I Won Countrywide Modification SUCCESS!!!!!!!!!!

[Mike]

I have been fighting with this company since January and it is now mid August. I was put in an "Exotic" ARM that only goes up. My initial rate for 2yrs was 7.95 or $1855 because I had bad credit. I knew the loan would jump in August so I planned ahead. My first attempt was denied because I supposedly had too much left over each month even though my payment would jump to 8.95 or $2000. My second attempt was done 60 days from the reset date and my modification was never looked at because they said I had too much cushion. My loan did eventually jump and I was prepared to walk away. I applied one more time, carefully manipulating my income and expenses. You have to be +7% to -15% on your budget. Keep that in mind. I wrote a hardship letter (http://www.zinomortgage.org/forum/loan-m...ip-letter.html) and said I was ready to walk. I told them I wanted my original rate of 7.95 or better for 5 yrs or more. I got the packet today and they gave me 7.25 for 5yrs!! So actually my payment went down $100 from the original one and $250 from the new one. Plus, my loan would have gone up every 6 months. I also get a 2 month payment break. DON'T GIVE UP!! COUNTRYWIDE DOES NOT WANT YOUR HOUSE. You just have to play by their rules.