freeze the intrest rate

ladyblackmartinez · Joined: 29 Feb 2008 Posts: 1 1.31 Dollars($)

I have an account with countrywide and i told them my situation that my husband got laid off from his job last year in oct and i got laid off last month so my husband told the bank that if they could freeze the intrest rate because we have the conventional rate,but when i called them today this morning they told me that my petition was denid what should i do.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi ladyblackmartinez,

Welcome to the forum.

I think if they denied your petition regarding rate freeze then you can ask them about mortgage modification. There are so many ways to avoid foreclosure. So you will have to decide which will suits your situation. Just have a look at the article " 17 ways to protect yourself from the foreclosure trap "

Hope this helps you.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Jessica

Hi ladyblackmartinez,

Have you missed any payment yet? Is that is the case, then you won't qualify for a rate freeze as there are certain eligibility criteria involved.

Now, did the lender suggest any other option such as an alternative repayment plan? selling the home is another option but then you will lose your home. And, since you have been laid off from jobs, it will not be possible for you to arrange for a rented place so easily.

You can give a thought to filing chapter 13 bankruptcy and repay a certain percentage of the debt thereby saving your credit from getting tarnished to a large extent. Just check out the page referred by Larry. You'll find a lot of options shared over there.

Regards,

Jessica

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