Anyone with experience dealing w/ Countrywide Home Loans for a deed-in-lieu of foreclosure? - Home Loan Forum

MostSerene1 · #1 (**permalink**) IP: 71.59.167.46 06-20-2008, 05:15 PM

Hello Everyone,

I'm new here, but have been reading Moe's blogs on his other website (not sure if it's okay to mention the name here).
My house has been listed for sale for almost 4 months and the contract with the real estate company expires on 9/1/08.
There have been lots of people looking at my house, but only one offer. The offer never materialized in a sale because the folks wanting to buy it could not get financing.
I am currently unemployed (the company I worked at for 6 years closed its doors here in my area and they offered no transfer as they were downsizing) and I cannot make another house payment. I have used all my savings to pay house payments for these last 3.5 months --- there honestly is nothing left; I'm tapped out completely. Refinancing without an employment reference is out of the question.
So, my options are: short sale, foreclosure, or a deed-in-lieu of foreclosure. All of these completely decimate your credit rating and all of them are things I never for one second thought I would ever consider. I knew I would find another job right away, I knew my savings would be enough to tide me over in the event of an emergency. I knew I was a level-headed responsible person with excellent credit and these things don't just happen to me................but guess what? I didn't find a job right away, in fact, I'm still looking. My emergency funds are now gone and a July house payment is fast approaching and I just don't have the money.
I don't have an ARM, I have a 30-year fixed. I'm not upside-down, there is plenty of equity in this house/property. I didn't even have an 80/20 - I was able to get 100% financing on the whole amount from one lender. AND, I don't have PMI -- It's TRUE, I swear!! I don't pay PMI.
I don't need a work out - I have no job, no real income (only umemployment and that only keeps the utility bills paid) and I'm so through trying to make it work here. I am ready to go home and be with family.
No one is going to buy my house -- I don't think a short sale is in my future.
I just need to know if anyone here has had any experience in a deed-in-lieu with Countrywide. I am anxious, scared, sleepless and losing weight fast!! (who can eat at a time like this?)
I've tried calling Countrywide Home Loans and they won't even talk to me because I'm not delinquent ...........YET. So not helpful........I can't even put words to how shocked I was that they would not even talk to me about it.
Please -- someone tell me there is help or even hope. Please, I'm desperate here. Experience with Deeds In Lieu anyone?

MostSerene1 (it's a goal, you understand - not a real state at this time)

beatrice v steffen · #2 (**permalink**) IP: 71.84.222.72 06-20-2008, 06:47 PM

keep hope

MostSerene1 · #3 (**permalink**) IP: 71.59.167.46 06-20-2008, 06:51 PM

Unfortunately, my current unemployment status prevents me from any kind of financing or loans right now.
I've been here for 4 years and still owe more than 75% on my current loan. In June 2004, I financed $116,500 and I owe $110,700.
Does anyone have any knowledge or experience in deeds-in-lieu? Can they 1099 me afterwards? Special procedures or verbage to use with Countrywide? Anything?

Many Thanks In Advance

schwefls · #4 (**permalink**) IP: 68.38.35.169 06-20-2008, 07:06 PM

Welcome to our forum MostSerene1:

I am so sorry to hear of your hardship, please do not beat yourself up. We have all been there dun that or are currently living it. Shortly someone will be by with some sound advice/suggestions. In the interim please hang in there and know that we are here for you.

frazzledma25 · #5 (**permalink**) IP: 24.218.145.103 06-20-2008, 07:31 PM

dear Most...sorry you are having a tough time....but look at the positive...you aren't late yet!....don't give up!....can you rent a room or 2 out?....can you rent the entire house out for more than your current mortgage payment? What about employment from a temp agency? What type of work were you doing? Do you have things that you could sell to help until you get a job? Depending on what state you are in...is there job training since your company closed. How much equity is in the house?

Hang in there!

MostSerene1 · #6 (**permalink**) IP: 71.59.167.46 06-20-2008, 07:35 PM

Thanks for the warm welcome; I apologize for being such a spazz. I haven't been sleeping much lately. I'm not quite myself.
I appreciate your kindness!

Serene

MostSerene1 · #7 (**permalink**) IP: 71.59.167.46 06-20-2008, 07:52 PM

dear Most...sorry you are having a tough time....but look at the positive...you aren't late yet!....don't give up!....can you rent a room or 2 out?....can you rent the entire house out for more than your current mortgage payment? What about employment from a temp agency? What type of work were you doing? Do you have things that you could sell to help until you get a job? Depending on what state you are in...is there job training since your company closed. How much equity is in the house?

