alikeith Posted April 9, 2008 Report Share Posted April 9, 2008 I like many others out there are on a ARM. My rate was scheduled to adjust on Jun 1st, then again on Nov 1st.Countrwide sent me a letter via FedEx yesterday. It states that because of the current mortgage chris with all the adjustable rate mortgages, they are modifying my current mortage. they are going to keep my intrest rate where it is for 5 years. No increase. I could not believe it. I am so excited. Just had to share....... Link to comment Share on other sites More sharing options...
Hellard Posted April 9, 2008 Report Share Posted April 9, 2008 My mom has the same issue - i hope she gets that letter.. good news for you Link to comment Share on other sites More sharing options...
alikeith Posted April 9, 2008 Author Report Share Posted April 9, 2008 I hope she does too. I was really stressing on what we were gonna do. Our payment was going to go up $175.00 this time and im sure it would be more the next time. Link to comment Share on other sites More sharing options...
Desert Bloom Posted April 9, 2008 Report Share Posted April 9, 2008 We got our loan with Countrywide in 1/2005 -- it was an interest only loan set to adjust in 2 years, and every 6 months thereafter.It adjusted big time and we paid the big increase, and it adjusted again in 6 months -- again going up. It was set to adjust again in January, this time down a little.In January we got the same letter from Countrywide, telling us they were going to modify our loan. We called the number on the letter (loan modification dept) and were told not to pay any longer, as the payments would be added to the modified loan and would begin in March. They have been slow doing the paperwork, but our new payments will start in May and the loan is back down to the introductory rate, will not adjust for 5 years, and is now a conventional loan so the payments will be applied to both interest and principal.The loan modification people have been really great to work with, very helpful and responsive to every call we have made to check on the progress.Only problem is that the left hand does not know what the right hand is doing, as we get numereous calls a day from the Countrywide call center in India and we have gotten form letters about our missed payments -- when we have talked to loan modification they say not to worry. Also it is not reporting on credit as late.So I have got to say I am reallly impressed with Countrywide! Link to comment Share on other sites More sharing options...
alikeith Posted April 9, 2008 Author Report Share Posted April 9, 2008 Yeah they have been really good to work with.My only complaint is the home retention line does sound like everyone is from another country. Very hard to understand some of them on the phone which can be frustrating at times. Thankfully our loan is not an intrest only loan. We are set though at 8.35% which is not bad considering my credit score was in the low 600's when i applied. We have had late payments so i am sure i would not be able to refinance it. I am so happy they did this modification. Link to comment Share on other sites More sharing options...
Moneedshelp Posted April 9, 2008 Report Share Posted April 9, 2008 congrats on the loan mod.it shows that companies are willing to work with the consumers. this is as it should be without the govt mandating anything. good luck Link to comment Share on other sites More sharing options...
alikeith Posted April 9, 2008 Author Report Share Posted April 9, 2008 The best thing is i did not even have to ask them to do this. They just did it. Link to comment Share on other sites More sharing options...
msldystrkr Posted April 10, 2008 Report Share Posted April 10, 2008 This is what all companies should be doing to all their adjustable rate mortgages.... They may loose money in the short term on the rate adjustments BUT keeping people in their homes with goodwill will more than make up for it long term.... not to mention the fees saved in foreclosures for allWay to go Countrywide!!! Link to comment Share on other sites More sharing options...
JustaTexan Posted April 17, 2008 Report Share Posted April 17, 2008 I like many others out there are on a ARM. My rate was scheduled to adjust on Jun 1st, then again on Nov 1st.Countrwide sent me a letter via FedEx yesterday. It states that because of the current mortgage chris with all the adjustable rate mortgages, they are modifying my current mortage. they are going to keep my intrest rate where it is for 5 years. No increase. I could not believe it. I am so excited. Just had to share.......That is awesome! All companies should follow this example. Very happy for you! Link to comment Share on other sites More sharing options...
2ndTimeAround Posted April 25, 2008 Report Share Posted April 25, 2008 Wow, that's really good to hear. It is not often we hear of a good fortune like yours. Dito on the congrats on your loan modification..... Link to comment Share on other sites More sharing options...
oompaloompa Posted April 27, 2008 Report Share Posted April 27, 2008 I hate to say it, but Countrywide is not doing this out of a change of heart. Countrywide was the largest funder of all mortgage loans 2004-2007. They have so many billions of dollars of rotten loans on the books its inconceivable. It is amazing that they are not even requiring an application to make loan modification happens.I am most certainly happy for the OP. Some folks fight with their bank for months and dont get it. This is an encouraging sign these banking juggernauts are finally beginning to face reality. My, how the mighty have fallen. Link to comment Share on other sites More sharing options...
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