[frustrated09]

This is my hope posting. It's is a copy of the e-mail I've sent to my state Senator. It's also going to the CPA, FTC, GAO and other agencies - I'm sending it to one or two agencies every day. The letter explains my situation Countrywide / Bank of America. Please read my letter and start reporting Countrywide. We can't just sit by and let lenders continue with the abuse of Government funding meant to help us keep our homes.


Dear Senator Casey,
I am writing to ask you to let Tim Geitner know that the Treasury funding granted to Countrywide Home Loans for the Home Affordable program is already being abused. I have direct experience with Countrywide's unethical misuse of Federal Funding provided by the Home Affordable Program and I need to tell you about it, so you can act to put a stop to this predatory lending.
As a single mother, whose income has been reduced, I am well qualified for a loan modification under Home Affordable. I have not been late on any payment to date. I live in my home. My credit rating is still good. My loan is Fannie Mae backed.
So, I have aggressively been trying to get information from my Lender - Countrywide about how to apply for a Home Affordable Modification. When they finally got back to me, after weeks of waiting, Countrywide told me I am not qualified for Modification (which Home Affordable Website tells me I am qualified for). Instead Countrywide offered me an expensive Re-fi, at a lower interest rate. With all the fee's (including points) Country wanted to attach to what they are calling the Home Affordable Fast Track Re-fi, it would have cost me nearly $10,000.00 to save $170.00 a month, and avoid PMI.
In my concern to keep my credit rating and save my home, and with the speed of the conversation, and threat (by representative) that the Home Affordable Funding might run out, I almost fell prey to the offer - as I am sure many others will do. But I kept looking at the numbers Countrywide gave me. Before signing anything, I realized that adding an additional 10K (fees) to my loan amount to save $170 a month is NOT going to help my situation. Committing to such a deal would serve to make my debt to income ratio worse than it is now. So, I contacted the Countrywide rep. the very next day and told him that I am not going forward with the Re-fi deal he offered me.
I am now fighting with Countrywide to get them to refund the $400 application fee for this loan they charged to my visa card. That's right - Countrywide charged me $400 to find out what they had to offer with the Treasury Department's Funding. They charged me $400 to find out that it would cost me nearly $10,000 to refinance with Federal money intended to save my home.
Because I threatened to contact you and other government agencies, the Countrywide representative I spoke with yesterday told me his Supervisor consented to put through a request to return my $400. This is supposed to take 5 to 10 business days for a decision to come through on.
I told the Countrywide loan rep. that if I don’t get my $400 back, I am going to contact every Government Agency I can think of to let President Obama know what's going on at Countrywide. I am doing this regardless, because what Countrywide is doing is wrong. So, I'm starting with you, Senator.
The Home Affordable Program has just become available and Countrywide is already abusing the funding. They are charging $400 just to get information about the way they will make the money available. They are telling people qualified (by Treasury Dept. guidelines) for Modification that they are not qualified for Modification.
If Countrywide is doing this to me they are doing the same to others, and this cannot be what the Treasury money is intended for. So, I hope you will pass this information on to those who can make a difference.
Please don't let Countrywide abuse the Home Affordable Funding.
Thank you for hearing me.
Sincerely,