I'm New any advice would be helpful...CW just started with hardship

[happykidschildcare]

Well here's my story...We live in Washington State, We sold our first home 2 yrs ago while the sellers market was hot, and put all our equity into our 2nd home. We went with a local bank, who of course sold our loan to Countrywide Home Loans.
Because we had some credit issues to work out we went with a 2 yr arm adjustable rate. We figured that would give us time to work on our credit and then refi. Well we've been working hard with a really great agent to get a refi done and found out after our home appraisal that our home isnt worth what we paid for it 2 yrs ago, and even with the equity we are still over 90%. So here we are, we can't sell because the market has went south and our home isnt worth what we owe on it, our adjustable rate kicks in in 2 weeks making our house payment balloon over $400 extra a month.
My husband works 50 hr weeks already to keep us where we are. I run a home daycare and do what I can to pitch in to relieve his load. We just called the home retention and they gave the speech about making no promises and that we can send a hardship letter, bank statements and pay stubs to the magic fax fairy, but the nice lady repeated there are no promises several times and that they will not tell you why or why not if your denied. That we have to wait and see.....So now the stress begins, we have to sit back and leave in someone elses hands whether or not we lose our home that we've built 10 + yrs trying to get here. I'm constantly stressed, making light of it with my hubby so he doesnt feel the same stess.
Any advice would be greatly appreciated. Thanks! Hopeless in Washington State.

[Dan Bailey]

Happykids...

Never lose hope, these folks here helped me/are helping me alot. Someone from the staff will come by and give you some direction. Hang in there.

[Cat Damiano]

Hi happykidschildcare,


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

The Home Retention Team is the group doing the mods at the moment........and although the rep didn't have to repeat herself........they had to stop giving out the information on potential workouts at her level because the investors were not agreeing to what they were proposing on the mods and then they would have to back peddle...........not a good thing........

However..........see if you can get some movement by putting your hardship letter into the body of an email along with your loan number and contact info and send it to each of the email addresses below..........you should receive a response..........but with the BofA buy out it might take a little bit longer than usual...............

Hope this helps.............

[happykidschildcare]

Thanks for the encouragement, Cat I will try the emails thanks for the info. I hope we can get someones attention before its too late!

[happykidschildcare]

Well its has been almost a month and we havent heard any news from anyone.
How long does it usually take after you send you paperwork thru the fax?? I emailed the list of CW people our hardship letter, but havent heard back from them either. The stress of not knowing if we are going to be able to continue to live in our home is really getting to me..... is there anything else I can do?

[Cat Damiano]

I am not sure why putting the hardship letter into the body of the email has not had a response for you.............

Here is the Home Retention Team direct number to check on what stage your modification is at...........

Countrywide Home Retention Dept.
1-800-669-6087

also the members are going online to their accounts and checking status of the modification process there too..............read how to on this thread...........

Something i Discovered On Countrywide Site

[happykidschildcare]

thanks for the info this is what i found

Documents Received

Processing Date Workout Type Document Type 07/28/2008 Loan Modification Bank Statements 07/28/2008 Loan Modification Proof of Income 07/28/2008 Loan Modification Tax Returns or W2 07/28/2008 Loan Modification Other 07/28/2008 Loan Modification RFD The above list is real-time and reflects the documents processed to date for this account. We may have received additional documents recently sent to us that have not been processed and therefore do not appear in the list. Please do not call us to check the status of a document not showing in the list as our representatives will not be able to provide any additional information than what is shown here. Thank you for your patience

So I guess I just need to be patient, and wait my turn. Wish me luck!

[Cat Damiano]

Well it looks like you are getting movement.......

Good Luck with the Modificaiton!!