Loan Modification Forum - LoanSafe.org - View Single Post

bigburn · 05-06-2009, 06:05 PM

My situation is complicated, but relevant.

I am new to www.loansafe.org. My CW loan's investor is BONY, and I have been looking for assistance from CW since 04/2007 when a family member's illness escalated and required a large amount of attention.

CW has 'qualified' me countless times for a modification, but each and every time a document was lost/not received or an individual no longer worked for CW when I made follow-up inquiry. And, each time my efforts were dropped.

Frustrated, I hired a loan modification company (PAYMENT RELIEF SERVICES) in August 2008 after getting nowhere with CW. They (or someone?) delayed a sale date FIVE different times until 01/15/2009. On that morning, after repeated attempts to determine the status I was advised that CW had denied the modification. WHAT??!

Irritated, it seemed the only mechanism to provide a stay was bankruptcy. SO- I filed a BK13 later that day. How defeating!

The BK13 cause a number of other credit problems that were making matters far worse, so I petitioned for dismissal in mid-Feb 2009.

I repeated contacted CW (continuously before, during, and after BK13) to determine what other options were available to me. CW was very confused about what process should be followed, and again my inquiries went unreturned.

After my inquiry in mid-April and request for the MAKING HOME AFFORDABLE program, they said 'well - it looks like you qualify!'. Suspicious, but hopeful, I have contacted them repeatedly to determine the next steps - being told that the process can take 30-90 days.

When I contacted them on 05/03/2009 (my sale date had been continued until 05/14/2009), the auto attendant said - 'you're loan modification has been cancelled due to investor guidelines'. ~sigh!~

As it turns out, I'm learned that a pooling and servicing agreement (PSA) between CW and BONY prohibits any modification.

I said this was complicated, right?

SO --- my question is: Why aren't all BONY investor contracts treated the same? And it seems that CW knew (or SHOULD have known) such a limitation existed when I FIRST made contact regarding assistance. Now I have been forced to destroy my creditworthyness while being repeatedly misled toward a modification that was never possible under the investor guidelines???

Feeling very aggravated right now. Not sure about what next steps to take?

05-06-2009, 06:05 PM	#57 (permalink)
bigburn Member Join Date: Apr 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My Countrywide Story success My situation is complicated, but relevant. I am new to www.loansafe.org. My CW loan's investor is BONY, and I have been looking for assistance from CW since 04/2007 when a family member's illness escalated and required a large amount of attention. CW has 'qualified' me countless times for a modification, but each and every time a document was lost/not received or an individual no longer worked for CW when I made follow-up inquiry. And, each time my efforts were dropped. Frustrated, I hired a loan modification company (PAYMENT RELIEF SERVICES) in August 2008 after getting nowhere with CW. They (or someone?) delayed a sale date FIVE different times until 01/15/2009. On that morning, after repeated attempts to determine the status I was advised that CW had denied the modification. WHAT??! Irritated, it seemed the only mechanism to provide a stay was bankruptcy. SO- I filed a BK13 later that day. How defeating! The BK13 cause a number of other credit problems that were making matters far worse, so I petitioned for dismissal in mid-Feb 2009. I repeated contacted CW (continuously before, during, and after BK13) to determine what other options were available to me. CW was very confused about what process should be followed, and again my inquiries went unreturned. After my inquiry in mid-April and request for the MAKING HOME AFFORDABLE program, they said 'well - it looks like you qualify!'. Suspicious, but hopeful, I have contacted them repeatedly to determine the next steps - being told that the process can take 30-90 days. When I contacted them on 05/03/2009 (my sale date had been continued until 05/14/2009), the auto attendant said - 'you're loan modification has been cancelled due to investor guidelines'. ~sigh!~ As it turns out, I'm learned that a pooling and servicing agreement (PSA) between CW and BONY prohibits any modification. I said this was complicated, right? SO --- my question is: Why aren't all BONY investor contracts treated the same? And it seems that CW knew (or SHOULD have known) such a limitation existed when I FIRST made contact regarding assistance. Now I have been forced to destroy my creditworthyness while being repeatedly misled toward a modification that was never possible under the investor guidelines??? Feeling very aggravated right now. Not sure about what next steps to take?