Third Try For Modification With Countrywide

[jeannieortman]

I am on my third attempt with CW for a modification, each time have been denied. In December 2007, I had to have major surgery on neck and back, and my husband was laid off for 6 months and I notified CW immediately. They first put us on a repayment plan of over 600.00 per month above our regular payment, I made that payment only once, too high for us. I asked if I could send in the amount that I had and they advised me to put it aside that it would just go into a holding account, and just recently they told me to start sending what I could to show Good Intent. I have taken a 2nd job and my husband has been doing side Electrical jobs, plus he is now working full time. I am at retirement age, and 7 months behind but willing to do what it will take to save my home. I have gone to Hud Semiars and appointed a counsler, but E-Mail after E-Mail no response. When I call, every time to her direct line, "Sorry this Counsler is not taking Call's" I have spoken to this person twice. I might add that in 2006 my 401 was doing very badly and transferred my money into another property to receive a better return, and now am finding out that this might be the reason for not being able to get a modification. We put it on the market to sell when all this began, but the market is so bad it did not sell. Now we are looking into renting it out, so that we can save our primary home. Had no idea that investing my money in real estate would hamper me for any help in the future. I have had my primary mortage for 19 years and never once late. I have to say everytime speaking to someone at CW they have been courteous and sympathic, but cannot offer me any reasons for the denied decisions. Asked to speak to a supervisor, and I am told that they cannot give any additional information than the person I am speaking to . What other avenue's do I have to save my home. I just recently faxed doc's for the Obama relief, but still in the works. I hate to hire an Attorney unless I have to , because that is money that can go towards my payments. I aquired both loans refinance on primary property and new property both within a couple of weeks apart on stated loans and they are going to adjust in 2011. Unless I get help now on my primary home I will be at this very same place in 2011 because now I have low credit due to the hardships. Any advise or direction would be appreciated to save my home.

[Moe Bedard]

Hi jeannieortman,


Welcome to the forum and thank you for joining....................


Have you tried going through the HUD approved counseling agency NACA to help you with dealing with CW..............if this is the only property that you own........you may want to give them a try instead. Their services for the Home Save modification are free and they will put together a low fixed rate modification proposal if you qualify...........to present to the investor on your loan through CW................we have had numerous NACA successes just in the last week............here is the link...........
https://www.naca.com/refinance/refinanceTenStep.jsp

[jeannieortman]

After reading your forum this morning, I did go and fill out all their required information. But when I finished, I noticed a statement that you could not own other property. Also I signed up for a phone counslor appointment, but each time would not except my request without stating a time. There was not dropdown or place to request the time for oppointment. Confused and anxious. Do you have any idea if this second property is going to hurt me, it's not like we have this property for our pleasure alone, it was a place to put my retirement for a better return. Thank you for any help you can assist me with

[Moe Bedard]

NACA will not work with you if you own another property.............also the Making Home Affordable modification program announced by the president is only going to be able to be looked at for your principle owner occupied residence................
here is the link for CWs participation in that program and what to do to apply for that program............
Countrywide Financial - Real Estate Mortgage Lender - Home Loans - Equity Loan Mortgages

[Txnwoman]

Hi ***,
Im reading about the previous statement. How naca will only work with you if you only have one property. I currently have another home thats been rented out and the lender is CW as well. Im not behind or having any problems with the house just wanted to let them know. Will that still disqualify my attempt for modificaiton?

[Moe Bedard]

If you are going through the process with CW on your principle residence.............you rental income would be figured in the back end debt ratio and in your monthly gross income............

The borrower’s Monthly Gross Income is the amount before any payroll deductions includes wages and salaries, overtime pay, commissions, fees, tips, bonuses, housing allowances, other compensation for personal services, Social Security payment, including Social Security received by adults on behalf of minors or by minors intended for their own support, annuities, insurance polices, retirement funds, pensions, disability or death benefits, unemployment benefits, rental income and other income.

The Back-End DTI is the ratio of the borrower’s total monthly debt payments (such as Front-End PITIA, any mortgage insurance premiums, payments on all installment debts, monthly payments on all junior liens, alimony, car lease payments, aggregate negative net rental income from
all investment properties owned, and monthly mortgage payments for second homes) to the borrower’s Monthly Gross Income. The servicer must validate monthly installment, revolving debt and secondary mortgage debt by pulling a credit report for each borrower or a joint report for a married couple. The servicer must also consider information obtained from the borrower orally or in writing concerning incremental monthly obligations.

[jeannieortman]

***, I spend the entire day calling regarding the Obama relief progam as you suggested. Countrywide is telling me I do not qualify for this mod. because my investor is Wells Fargo. I cannot get help from Hope for Homeowners or NACA because I have the second property. Not sure what my options are any longer, seems I dont fit into any program that is offered. My husband finally went back to work at a little less in pay, and my second job as cut my hours. First CW said we dont qualify for a workout because we have enough money coming in, and when I reported our cut in income, today they tell me I don't make enough money for a workout????? Any other suggestions that I can approach.

