CW customer service changes after Apr 27 merger w/BofA?

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Hello--thanks for this forum! This is my first post... I've tried to get help (loan mod) from CW since Oct 08, to no avail. My income's reduced, and my payments are going up this month. I've now dropped the house price & waiting for a buyer to do a short sale.

I'm wondering if anyone knows what will happen to CW loans customer service after April 27th, when "Bank of America and Countrywide processes will combine." Will the same CW centers in India and the US be used? Will there be more responsiveness & good old customer service? The limited info I can get is from:http://welcome.bankofamerica.com/welcome.html

If I got a buyer before April 27th, I could apply for a short sale through Countrywide, but I'm wondering if it might be more effective to start the short sale process after the merger? Maybe I'd save lots of time and tears in the long run?

Also: Does anyone know any details on the new gov't program giving money to CW/BofA for short sales? So far I've seen this: " Compensation will be provided to servicers and borrowers in order to facilitate short sales or deeds-in-lieu in those cases in which borrowers either fail the net present value (NPV) test (described below) or fail to qualify for, or default under, the modification program. " under http://www.treas.gov/press/releases/reports/modification_program_guidelines.pdf Maybe "it's up to the investor"? My loan's not a Freddie or Fannie.

Thanks!! No matter what home we have, we have each other.

[Justin S.]

Hello and welcome to the forum!
As far as what will happen with the merger, there is a lot of speculation, but nobody will really know until that day comes. In my experience, it seems that the more pro-active the better when attempting a short sale or modification, but again we just won't know until the merge.

The new gov't program is an incentive for the lenders and servicer's but nothing is mandated and you may find it best to find an attorney who is well versed in the new legislation to answer any questions regarding your personal options. I wish you the best of luck through this.
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Justin Shields
Legal Assistant
Law Offices of Fransen and Molinaro
Phone 888-432-6634 ex.254

[Andrew]

Justin is 100% correct that its not a mandate, and to be serious out of the 100's of loans i've seen, not one has qualified yet. In regards to customer service, it will most likely be the same, as all the current cw employees will be there on april 27th.

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Thanks Justin! So wait and see.

I have another question... Does CW currently require missed payments for a short sale offer to be accepted?

I've been accruing credit card debt to make ends meet and save my credit, but if I need to "slash my wrist" on purpose and miss payments just to show them I'm really bleeding, then I guess I'll just have to. I would hope the new program wouldn't require excessive bleeding?! You'd think the idea is to prevent further damage.

[Justin S.]

When trying to demonstrate a hardship and not being able to afford the property, it doesn't hurt the situation to actually be behind on your payments, as they seem to look at that more than how you are paying such as with credit cards like you are. You might want to find an attorney who you trust to discuss your options with. Great job doing your research and good luck!fficeffice" />>>
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Justin Shields
Legal Assistant
Law Offices of Fransen and Molinaro
Phone 888-432-6634 ex.254
justin@modifyloan.net

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Thanks Justin. Just received an email from BofA saying that:
"While Countrywide has joined with Bank of America, both companies will continue to operate separately at this time."