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vivianr
390 Posts |
 Posted - 05/21/2008 : 09:16:15 AM
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| Does anyone know if Countrywide, allows short refi's. I called them and I get different answers. |
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Keeysturn
323 Posts |
Posted - 05/21/2008 : 10:32:33 AM
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This is a very interesting question. I have a friend who fell behind with Countrywide and had been paying X dollars to play catch. She recently received a Fed Ex package from Countrywide stating that her loan had been modified, whereby Countrywide will return her monthly payments to the original terms and monthly payment, and a 3rd party mortgage company will finance her rears. It ends up with her paying only 40.00 more a month. I haven't seen her paper work yet, but I'm assuming that the 3rd party is a second lein of some sort.
I know this maybe different than your question, but I thought it would be helpful none-the-less. |
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BankNegotiator
171 Posts |
Posted - 05/21/2008 : 11:40:11 AM
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That's a weak loan mod.
I had OCWEN take an unafordable adjusted ARM from $305k down to $197k w/ a new 30-yr fixed payment.
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vivianr
390 Posts |
Posted - 05/21/2008 : 11:48:57 AM
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quote:
Originally posted by BankNegotiator
That's a weak loan mod.
I had OCWEN take an unafordable adjusted ARM from $305k down to $197k w/ a new 30-yr fixed payment.
Was this a short refi? are you saying you didn't have to get a new lender. Please explain |
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walding714
379 Posts |
Posted - 05/21/2008 : 11:54:34 AM
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How did you get them to lower the balance $108,000? Why would the lender accept that?
quote:
Originally posted by BankNegotiator
That's a weak loan mod.
I had OCWEN take an unafordable adjusted ARM from $305k down to $197k w/ a new 30-yr fixed payment.
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NobleHouse
343 Posts |
Posted - 05/21/2008 : 11:55:59 AM
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I'm sure it wasn't that easy, you may have had the property in the declining market, had a good hardship letter, other compensating factors, etc. Short refis are tougher than a shortsale you better drop whatever else you're doing and focus if you want to make money.
quote:
Originally posted by BankNegotiator
That's a weak loan mod.
I had OCWEN take an unafordable adjusted ARM from $305k down to $197k w/ a new 30-yr fixed payment.
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BankNegotiator
171 Posts |
Posted - 05/21/2008 : 12:00:13 PM
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This one wasn't a short refi. It was a loan mod.
We are in a declining market here in Detroit. Market has been declining heavily since 2005. Only lately has the "declining market" phrase come en vogue nationwide, but it's been the norm here for a long time.
I don't know why they took that big of a write down. I was trying to short sale the property for ~$240k and then all of a sudden they got a package in the mail with an offer that they couldn't refuse.
This was in Aug of last year if I remember correctly. I don't know why they wrote it down that much. I met the BPO agent and all...but I didn't think it would come in THAT low.
I'm still mystified by it. |
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