Countrywide: We can't modify your loan, we're just the servicer - Home Loan Forum

Jorge · #1 (**permalink**) IP: 70.127.141.115 07-20-2008, 06:54 PM

Countrywide says they cannot modify my Pay Option ARM because they are just the servicer, that the mortgage is with another lender. This was news to me, as Countrywide originated the loan and never sent me a notice saying they were transferring it to another lender. Is Countrywide just passing the buck or can they really modify the loan if they wanted to?

Cat Damiano · #2 (**permalink**) IP: 67.177.243.104 07-20-2008, 07:04 PM

Hi Jorge,

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

What they might have meant to say to you is that Countrywide is not the investor on your loan...........so in your case they would be just the servicer.......each loan has investors that back the loans...........

Some investors do not modify their loans...........but we have had numerous Pay Opion Arms get modified..........

Have you tried calling the............
Advocacy Team
1-877-327-9225

try them tomorrow and tell them what is happening..........

Jorge · #3 (**permalink**) IP: 70.127.141.115 07-21-2008, 03:56 PM

Well, I spoke with Countrywide's Home Retention team today. What a waste of time. They essentially said because I am current on my payments they cannot help me with a loan modification or a lower interest rate to make my loan more affordable.
Meanwhile I have accrued nearly $15,000 in deferred interest on my Pay Option ARM, because the minimum payment is all I can afford after taxes and insurance.
Now I have been laid off from my employer for 20 years and cannot continue making my mortgage payments. The Countrywide rep suggested I cut back on some living expenses. He even agreed with me that it was ridiculous nothing can be done because I was not in arrears. I told him I lost my job last week and was trying to be proactive. But he said there was no program for someone in my situation. What a joke. He suggested I try a refinance, but because my home's value has plunged from $232,000 to $160,000 that is impossible.
Any suggestions?

Cat Damiano · #4 (**permalink**) IP: 67.177.243.104 07-21-2008, 04:05 PM

Jorge,

I wish I could offer you some better news and advice..........but without household income enough to show a surplus of $100-$250 left at the end of the month............and having an investor that won't modify option arms.......the deck seems to be stacked against you...........

If you will have an income soon the only other thing I can suggest is to get NACA involved because they work closely with Countrywide on behalf of the customers.........

www.naca.com

GilbertB · #5 (**permalink**) IP: 208.57.185.42 07-22-2008, 10:21 AM

Jorge,

you are in a tuff situation and I feel your pain. But as CAT has said you need to be able to make a payment in order for your bank to do a modification. Unfortunately investors don't like to do a modification if you have no (job) ability to pay. to them its a lost case because you can't make the payment anyway.

The sooner you get another job the better. Then you can try to go for the modification again. All I can say is don't take no for an answer. Keep up the good fight. It sounds like you haven't been late yet so remember if you go behind you can still save your home. Many people in your position freeze up and put their head in the sand. You obviously aren't cut from that mold and that is a great asset when you are fighting the good fight.