Countrywide Story

[lookahead]

I have been watching this site and appreciate all the help, encouragement and education I have received. Three years ago when we bought our home, my husband had a heart attack in the first month after signing the closing papers. He had no insurance at the time and as a consequence of health issues lost his job. He would get work and then laid off, and finally another heart attack, surgery and now since last August, has not been able to work. I have a good job, make good money since the last four months however because we are so far behind and don't have enough money to put towards the reinstatement fees, do not qualify for a repayment plan. NACA submitted paperwork to CW and instructed me to call CW after a week (which was today) to see what we qualify for and I was told nothing. I spoke to 2 different CW reps and told the same thing. We have a foreclosure sale date of June 15, 2009 and I have been diligently working on this since February. Our reinstatement costs are $33, 281. I don't have it and the minimum they will take is 28,000. Because we have a VA loan (my husband is a veteran) we were told we don't qualify for the Home Affordability program. So here I am trying to work, tears running down my face and I don't know what to do next. I thought NACA is the advocate for people in a situation like me and yet it seems I did and am doing exactly what they did. We do not qualify for a loan modification because we haven't made enough payments( I believe that is the exact wording). Does anyone out there have any suggestions on who I can talk to or what I can do to save our home? We want to save our home.

[cobra]

1. If NACA submitted you for a restructure then they must have thought you would qualify.
2. You can't beleive much of what the "Reps" tell you at CW/BoA.
3. I really doubt that CW even looked at your file after just one week.
Some people have been waiting months before CW reviews their file.
4. The Reps were most likely talking about the BOA loan mods or the government mods. NACA submits their own restructure plan to CW, and only to a few CW people in the Advocacy Dept.
5. Call NACA so they can work to suspend your sale date.
6. Might want to call the American Legion or VFW. They may have a way to advocate for your situation. Worth a try.
7. Buckle up for a wild ride! We are all going thru it here. Best thing is we are going thru it together! You are amoung friends.
8. Read...there is a great deal of information on this forum.

Welcome...and tell your husband I said "thanks" for his service to our country.

Semper Fi

Cobra

[lookahead]

Cobra,

Thank you so much for the quick response and awesome information.
Question: should I prepare for bankruptcy?
Give NACA the time to work? I
I am researching through this site. It is great to be amongst friends; thank you.

[kateistired]

lookahead,

Welcome to the forum. Countless people have been helped to save their homes with the wealth of info posted here NACA takes a little time, I know it is hard to be patient. You need to make them aware of your sale date, and they can work to stop it. It is not a quick process at all, though.

I am praying for a good outcome for you and your family.

Kate

[lostinlife]

Bancruptcy will save your home. We had to file back in 06, we filed one week before the sale and got to keep the house, we have once again fallen behind due to CW shorting escrow and not adjusting till our payments almost doubled. We are now converting to chapter 7 and reafirming the house outside of the chapter 7 as soon as we can get a proper mod offer. Good luck to you

[chazkeepahoma]

Bankruptcy may be the way to go especially if you have credit card debt and medical bills.

[cobra]

Look;

We filed BK 7 back in 2003 and it was so easy. I can't beleive I spent years trying to pay all the CC debts only to just tread water! When we walked out of the hearing I cannot describe the feeling. Freedom..and a new start.
It was a good experience so if you have to do it, then do it.
Only you know what is right for you based on your situation.

Keep us in the loop.

Cobra

[cobra]

Look;

I would seek professional advice regarding BK. Find a good attorney that you can trust and talk to. Everyones situation is different.

Cobra

[lookahead]

Does anyone have the email addresses for B of A/CW? Loss Mitigation and Home Retention departments......
Thank you. I appreciate the help

[Dan Bailey]

CW home retention: CW Home Retention
1-800-669-0102fficeffice" />>>