[admin]

My wife & I are former soldiers (Army) we purchased our first home using our VA assistance. Shortly after purchasing the home, our financial situation changed. We were both Government contractors on Ft. Benning, Ga. and the contract I was working on changed. My income decreased and we fell behind on our payments. Yes! Our financial situation has changed for the better. Our mortgage company is Countrywide Home Loans. We have spoken with them several times within the last month and a half. In order to keep our home, they require us to pay the total back payments.

[rjensen541]

I had an experience with countrywide on a second. They were very agressive in stating after 30 days late, on one payment, that foreclosue would begin at 60 days late. they wanted full payment plus late charges to stop action.

The chatter on current market value of a mortgage in defalut is worth some where between 40 and 60 per cent of face value. But Lender are trying to get 100 per cent or par value for a sale in the bail out plan. There is usually something about working only with borrowers who have good credit scores. I wonder how that will work when in default on mortgage payments.

Other options are haveing lender hold payments and adding them back on the loan.


I understand that Bank of America recently took them over to get long term market share in the mortgage market.

The mortgage bail out bill only "suggests that a lender cooperate with borrowers",
I suggest that you contact your Senator and Representative demand that they not go home until their is a binding mediation bill to renegotiate your mortgage. That means this year!
Good Luck, richard