CW/Bank of NY SUCCESS!!

[Debrat]

I am looking for suggestions and advice as well. My story is about the same as all the others I have read. I am so glad I found this site. It is so comforting to find others with understanding. My ARM just adjusted and to keep my home (I am a single parent with two kids) I will have to get a part time job. My full time job now takes up a lot of my time and energy. I started my process with Countrywide March 12Th, have called every week like they said, told the same thing every week that a negotiator has not been assigned and to call back in a week. Last week when I called the lady told me that it takes two weeks to get a negotiator assigned. I informed her that that is incorrect, it is over 60 days! She told me to call in two weeks. Like a lot of folks, my intent was to refinance before the ARM adjusted. But due to the LTV, that is not possible at this time. I have not been late on my payments. So, please, any suggestions and/or advice as to the next step would be so appreciated. And for everyone else, whether you are in the same boat or a different one but on the same river, good luck to you all and don't give up and be persistent.
Deb

[Cat Damiano]

Hi Deb,

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

What was the start rate on your arm?
What is the rate now?
What is the loan amount?
Is it one loan or two?
Is it interest only or are PITI?
When you do your household income versus household expense do you show a surplus of $100-$250 at the end of the month?

[Debrat]

I have two loans. One is an arm with 2yr prepay that started out 6.09% (Countrywide) and the second is 10.69%, fixed, (Saxon). In order to be able to buy my house I did a 80/20.
The first has increased to 7.25% and will change in 6 months again.
The first loan is $185,600 and the second is $46,000. First is interest only and the second is PITI.

Income versus expenses. After deducting all my fixed expenses (credit cards, utilities, car payment, mortgage, phones, etc.) I have approximately $780 left over for groceries, gas, etc.

When I provided my information to CW, it showed I was in the negative about $700.

I so appreciate the time and assistance you guys are giving people. I am curious, with all the requests and posts you get, where do you find the time?
Thank you,
Debra

[Debrat]

Just checking to find out if you received my last post or if I did this right. I know you must be extremely busy. Thanks for your time and assitance.
Debra

[Cat Damiano]

Sorry about that Debra.........I was just trying to figure out how Countrywide Home Loans came up with a negative of $700 when you had come up with the surplus.........
Just utilize the groceries and necessities to get the surplus to $100-$250 for the modification........

To get into the correct dept. you will need to put your hardship letter into the body of an email along with your loan number, address, and contact info and send it to each of the email addresses below..........you should receive a response within 48 hours with who to contact for the modification......

Hope this helps.......
Please keep us posted on your progress......

[Debrat]

Cat, thank you so much. My heart goes out to all of us in dire need of some sort of releif. I am going to do as you suggested but before I do I have another question. I called (my weekly call) Countrywide Home Loans again today. The person I spoke to told me she now knows the problem as to why nothing has been done. Supposedly, I can not be helped unless I am in foreclosure because the investor is the Bank of New York and they do not do modifications. Supposedly, CW is only the servicer on the account. Do you know if this is true? I don't know what to do. She recommended I refinance (OK, now some venting). I started thinking, Girl, if I could refinance why in the h**l do you think I am trying to get a modification? OK, that is off my chest. When I told her I could not refinance, duh, what other options are there? Can I talk to someone else? And she said if I let it go into foreclosure that the Bank of NY would work with me and put the past due pymts on the end of the loan. Hmm, what a way to make more money.

Anyway, please advise and tell me what you know. And again thank you.
Debra

[Debrat]

Countrywide Home Loans is telling me I cannot get a mod because the investor is the Bank of New York and they will only help if I am in foreclosure.

Anyone been told this or know anything about this?

Thanks and good luck to everyone who is in the same situation.

[Cat Damiano]

Debra,

I know it is CRAZY that they think we can just go and refi.........HELLO......not gonna happen........
and you can vent here anytime you want.........

Don't listen to her she was probably in collections..........and that is not true that you have to go to foreclosure before they will help you........we have many members who received workouts from CW that were not late.......

Just email your hardship letter to the addresses and wait for contact from the Office of the President..........they will get you started in the right dept. so you don't have to put up with the lame CSR reps thinking that you have to go to the brink of foreclosure before you will get help........

[Debrat]

Wow, that was quick. Thank you so much Cat. I am going to make sure I pay it forward every way I can. I will be sending the hardship letter right away.
Debra

[alikeith]

I too have Bank Of New York. I have just been assigned to a work out negotiator. How far behind on your loan are you? I am not aware about them not helping you unless you are in foreclosure. It is possible though as different investors have diff rules. If you are not behind, then that could be why they wont modify. I currently am 4 months behind so i am hoping they will help us.

