 Bad Countrywide
When we started the loan process with Countrywide a few years ago we told them we were looking for a fixed rate mortgage. When the loan officer arrived at our home to have my wife sign the paperwork it was an adjustable mortgage. We signed the paperwork because we had construction starting on our home and needed the money. The Countrywide agent assured us that after a year or so of payments they would be happy to give us a fixed rate loan. That never happened. In the time that followed, I lost my job and was out of work for over a year. We made it through by going through all of our savings and paying the bills late from time to time. Once I found another job
my wife was let go from her position. This caused us to fall even further behind.
We were in a unique situation because the loan for our home was in my wife's name. She was able to find a job about a year later but her new position paid a great deal less then the position she was let go from. We were behind on our mortgage by that time and entered into an agreement with Countrywide to repay the defaulted amount. Our monthly payment was roughly 2800. It was at this time that we received a letter from Countrywide stating that our mortgage was being sold to Litton. Things
were really falling behind financially so my wife ended up filing chapter 13. This did not include our mortgage. We contact Litton in November of 2008 and requested a loan modification. Last month we finally heard back from them agreeing to modify our loan. So of course we were thinking this is wonderful. We signed the paperwork and mailed it back with our first payment which came out to about 1500 per month.
That was about 3 weeks ago. We noticed that our payment had not gone through our bank. When my wife called Litton to find out what was going on she was told that the "investor" had decided not to honor the agreement they came up with. You guessed it, that "investor" was Countrywide. Turns out they didn't sell the loan, they only sold the administration of the loan to Litton. We have now spoke with the HELP
department of the Illinois States Attorney's office. They told us that they have never heard of anything like this happening. Normally once the administrating group offers a plan it goes through without a problem.
If anyone has any suggestions as to a solution please let me know. We are so stressed out at this point it is crazy. How can Countrywide do this with all of the bailout money they received?
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