Re: 2 Weeks Left

Posted by NJD on January 31, 2009 at 05:03:22:

In Reply to: 2 Weeks Left posted by ALB on January 30, 2009 at 15:47:16:

How a loan servicer like Countrywide handles your workout request depends on its marching orders imposed by the entity who owns your loan, or insures your loan.

I've worked many CW workouts in which the foreclosure sale was postponed within days of the sale.

FYI, as of last month, the much heralded "Hope For Homeowners" Program has failed to save ONE home from foreclosure....

You need to devise a compelling proposal to CW... and be prepared to send in a check for your first "mod" payment.

You may be able to file bankruptcy as a temporary measure to avoid foreclosure during which time you can prepare for submitting the loan mod... but the lender won't be able to talk to you about it while the property is in BK.

I'd recommend you get the proposal into the lender before you file.... and be prepared to follow up when/if the bankruptcy is dismissed or discharged.

www.spoch.org

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