Renegotiating the terms of a CountryWide mortgage

[Rickfreeman]

I live in South Carolina and am behind in my mortgage payments on a condo I live in. The original mortgage is with coutrywide. The amount of the note in about $195,000 and the value of the property is $145,000.

I would like to renegotiate the interest and balance and don't know whether to seek independent aid or deal directly with the company. I also am note aware of what new aspects of the recent stimulas package laws may be beneficial to me.

Thank you.

[HUD-1]

You can get free advice from a HUD-approved housing counselor:

[url=http://www.hud.gov/offices/hsg/sfh/hcc/hcs.cfm]HUD Approved Housing Counseling Agencies[/url]

You may want to look into a loan modification. You may be able to capitalize the arrearage and get an interest rate reduction. I have not heard of first mortgage lenders reducing principal, but it may be a possibility. Also, you can check out [url=http://www.makinghomeaffordable.gov]Making Home Affordable - Home[/url]

[eli4625]

Stay away from dealing with CW/Bank of America. We have our home loan through them, and have tried everything to get it modified or refied and get nothing but laughs and turndowns. They took the gov't money and won't help out those in need, seek help with someone else.