Home Countrywide – Loan Modification programs

If you are one of the Homeowners who have a home loan with Countrywide and think you may qualify for the Loan Modification program, be careful in dealing with Countrywide. I have heard through a lot of forums about people complaining about Countrywide treating them poorly and even tricking them. I know a lot of people are also confused whether the loan has to be owned by Fannie Mae or Freddie Mac for them to qualify.

Here is a complaint from a person in a forum
“I has applied for loan modification since 01/17/2009 through a private mortgage agent (pay advance). Reason of reduced income (cutting working hours) and increase expenses (unexpected education expenses for college son). First missing payment was 02/16/2009 and lasts to now (2 months).Beginning March.09, CW approved me special forbearance, added 3 missing payments to Loan amount (LA) and keep same term 6% interest only 5/1 ARM, except for pay monthly payment increased from $2652 to $2694. I already could not afford $2652I did not sign paper, requested a better sollution of reduced interest rate, converted fixed loan 30 yr term and lower monthly payment possible. CW explained that my financial statements are not qualified, and my loan is not undercontrolled Fedmac and Fannie.Financial Statement which I can revise to reflect to actual sittuation since when I apllied, not much change. Now is significant change. But I found out that my loan is actually not undercontrolled by Fedmac and Fannie. I am worried that I am not quallified because of second reason.Can anyone have any sollution or source tell me that "Even that the loan is not undercontrolled Fedmac and Fanniemae still quallified for loan modification? Please reply and thanks in advanceI have to stick with my private agent until end contract (120 days and guaranteed money back), if unsucessful, I try to get help from NACA since I found out NACA so late.”

To clarify, Your loan does not have to be a Freddie Mac or Fannie Mae loan to qualify for Loan Modification. For complete guidelines read this Government press release.