[Debrat]

Cat, hello.
The following is my hardship letter, please tell me what you think and is there anything else I need to send with it or do I wait to hear from them?

June 13, 2008
To: Countrywide Mortgage account #
Re: Mortgage modification program

Due to the recent interest rate adjustment to the mortgage I currently have with your company, I am finding it very difficult to afford the new payment. I have an adjustable rate mortgage which adjusted in May and will adjust again in six months.

I bought my home two years ago with the intention of refinancing. I went with a 80/20 ARM because at the time it was the only mortgage I could get and afford for purchasing a home for me and my two children, one of whom is disabled and I support. I have struggled with getting my finances back into shape for the past several years because of a divorce and consequences thereof. I am a financially responsible person and have been steadily employed since my teens. I have never been delinquent on mortgage payments. The downturn in the economy is affecting numerous factors such as the value of our homes thus affecting the ability to refinance at this time, gas, groceries, etc. Hopefully there is way to renegotiate the terms of my current mortgage to avoid default or foreclosure on my home.

Is it possible to have my current adjustable rate mortgage converted to a fixed rate? If this is not possible can the original rate of 6.09% be frozen for 5 years to allow me to hopefully refinance. Any other solutions you could provide would be greatly appreciated.

My mortgage was originally written by another company and bought by Countrywide. I was assured that refinancing would be no problem but that turned out not to be true due to the downturn of the housing industry.

The main problem is that my property is now worth less than what I paid for it which is preventing me from being able to refinance. I know that Countrywide has already modified numerous loans. It is my hope that a company such as this would work with a customer that is outstanding to keep their business.

I realize this is probably one letter in thousands upon thousands you have received. For me, it is a step in trying to save our home. I am not asking to be given a handout and I am not asking for help in saving a home that is way beyond our means, it is a very modest three bedroom home in a neighborhood where the homes are right next to each other.

Thank you for your time and consideration.

[Cat Damiano]

Debra,

It is good but take this line out and make it more matter of fact.........

Is it possible to have my current adjustable rate mortgage converted to a fixed rate? If this is not possible can the original rate of 6.09% be frozen for 5 years to allow me to hopefully refinance. Any other solutions you could provide would be greatly appreciated.


Instead put:

If my interest rate were returned to the start rate of 6.09% and fixed it would be a tremendous help and greatly appreciated.





This way they would either fix it for the life of loan or offer you the five year rate freeze.......

[Irish Gal]

Debrat:

I have CW w/ Bank of New York as investor. What you were told by a CSR was not correct. I have never been late on payments and have been an A+ customer for 3 yrs. My lCW oan had adjusted to 8.125 (from 5.125) with a rate cap to 12.125%. What is offered depends on your financials, particular negotiator and particular investor. Follow Cat's direction and work w/ the folks she recommends (Office of the Prez contacts). One they start contacting you - you are on your way. My CW negotiator is Zach Harrod. He is nice but tough negotiator. All business. No "I'll try to get you the best I can" (to make sure the loan works for the long-term). Instead, it's "the investor said ...." and that's it. No if's, and's, or but's ! Take it or leave it.
So, I'm taking it short term and (hopefully) leaving it long-term by 2009. I plan to do a short sale because I won't be able to afford the property long-term under the mod terms offered. I asked to get mine fixed (P&I) @ my initial rate of 5.125 for life of the loan (like some on this site have rec'd) to no avail. The lowest fixed rate they offered me was 6.625% as "the investor is not offering the orig rate (fixed P&I)" and " will only offer the 1st adjusted rate" (either IO or P&I). My 2nd note adds another $365 to my fin obligations per mo (on top of a $230 HOA fee). So a 6.625% on my 1st, plus $365 plus $230 HOA per mo is still over the top for me (long-term). The 2nd note is @ 8.99% HSBC and they will not mod at this time. So, Bank of New York definitely does modify but I've seen better deals with other investors on this site. Maybe you will be the lucky one ! I am curious to see what happens for you. You should be able to get a rate freeze.

Good luck ! Irish Gal

[Debrat]

Irish gal, thank you so much. Unfortunately I have had to put this off this week because I had a nephew who died. So, my letter will go to them tomorrow. I am sorry you are in the position you are in. It seems so unfair. Hardworking people just trying to pay for their homes at reasonable terms should not have to go through this. The lenders are still making money on those of us who are paying and/or willing to pay a decent and reasonable amount. I realize some folks got caught up in the greed band wagon but the majority of us are just trying to have an affordable place to live. My prayers are with you and whatever happens maybe some better doors are opening for you.
Debrat

[Debrat]

Cat, I sent my hardship letter to all the email addresses you provided. The first few I sent as an attachment. Will that make a difference and should I resend in the body of an email. Thanks for your help and advice.
Debra