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Countrywide/Bank of America 80/20 Loan

Sep 2nd, 2010
by becnncom.
1 comment

Q:I am in the almost exact situation. 80/20, First franklin/BAC, both purchase loans, 130,000 underwater. Stopped paying both in July.BAC (the20%) is being very aggressive with phone calls, and I just recieved a certified letter from them notifying me of pending NOD, forced property inspection,and foreclosure procedings. I’m wondering, does the 20% loan really have any leverage in this situation?

Some mortgage companies will work with you while you try to sell on so-called pre-foreclosure sale. Some companies offer mortgage short sale. You can sell the property for less than what you owe. Many owners have to do now in this market.

Some offer a Deed-In-lieu of foreclosure You transfer your interest in the property over to the lender to avoid forclosure. This saves you from having to go thru selling the home process. Some offer repayment plan but you have to have the income to repay.Some will do modification to modify the rate and term and if you are deliquent they can add that in.

I thoght with the one action rule, they couldnt try to collect. I plan on sending my attorney an email asking about this one action rule. I dont think they have one in Arizona.Im in the same boat as my Heloc’s are with teh same lender (B of A) as the first mortgages that have foreclosed. I’ll keep you updated if I get any collection efforts.

Countrywide Home Loans offers financing up to 100%. As property prices continue to rise, next the borrower always 100% home loan financing stage of the need for mortgage insurance. A loan by the division of Countrywide Home Mortgage is offered 80 to 20. The buyer is two loans, the first 80% of the purchase price and the second at 20% of households. The borrower pays the closing costs. 80-20 mortgage allows people without payment or without their savings to buy touch buy a house.

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Countrywide/BofA Settling HELOCs and 2nds

Aug 28th, 2010
by becnncom.
2 comments

I think the settlement is for HELOC’s only,I have a HELOC I have not made a payment since December. They call twice a week, but nothing to offer. Should I begin an initial offer. I told them that the house is only worth about 200,000 and 316,000 my first, but not an agreement. I suppose the appeal of the collection is not in a position to make an offer.

So I thought of 3% of the paid Ballance more than two years in the interest of 0%. If they agree to even 10% offer over three years with 0% down payment is 258 instead of 600 and I want to have a realistic picture of my living situation.

I settled on my HELOC CitiMortgage. I am still waiting for their release of the lien, however. Two weeks ago.

It was a long process to find the right people to begin this process. I started in early March, and learned a lot disappointing. Most travelers. do not know where to phone requests it. But I persisted, and ending with the right person to help me. I needed time to making calls after the call. And these calls are composed of a long waittime. CitiMortgage has this thing where, when, your wait is over 20 minutes, it switches automatically.

So it was very frustrating. But it was worth it. I suggested a flat rate of 10% of the balance of his forgiveness of the remaining amount.Someone has tried to resolve his second CitiMortgage. Restless published to date. He / she has initiated the process to me. You do not know if it was settled.

I have my second again, but they have all weekend as the last four weeks, so I hope to achieve something this week.

My credit card is burning so low interest rates, I saw about six months. I’m not from the application as I know, no matter what hits it takes some time to overcome the measures taken. We lived the traditional family of four, only cash for about three years and have been lucky. There were shots here and there, but if I had the mortgage debt and CC said that it would be in good shape. Theres also hung over my head immediately. I am doing things resolved and move forward in life.

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Countrywide Loan Retention Program

Aug 8th, 2010
by becnncom.
4 comments

Bank of America announced the creation of a program for home care Proactive systematically changed the troubled mortgages with up to $ 8400000000 in interest rates and capital, which has 400,000 customers Countrywide Financial Corporation National. The program was developed in cooperation with the State Attorney General and is designed, affordable and sustainable mortgage payments for borrowers who financed their homes with subprime loans or pay-option adjustable rate mortgages serviced by Countrywide and before 31 December was created in 2007 to achieve. Bank of America acquired Countrywide 1st July 2008.

This home retention program underscores the commitment of the Bank of America to provide our customers with the necessary resources and support to get around their home.

It is estimated that the loan modification program will result in a permanent payment relief with a total of 400,000 Countrywide borrowers across the country.

In the countries participating in the program, up to 150 million U.S. dollars in relief payments to borrowers who can not see do not pay at the beginning of their credit terms, or after a reset of the interest, while the allocation of more than million for a program Resettlement assistance to borrowers who do not keep their homes with moving expenses.Countrywide has taken a proactive approach to eligible borrowers.

