 can countrywide cancel my modification after 4 months
My husband and I recieved 2 different modification offers from countrywide. The first was a (adjusted interest rate), the second was a (adjusted to fixed interest rate) which is the one we chose. We filled out all the paper work had it noterized and sent it back on on the 8th of January. We were informed that we were to start making our new payments February 1,2009. We have been making those payments. We followed the instructions on the modifications papers telling us where to mail the payments, and not to send them to a address on our countrywide mortgage statement until the statements were updated with the new loan amount. Well we recieved that statement around May 5, 2009 from Bank of America. However there was no update. My statement now says that I am $9000. in the rear and my escrow is $2000. in the rear. The first phone call I made was to Bank of America, in which the automated system told me that my modification was cancelled.Then I called the modification (The Hope Program-thru countrywide) and I was informed that by papers had been received on time and they really could not tell me anything more that that.( at that # they only answer questions about filling out the paper work). I call Bank of America back, and I was informed that it was cancelled because we did not qualify. I did not apply for anything, this was an offer that the mortgage company made because we were trapped in the sub-prime lending that they were doing. I called Bank of America back one week later, and was told a different story, now my paper work was late (not recieved until January 16,2009, and the deadline was January 13,2009),and that I did not qualify, after explaining yet again, the representative for Bank of America then informs me that my modification was cancelled on May 4. 2009. The question I asked is "If this was the case WHY was I not informed in January, Why was I told to start making payments in February."
He said," That he did not know and could not speak for them." Before all of this started my interest rate was soaring out of control in Dec. 9.50%, the first offer for the adjustable rate was 8.75%, the rate that we agreed on and accepted was 4.37% fixed for 5 years. So can someone/anyone explain to me why we are currently in an adujustable rate of 8.75%, currently due to adjust in 2013. When these are clearly not the terms that we agreed to what is going on FORREAL.
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