Can't get CW to work with us!

[tam26miles]

We are beginning the loan modification process with countrywide/BOA. Since our loan originated with CW, BOA says they won't start the loan mod. process with us until we are two months behind on our mortgage.

We are struggling to pay our mortgage every month, and now I've been laid off. We want to start this process, but they are not willing to work with us since we are not behind yet. Our mortgage is 50% of my husband's income, and we will not be able to manage without a loan mod.

Any advice on how to get them to work with us without missing a payment

[sarge]

tam26miles,

If this is your only property, start the process with NACA. They are HUD approved and their services are free. There are alot of folks here who have had success with them.Here is a link to the Home Save Program.

https://www.naca.com/refinance/refinanceTenStep.jsp

Good Luck! and welcome to the forum.

[tam26miles]

We are in need of a loan mod. on our primary residence, our rental (our retirement) is breaking even every month. I don't understand why NACA won't work with us. Our rental property is equal to someone's retirement account. We aren't making money on it currently, and we will lose money if we sell.

Anyone have any advice for us to get help?

[tam26miles]

We have another property, it is breaking even every month and the small tax write-offs we get from it help us to pay our property taxes. We are upside-down on that property, so if we sell, we'll be worse off...

[Moe Bedard]

Unfortunately you are in a very tough position...................when payments are being made on time and in full........the lender doesn't see that as a hardship, even though it is a struggle to maintain the payment.

and

For NACA you cannot own another property:
NACA cannot assist people who own other properties. If you own another property but are losing or selling it, we can assist you with your primary property after the disposition of the other(s). Servicers in the NACA Program also require owner-occupancy as a condition for accepting a NACA solution.


You can try emailing Barbara and seeing if she can help............but modifying only the loans that are in default may be the position of the BofA investors.

Barbara J. Desoer
President Home Loans and Insurance
Bank of America
100 North Tryon St.
Charlotte, NC 28255
barbara.j.desoer@bankofamerica.com

[tam26miles]

What I've been told by BofA and an attorney is that BofA will work with you if your loan originated with them, but not with loans of Countrywide unless a payment has been missed. Aren't they all just BofA loans now? What is the difference?

I've emailed Barbara this evening, are there any other BofA execs that I could contact?

[Moe Bedard]

She has the team that has been helping members.............

[tam26miles]

I emailed Barbara on Saturday night, Monday I received a call from her office. They said I'd be going through them, which would expedite the process (instead of regular "work out" dept.) Off to a good start anyway.

Any tips on how to present my case to them? I'm thinking that the first impression is important...

Also, going to start a new thread about my process from beginning to end...should be interesting

[lecia11]

I am in your exact situation. I own a home, which I live in, and I have a rental property. It's upside down and I lose money every month. You may want to read my posting called "Help for rental properties." I just tried to get a better modification (I got a fixed five-year mod a year ago) and was told very firmly that they aren't helping anyone with rental properties, only primary residences. I emailed Barbara Desoer and did get a response but, I got rejected again when I got a negotiator. Maybe you'll have better luck than me, but I was told in no uncertain terms that there will be no help for rental properties. I'm not sure if they will help you with your primary if you have the rental, but it can't help to ask.

[lecia11]

I meant hurt to ask.

[tam26miles]

are you trying to modify the rental or your primary residence? We are trying to modify the primary. Or is it that they won't work with you if you own more than one property?

[kr1959cw]

I own another property that we used for rental...the tenants moved out last year at the same time my husband lost his job...we have had the house on the market for sale but no luck yet...I almost cant give it away! It will soon foreclose if it don't sell...it is with a different mortgage company....the house I am trying to modify is the house we live in and it is through BOA...though they have my documents I have never received anything else and on my account login in on work out, it has my documents I submitted but no work out info...I stay in limbo all the time...they have never said anything to me about the other property that we have though I told them in a conversation on the phone...guess we will wait and see....

[tam26miles]

I got the feeling it wouldn't be a problem because when I spoke with a lawyer, they had indicated that the rental wouldn't be a problem....but as I read through various websites, etc. I start getting nervous.

Do you have any tips on how to present my paperwork to the lender when I send it in? I don't want to do anything wrong!

[tam26miles]

I've been told by a friend to find out about the different loan modification programs my bank offers, then ask for one of them by name. Is there anyone out there that can help me with this? What programs does Countrywide/BofA offer? I've seen references to HOPE and "the government program", please clarify this for me.

Thanks in advance for your time!

[Moe Bedard]

Your friend would need to go through the process with BofA to determine what type of program they are eligible for................it will come down to the investor. If their loan is backed by FannieMae or FreddieMac then the guidelines for the MHA (Making Home Affordable) modification will be looked at...............

Countrywide Financial - Real Estate Mortgage Lender - Home Loans - Equity Loan Mortgages

Countrywide Financial - Real Estate Mortgage Lender - Home Loans - Equity Loan Mortgages

[tam26miles]

Hi All!
Here is my story:
We are trying to get a loan mod through CW/BofA on our primary residence. We own a 2nd property as our long term investment (instead of IRAs, stocks, funds, etc) which we are currently breaking even on...I was laid off from a teaching position for the upcoming school year, this is what prompted our loan mod. We have beenstruggling to get by each month with my teaching salary, and have not gone late on our payments yet. We have a new baby, and two other small children. We make a modest income, are not frivilous in our spending, but fear we will not get a good outcome since we can't get NACA help.

