If anyone understands just how difficult it is to obtain a loan modification, they will tell you that getting one is almost like winning the lottery. The odds are severely stacked against you and your chances getting one are close to nil. In fact, you are lucky to even apply for one.

I am fortunate enough to run an online community where I assist people with information about the loan modification process and foreclosure prevention. It’s a place where homeowners can come, share their stories and ask questions without being criticized. Many members have been fighting their lenders tooth and nail for 3 and 4 months. 

Sometimes it takes call after call and then your placed on hold for hours at a time, only to be disconnected and you have to start all over again. They tell you to fax in a hardship letter along with your financials, income and expense sheet, bank statements. You fax it, they lose it. You fax it again, they lose it again. You mail it in. Don’t matter because they lost it again. 

Weeks go by with no returned calls and  a month later you are no further along then when you started. Many people get frustrated and just give up. Many people don’t even make it a month. 1,2 or 3 calls and their done. Foreclosure statistic #1,234,764.

Some people keep calling and keep faxing. They don’t give up and they keep fighting to stop foreclosure because they are determined to save their homes and they are not going to stop until the sheriff comes to kick them out.

Meet Bob, Andrea and Paul. 

Bob

I have finally got my loan fixed for 5 years @ 5.99%. Fully amortized loan..principal and interest. After almost 6 months of doing battle with Countrywide I am done. I have to make two more payments (Jan. and Feb.) at 7.45% but then in March 08 it goes back down to 5.99% saving me $610.00 a month! Great news!! I do not even have to sign any paperwork. They said it is a done deal and I will probably receive a letter in the mail today.

Here is a link to my original thread: http://www.loansafe.org/forum/showthread.php?t=162

Hopefully 5 years will buy me enough time to pay down my second mortgage and put me in a good position to refi. I want to thank Moe, Brian and all the forum members for all your help and encouragement. I never would have been able to keep my home if it wasn’t for the knowledge I gained from www.loansafe.org. Thank you all so much!!

Do not give up!! Keep up the fight!!

If anyone needs any help or advice in dealing with CW from someone who has been through it, just drop me an email at (removed) and I will do whatever I can to help.

Paying it back and forward is the way to go!

Paul 

If you go back an read some of posts I have been worried about my mortgage for a while now. I had originally called in August and asked about it but was told since im not late they couldn’t do anything. Then in October when I called again I was told that I could apply.

After months and who knows how many hours on the phone (I luckily had the time to make all the phone calls or I would have probably used Brians Loan Mod service otherwise) I was finally approved for a 5 yr freeze on mortgage. This site along with the Help of Brian reviewing my docs helped me tremendously. I even had to go as far as threaten to rescind my loan and send respa letters with the violations Brian had found.

I really am very grateful of Moe for this site and Brian for his wisdom and guidance. I feel very stress free right now. I will be staying on this board to help others who were in my predicament too.

 THANKS AGAIN MOE AND BRIAN!!!!

Andrea 

After a long exhausting 4 month battle with Countrywide, I am getting a modification! My interest rate was fixed at 6% for 5 years! I’ll be receving paperwork tomorrow. Please see my story in the modifcation section under “My 16 week workout with Countrywide”. It will drop my payment from $2542.77 to $1818.XX a savings of close to $600.00!! I’ll get to keep my home!

How I did it? I went to the top BUT only after dealing with the Home Retention Team for 4 months and making over 35 phone calls. Within 1 day of sending out emails to everyone under the sun I got a phone call from the office of the president and the modification was a done deal.

My advice: don’t give up, call daily and when you can’t get things done go to the top.

Please email me if you would like to talk more. Thanks to everyone here! Especially MOE and SWIZZ.

Andrea

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