Legal Question in Real Estate Law in California

Countrywide declined to negotiate a loan modification

I have a first mortgage of 800K with CITI Mortgage and a 1,200,000 Home line of Equity with Countrywide. Countrywide denied my proposal for lowering the rate since I am not past due yet and our household income is less now due to my loss of job. Can you please advise what I need to do next ? I do not want to loose my house or ruin my credit. Can I pay 1st mortgage in full and partial payment on HELOC until Countriwide if forced to negotiate ? Thanks


Asked on 1/28/09, 12:14 pm

1 Answer from Attorneys
Daniel Harrison Berger Harrison, APC

Re: Countrywide declined to negotiate a loan modification

Most, if not all, lenders right now are requiring borrowers to be delinquent in payment before they will negotiate. I'm not advising you to stop making payments, however. There may be some things you can do that will not destroy your credit. Feel free to email or call.

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Answered on 1/28/09, 8:10 pm


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