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Mortgage Restructuring at Countrywide

Aug 4th, 2010
by becnncom.
No comments yet

This meeting is a priority for Congress when, in November (because it is absolutely necessary at this stage) and for the next president.Today, however, a small step in the right direction. Bank of America (which bought the land) has announced to maintain a program to promote home ownership for customers of Countrywide, which was one of the most aggressive subprime lenders during the housing bubble.

In times of financial difficulty, you may just need a little extra help. You can offer lenders in a position to support your mortgage. Restructuring your mortgage, the liberation from the burden of the mortgage provide for payments, lower interest rate or principal place of your loan. Bank of America offers a range of options for homeowners. The sooner you at Bank of America, the better your chances are a help.

A major potential obstacle is that some changes to the loan approval of investors subject to C, that when a mortgage has been securitized, all persons, the remains of the mortgage must accept the changes have meant. Therefore, a systematic state intervention is necessary to force the people, C, if C is necessary and legitimate equity loans changes that all parties (investors more than they would in the event of the closure of the market, owners can stay in their homes, perhaps only happened as a tenant, not to benefit the communities devastated by foreclosures)

Explain why it is necessary to restructure your loan. Details of the method you can not pay their current payments. Bank of America is the representative income and expenses are required. If you are eligible for support from the Bank will send a request for loan modification.

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Successful Deed in lieu of foreclosure with Countrywide

Apr 4th, 2010
by becnncom.
14 comments

Sample For Countrywide聽 Deed in lieu of foreclosure success

Date:Augest 2009

When I checked the Countrywide website for information on my account. I found that as bellow:

Deed in Lieu

Workout Status Details:Your Deed in Lieu has been approved, and all collections activities have been suspended as a result of this approval. Next steps will include a call from a workout negotiator who will explain the terms and options of your approved workout including all conditions required for the final completion of the workout, such as upfront funds. You will also receive a package of documents in the mail. These documents are time sensitive and must be signed, notarized and returned to us in 10 days, including any required upfront funds. If you have not received your workout package and/or a phone call from your negotiator by 09/09/2009, please contact us. Please do not call back before 09/09/2009 as that may delay the process. Please respond promptly to any calls or requests that you may receive from us during this time period. Lack of response will cause your workout to bedelayed or cancelled. Thank you.

Information as of:聽 08/05/2009聽
Workout Stage:聽 Approved聽

So, there you have it — it’s all true and it wasn’t just a dream!!! I keep pinching myself to make sure I’m awake and didn’t just dream this up!!!

I will let you know when I receive the papers to sign and what they say. I did ask countrywide yesterday and my negotiator told me there wasn’t any money I had to pay so I’m not sure why that terminology is in there.

What’s happened regarding my Deed in Lieu

I wanted to post a quick update on what’s happened regarding my Deed in Lieu, my credit score and the 1099-A Countrywide sent me in January of this year.

I was really concerned I would be responsible for an incredible tax bill, but fortunately, the house was worth MORE than what I owed on it, and I did not owe anything in the way of additional taxes. WHEW!! I was really dreading that 1099-A but fortunately, it turned out okay.

I applied for a job earlier this year and one of the requirements weas you had to submit to a moderate risk background check for the Federal Government. I was called in to speak to a federal investigator when they found the Deed in Lieu on my credit report. I was able to see the credit reports they pulled on me and my lowest credit score was 722 and that was from TransUnion. Countrywide reported one 30 day late payment which shows up on all three credit bureau reports. I explained my situation and why I had to sign the house back over to the bank.

Almost a year later and my credit score is starting to bounce back! YAY!!!I didn’t get the job (one of the things they are sticklers about is not having any kind of foreclosures on your credit report and they consider a Deed in Lieu a foreclosure so that disqualified me) and I’m still looking for work, but at least all the stress and ugliness I was experiencing this time last year is over. I have my sanity,my family, my puppy and I know I will find a job again someday.

But I wanted to let you all know that it does eventually wind down,the stress, the confusion, the fear, the frustration, the not knowing, it all eventually does dwindle down to a place where you can once again feel some sort of calm and find some peace in your world.

Hang in there everyone. Keep fighting the good fight. Take care of yourselves. And Thanks again, Moe!! I am positive things would not have worked out nearly as well for me without you and all the support and guidance I found here!! The Deed in Lieu was absolutely my best choice!!! You are AWESOME!!!

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