Hang onto your mortgage "hat". Countrywide is being sued over misleading advertising and unfair business practices. This means one thing, I hope the rest of the lenders are ready for the "ripple effect". Makes you wonder why BofA would purchase this liability.
Seems to me if you are in a Countrywide loan you should be using this opportunity to get them to modify your deal. There are various ways to accomplish this, starting with your loan documents. 75% of all signing packages (any lender) contain errors. These errors are a violation of RESPA and TILA and carry a hugh fine. In some this cases allow the borrower to "resend" the loan.
Think about that for a moment. You have the ability to challange the process in court or at a minimum use it to obtain a reasonable "modification" deal. Be aware the lenders are not going to "roll over". But it will allow you to get by the first layer of "there is nothing we can do" responses.
Make sure you have a copy of your purchase or refinance "package" from the lender. This will contain the errors. If not, request one before they (the lender) cant find it.
Regardless of all of the political "talking heads" it is your responsibility to make it happen. Believe me, by the time you see relief from the government you will have lost your home.
Do You Qualify?
1. Do you live in the home?
2. Is your current loan amount within the Fannie Mae conforming limits ($625,500 in high cost areas
and for other areas it is $417,000)
3. Are your current house payments more than 31% of your gross income?(Loan modification kits can
help with all financial calculation your lender may want to see)
4. Are you must be able to prove you have current income?
5. Do you currently have a job?
http://www.obama-loanmodification.com/
Posted by: Nancy Carlson | December 08, 2009 at 10:38 PM
Obama’s Loan Modification Program
“Obama’s Loan Modification Program – How to Qualify for Help!”
http://www.obama-loanmodification.com/
Posted by: Reene Bolton | December 16, 2009 at 03:19 AM