Loan Modification Forum - LoanSafe.org - View Single Post

countrybofa72009 · 07-09-2009, 07:25 AM

Hello everyone, I have been reading quite a few posts with people having the same issues that we are having with CW/BofA. In November 2008 my wife and I received a letter from (then Countrwide) stating that our loan was a candidate for a new program that they were offering for struggling homeowners. Also in November our ARM went into effect and our new payment was now approx. $350 more per month. When we received this letter it just seemed like the right thing to do. We called Countrywide and applied for the program and over the phone they said we qualified and that they would work out a loan modification and send a copy to us. In December, via Fed Ex, we received a loan modification agreement. The agreement drop us to a fixed rate of 5.75% for five year and then fix for 6.75% for the remaining term of the 30 yr loan. It also put what we had past due, (became past due in December 2008), to the principal of the loan. We agreed to this new mod since it was approx. $700 less then what we we currently paying, notarized and Fed Ex'd the paperwork back to them at the end of December 2008. In January 2009 we had not heard anything from them but I would log onto my account online and it showed active processing and that they received or docs. I periodically would go online and check status as it said not to call them until Feb. 23 2009 if we had not heard anything from them. On Jan 25 2009 I went online again and the loan modifiction had changed from active processing to approved. So I call CW and the women who answered in there workout dept. said that indeed it was approved and that it would take two to three months before the paperwork was finished reflecting the approval. So I asked when do I start making payment and to what address do I send it? She gave me that information and I did send the paymento for the new amount and have every month since to the present. Being myself I would periodically go online to their website (now BofA) and check the status. I also called in March and April several times to BofA and they said everything was fine just keep doing whw\at I was doing and they acount would eventually refect the new mod. In the first part of May I went online again and this time it said to my shock that the loan mod was canceled as of May 4th 2009. I called them right away and after talking to a different person over the next three days got the answer we did not qualify because or income was only $1000 per month and that the mortgage was $2060 (new amount) per month. I said how can this be and they said they did not have the finacial docs form us to support our income amount. This was came as a complet shock to me as I know they did get the complete docs and that we did qualify and that we were approved. So now I tried to get them to review the mod and they said they would send it to upper manangement for review and I also sent them our financial info again. Well July 1 2009 we received a Fed-Ex letter with a new mod at a 3% higher rate that was not fixed and a pament amount $650 more than the original an also receive a certified letter of Intent to Accelerate because we we now several month behind. I called them again and asked what happen to the orgianl mod that was approved and now up for review. The woman there finally said at the end of our conversation, after putting me on hold, that she was advised to tell me not to call them back until after three weeks had passed and that they will not call me and that I must call them after three weeks. Well in three weeks the new mod will expire and the notice of intent to accelerate will expire. I do not know what to do. I hac\ve always contacted them and they have not once called me during this entire process to date I am afriad that we are going to lose our home even the I was follwong their instructions. Is there anyone with any thought on this?

07-09-2009, 07:25 AM	#1 (permalink)
countrybofa72009 Member Join Date: Jul 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Countrywide/BofA Hello everyone, I have been reading quite a few posts with people having the same issues that we are having with CW/BofA. In November 2008 my wife and I received a letter from (then Countrwide) stating that our loan was a candidate for a new program that they were offering for struggling homeowners. Also in November our ARM went into effect and our new payment was now approx. $350 more per month. When we received this letter it just seemed like the right thing to do. We called Countrywide and applied for the program and over the phone they said we qualified and that they would work out a loan modification and send a copy to us. In December, via Fed Ex, we received a loan modification agreement. The agreement drop us to a fixed rate of 5.75% for five year and then fix for 6.75% for the remaining term of the 30 yr loan. It also put what we had past due, (became past due in December 2008), to the principal of the loan. We agreed to this new mod since it was approx. $700 less then what we we currently paying, notarized and Fed Ex'd the paperwork back to them at the end of December 2008. In January 2009 we had not heard anything from them but I would log onto my account online and it showed active processing and that they received or docs. I periodically would go online and check status as it said not to call them until Feb. 23 2009 if we had not heard anything from them. On Jan 25 2009 I went online again and the loan modifiction had changed from active processing to *approved. So I call CW and the women who answered in there workout dept. said that indeed it was approved* and that it would take two to three months before the paperwork was finished reflecting the approval. So I asked when do I start making payment and to what address do I send it? She gave me that information and I did send the paymento for the new amount and have every month since to the present. Being myself I would periodically go online to their website (now BofA) and check the status. I also called in March and April several times to BofA and they said everything was fine just keep doing whw\at I was doing and they acount would eventually refect the new mod. In the first part of May I went online again and this time it said to my shock that the loan mod was canceled as of May 4th 2009. I called them right away and after talking to a different person over the next three days got the answer we did not qualify because or income was only $1000 per month and that the mortgage was $2060 (new amount) per month. I said how can this be and they said they did not have the finacial docs form us to support our income amount. This was came as a complet shock to me as I know they did get the complete docs and that we did qualify and that we were approved. So now I tried to get them to review the mod and they said they would send it to upper manangement for review and I also sent them our financial info again. Well July 1 2009 we received a Fed-Ex letter with a new mod at a 3% higher rate that was not fixed and a pament amount $650 more than the original an also receive a certified letter of Intent to Accelerate because we we now several month behind. I called them again and asked what happen to the orgianl mod that was approved and now up for review. The woman there finally said at the end of our conversation, after putting me on hold, that she was advised to tell me not to call them back until after three weeks had passed and that they will not call me and that I must call them after three weeks. Well in three weeks the new mod will expire and the notice of intent to accelerate will expire. I do not know what to do. I hac\ve always contacted them and they have not once called me during this entire process to date I am afriad that we are going to lose our home even the I was follwong their instructions. Is there anyone with any thought on this?