It's a 1926 with original wiring. Some plumbing updates but not many. While it's not exactly falling down, it's not a place I would feel comfortable renting. The furnace in the basement looks like a spaceship landed in the bottom of my house. (Long story short, I was married, my ex and I bought the place with the encouragement of my Pop who was a master carpenter and was going to work with us to renovate the place. Pop unexpectedly died 6 mo later; Husband left 6 mos after that. I have been working and paying everything on my own without any help from anyone)
I live in an economically depressed area as catagorized by HUDZONE and to make matters worse, it's a tiny little town in WA state no one's ever heard of. Today's paper tells of more lay-offs in the town's largest family-wage paying industry/employer. Rentals of any kind would not be in my best interest and potentially dangerous to whomever rented here.
When the offer came in back in April, I sold off most of my belongings then. I'm sleeping in a bed now owned by my next door neighbor. She's letting me use it until I move (which is now months later than I thought it would be).
Temp work -- yes, that would be fine, however it wouldn't pay that much more than unemployment in my tiny little town. The nearest city is a 45 minute drive and with gas at $4.45 a gallon here, that would eat up most of what I earned. I have marketable skills in office administration, I just cannot work for the money employers are willing to pay these days.
Please........I just want to go home and be with my family. I accept the fact that I made a poor choice to become a homeowner - I should have never married him, I should never have let him talk me into buying a house, I should never have moved away from my family. I've spent the last 3.5 months going over all these things in my head over and over trying desperately to find a way out of this hole. I accept responsibility. I know it is all my fault. I honestly do get that, I promise.
I just want to know about what it would take for Countrywide to work with me on a deed-in-lieu of foreclosure. What do I have to do? With whom do I need to speak? How late do I have to be? What are any future potential consequences?
please....

MostSerene1 · #8 (**permalink**) IP: 71.59.167.46 06-20-2008, 07:54 PM

approximately $15-18K in equity in the house currently.

Cat Damiano · #9 (**permalink**) IP: 67.177.243.104 06-21-2008, 12:31 AM

MostSerene1,

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

Here is what is going to be a big issue for you regarding a deed in lieu or a short sale..........."there is plenty of equity in this house/property"

In a property that has that much equity..........an investor will look to simply foreclose..........they will make more money than the alternatives.......

It is going to be very difficult to convince them otherwise.............
but you can try...........put your hardship letter into the body of an email and send it to each of the addresses below.........see what kind of response you will get from the higher ups...........

Hope this helps...........
Good Luck.........

advocacy@countrywide.com
customer_service@countrywide.com
pressroom@countrywide.com
david_bigelow@countrywide.com
angelo_mozilo@countrywide.com
lisa_riordan@countrywide.com
kay_jemison@countrywide.com
elizabeth_moyer@countrywide.com
sarah_perek@countrywide.com
chris_oltmann@countrywide.com
gabrielle_williams@countrywide.com
maheshika_ruwanpathirana@countrywide.com
adrienne_ely@countrywide.com
raquel_robinson@countrywide.com
linda_turner@countrywide.com
daniel_whitehead@countrywide.com
melissa_guerra@countrywide.com
mary_archer@countrywide.com
laura_melara@countrywide.com
kacie_miller@countrywide.com
patricia_mckenzie@countrywide.com

MostSerene1 · #10 (**permalink**) IP: 71.59.167.46 06-21-2008, 01:23 AM

Hi Cat,

Please forgive me, but I don't understand. There is no investor, no one has made even the slightest hint of an offer since April.
And I have not received a hardship letter from Countrywide; they won't even talk to me on the phone. And they don't have my email address to send me anything that way. Aren't they supposed to send things thru the postal service? Oh God, what if I deleted it out my junk mail folder without realizing?? But how would they know to send me a hardship letter if I'm not late yet?
I'm sorry if I sound ignorant, but truly, I am. I honestly don't know what to do, where to go or how to help myself. I know I sound incredibly stupid, but please..........don't abandon me. I'm a smart girl and I can learn quickly. Please, please guide me.

Serene

schwefls · #11 (**permalink**) IP: 68.38.35.169 06-21-2008, 07:41 AM

Mostserene1:

You are not sounding incredibly stupid. This is a learning curve for all of us who are not in the industry, hell I am in healthcare I know nothing about this S???. But you learn, baby steps... and we here will have your back all the way. Now what I beleive Cat was recommending is that you email your hardship letter to the email addresses she provided to you in her earlier post, all mortgages are held by investors, some investors will work with you some will not but you will not know till you send off that email. And please do not send it as an attachemnt as they will not open attachments. Once that is off you should hear something in a fairly reasonable amout of time. Hang in there you will be fine

MostSerene1 · #12 (**permalink**) IP: 71.59.167.46 06-21-2008, 10:41 AM

okay, I think I understand. I'm so sorry, I didn't get it before. Like I said, I haven't really been sleeping -- I'm not really hitting on all 8 cylinders here lately. When I do sleep, it is not a restful kind of sleep by any means.
And I thought getting divorced was stressful - ha! That was a piece of cake compared to this!
I will compose a hardship letter and email it. It's okay to send it even tho I am not technically delinquent yet, right? 'Cuz they won't even talk t