[blackeye1020]

...loan modifcation? We were approved for a loan modification. we recieved a letter stating that all collection calls will stop and it is being processed. It took 3 months before they even acknowledged us. This is from the "HOPE TEAM". Then 2 weeks letter we recieve another letter from the "HOPE TEAM" STATING that they found a descrpency and was changing our payment again. We signed that form, notarized it and sent it back. THen they said they could not process it at this time and for us to call them, accusing us of forgery even after we had it notarized. Meanwhile CountryWide has sent us a forclosure notice that they are forclosing on our home at the end of April. We besideare selves, we can't get a straight answer from anyone, we try making payments thru countrywide but they refuse to accept our payments, we try to pay thru the address provided by the "HOPE TEAM" designated as the payment address. IT was sent back. We just don't know what to do. We are trying to save our home and refinance with another company. But what do we do to stop forclosure or at least delay it until we can refinance somewhere else. This is ridiculous, how does this happen? I need serious help and advise. Please very serious.

[Komaraconsulting]

Sorry to hear about this. Countrywide is very difficult to work with if you are a borrower working directly with them. They contracted the "HOPE" team to streamline a lot of there modifications. Around my office we refer to them as the "HOPELESS" team because there staff and there modifications are hopeless for there borrowers. Here is what I would advise in your situation. If they sent it back and didn’t accept it, what is the date listed that it needs to be returned to them? If that date has expired then you will have to start over. You are basically being put in back of the line. This means new paperwork, new hardship, new financial form, new pay stubs. How are you trying to make the payments? I know that the first payment on a modification usually has to be certified funds. As far as them accusing you of forgery, the best thing to do is just resign the document. They have kicked back documents to us because signatures didn’t match according to them when we had the borrower sign the docs in front of us. Whatever route you take I suggest you hurry. Time is not on your side and they will begin collection and foreclosure procedures as usual.

[admin]

You have a few choices but you have to be persistent. You can accept the terms that were provided or deny the current workout and request to be reviewed by Countrywide as stated HOPE is a third party mail fulfillment area. No matter the issue you need to get a supervisor or manager on the line to explain. You are right Korma if a homeowner does not fight for their rights they will get bulldozed over. You need to take the bull by the horns now and make the changes you have time but you have to work it or contact a specialist and have them work for you.

Remember their are companies out there that know about as much as you so be sure they are members of the BBB and know the business.

[cdloanmod]

Declaring bankruptcy can open up new options and increase one’s chances of getting back on track. Because of the large demand for loan loss mitigation, many banks are starting to tighten their policies. Some are offering mortgage loan modifications only to those already in foreclosure, or more commonly, to those who have filed or are about to file for bankruptcy.

This does not mean that bankruptcy is a surefire way to stop foreclosure, nor will it qualify homeowners for mortgage loan modifications. In fact, studies show that 96% of people who file for bankruptcy still end up with a foreclosure, which just doubles the damage.

For borrowers with relatively small debt (typically less than $75,000), a good alternative is to make a consumer proposal. This is an offer to pay the lender a percentage of the debt over a specific period. The process generally takes one to two months, which makes it ideal for borrowers who are already in foreclosure and cannot afford to wait for loan modification help.

The circumstances vary for each borrower, and what may work for one may not be so effective for another. To see if bankruptcy is a viable option, it’s best to consult companies or law firms offering loan modification services. Find a good attorney who can listen to your situation and discuss the effects of bankruptcy on your mortgage.