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emmy754 · 12-11-2008, 05:09 PM

I am writing this letter to explain the set of circumstances that has put me in severe danger of becoming delinquent on my loan with Countrywide. I obtained a $650,000 30 year conventional Jumbo Pay Option ARM mortgage from Countrywide in March 2005. I did not understand the terms and conditions of this toxic loan and it was not made clear to me how the negative amortization would essentially price me out of my home since the documents I received at closing show a discrepancy of more than $50,000 in the principle that has been added to my loan in the same time frame.

There are several circumstances that have resulted in financial difficulty:
1. I was unable to refinance my loan because of significant pre-payment penalty for first 3 years.
2. After that time passed, I initiated a refinance through Countrywide in December 2007. The loan officer, xxx told me the refinance was approved and would be completed in an expedited manner. I completed every step or information request as directed. I still have (and can supply) the numerous emails showing my checking the status of the loan and the loan officer saying I was approved and the refinance would be done in a matter of days. After getting misleading information for more than six months, totally unexpectedly the loan officer told me in June 2008 this loan was no longer offered. Meanwhile, other offers and better interest rates came and went, but I didn’t pursue them as I was being told again and again I was approved and it would be just a couple more days to complete. In this housing downturn, six months made a huge difference in the availability of and ability to qualify for loans. This customer service failure really contributed to my financial hardship. Due to the economic slow down and the resulting slump in my business (construction), I did not now qualify for a new loan.
3. Shortly after this, I was in a car accident on July 29, 2008 which has required ongoing medical care, associated expenses, and I have been on restricted activity by my doctor.

12-11-2008, 05:09 PM	#4 (permalink)
emmy754 Member Join Date: Dec 2008 Posts: 10 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Countrywide Negative Am loan I am writing this letter to explain the set of circumstances that has put me in severe danger of becoming delinquent on my loan with Countrywide. I obtained a $650,000 30 year conventional Jumbo Pay Option ARM mortgage from Countrywide in March 2005. I did not understand the terms and conditions of this toxic loan and it was not made clear to me how the negative amortization would essentially price me out of my home since the documents I received at closing show a discrepancy of more than $50,000 in the principle that has been added to my loan in the same time frame. There are several circumstances that have resulted in financial difficulty: 1. I was unable to refinance my loan because of significant pre-payment penalty for first 3 years. 2. After that time passed, I initiated a refinance through Countrywide in December 2007. The loan officer, xxx told me the refinance was approved and would be completed in an expedited manner. I completed every step or information request as directed. I still have (and can supply) the numerous emails showing my checking the status of the loan and the loan officer saying I was approved and the refinance would be done in a matter of days. After getting misleading information for more than six months, totally unexpectedly the loan officer told me in June 2008 this loan was no longer offered. Meanwhile, other offers and better interest rates came and went, but I didn’t pursue them as I was being told again and again I was approved and it would be just a couple more days to complete. In this housing downturn, six months made a huge difference in the availability of and ability to qualify for loans. This customer service failure really contributed to my financial hardship. Due to the economic slow down and the resulting slump in my business (construction), I did not now qualify for a new loan. 3. Shortly after this, I was in a car accident on July 29, 2008 which has required ongoing medical care, associated expenses, and I have been on restricted activity by my doctor.