Does anyone have experience with

Actually our situation is that my fiance was laid off for 4 months and while trying to keep bills paid I was caught up in the internet payday loan cycle and having a hard time getting ahead. The payday loans are in the process of being turned around but our mortgage is suffering. We refinanced in 9/06 because we had an adjustable rate to a fixed rate. Shortly after that my fiance was laid off and the trouble began. We have been together 10 years and this is the longest he has ever been off work. It does not take long for things to get ugly. We refinanced with Wilmington Finance. They sold to Countrywide and then Wilmington had to buy the loan back because we became behind. Countrywide had set up a payment plan over 4 months which while these monthly payments are extremely high we could have hopefully done this. Then when Wilmington bought the loan back they need documentation of this which I do not have yet as the arrangement was just made on 4/12, loan transferred 4/15. Do you have any suggestions on our best options?

Documentation must have been prepared as the payment plan was actually agreed upon and set by Countywide. If you contact them you will be able to get the required documents.

Hi Motomom,

Welcome to forums.

I think the best option is to request Country wide to supply you with the required documentation as early as possible. You should explain them why you need the documents. Otherwise, there may be dispute over the payments in future.

But frankly speaking, this whole stuff of getting refinanced and your loan being sold and again bought back by Wilmington is really confusing. You need to settle things as early as possible so that you can send in your payments with the right lender and until and unless Willmington gets the documentation, it may not be convinced as to whether you have paid back the loan.

Thanks

As happens a lot of times Wilmington sold the loan to Countrywide. We are now behind for March and April payments. Countrywide set up a payment plan on 4/12. The loan was bought back by Wilmington on 4/15. Countrywide said the loan agreement to get caught up on these payments was mailed on 4/12 but as of today, 4/19, I have not received it. If I do not receive it by tomorrow, Wilmington needs a hardship letter, tax returns, pay stubs, banking statements and a list of monthly expenses. I assume they will try to work out a new payment plan.

Sorry for the confusion. Just wondering what options might be.

Because of the repurchase by Wilmington, you may benefit from the assistance of a non-profit organization to help you. I suggest you call someone like ACORN. You can find a local office at acornhousing.org

Motomom,

I think you should ask Countrywide to send you another copy of the documentation. It is their responsibility to send in the agreement. Moreover, you aren't responsible if you do not receive the letter. It was Wilmington Finance who got the loan back from Countrywide. Now they should give you some time till you receive the letter and start making payments to Wilmington Finance.

The hardship that you may to provide is required if you are in financial distress and hence unable to make the payments. Since you are 2 months behind on the loan, may be that is why the company has asked you for the letter. And, it is quite possible that they may ask you to follow a new payment plan so that you can stay current on the loan.

Thanks.

I think Ken, ACORN may be able to help Motomom.

ACORN has decided to hold events across the nation to help homeowners avoid defaults on their loans and become financially stable so that they can pay down their debts. In fact, they are making plans to go from one house to another and assist people struggling with their finances to fight back against foreclosures resulting from predatory loans.

Motomom, I think you should contact the local office of ACORN asap and find out what they have to say. Share it with the community so that we can offer further suggestions.

Good luck

Thanks for all your input. We have had an illness in my family and having to juggle this with taking care of finances. I will get back with any progress.

Sorry to hear about the situation you are in Motomom. I hope things will start to improve gradually.

Miller

wilmington requested a hardship letter, pay stubs, bank statements, tax returns and an expense sheet in order to consider us for a repayment plan. at this time we are due for march, april and now may. they will not accept one payment at this time. they hope to get back to us by the end of the week with a yes or no. if yes, we need to pay half of the delinquency. if no, we have to pay the entire amount to be reinstated. i asked about adding the deliquency to the end of the loan -- they don't do that. i asked about deed in lieu of foreclosure -- they don't do that. just updating on our situation. kind of gloomy.....

Did you take a look at ACORN and other forclosure counselling agencies other mentioned? They can negotiate your point with them.

This is acorn's number: (888) 409-3557, call them and tell about all you have gone through. And let us know what they say.

Also, look at HUD Approved Housing Counseling Agencies in your state from this page ( http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm ), ring them up also for once and see what their opinion is and if they can convince Wilmington to add the default amounts into the loan.

Look into these options within this week as they are not going to reply before the weekend.

I have a call into Dominique McCree at ACORN. Just waiting to hear back from her and hoping for the best.

Do let us know what he says.

What happened Motomom, what Dominique said about your situation?