I began a
loan modification in March with countrywide. In May everything seemed to have been figured out...My loan was a 4.95ARM that first adjusted in Nov. 2007 to 6.95% and 1% higher every 6 months thereafter to a max of 10.95%. Our new modified loan was to be fixed for the remainder of my loan to 5.25%. I received the modified documents on May 12, I had them signed and notarized and sent back to them on May 14. I spoke to my negotiator who said she had received the documents and I could now start making my new modified payments.
All seemed to be going well, I went to my countrywide online account and everything was switched over to the modified loan amounts. And under the workout information section it said workout stage completed.
On July 5, I went to make a payment on the countrywide website and it said my workout has been canceled and borrower did not qualify. I immediately called countrywide and was informed my
loan modification was being reversed because the investor in my loan would not modify an ARM to a fixed loan. Shouldn't they have found this out before they had me sign and notarize new documents??
Today July 18, a new negotiator called to work out a new modification loan. I asked her how it is possible that countrywide can reverse my modified loan, all she would say was that the investor would not fix any loans. So I asked her if I could speak to someone who could tell me how countrywide can cancel a loan that had been approved and notarized. She put me on the phone with her supervisor who said she would contact my investor directly and see what she could do, but she would not be able to fix my loan. She stated she would probably be able to fix my loan for 3 more years at 4.95. This does not seem right. How can they approve a loan and then cancel it after the whole process is completed???
