November 26, 2007
Countrywide deed in lieu of foreclosure
Lots of folks have Countrywide deed in lieu of foreclosure questions and they are getting in touch with me. Thank you for so many of your replies and responses. If you are not already on my list to get these emails please join now. Privacy always assured and you'll get instant access to my 25 page report Keep Your Home with tips and info you won't find anywhere else.
Okay, so let's talk deed in lieu of foreclosure Countrywide. Countrywide is the biggest home loan lender and they have been very aggressive about pushing mortgage loans. Now they have a big foreclosure problem and their loss mitigation teams are so stressed out because they have more files to work with than they can possibly deal with.
If you are in a situation with your ARM resetting, or you are late or delinquent on your Countrywide mortgage payments, you need to determine how much money you realistically can afford to pay each month. You also need a good idea of what your house is really worth.
Now, you will know how much equity you have. If it's negative, you may want to consider a short sale with Countrywide. If you have a lot of equity then you may want to consider selling your house, or getting a new mortgage loan. A workout agreement with Countrywide may be possible that would give you some breathing room to catch up on your payments.
Deed in lieu of foreclosure will work only if there are no second mortgages. Deed in lieu junior mortgages are pretty much impossible.
Either way you have to document your foreclosure situation to Countrywide. You won't have too many chances because they are so busy. Get your paperwork together and submit a good package to someone you have spoken with on the phone. Then keep following up.
Trackback uri
http://www.mortgagereliefformula.com/11/26/countrywide-deed-in-lieu-of-foreclosure/trackback/
3 Comments on Countrywide deed in lieu of foreclosure »
March 11, 2008
keith williams @ 12:05 pm:
I just now heard of a deed in lieu and i asked my mortgage company but they said it was to late so if you hvae any info that would help me please send thanks keith
August 5, 2008
trina @ 4:18 pm:
just read the other persons comment on a mortgage company saying that it was too late to do a "in lieu of" on their home. I was told that this program through countrywide was through Jan1st, 2009 in MI. Which is true? Also, in reading who qualifies to do a "in lieu of" you mentioned that only those who DO NOT have a second mtg. Well, what if my second was done when I did a refi on my house and the 2nd is also with countrywide? We lost our son, our jobs and now…our home. We cannot afford our residence and are being forced to begin life anew. We are either upside down on our home or right close, but not with the economy I just want out. I can't take the pressure any longer. please email me asap. thanks….trina
Very sorry about your losses. It is really disheartening to hear about what you have been through.
I can say that many folks have contacted me and gotten a fresh start and it seems that many times they are happier than they expected to be. Hang in there. I think you could do a short sale. I would try that probably. Consult a competent person who can advise you. God bless.
warmly
–Richard
trina @ 4:19 pm:
Who told you that it was too late? Have you sought help elsewhere. We have been told that an "in lieu of forclosure" is our only hope as well.
Anxiously awaiting your reply…..Trina