U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 02-10-2009, 10:41 AM
 
31 posts, read 230,866 times
Reputation: 56

Advertisements

Has anyone in dire circumstances tried yet to renegotiate a mortgage rate with Countrywide? If so, can you tell me if it's even worth the call?
Reply With Quote Quick reply to this message

 
Old 02-10-2009, 11:42 AM
 
Location: South Charlotte
1,435 posts, read 5,228,772 times
Reputation: 486
Call them. You never know until you speak with them. You will need a few documents such as a letter of distress and bank statements to show your hardship.

I don't have personal first hand experience with my own home but do work in the real estate business and am familiar with short sales and have clients/friends that renegotiate loans all day long. I know for a fact that Wells Fargo is cutting rates and extending them out to 40 years for people. I have read that many others are doing the same.
Reply With Quote Quick reply to this message
 
Old 02-10-2009, 12:21 PM
 
Location: Raleigh, NC
3,428 posts, read 9,252,341 times
Reputation: 2037
Nope. Don't bother.

I called them in hopes of coming up with a plan to prevent foreclosure now that I have to pay the monthly costs for Assisted Living for my spouse. They had absolutely no interest whatsoever in devising a plan to help. Bankrupcy will most likely be my best and only option.
Reply With Quote Quick reply to this message
 
Old 02-10-2009, 01:05 PM
 
129 posts, read 362,176 times
Reputation: 34
Quote:
Originally Posted by dcarmi6251 View Post
Has anyone in dire circumstances tried yet to renegotiate a mortgage rate with Countrywide? If so, can you tell me if it's even worth the call?

My parents were able to get a 4% fixed rate(which is one heck of a rate) with Frannie or Freddie Mac im sorry I can't remember which one. I know the government is controlling them now soo that could be a reason for getting a better rate.
Reply With Quote Quick reply to this message
 
Old 02-10-2009, 01:12 PM
 
Location: South Charlotte
1,435 posts, read 5,228,772 times
Reputation: 486
Call and ask for the loss mitigation department. It will take some work but they should work with you.
Reply With Quote Quick reply to this message
 
Old 02-10-2009, 01:13 PM
 
Location: State of Being
35,885 posts, read 67,165,475 times
Reputation: 22373
Have you called or stopped by the office here in Charlotte? Cause I have heard you get different answers and a lot better service if you go to the office here rather than online or calling their 800 number.

Here are the local numbers i found: 704 921 5021, 704 752 1340, 704 551 0551
Reply With Quote Quick reply to this message
 
Old 02-10-2009, 01:22 PM
 
124 posts, read 399,067 times
Reputation: 54
Yeah Countrywide isn't interested in helping you out unless you had an ARM. We tried too.
Reply With Quote Quick reply to this message
 
Old 02-10-2009, 01:25 PM
 
Location: State of Being
35,885 posts, read 67,165,475 times
Reputation: 22373
I don't know - I have heard they will renegotiate. ???
Reply With Quote Quick reply to this message
 
Old 02-10-2009, 02:33 PM
 
Location: Huntersville
1,852 posts, read 4,674,528 times
Reputation: 525
They will and they won't.. There is no 100% correct answer. It depends on your situation. But I would say this.. it is absolutley worth the call. What is it 20 to 30 minutes of your time. And don't just try them, if they own your loan they have a vested interested, but lots of other companies may want it, even for 4.5%. Depends on your credit rating as well. Many people running into problems, still have decent credit, they are working to keep it that way.

Good luck.
Reply With Quote Quick reply to this message
 
Old 02-10-2009, 03:26 PM
 
161 posts, read 369,868 times
Reputation: 78
Try it and see. You never know hon.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:



Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > North Carolina > Charlotte
View detailed profiles of:
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top