If you’re late on your mortgage payments, Countrywide may have a new workout program for you. You don’t need to have a ARM. Call them! [MarketWatch]


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  1. “The Bush administration debuted its own subprime plan in December”

    The plan was subprime, indeed.

  2. DeltaPurser says:

    Anything that helps cut down on the number of foreclosed homes is GOOD news… But I’m curious as to who can actually qualify for these deals.

  3. ConnertheCat says:

    Sounds like a good idea, it’s in their interest to keep people in their homes paying them.

  4. darkened says:

    Now is this for only CW’s mortgages?

  5. DeltaPurser says:

    @darkened: A similar article I read earlier today mentioned other lenders considering similar “deals”… But as of right now, CW is the only one.

  6. Scuba Steve says:

    You don’t need to have a ARM. Call them!

    Well duh, they take LEGS and FIRST BORNS just as easily.

  7. rrrebo says:

    Countrywide is full of shit. My mortgage was sold to them before I made the first monthly payment. I am thanking whatever diety will listen that I have a fixed-rate Nehemiah FHA loan!

    First, let me acknowledge and accept partial blame for a good portion of our financial woes. We lived close to the edge and got burned by medical expenses, car repairs, and the like because we did not prepare for them. I fell behind for various reasons, and, being the semi-sort-of responsible person that I am, I called them proactively to see what I could arrange. I was only 2 months behind, and I was informed that to qualify for their “workout” assistance, I had to be at least _4_ months behind. I asked, “So, basically, what you’re telling me is that I should NOT pay my mortgage for 2 more months, and THEN you can help me?”


    Like a fool, I listened to them.

    If you don’t qualify for a loan “restructure,” which raises your interest rate, Countrywide’s idea of a “workout plan” is to INCREASE your monthly payments by over half until you are caught up. In order to qualify, you have to detail every monthly expense and relate it to your income. Countrywide then determines what THEY think you can afford to pay per month, and that’s what they offer you. Oh, and they also require a hefty “good faith” payment upfront, usually about half of what you owe.

    Now, if I couldn’t afford my regular monthly payment what makes you think I can afford to pay over half again over my normal payment? Seriously? My car loan allowed me to defer a monthly payment, tacking it on to the end of the loan period, and they allowed me to do so three times over the life of the loan. That’s reasonable, and helpful.

    It took me three years to get my mortgage account settled down and set up for automatic weekly payments. I hope I never have to speak to them again until I get the deed to my house, or sell it. Lesson learned. The HARD way.

  8. Hunna says:

    I second that!! They are indeed full of shit. I purchased my condo and 2 months later, I was laid off from work. I immediately called and tried to see what I could do so I wouldn’t fall behind. I was looking for some sort of help like a deferment of some sort.
    Just like you said, they could not help me because I was not late yet. When I was 1 month late, I called again and I was asked all those financial questions and did not qualify for a “workout” because I did not have a job! Then I was asked to write a letter requesting the deferment and attach my last paycheck stub, proof of unemployment and my bank statement. I did that twice and was denied the deferment both times.

    I finally went back to work and I am still behind 2 months mortgage. I am losing my mind because they refuse to consider my situation, refuse to give me an opportunity to catch up. Countrywide is not understanding of any circumstance. They are complete and absolute SHIT.

  9. Thebabas says:

    The last thing any homeowner or purchaser should ever do is go to Countrywide, or to a broker or lender who sells their mortgage loans to Countrywide. They are one of the largest reasons for the subprime mess, has made billions of dollars with their negative amortizing loans that carry huge pre-payment penalties. Their servicing department is like transending into a maze of people who don’t care or pretend they do with no resolution to the customer’s problem. Best advise…go to a not-for-profit Credit Union. Their loans a fairly priced, don’t carry pre-payment penalties or garbage fees, and THEY LISTEN to their members. Most Credit Unions portfolio their loans which allows them to be flexible in their underwriting criteria.

  10. aeroscout says:

    Don’t deal with CW!! They have lied to me and are in the process of stealing my house. I was behind 2.5 months and called to see how to get caught up. They said they were filing for foreclosure but could work with me. The wanted to do a loan modification. I gave them all of my financial info. After about ten minutes they told me I was approved and they would roll my late payments into the new agreement, increasing my monthly payment by about $100. I was told that it would take about four weeks before I got the paperwork. I was also told they would cancel the move to foreclose.
    Four weeks, later, I still had nothing; I called and they said don’t worry it is coming. Another two weeks (just prior to the “canceled foreclosure” and again, “don’t worry, it will be there anytime.” two weeks later I get a notice saying my home had been sold.

  11. aeroscout says:

    CW Sucks! They have lied to me and are in the process of stealing my house. I called them to prevent foreclosure (I was 2.5 months behind) and find out how much I needed to pay. They told me it would be best to do a loan modification. They took all my financial data, letter of hardship, pay stubs etc. and told me I was approved. I asked about the paperwork. They told me it would be about 4 weeks. I asked about the foreclosure and they said it would be stopped.

    Fast forward 4 week, no paperwork. I called and they said not to worry, it will be there in about another 2 weeks. 3 weeks go by, another phone call and still told not to worry. About another week comes goes by and I get a notice telling my house was foreclosed and sold. About one week later I get a totally BS letter telling me that my modification was not approved. They already told me it was approved and they weren’t foreclosing!!

    I now have an attorney and going to see what I can do about this.