We are making payments but they won't post them!!!

[ce8970]

So this is our story: In February 2009 we recieved a Fedex from Countrywide and it was an offer to modify our mortgage. Our current interest rate was 9.9%, and out of the blue they want to lower it to 8.5%!!! YEA!!! This will save us a $104.00 a month. We were excited but skeptical. We were not late on our payments and have had no change in our financial situation. There was no reason to modify except that we had a high interest rate. I called and asked all kinds of questions and had them all very curtously answered. They even told me not to make February and March payments because they have added those payments into the new mortgage total. WOW!! They said that it will have no effect on my credit that they are just lowering the interest rate. OK. This sounds great. This is where it all goes downhill but a little background first.

Background
Bought first new house in 1999 (Jim Walter Homes)--Easy financing and we have never had to deal with these "convential mortgage" issues

Husband Bankruptcy discharged in 2001--This is why our credit score is so important to us because we have worked hard to make smart choices

Feb. 28, 2007 -- Sold old house; bought new house financed with subprime loan through Countrywide

We did not escrow taxes and insurance. We have always paid for them ourselves so this is not a big deal for us. Every year I revaluate the rates of the insurance. Last year, Balboa Insurance (a Countrywide owned company) had the best price. They came to check out the property and cancelled us because of the trampoline. So instead of seeking out a new company I allowed Countrywide to put their "lender placed insurance" on the house. They escrowed it in and we started paying an extra $182.00 a month. So as soon as I could I got my own insurance. I notified them on February 14, 2009 that I had my own insurance and they cancelled the escrow account. At that point we had overpaid into the escrow account. On March 2, they sent us a refund for $208.00 for overpayment of escrow.

In March we were told that the modification was finished and everything was fine. I made the first payment on April 1st and the second on May 1st. My husband went to get a loan for our vacation and that is when we found out that Countrywide was reporting our account 60 days past due and it was ruining our credit. I made the June payment anyway.

So now they have almost $3000 in a "miscellaneous posting". We have done everything that we were told to do. We have called and they have told us that we do not owe any money and even faxed a paper to the bank so that we could get our vacation loan stating that we owe no money!! They said it has something to do with the codes on the account. Then they send us to customer service and we always get disconnected. I am afraid that if they don't start posting our payments they will try to foreclose. We got a letter yesterday from their mortgage insurance company asking about any hardships. So I think something is happening.

The sad thing about this is that we put the house up for sale a couple of months ago and when I contacted the mortgage broker he said our credit was good enough to get the prime interest rate!! That was over a month ago. Now it is not. So even if we sell this house, we will not be able to buy another house. I don't know what to do. I can prove every payment and every bit of documentation necessary. So now we could lose our house and I have done everything right. So even if you pay you still lose?? We are thinking about contacting a lawyer. Anybody with any ideas would be greatly appreciated. Thanks.

[gray517]

they are reporting you as late because they are not posting your payments to your account, if you log in to your online account and look at the transaction history you will see your payments sitting there, the reason they are not posting them is mostly likely due to the fact that they have not processed your modification or it was canceled for some reason, you can also look at your workout status, by clicking on financial hardship then workout information to see your modification status, you can also look at account details to see if they changed your interest (this would mean the mod was at least partially processed) if the modification is not showing as processed then the "new modified" payment you are sending is short according to the system that is why it is not being applied.

[ce8970]

Thanks for your reply. The interest rate, monthly payment, and total balance has changed to the amounts specified on the modification. The Modification shows to be finished and approved. It looks as if everything is done but they forgot to remove all of the codes? The problem is when we call nobody can figure out WHY it is messed up and they don't know how to fix it. Then of course there is the problem of the credit score. Has anyone tried to got to a local Bank of America and speak to a loan officer in person? Has this helped?

[gray517]

ce8970

My first modification was processed quickly and without problems, the 2nd mod I recently got (both were thru naca) took forever to get processed and completed. I tried calling CW several times a week and got no where, I ended up having to send an email to the office of the pres of boa home loans and someone from her office called me and got it fixed within 2 weeks. It turns our my modification was in a batch of mods that somehow got "missed" and were not processed. It is now complete and all updated. send her a detailed email about your situation and someone should contact you make sure you include a phone number.

barbara.j.desoer@bankofamerica.com

[ce8970]

Thank You so much. I am going to do that right now.

[ce8970]

Thank You so much!!! Within a few hours I received a phone call. She apologized and said that it would be fixed by tomorrow. She said that she would send a letter stating that the negative reports on my credit was a mistake and that it would be after July 1st before the credit report would be fixed because they only report once a month. So far the computer system has been updated and our payments have been posted and now we can make the mortgage payments through the website. I can not thank you enough. I hae never had a company respond so quickly. She did also say that a lot of the accounts are messed up and that they are working to fix them.

[gray517]

ce8970

You are so welcome and thank you for allowing me to help, that makes me feel good knowing that my story helped someone else! I am so happy that it all worked out for you in a postive way!