CW/BOA Attorney General Program...Has anyone heard of this?

[KnAZ2]

In short...I have applied for a modification through CW/BOA four times since December 08. The first time it was turned down, (after two months)because they had my financial info incorrect. Then I was offered a step rate plan (in which I turned down) it was interest only plus escrow (6.25% to start then changing each year until 7.625%) for ten years, then fixed for the remaining term. It just seemed to make things worse. Our origan loan was a conventional 30yr fixed at 7.625%. But the rate would have been higher if we didn't buy it down (I think that was $9,000).

So, I applied again and was denied because of income and expenses...she said if things change, call back. Something didn't seem right, so after looking closer at our financial, it looks like we are about $274 in the negative each month, so it looks like we should have qualified. I called back the next da and told them this info and the man said (after quite a long hold) that we may qualify for the "Attorney General" plan. When I asked what that was, he said he had no further info on it. Now the status of my account reads: "under review". I am now 5 months past due, but have been making a payment about every 6 weeks, hoping to show I am trying.
Has anyone had anything like this?

[Moe Bedard]

Hi KnAZ2,


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


This may be the program they are referring to............

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

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

[sbas2k]

This Attorney General Plan was supposed to begin to happen in Dec. 08, a dozen or so states sued Countrywide and they settled, it was mostly for loans that were negative amortization. If you google it you'll see some info. Many people "qualified" for this plan but as typical with Countrywide, they were all denied because of investor rejection. I haven't made a payment since October 2008 and i'm still showing under review...

[KnAZ2]

Thanks for the information. I am working with CW/BOA as well as another agency. Hopefully one will come through.
Can anyone tell me how to find out if my loan has an investor or if it is owned by Countrywide? It seems that different people say different things. My actual loan documents say that it is a conventional 30yr fixed at 7.625% with Countrywide. I was told by one person at CW that my loan was not "subprime" so, I can't qualify. However, my loan was approved as an ARM (not what I was told by the loan specialist) and the day of closing I noticed it and told them to forget the whole thing. He said come back tomorrow and we will change it to a fixed rate. When I came back the next day, it was a fixed rate, but they added an additional $9,500 to the loan and said the rate had to be bought down. This raised my payments.
So, another question I have is what makes it a "subprime" laon, how do you know if you have one?

[kateistired]

I was led to believe I qualified for a AG mod, too. Your rate is definitely subprime, even if it is fixed. I had a very similar rate (7.5%), and they told me it was subprime, and I had it as 30 yrs fixed as well.

I was waiting for this program for five months when they decided to put me in for a standard modification instead. I was told about a month before approval for this mod that I did not qualify for the AG mod, due to the fixed rate.

This was a change from everything they had told me previously. I think they decided to change the deal part way through, I don't know why...I am not sure that I am aware of anyone in my state (MI) who actually got results from the attorney general settlement.

[dthom]

Katieistired

I agree, we started calling CW end of Oct trying to inquire about the AG program. By end of Nov. they told us we didn't qualify for ANY program,after telling us that we did. Dec. we tried again, and again they said we didn't qualify for any program. We contacted H4H who said we did qualify, CW still said we didn't. So of course, Jan went with NACA. Still waiting but at least they said we could get a mod. Our loan now, subprime 8.25 fixed.
CW seems to do whatever it can to deny a mod.

[kateistired]

Yes, anything above prime is considered subprime. I think prime right now is about 5.3%.....

I wonder how CW got around giving anyone an AG mod.

Dthom, are you still waiting for mod approval???? That just seems ridiculous. The time I had to wait was ridiculous, too, but it seems like it is taking even longer for you! Michigan economy stinks, and gas prices are going up fast again...I sure hope they stop stringing people along like this.

[sbas2k]

I spoke to someone at Countrywide, as of last month no one got an AG Mod. I have written the Attorney General's office, spoke to them, it's a farce and they don't have to do anything the way the agreement was worded.