I emailed KCRA Call3 to see if they could assist me in working with CountryWide Home Loans so that I can avoid foreclosure on my property. I have an adjustable rate mortgage on a rental property that I had planned on selling a year ago. Trouble is I am upside down now due to the terrible housing market. KCRA was helpful and gave me the some information that is listed below, but before you follow their advice I may be able to provide some more up to date information. Don’t get me wrong, I appreciate KCRA’s response, but the end result was to do something different.
After calling in and being disconnected 3 or 4 times and transferred, I was then asked to call a different # that then asked me to dial a different #. I was finally advised that I needed to speak with someone in the Hardship modification department. The # is 1-866-921-4765. I spoke with a gentleman named Donny who was helpful. He asked me a series of questions to update my file so that he could resubmit my request for a modification. I hope I didn’t screw myself though. The answers to the questions will show that we now make more money. I am not sure telling Donny we make more money now will actually help us. We will see what they come up with. Donny advised us to wait 2 weeks and then check in to see what the result is. So we will do that. I will update the blog when I receive new information.
We were denied twice in 2007 for a modification and were told that we make enough money and can afford afford the $3,700+ per month payment, along with our main house payment of just over 3000. They calculated that we should have 150.00 left over every month. Just makes you want to strangle someone. I was advised to stop making my payment to see if they will try to work with us. So I did that. It's been two months now without making the $3,700.00 payment.
This property is a rental property and is not saving us any money in taxes. Bottom line is the house is a loosing proposition. It doesn't make financial sense at this point to keep throwing money out the window. I have to do what is right for my family and our sanity. If our credit is ruined for 7 years, at least we will have money in the bank. We are now able to put 10% of our salaries into 401k. For the 1st time in 2.5 years our net worth is going up rather then down. We have a 30 year fixed in our main home now so we are paying down our mortgage. We will survive with a roof over our heads until our credit improves.
This is the information that KCRA gave us, but I believe this to be old info. KCRA also suggested if all else fails to call the California Association for Mortgage Brokers Help Line at (866) 999-5508. I have not done this yet.
KCRA where the news comes first.
"COUNTRYWIDE LOAN WORKOUT NUMBER"
- Countrywide has a special number consumers can call to connect with their loss mitigation department. 800-262-4218
- Callers must AFFIRMATIVELY demand to be connected to the "SPECIAL WORKOUT PROGRAM"
- They may be connected to other departments but must be persistent and insist on connection to the "Special Workout Program".
When you call the # above you will be asked to enter your Loan #. Then you will need to press 0 three or 4 times to finally speak with a representative. You will be asked to verify last 4 of your social and then you will be asked to enter your zip code. Once connected to a live person you will again be asked for the information you already provided above. Most likely you will end up speaking to someone in
Here are a couple other #’s that I found out about however they were not what I needed.
Refinance 1-800-635-5215
Hope Department 1-888-219-7773 – They didn’t give me much hope here.
No comments:
Post a Comment