Posted on: 27th Feb, 2009 01:05 pm
After 4 months trying to get a Loan Modification with Countrywide -NACA representing me, they gave me a proposal for 6.25% for 30 years including taxes & insurance paying $3.414.97 a month. NACA proposed 3.0% and CW rejected it therefore I declined the first proposal by asking if they can offer me something more affortable rate and they came back after waiting 1 month and gave me a 2nd proposal which I don't know if I should take or not, here it is: 4.5% for 2 years, than 5.0% for another 2 years and 5.5% for the remainder of the loan also including taxes and insurance but what I don't like about this is the changes, I want something to stay fixed for the remainder of the loan, What should I do? If I declined this 2nd proposal I will have to wait another month or two since they are very slow and my credit is going to be hurst since I'm now delinquent 3 month, please advise me? NACA has not been any help as I though. Please advise, I don't want to go on foreclosure if I keep waiting and maybe at the end they would not do anything for me.
You should accept this offer in order to keep your house.
Don't miss any payments!
As long as you stay current you will be able to negotiate somethign again down the road with the lender if their continued adjustements get to be too much.
Save your home and take an agreement. The lender is not required to offer you anything, they are trying to work with you. Meet them halfway!
Don't miss any payments!
As long as you stay current you will be able to negotiate somethign again down the road with the lender if their continued adjustements get to be too much.
Save your home and take an agreement. The lender is not required to offer you anything, they are trying to work with you. Meet them halfway!
Hi Oirizarry,
I agree with what Chris has said. If you don't accept the second proposal given by the lender, there are chances that the lender will not give any further offers to you. Moreover, as you are already 3 months late in your payments, the lender may start the foreclosure process.
As Chris has said, you should accept this offer of your lender and start paying off the dues. After paying for few months, you may try and negotiate with them so that they can give you a fixed interest rate for the remainder of your loan.
Thanks
I agree with what Chris has said. If you don't accept the second proposal given by the lender, there are chances that the lender will not give any further offers to you. Moreover, as you are already 3 months late in your payments, the lender may start the foreclosure process.
As Chris has said, you should accept this offer of your lender and start paying off the dues. After paying for few months, you may try and negotiate with them so that they can give you a fixed interest rate for the remainder of your loan.
Thanks
It sounds like a good deal to me. Keep in mind, they dont have to offer anything to you.
Hi, I have another question! I have already received my Loan Modification papers from Countrywide and I will be signing them and send them back to them asap! I have a seconf mortgage with Resurgent Capital and I am making payments arrangements with the litigation dept. and I been paying $1, 000 a month of $1,529.00 that I should of been paying but I explain to Resurgent that I was on a process of a loan mod. with CW and they told me after your 4th payment to us we can work out a loan modification as well. Now I am getting ready to work on my 2nd mortgage loan modification with Resurgent Capital. I was told to pay my March payment of $1,000.00 and call them back so they can start the process of my Loan Modification since they will be needing the modification oaperwork from Countrywide to see what they offered me? I hope they give me a better rate than 12.25% I was paying 1529.93 a month, please advise any information that I should ask them or anything that I can say to them so they can lower my payments as low as possible since on my first mortgage I will be paying $3,496.00 a month!
Hi Oirizarry!
Welcome back to forums!
I would suggest you to explain your hardship to the lender in details. This will help him to judge your financial situation. Once the lender has a clear idea of your financial situation, he will be able to give you better rates. Moreover, you can also negotiate with him if you want to lower the rates further.
Feel free to ask if you have further queries.
Sussane
Welcome back to forums!
I would suggest you to explain your hardship to the lender in details. This will help him to judge your financial situation. Once the lender has a clear idea of your financial situation, he will be able to give you better rates. Moreover, you can also negotiate with him if you want to lower the rates further.
Feel free to ask if you have further queries.
Sussane
i have arm loan with bank of america for %12 and fixed %7 with country wide. i made all my payments with both. i have financial problems. i did bankruptcy 1 year ago and my credit score is still bad. i can't refinance because of bankruptcy and self-employment. what can i do to start negotiating with my lenders. do i have to stop payments? i need some advice , thank you
Welcome volkan,
If you are facing hardship in paying off the mortgage dues, you should contact the lender and inform him about it. Lenders will hardly negotiate with you if you are current on your mortgage payments. Lenders provide the option of loan modification when you are delinquent on your mortgage payments.
However, though you are current on your mortgage payments, I would suggest you to write a hardship letter to your lender and check out if he can offer you some solution.
If you are facing hardship in paying off the mortgage dues, you should contact the lender and inform him about it. Lenders will hardly negotiate with you if you are current on your mortgage payments. Lenders provide the option of loan modification when you are delinquent on your mortgage payments.
However, though you are current on your mortgage payments, I would suggest you to write a hardship letter to your lender and check out if he can offer you some solution.