Loan Modification Forum - LoanSafe.org - View Single Post

tonyi · 09-04-2008, 12:48 PM

Well i might as well jump in as this is very timely to me. Been reading this board and it's great. so heres my story
Two years ago we bought a new house before selling our old one (not smart i know but the new house was the dream house and it's price was amazing due to the owner passing) Took a higher interest rate and and arm so we would have no pre payment penilties and had intended to refi once the other property sold since the new one at purchase apprased for 70k more than we were paying for it.
Sold the other property about 7 months later. Broke even on that house. So we went to refi the new house. Had everything in place (pre approval and underwriteing) then the week it was supposed to close was june of 2007 when the intire market crashed and suddenly our program was gone. So decided to grin and bare it for a few. Somewhere in here our loan got sold to countrywide (ugg) anyway, basically emptied our saveings over the last year just keeping up with the high mortgage and attemted to refi with countrywide but as with everyone our house value dropped so much it could not be done. Talked to countrywide about 6 months ago and they actually told us they wouldent do anything for us unless we were in forcloser....uggg.
Emptied even my 401 to keep the payments up when last month we realized there was nothing left. Called Hope and they said it was great we called them before we had even fallen behind (huh? before we had to be in forcloser) so we sent in the hardship requesting a lower intrest rate (it's 12% now) and a stop to the adjustment that was going to happen.
Oh keep in mind also at the beginning of the year the 1000 dollars a month my wife got in child support from her first marridge stopped comeing due to a dead beat dad) and yes we had another child
So we find out that apperantly we had been approved for a rate reduction and would get paperwork right away. So we did but it was for a modification where we got to skip the month and they would tack it on to the end of the loan. Not what we wanted. We just wanted to lower our payment to something we could afford every month (seriously like 500to 1k off and we could be fine for the rest of the loan) Called them and they said it was strange since we were approved for a rate reduction and they were not sure why the did a modification. told us to resubmit the letter and w-2's and they would get it straighend out.
so as of the first we were at 30 days (well not really with grace period) And i get a call today from the debt collectors at countryslime telling me they were sending an intent to forclose letter (I'm not even behind 30 days yet!!!!!) And told her we were in negotiations, that she confirmed and even said she shouldent have called me. but the automated system did it.
Anyway. Then we called the hope number we had they said that no they shouldent have called. And that the final outcome had not been determined on the negotiation but we'd get paperwork next week. But they reiterated we had been approved for a rate reduction the first time so in theory we should get it again.

We have done everything we can to keep the mortgage up to date for the last two years and have been great customers. But yet i'm freaking out. I'm waiting to see countrywide put in a late on my credit report even though they arnt supposed to.
We do not have nor have been told of an official negotiator assighend to us. We feel like we have no clue whats going on. Honestly we're freaking out we're going to loose our home and noone wants to help us. I even looked into a negotiation company but they wanted 3 grand. Guess what I have NOTHING LEFT. We just feel like no one cares. And for some strange reason countrywide would rather get the house back instead of the 6-9% (thats what i would like) intrestes for the next 30 years. If only the value could spike. My morgage guy even had us pre approved for a 30 year 6.1% fixed but the value on the house was too low. I wish zillow was right since it shows my house incresaseing in value by over 60k in the last four months. But noone trusts zillow. We're at our wits end.

ugg.

Sorry venting some.

09-04-2008, 12:48 PM	#1 (permalink)
tonyi Member Join Date: Sep 2008 Posts: 26 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Countrywide Modification SUCCESS!! Well i might as well jump in as this is very timely to me. Been reading this board and it's great. so heres my story Two years ago we bought a new house before selling our old one (not smart i know but the new house was the dream house and it's price was amazing due to the owner passing) Took a higher interest rate and and arm so we would have no pre payment penilties and had intended to refi once the other property sold since the new one at purchase apprased for 70k more than we were paying for it. Sold the other property about 7 months later. Broke even on that house. So we went to refi the new house. Had everything in place (pre approval and underwriteing) then the week it was supposed to close was june of 2007 when the intire market crashed and suddenly our program was gone. So decided to grin and bare it for a few. Somewhere in here our loan got sold to countrywide (ugg) anyway, basically emptied our saveings over the last year just keeping up with the high mortgage and attemted to refi with countrywide but as with everyone our house value dropped so much it could not be done. Talked to countrywide about 6 months ago and they actually told us they wouldent do anything for us unless we were in forcloser....uggg. Emptied even my 401 to keep the payments up when last month we realized there was nothing left. Called Hope and they said it was great we called them before we had even fallen behind (huh? before we had to be in forcloser) so we sent in the hardship requesting a lower intrest rate (it's 12% now) and a stop to the adjustment that was going to happen. Oh keep in mind also at the beginning of the year the 1000 dollars a month my wife got in child support from her first marridge stopped comeing due to a dead beat dad) and yes we had another child So we find out that apperantly we had been approved for a rate reduction and would get paperwork right away. So we did but it was for a modification where we got to skip the month and they would tack it on to the end of the loan. Not what we wanted. We just wanted to lower our payment to something we could afford every month (seriously like 500to 1k off and we could be fine for the rest of the loan) Called them and they said it was strange since we were approved for a rate reduction and they were not sure why the did a modification. told us to resubmit the letter and w-2's and they would get it straighend out. so as of the first we were at 30 days (well not really with grace period) And i get a call today from the debt collectors at countryslime telling me they were sending an intent to forclose letter (I'm not even behind 30 days yet!!!!!) And told her we were in negotiations, that she confirmed and even said she shouldent have called me. but the automated system did it. Anyway. Then we called the hope number we had they said that no they shouldent have called. And that the final outcome had not been determined on the negotiation but we'd get paperwork next week. But they reiterated we had been approved for a rate reduction the first time so in theory we should get it again. We have done everything we can to keep the mortgage up to date for the last two years and have been great customers. But yet i'm freaking out. I'm waiting to see countrywide put in a late on my credit report even though they arnt supposed to. We do not have nor have been told of an official negotiator assighend to us. We feel like we have no clue whats going on. Honestly we're freaking out we're going to loose our home and noone wants to help us. I even looked into a negotiation company but they wanted 3 grand. Guess what I have NOTHING LEFT. We just feel like no one cares. And for some strange reason countrywide would rather get the house back instead of the 6-9% (thats what i would like) intrestes for the next 30 years. If only the value could spike. My morgage guy even had us pre approved for a 30 year 6.1% fixed but the value on the house was too low. I wish zillow was right since it shows my house incresaseing in value by over 60k in the last four months. But noone trusts zillow. We're at our wits end. ugg. Sorry venting some.