My Country Wide Story

[RShome94]

Hello all,

My story is not unlike a lot of the stories that I have read here on this forum.

My wife and I refinanced our home 2 years ago to open a business that we had to close the doors on in 07. My wife became ill in November of 07 and left her 6 figure corporate job as well because of it. In Feb. of 08 my 6 figure corporate job was cut.

We owe $648,000 on our ajustable loan at 9.5%. It is set to adjust in Jan. of 09. Current payment is $5,450 per month not including escrow. Home value has not increased in the two years and infact I am sure that it has droped from the $725,000 appraisel done in 06.

I have been out or work since Feb. but I have a new position that I am looking to start in May but at a greatly reduced salary or $85,000 per year with a take home of 4100 per month. And rental property in New Orleans at $1400 per month.

April will be the first month that I have missed a payment. I am now attempting to a loan modifiaction with CW and of course I have been getting the run around and basicly told I do not qualify. Since discovering this forum I am going to become more pro active starting with the QWR and the phone call and fax campaign. I will keep you informed of my progress and would appreciate any advice, thoughts or expectations you all can provide along the way.

Thanks RS

[Moe]

Thanks for joining the forum and sharing your story.

You definitely need to be more proactive and we will help in any way we can. I have a question in regards to your income vs. you expenses. Above you mentioned you make or will make $4100 per month, yet your mortgage is $5450 at 9.5%. At 6% it would be aprox $4k a month and then you have taxes and insurance.

Can you afford this?

[RShome94]

Thanks for the response Moe.

We have had to change our life style greatly (kids going to public school next year, yard guy, dry cleaners, etc. etc.), and my wife has a job teaching project management a few weeks a month, but her first class is not until May and it a modest income of $2000 per month. Prior to my job loss we had a budget of $12,500 per month including the mortgage. We have cut that to the point we think we will be looking at $2,500.00 per month not including our mortgage.

My new job $4100 per month
My wife's new job 2000 per month
Rental property in NO at 1400 per month

We figure $7,400 per month we can make it work aslong as we keep our belt tight. I have a masters degree, 12 years exp and several industry certifications so I do not see our financial situation as being permanent.

Thanks again to all who respond.

[RShome94]

Well here is my Hardship letter. I just wanted to post and share for comments.

Thanks

April 28, 2008

In November 2007 my wife became severely ill and was forced to leave her six figure corporate job. With this incident alone, we were able to make adjustments to our lifestyle and still meet our financial obligations. In February of this year, my corporate position was eliminated from the company and I was laid off. Unfortunately, this added incident has been an obstacle that we have not been able to overcome.

We have done everything in our power to continue to meet our obligations. We took the small severance package from my company and continued to make our home payments but we are now out of options. We have exhausted all of resources. I contacted Countrywide in March to inform them that the payment for April would not be forth coming and to request any assistance that could be provided. I was told that there was nothing that they could do but refinance. I phoned Countrywide in effort to refinance our current mortgage and was informed then that I had a prepayment penalty of $30,000. This is not the figure that was discussed during my loan process. This has led me to question other aspects of my loan as well. With this in mind, I will be formally sending a QWR to Countrywide.

I have recently been able to find new employment, but at a significantly lower salary than my previous position. Armed with the offer letter from my new company, I contacted Countrywide again in an attempt to make mutually beneficial arraignments.

Frustrating is the nicest assessment to describe the processes and hoops I have been through. To give you all of the different answers that I have been given regarding the processes for loan modification would take more time and energy than I have left. “You do not qualify”, “You have to be behind on payments before we can work with you”, etc. etc. etc…

I am struggling to not fall even further behind on payments and feel that a loan modification would be in the best interest of your company and my family. Our number one goal is to keep our home and would appreciate an opportunity to work with you and do just that.

I can me reached at


Sincerely,


CW Loan #
SSN#

[RShome94]

Hi all.

I just wanted to post my current countrywide story for all to follow and advise me along the way.

Today I started my mail/emai/fax campaign and recieved this email back.



