[kenco80233]

I had a person tell me last week that he had been contacted by Countrywide Mortgage and they offered to rewrite his current home loan to a fixed 30 year and lower his interest rate. I am wondering if anyone else has been called,or if this person was pulling my leg?

[airics]

was he behind on his payments?

[kenco80233]

Originally Posted by airics

was he behind on his payments?

He didn't say.

[Daddys///M3]

Originally Posted by kenco80233

I had a person tell me last week that he had been contacted by Countrywide Mortgage and they offered to rewrite his current home loan to a fixed 30 year and lower his interest rate. I am wondering if anyone else has been called,or if this person was pulling my leg?

Very likely not pulling your leg. CW has been aggressively voluntarily modifying adjustable rate loans, more so for the negative amortization loans. They have been very proactive about it as well. I got a letter from them about 2 months ago offering to modify my soon-to-adjust ARM for a $500 admin fee. Extended it for another 5 years and gave me a rate of 5.875%, which was well below market at the time.

[airics]

have they been lowering the principle also?

[Daddys///M3]

I have not heard of principal being lowered without an attorney negotiated mod, and even then I don't hear about it much. I also wanted to note that I was not behind on any payments when they modded my loan.

[gulfer]

I ran some numbers yesterday on a website that showed what the approximate mortgage would be and had numerous offers for 5.85 to 6.20. Then low and behold, Countrywide shows 7.1 and so does BANK OF AMERICA!!! Granted I knew BoA bought out Countrywide, but for the same loan other lenders are offering in the low 6's, these 2 are offering in the low 7's. So it seems to me that a) they are trying to make more money off people that can get a loan to then they are to others that shouldn't have had that loan and b) they are not very good at lending all the money they were given from the FED to make new loans!!! Crazy for sure...would like to see their stock go to about .50 cents a share!

[airics]

it seems they have changed their tune since i bought in feb 08, my rate is 4.25% fixed for 10yrs, then adjustable up to a maximum cap of 8%... i can't believe they are trying to get people on fixed for 7+%... i know the mortgage plan is a joke.. if you are behind, they arent lowering the principle... just the interest and then extending your loan to 40yrs

[rightonbro]

My understanding is that BofA's numbers on their site are high. My loan officer said the numbers on the site were for their "no closing costs" loan which has a higher rate. I ended up getting a mortgage at about .75% less than what they had on their site at the time. This was about 30 days ago so YMMV.

airics, what's wrong with not lowering the principal? Seems to me that is the right way, if the government is going to do something.

[airics]

the original plan was to lower principle. This is just extending the misery. For me, I can care less since I'm current on my bills. Personally if they r going to lower principles on the late payers, I want mine lowered also. The whole thing is a joke!