannie or Freddie’s guidelines and the mod is actually approved by them not countrywide. Or your loan could be owned by bank of america, citi, wells, the list goes on, either way who ever actually owns the loan is who will actually approve it or not. If you have a negative income(meaning more money going out than coming in) you likely wont qualify for a mod regardless of what you’ve heard. When a mod is done by a lender your loan is actually bought out of a pool of securities(bonds actually) and then modified, and it costs lenders to do that( a lot, upwards of 50k per loan), so they want to make darn sure if they mod your loan, you’re not going to fall behind again. A mod is not negotiable or any other loss mit options for that matter. What ever is presented to you is going to be their first/last/and final offer. The people you speak to AREN’T sales people, they don’t negotiate, and you shouldn’t try to. They’re offering you assistance on your hardship, not there to be nickeled and dimed. If you can’t get a mod ask about a forebearence plan where they will termporarly reduce your payments and then you will pay the difference back along w/your normal monthly payment when you are back on track financially. If you see your hardship lasting a long time 6+ months then you want to consider doing a short sale, which is where the lender will allow you to sell the property for less than you owe, these are also approved by the investor. Any difference not covered by the sale may or may not be forgiven, that is up the the lender. If you can’t do a short sale, you can try a dead in lieu, which is where simply give the property back to the lender the benefit of this is that is does not show up as a foreclosure on your credit. Most companies will want you to try to do a short sale before a deed in lieu. Now how to get a hold of them. Call into customer server or collections. The collections department will probably be better, now they will try to get you to make a payment or two or more. Tell them you don’t have the money now and would like to speak to the Loss Mitigation department, if they transfer you be sure to get the number before they do the transfer. Once you get loss mit on the phone ask to speak to someone in the modification department, once you get to them tell them your hardship and they most likely will go over your financials and tell what you need to do. Now when to call, early morning hours are usually the best, the phones back up around lunch and after hours, find out what time zone they are in as your early morning may be different than theirs. Keep calling the number until you get someone on the phone, if that means you have to call 20 times a day then you need to call 20 times. It’s not that these people don’t want to help, but most companies are short staff, now you may say they need to higher more people, which almost all are, but once people are highered it takes time to train. Like I said before these are sales reps, they need to be trained on the different lenders the mortgage company works with, the different state and federal laws, what they can/can’t do, this takes a lot of time. Call in on two phones, use a home phone and your cell, or two cells, or what ever you have. If you have to wait on hold for an hour then wait. Most of these lenders aren’t open on weekends and if they are it’s for a limited time period, so early morning no the weekday is your best bet. Write down all of the numbers you get, you don’t want to be looking around for a number, write down a names also, you may be told one thing by a customer service rep and the mod rep may tell you something different. Even though the cust service rep may be wrong it’s still a good idea to have all the names you can just incase you need to get someone on the phone. Be nice to who ever you are talking to, I’m sure you’ve gotten frustrated but you have to realize the people you are talking two aren’t the ones who created this mess, they’re there to help you and pretty much everyone they talk to has a story or is going to be getting upset w/them. But call call call, is the best thing to do.

  4. Reply
    February 19, 2011 at 8:26 am

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