Mr rshome94,

I have forwarded your email on to our Office of the President for further
attention. If you do not hear back from anyone in the next 2 business days,
please feel free to contact me again for further follow up.

Regards,
Elizabeth

_________________________________
Elizabeth J. Moyer
Senior Vice President, Investor Relations
Countrywide Financial Corp.
phone: 818-225-3033
email: elizabeth_moyer@countrywide.com






Elizabeth

In November 2007 my wife became severely ill and was forced to leave her
six figure corporate job. With this incident alone, we were able to make
adjustments to our lifestyle and still meet our financial obligations. In
February of this year, my corporate position was eliminated from the
company and I was laid off. As a disabled veteran of the U.S. Navy, I am
accustomed to over coming obstacles. Unfortunately, this added incident has
been an obstacle that we have not been able to overcome.

We have done everything in our power to continue to meet our obligations.
We took the small severance package from my company and continued to make
our home payments but we are now out of options. We have exhausted all of
resources. I contacted Countrywide in March to inform them that the payment
for April would not be forth coming and to request any assistance that
could be provided. I was told that there was nothing that they could do but
refinance. I phoned Countrywide in effort to refinance our current mortgage
and was informed then that I had a prepayment penalty of $30,000. This is
not the figure that was discussed during my loan process. This has led me
to question other aspects of my loan as well. With this in mind, I will be
formally sending a QWR to Countrywide.

I have recently been able to find new employment, but at a significantly
lower salary than my previous position. Armed with the offer letter from my
new company, I contacted Countrywide again in an attempt to make mutually
beneficial arraignments.

Frustrating is the nicest assessment to describe the processes and hoops I
have been through. To give you all of the different answers that I have
been given regarding the processes for loan modification would take more
time and energy than I have left. “You do not qualify�, “You have to be
behind on payments before we can work with you�, etc. etc. etc…

I am struggling to not fall even further behind on payments and feel that a
loan modification would be in the best interest of your company and my
family. Our number one goal is to keep our home and would appreciate an
opportunity to work with you and do just that.

I can me reached at by phone or email at rshome94@


Sincerely,

rshome94

Countrywide loan #
SSN#



Thanks all for taking the time to respond.

[RShome94]

Well

I sent my hardship letter in today and recieved 2 phone calls 4 hours later.

Maria from customer contact called and requested my 2 months bank statements along with proof of income and budget sheets to be faxed back to her and she would send them over to the "work out department".

I will let you know how it goes...

[RShome94]

Just a alittle more information.

I did my budget sheet last night and I am coming in at $227.00 left over each month.

So we will see how it goes. Just curious, but have we had any people come in negative on their budget sheet and still get the modification through countrywide?

Thanks

[Cat Damiano]

No...........you have to have a surplus with Countrywide.......most have had between $100-$500.........but we don't have the magic number........these are from the Success Stories.......

[RShome94]

Thanks Cat.

I was also wondering are they interested in your loan to income ratios or just the surplus?

Thanks

[Cat Damiano]

Depending on your surplus..........they have their own set of ratios that they follow....but they don't work like a refi or a new loan ratio......they are a bit more liberal.......and of course they don't tell me.............that sure would make things alot easier on us.........

I think your $277 would be o.k...........

[RShome94]

Well

I got a call from my Loan Modification Rep. His name is Zack. Has anyone dealt with this guy before? We went over the numbers and of my budget sheet and he will present it all to the loan investor. He said I should hear from him in about 3 days.

Thanks

[Cat Damiano]

I believe that a few members had Zack Harrod.......I think his name was.....but you can do a search at the top of the posts for his name.....

[RShome94]

Well I heard from Zack my negotiater today and he "saya that the best he can do is 9.5% interest only for five years interests only. This does me absolutely no good...I am already at 9.5%. Interest only would save me a whopping 300 dollars a month...

I really need help with next steps. From what I have been reading this is not absolute. Who's number do I ring to get another offer?

Thanks

[Cat Damiano]

CW has been freezing most of the rates at ones start rate..........is 9.5% your start rate?

[RShome94]

Subprime loan. Yes, that is my start rate. Does that mean that this is the best that I can expect?