Thank You

[Yanqui]

jeannieortman, you might want to read my thread. "Mod signed but now I'm unemployed and have a terrible credit score."

Everything fell apart after the TARP funds were allocated and and inbetween my mod they posted a foreclosure notice on the second house and the renter stopped paying rent. Headache.

I had to find a bankruptcy attorney to just get out. I am in the same situation except I rented my primary home in hopes of inding work in calif. while living with my mother. Didin't happen an the aattorney told to me to break the lease and move back in to my home before I file for BK so the second home is in limbo. and mine is three months past due on the mortgage and I still have not found work.

[CW California]

This might be a stupid question but why isn't Wells Fargo participating?

[Dan Bailey]

CW Cali,
Because the investors see more profit by NOT participating in the voluntary plan.

[jeannieortman]

Dan, do you have any other helpful suggestions for me regarding my last thread?????

[Dan Bailey]

jeannie,

reading back....besides the fact that you dont fit into the "obama plan" did they give you reason for denial of the mod requests?

[jeannieortman]

Yes, the first denial was because they said my doc's were not excepted in a timely manner. They requested them on Feb 5, I faxed them on Feb 6th, and got a confirmation. Called 24 hours later and she assured me since I had a confiramtion they were there. Feb 13 received a denial letter when I called to require why?, they stated that they did not reach Negotiators desk Feb 12. I faxed my confirmation for proof, did not matter.
Second time they did not give me a reason for the denial, told me to call the Heart Group, when I did that person told me that since I did not have a mod with them, none of my information was in her system and that I should call CW, I feel like Im getting the run around. Called them yesterday to inform them that my hours on my second job have been cut and my husband has had no side work for about three weeks, she promtly told me I will probably not qualify because now we dont make enough money? I understand that there is another government program to come out soon, but have no information on it. Any magic suggestions would really pick up my spirits.

[jeannieortman]

Any suggestions on my last thread, response to your questions?

[Moe Bedard]

This is directly from the guidelines to the program.........

If a servicer tells us that a loan cannot be modified because the eligibility requirements were not met, or the investor is not participating in the program what should we do?


If modification under the plan is not an option because the borrower does not meet the eligibility criteria, or the investor is not participating in the program, the servicer should discuss all loss mitigation options including; loan modification scenarios outside this program, opportunities to refinance or access to available local resources such as rescue grants and loans. If homeownership retention is not possible, counselors should discuss short sales and deeds in lieu of foreclosure as ways to help a borrower transition to more affordable housing.

[jeannieortman]

A couple of weeks ago I called to check on the status of my workout and a lady gave me a update and then said I see that you have 1,900 in surplus just sitting here not applied and I informed her that I knew that. She asked me do you want to add enough money to it to make a full payment and that can be deducted from your balance, I said yes I would like to do that, so she took my money over the phone. Which before they would not take my money.
I have been checking my online acount every day because I am in my 3rd try for modification. I noticed on Thursday of last week all of my documents were not showing as they had for severl weeks, but the notes said I was still in workout. I check again on Friday and my account said workout cancelled due to not providing documents "WHAT" I immediatly called to find out what the heck is going on. When I called, the lady could not give me any answers as to what happened to my documents and suggested I fax everything in again and she will re-open my case (#4 attempt, ). As I'm sure you all know that when you call in they let you know how much your behind and the balance due. Well when she told me my balance, I said wait a minute I made up for a full payment last week and it should have lowered my balance. I have had a surplus of 1,900 with you for a few months now. She said let me research that, she came back and said "I can't find 1,900 anywhere here". Now I have the amount I made to make up the full payment, sitting there in surplus, somewhere they have misplaced my money, When I sent my new documents in this time, I listed every conversation that I have had, dates, names and all my missing documents and money. I also copied Senator Diane Feinstein, my Investor, my congressman and the Attorney General and made note of the cc: on the bottom of my new hardship letter. I made note to Diane Feinsten and my congressman that maybe they should come to this website to see the horrific stories that people are going through. I do not think I am going to send anymore money and by the time this is complete, and if I do get modified, I probably wont be able to afford the payment. This whole BofA/Countrywide is a joke.

[merev]

I was on my 8th mod try w/ CW. I was denied for everything..sometimes no reason given. I write down everything each rep tells me, because they all have different answers. I have a Fannie Mae backed loan and qualified for an HSA in Feb. This was going to cover 4 mths missed pymts plus late fees. Found out 2 days ago that my HSA was cancelled because I don't have at least $200 surplus every month. Researched HSA's and I couldn't find that "mysterious" qualification anywhere. A supervisor in Home Retention actually told me" How can you expect to stay in your house when you don't pay for it?" My response was that I was told I couldn't make pymts on the 4mths the HSA would cover (because it ONLY covers missed pymts) or the funding wouldn't be necessary. It's a nightmare!!! I am so stressed all the time.
My mods are denied due to a shortage of income, but my mortgage is at 100% of my income. If they could make the pymts at 31%, I would have a surplus of income. Apparently common sense and logic and not their strong points.