I have soooo many questions that I need answers to:
1. Why won't NACA work with us? We aren't "property investors" buying up houses and turning profits. We've just chosen this as our investment/retirement instead of the many other retirement investments that people do. Are people with other investments/retirement accounts able to work with NACA?

2. I've read that NACA wants your expense/income to break even each month for a loan mod. IF one is able to break even each month, why would the bank work with you?

3. Since we can't get help directly from NACA, can anyone pass along advice that you've received from NACA? What should our expense spreadsheet look like? What should we include/ exclude? How do we best present ourselves to get the best loan mod available?

4. If we don't like the offer from the bank (if we get one) how can we negotiate a more fair settlement?

[tam26miles]

*** Damiano,
I've read many of your posts and you have such a wealth of information. Do you know why NACA won't work with people who own more than one property?

You've also said that your income should be $150-200 more than expenses. I don't understand why this is, if you have an income surplus what is the hardship?

thanks so much for all of your posts, you've really helped us get started on this process. we contacted Barbara's office and received a phone call the next business day. We were given a negotiator as soon as they received our paperwork. At the time, I did not know how much I'd be receiving from unemployment so I included that I'd be receiving unemployment but didn't give them an amount. Currently our budget shows a deficit of $1400 (without my unemployment) which looks terrible. Since then I've received a contract from my school district for about $1700, which would put us $300 in the black. I just can't get our negotiator to call back to give her this info. Any suggestions?

[Moe Bedard]

According to NACA:

NACA cannot assist people who own other properties. If you own another property but are losing or selling it, we can assist you with your primary property after the disposition of the other(s). Servicers in the NACA Program also require owner-occupancy as a condition for accepting a NACA solution.

NACA believes that owner-occupants stabilize neighborhoods. Therefore, NACA requires that you are an owner-occupant. Being an owner-occupant involves you in all aspects of the community because you own a piece of the community, not just real estate. By contrast, absentee landlords usually want to maximize the rent and have little involvement with the community.

The guidelines that you had found were old guidelines and they do not apply to the MHA modification.....................the investor wants to make sure that you can afford the house and the expenses.............not just the mortgage alone.

[lecia11]

Please post if you get anywhere with a modification. I hope that CW/BofA starts helping folks with rentals.

[tam26miles]

sounds like they will help with your primary, just not modify a loan on a rental property. I just wish NACA would work with us

our loan mod has been sent to the "2nd party" from the negotiator. I'll post and let everyone know if we've had success.

[katita]

Hi tam26

Per my experience with CW now BoA...after 3 months of falling behind your credit goes down like 100 points...i did go through and then I fought hard and recovered my previous score rating...
I also had to show 250 surplus after income and expenses.

Now my question to all is WHEN THE LENDER LOWERS YOUR PRINCIPAL??? that's what I really want to persuade because the mod they give me was a joke...it really wasn't worth all the time I spent .

see my treat "2 properties , 3 loans with Countrywide"
good luck

katita

[sherman]

Katita, can I ask you how you fought to get your credit score fixed? Thank you.
Sherman

[sherman]

Originally Posted by katita

Hi tam26

Per my experience with CW now BoA...after 3 months of falling behind your credit goes down like 100 points...i did go through and then I fought hard and recovered my previous score rating...
I also had to show 250 surplus after income and expenses.

Now my question to all is WHEN THE LENDER LOWERS YOUR PRINCIPAL??? that's what I really want to persuade because the mod they give me was a joke...it really wasn't worth all the time I spent .

see my treat "2 properties , 3 loans with Countrywide"
good luck

katita

Katita, can I ask you how you fought to get your credit score fixed? Thank you.
Sherman

[katita]

Hi Sherman

I applied for mod on Sep 2008 was approved on Oct 15 I kept my payments and follow the agreement. Was JAn 2009 and still they didn;t update my account with new agreement all my money since Oct was put in Hold and I would receive collection calls. I sent letters on January, March and Apr 2009 all asking for fixing my account and credit reporting. All was their fault. They should have posted my payments accordingly since Nov...because they said it takes 60 days for updates. I ended up complaining with California State General Attorney through website...go to their complains option . Also Federal Trade Commission in the same way through website. But I think that on March I said to the person on charge of my case...That I started to record my phone calls with them to give it to my lawyer also to support my complain with State GAttorney and Federal Trade Comm. ..is when they freak out and rush my case. AT this point they just became BoA and my case went to Office of the President already. I sugest to write to Office of the President and send emails through your account message center online every week.
They had a department that would fix your payment postings but my case involved previous year so they wouldn't do it whiout authorization from home retention. NOBODY moves a finger if another department don't send them the written request. I recommend to do your research whenever they give you names or dept names. I also request help to the Three credit bureaus bu they responded that Contry Wide said this...."You are Behind in payments so everything is correct" CWide system was incorrect from the beggining to May 28 2009 for 7 months.

The funny thing is now they fixed my account but for more reasons than before and for first time I am falling behind in payments for almost three months already and at this time my account is not affected ...they did not reported me late yet

It was a pain believe me...I cried on the phone many times..Three credit cards shot me down due to wrong credit reporting.

Office of the President
400 Countrywide Way
MS SV -314
Simi VAlley, CA 93065 ..if you are in California....
1800-601 2522

Hope I helped

[SillyWorld]

I wonder if it is possible to SUE any of these banks because of there LIE's, cause some of us are just working Poor making payments no food to eat, and no help only because we have a Job, and the banks want to destroy what we have that is very little credit..???