What do I tell countrywide when updating my financials?

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I am behind on my mortgage and I have the sub prime/arm loan you hear about on the news. When I called C.W they wanted me to update my financial info. Do I make it like I break even every month or should I be up a certain amount of money. When I told them my finances, they calculated that I was negative per/month and said I didnt qualify for a modification. What should I say?

…is complete fiction?
http://news.yahoo.com/s/nm/20100424/bs_nm/us_goldmansachs
That is the complete basis for the claim Democrats had anything at all to do with the mortgage meltdown.
They didn’t force the banks to make subprime loans – the banks did it themselves, and willingly and gladly once Bush deregulated Loan Bundling.
The “lawsuit” was only about making sure minorities got the same treatment as other people. It had absolutely nothing to do with sub-prime loans, or with the meltdown that followed after the Banks overextended themselves making risky loans on the public dime.
Can we set this AM radio/Fox TV/Neocon myth to rest please?
Robot – the Community Redevelopment had nothing to do with sub-prime loans.
You guys really need to put down the crack pipe on this one.
Just cause Fox said it was doesn’t mean it’s true.
In fact Fox saying something is usually pretty good evidence it’s NOT true when you look at the larger story.

6 Comments
  1. Reply
    Sharon T
    April 29, 2011 at 9:00 pm

    The truth. First you should go over your budget and see where it could be cut. If you can show it is possible to make a reduced payment, you may have a shot at modifying the loan.

  2. Reply
    maryann
    April 29, 2011 at 9:13 pm

    They want to know every penny you spend.. including food, gas, utlities, insurance on top of what you did not use to qualify for the hoem loan… so my suggestion with my own experience I was told that I needed to show a surplus of at least $ 400 left over.. so go easy on your utilities and the extras.. If need be do what I did. If you have an extra room maybe you can get someone to rent the room then all you would need to do is show the lender a copy of the rental lease and evidence that you received at least one rental payment. Good luck!

  3. Reply
    Bridge L
    April 29, 2011 at 9:43 pm

    Be 100% honest with your lender regarding your financials. I just answered a similar question recently. You should have a reputable firm negotiate with Countrywide for you. Over 80% of people who try to negotiate by themselves do not get good results banks know they can intimidate borrowers who do not have representation. A reputable firm is Lend Sure does not charge upfront fees, almost every other loan mod firm does charge upfront.
    They can possibly get you into a low fixed rate as low as 3% (best case scenario, depends on the lenders situation, every modification is different). A contact over there is thart@lendsure.com or 888-250-2125.

    Good luck!

  4. Reply
    Grand Theft Pants™ (the 6th)
    April 29, 2011 at 10:04 pm

    No. it doesn’t.

  5. Reply
    robot_hooker5
    April 29, 2011 at 10:41 pm

    Look up the Community Redevelopment Act and get back to me.

  6. Reply
    Matthew D
    April 29, 2011 at 11:02 pm

    The community investment act gave home loans that were GOVERNMENT SECURED to a small number of people. Government secured meaning no risk at all to the lending agency; just like stafford student loans.
    And to blame the bursting of the housing bubble, the credit collapse, a global financial meltdown and the largest recession in 80 years on a minority of a minority of a minority is just ignorant.
    The loans were secured anyway!

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