[desertsun41]

Countrywide talk to its customers? Nawwwww. Even if you could get a human on the phone, they are speaking to you in broken English from India.

I would have argued with the OP up and down that his claim of CW modifying a loan is hogwash but Daddy//M3 jumped in and I trust his word. From what he says they are contacting some adjustable loans or neg/am loans. On my statement there is a piece at the bottom saying a new law has taken affect and CW must contact all its customers to work out a payment plan that is affordable. Yea right. They will wiggle out of that law by decieving its customers into signing something they dont understand. You can count on it.

I too am still stuck with the worst mortgage company on earth on my LV home. I was lucky enough to find a renter to cover the monthly nut or I would have left the house for the Vultures like everyone else.

I can understand some people saying if the mortgage co. lowered theirs then I want mine lowered too. I have no answer. I wish I did but seems to me some simple modifications to the loans would help millions of people stay in their homes. But the mortgage companys have proven that they would much rather spend $50,000 to foreclose and add yet another "unit" to their already overflowing inventory rather then helping one stay in their home.

What are they just saving face? Cutting off their nose to spite their face? I hatem. So many times I called insisting I speak to an American. It is impossible. Not able to be done. I feel sorry for all those Indians I screamed and cursed at while they had to remain cool to save their two dollar a day salary job.

[Daddys///M3]

Originally Posted by desertsun41

Countrywide talk to its customers? Nawwwww. Even if you could get a human on the phone, they are speaking to you in broken English from India.

I would have argued with the OP up and down that his claim of CW modifying a loan is hogwash but Daddy//M3 jumped in and I trust his word. From what he says they are contacting some adjustable loans or neg/am loans. On my statement there is a piece at the bottom saying a new law has taken affect and CW must contact all its customers to work out a payment plan that is affordable. Yea right. They will wiggle out of that law by decieving its customers into signing something they dont understand. You can count on it.

I too am still stuck with the worst mortgage company on earth on my LV home. I was lucky enough to find a renter to cover the monthly nut or I would have left the house for the Vultures like everyone else.

I can understand some people saying if the mortgage co. lowered theirs then I want mine lowered too. I have no answer. I wish I did but seems to me some simple modifications to the loans would help millions of people stay in their homes. But the mortgage companys have proven that they would much rather spend $50,000 to foreclose and add yet another "unit" to their already overflowing inventory rather then helping one stay in their home.

What are they just saving face? Cutting off their nose to spite their face? I hatem. So many times I called insisting I speak to an American. It is impossible. Not able to be done. I feel sorry for all those Indians I screamed and cursed at while they had to remain cool to save their two dollar a day salary job.

I swear I'm not defending CW, I think they are definitely one of the worst offenders. When my loan was modified though I talked to a loss mitigation agent in Texas I think it was. As far as the perception that they would rather foreclose than modify, unfortunately it is not that easy. With the securitization of mortgages comes multiple owners of said note. I would bet that there are more than a couple of retirement funds that own a piece of my mortgage as well as those that hold the FNMA bonds and CW themselves. However, it is very possible and probably more likely that my situation is the exception. Either way, somethings got to give and it will.

[joesmiley]

Here is a local company based in Las Vegas that my friend used to do a loan modification. He said they used Las Vegas attorneys when negotiating his payments down. His second mortgage was reduced from 11% to 2%. He said the interest rate on his first went down too but I don't remember the exact percentages. Las Vegas Loan Mods 888-259-8401 Hope this is helpful, good luck!

[desertsun41]

Originally Posted by joesmiley

Here is a local company based in Las Vegas that my friend used to do a loan modification. He said they used Las Vegas attorneys when negotiating his payments down. His second mortgage was reduced from 11% to 2%. He said the interest rate on his first went down too but I don't remember the exact percentages. Las Vegas Loan Mods 888-259-8401 Hope this is helpful, good luck!

Yea but you failed to say that those loan mod companies charge a minimum of $1500 to get the job done. The good news is most of them offer success or dont pay plan. And most are successfull.

And one thing is for sure. If one is in trouble paying their mortgage, I can assure you one does not have a spare $1500 laying around for this program.

But since the mortgage companies are unwilling to do a damn thing then the loan mod companies may be the only option.......for now.

[sideshow bob]

I called them to ask a few questions. They told me that there are 3000 "loss mitigation" cases opened every day in the US. The fact they told me was that less then 10% of those will be represented by a professional. They said that they have a high success rate and that their modifications get fast tracked to the "right" person because the ones represented by professionals are prepared completely and properly. Where as a homeowner trying to do it themselves often submits incomplete packets. I thought that was an interesting fact. They also said that if they can not get the loan modification done they refund 100% of your money. So I guess it boils down to the fact of how much does it cost (which I forgot to ask) and how many months will it take you to regain that cost through the monthly svings at your new payments. I don't want to call again to ask the price but if anyone else contacts them can you please post the quoted price? I am interested to know.

[joesmiley]

Originally Posted by airics

the original plan was to lower principle. This is just extending the misery. For me, I can care less since I'm current on my bills. Personally if they r going to lower principles on the late payers, I want mine lowered also. The whole thing is a joke!

I COULD NOT AGREE MORE. We should all get our principal/payments reduced. Why reward the ones that messed up vs the ones that made sure they could afford the house to begin with.

[TakLV]

Originally Posted by desertsun41

Yea but you failed to say that those loan mod companies charge a minimum of $1500 to get the job done. The good news is most of them offer success or dont pay plan. And most are successfull.

And one thing is for sure. If one is in trouble paying their mortgage, I can assure you one does not have a spare $1500 laying around for this program.

But since the mortgage companies are unwilling to do a damn thing then the loan mod companies may be the only option.......for now.

What is $1,500 if you are saving thousands in mortgage payments? I would think after a few months of savings it would pay for itself and then you would in the green from there. $1,500 is nothing in the real estate industry. Commissions are in the thousands, fees are in the thousands, closing costs are in the thousands, why would anyone expect this service to be free?