Hello everyone,
Can anyone tell me what exactly is the Qualified Written Request letter used for? I've also been going back and forth with Countrywide Home Loans regarding a rate reduction. We initially started with the Hope Dept. aroun June 5th who denied us for the forbearance which we did not want because all that was is stop payments for 60 or 90 days which that amount is tacked on to your loan and you are then reported to the Credit bureau as being late on your payments. We then called the Retention Dept. on July 28th who stated we qualified for a rate reduction so they would forward all the documents (Hardship letter, paystubs etc.) we had initially faxed to the Hope Dept. for review. So throughout the month of September I've been calling at least twice a week to follow up on the progress and each time I'm told no one has picked up the file to review and the process could take up to 45 days, so once a negotiator picks up the file and starts the review process they will contact me but I'm free to keep calling and checking on the progress. So last Monday I call and speak to someone and they tell me there are no documents on file for our case but rest assured my case is under review, so I reply "What are you reviewing if there are no documents on file for you to review?" to which she responded, "you have a valid point, let me check with my supervisor to see what we can do." She comes back on the phone and advises me to fax the documents to her directly and she in turn will fax them to where they really need to go. Needless to say after going round and round with them for almost 4 months now the whole cycle will need to start over again because faxing the documents over now will be like initiating the whole process. I asked that Rep to call me once she receives them so that I know it will be taken care of......and of course no call back (surprise, surprise). So now it's been a week since I re-faxed all the documents and I'm almost scared to call them to confirm they did receive the documents because I know I will loose it......I've been very nice and patient with them for almost 4 months and I feel like they tell you what you want to hear just so that they can get rid of you and go on to the next person to BS them too!
Needless to say we've never been behind on our mortgage paymtents. We have two loans throught Countrywide Home Loans on our home both fixed but the interest rate on one is 6.25% and the other is 10.75%.....that's 17% guys! Our mortgage payment is sky high and all we're trying to do is get a rate reduction which would decrease our mortgage payment. We're trying not to fall behind on our mortgage because our credit is great and
CW seems to report you to the Credit Bureau right away while some of the other creditors don't report you for two months or so. We're falling behind on some of our other debts put trying to maintain our home loan, should we just stop paying.....we don't want to ruin our credit and should we use this QWR letter, does this letter pertain to our situation?