Loan Modification Forum - LoanSafe.org - View Single Post

jaguar1 · 06-22-2009, 01:18 PM

I contacted CW the 1st week in November 2008 to let them know my payment would be late. I talked to a very nice lady that introduced me to a new program which she felt might benefit me since I had a current fixed rate of 10.25% that was scheduled to adjust 7/09., It was of course the loan modification program. It sounded to good to be true, so I applied. In the interim I was told to hold my mortgage because all payments were temporarily suspended until a determination had been made by CW. On 12/4/2008 I recieved my package, I could'nt believe it, lowered my mortgage, $768.00, from $1926 to $1158, offered a interest rate of 6.25% and my November/December payments were tagged on to the end of the loan, with no payment due until 2/09, All of this was just to good to be true and yes I mailed the package back with paystubs as requested. In February 2009 I began making the $1158.00 payment as in the agreement plus I included the 326.00 escrow payment that's mentioned in the agreement(1484) sent 2/09, 3/09 by 4/09. All of a sudden, I forsee a problem, why are my payments online being put to the side? I immediately started contacting countrywide every other day to find out what was going on " oh everything is ok but, why have I not received any monthly statements and my payments continue to be put to the side? After numerous phone calls and getting the same ol' same ol'... on 4/24/09 I faxed over a letter to Countrywide to the attention of " Supervisor of the Home Retention department", I included all of my approved modification docs, money order reciepts etc....and I guess that pissed somebody off....The next day I went on line and got a message,,,," your loan has been cancelled from workout, please try back for reconsideration." I hit the roof.... after six months. I have a print out stating loan approved and completed dated December 24, 2008.
Now here's the new scenario......
No payment 11/08,12/08 ( per conversation with customer service rep in order to qualify for the loan modification - all payments are suspended remember??), Approved 12/08 no payment due until 2/09 (January not due based on agreement).

Made February, March and April payment under agreement for 1158.00 not requested, but included the additional 326.00 for escrow = 1484 a difference now from the old loan of $442.00, this went on for three months = $(1326) plus no payment 11/08, 12/08 or 1/09 payment of 1926 each = 5778. per this modification crap. The way I see it countrywide has caused me to be about $7104.00 in the hole based on pure irresponsibility, deception and negligence.

I made my May 2009 & June 2009 regular payments of 1926.00 but there now appears to be arrears due to error ( 7104 to be exact). I've been looking on line at Chapter 13 if the mod does'nt fly and even that's scarry....It may relinquish some of my debt but that 10% interest rate will adjust making it even more difficult to make payments even with the bankruptcy..... Believe it or not I have not received any correspondence from countrywide since the 1st modification dated 12/4/08, no calls or anything. I re-applied on 5/5/09 and I call three times a week - the same old BS, its in workout and no guarantee. Come July 5,2009 it will be two months, the online view says contact us by 6/9 we should have more information but they don't, today is June 22,2009 no update. I'm just about ready to write the CW CEO's, congress, senators, head of housing and naca, who ever will listen. Thanks open for your comments

P.S. After so many phone calls, I did find out how they determine your monthly income. example.... a biweekly salary of 2351.00 divided by 2 = 1175, 1175 x 52 weeks = 61,126, $61,126 divided by 12 months = 5093.
your monthly income is 5093.00.

06-22-2009, 01:18 PM	#15 (permalink)
jaguar1 Junior Member Join Date: Jun 2009 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Workout Stage: Canceled I contacted CW the 1st week in November 2008 to let them know my payment would be late. I talked to a very nice lady that introduced me to a new program which she felt might benefit me since I had a current fixed rate of 10.25% that was scheduled to adjust 7/09., It was of course the loan modification program. It sounded to good to be true, so I applied. In the interim I was told to hold my mortgage because all payments were temporarily suspended until a determination had been made by CW. On 12/4/2008 I recieved my package, I could'nt believe it, lowered my mortgage, $768.00, from $1926 to $1158, offered a interest rate of 6.25% and my November/December payments were tagged on to the end of the loan, with no payment due until 2/09, All of this was just to good to be true and yes I mailed the package back with paystubs as requested. In February 2009 I began making the $1158.00 payment as in the agreement plus I included the 326.00 escrow payment that's mentioned in the agreement(1484) sent 2/09, 3/09 by 4/09. All of a sudden, I forsee a problem, why are my payments online being put to the side? I immediately started contacting countrywide every other day to find out what was going on " oh everything is ok but, why have I not received any monthly statements and my payments continue to be put to the side? After numerous phone calls and getting the same ol' same ol'... on 4/24/09 I faxed over a letter to Countrywide to the attention of " Supervisor of the Home Retention department", I included all of my approved modification docs, money order reciepts etc....and I guess that pissed somebody off....The next day I went on line and got a message,,,," your loan has been cancelled from workout, please try back for reconsideration." I hit the roof.... after six months. I have a print out stating loan approved and completed dated December 24, 2008. Now here's the new scenario...... No payment 11/08,12/08 ( per conversation with customer service rep in order to qualify for the loan modification - all payments are suspended remember??), Approved 12/08 no payment due until 2/09 (January not due based on agreement). Made February, March and April payment under agreement for 1158.00 not requested, but included the additional 326.00 for escrow = 1484 a difference now from the old loan of $442.00, this went on for three months = $(1326) plus no payment 11/08, 12/08 or 1/09 payment of 1926 each = 5778. per this modification crap. The way I see it countrywide has caused me to be about $7104.00 in the hole based on pure irresponsibility, deception and negligence. I made my May 2009 & June 2009 regular payments of 1926.00 but there now appears to be arrears due to error ( 7104 to be exact). I've been looking on line at Chapter 13 if the mod does'nt fly and even that's scarry....It may relinquish some of my debt but that 10% interest rate will adjust making it even more difficult to make payments even with the bankruptcy..... Believe it or not I have not received any correspondence from countrywide since the 1st modification dated 12/4/08, no calls or anything. I re-applied on 5/5/09 and I call three times a week - the same old BS, its in workout and no guarantee. Come July 5,2009 it will be two months, the online view says contact us by 6/9 we should have more information but they don't, today is June 22,2009 no update. I'm just about ready to write the CW CEO's, congress, senators, head of housing and naca, who ever will listen. Thanks open for your comments P.S. After so many phone calls, I did find out how they determine your monthly income. example.... a biweekly salary of 2351.00 divided by 2 = 1175, 1175 x 52 weeks = 61,126, $61,126 divided by 12 months = 5093. your monthly income is 5093.00.