Countrywide PayOption Arm SUCCESS!!

[Mike]

Late last year I received a letter...well, more like a form letter ...from Countrywide's office in Plano, TX with a personal reservation number ....urging me to take advantage of their "*exclusive modification*" because it "*can provide you with a five-year fixed-rate period and payment stability for five full years, even if rates rise!*" At the time I didn't think much about it....the letter stated at the bottom in the P.S. section that "*I urge you to call 1-888-268-0379 today to modify your loan. This special offer expires December 8, 2007. so please call now!*" This letter was signed by *Jennifer Hickey, Loan Modifications Manager*.... With that said, I called this number on August 13, 2008 and asked for Ms. Hickey. The Loan Modification Representative, Neal Marchin, informed me that he was authorized to handle modifications and that it was not necessary for me to speak with Jennifer Hickey....even implied it wasn't a real person?????.... Neal went on to tell me that Countrywide is not offering these mods based on recent market conditions, they are doing it because they want to help their customers in neg am loans keep their homes. He said that Countrywide doesn't want my home....sounded promising right???....he took it upon himself to lecture me about "buying too much house"...ok, I probably deserved it a little...even though he was really starting to bug me....I thanked him for his input...BLAH BLAH BLAH....he then informed me that the cost of the mod would be approx. $480-$519....later in our conversation that would become a firm $500..... ....he then informs me that I don't need to qualify...my loan number would stay the same....that Countrywide would assume my September payment of $1914.38...and I would start paying the Oct. 1 2008 payment...at a much lower rate and with no pre-payment penalty...and would be principal + interest.....he informed me that he was "anal" and would get back to me by August 18th...maybe sooner....and that he was going to try to look for a better program...he called it an "exception"....all of this is taking place in my first phone call....???...does this sound legit?...he asked me for my loan number... about my property tax....home owners insurance....gross income...and then asked if he had my permission to check my credit...and gave him permission.....did I make a mistake???? He gave me his direct line...1-888-468-4709, ext. 5623....I am worried because my loan is going to reset again in December...last year it jumped almost $300.... Do you think I contacted the right department? Can you tell me what I should look for in a loan mod?....and will the monthly payment stay the same?...how do I know when Countrywide Home Loans is at their "best offer"? How do I know I have a good deal???? I appreciate any help you can give me!