Had financial hardship but that has changed

[Dailyls34]

I can't seem to find a clue for my situation. It seems most solutions revolve around people wanting to keep their homes or through financial hardship need to sell. My home is in Michigan.

I lost my job last August of last year but was able to keep paying my mortgate for several months by borrowing from family until that ran out in February 08. I have had my home for 5 years.

I began the short sale process in February but have had very little information come out of Countrywide. They have asked for and received the hardship letter and financials. They have done the appraisal. There have been 5 offers for our short sale offer but Countrywide has not responded to any. They refused to let us know what the appraisal amount is.

The best we could get from them is that "our negotiator is reviewing your file, call back next week". We have been getting this "call back next week" for 3 months.

I now fear we will go into foreclosure and will potentially be on the hook for the difference.

The other part of this is that I have since found a great paying job but it is 100 miles away from home. I can't realistically keep the house and commute 200 miles a day. I don't know if 100 mile long commute is a factor in hardship but I do know there is no way I can drive that much.

[Dan Bailey]

Daily,
Welcome to the forum and thanks for joining. A moderator will be by soon to answer your specific questions.

I can't believe they won't let you know what it was re-appraised for.

[Cat Damiano]

Hi Dailyls34,

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

Do you have an agent working on this for you?
also this thread tells you how to monitor the progress online as well.........so you don't always have to rely on CW for updates........

Something i Discovered On Countrywide Site

[Dailyls34]

I do have an agent working this for me. Thanks for the tip on getting updates online from Countrywide. I'll look for that.

[Cat Damiano]

Here is a contact number that you can have your agent use to also see where the file is in the process too............

1-800-405-0078 ext. 5224

[Dailyls34]

I think my main concern is how will Countrywide view my new employment? I can now technically afford to pay my mortgage but I can't afford to live in my home and work my job 100 miles away. That equation doesn't seem to show up in anything I have seen. Also, wouldn't this employment fact make it more likely that they will come after me for the difference if they foreclose?

I'm afraid to ask this of Countrywide for fear of giving them too much information. The last financials given to them was when I was out of work.

[Cat Damiano]

Unfortunately...........you have to ask them........it is up to the investor on the loan whether or not they will modify...........and if they ask for updated financials you might have to show this...........but you won't know unless you speak to them........

[Dailyls34]

I don't mean to appear unappreciative or smart but I have talked to them many times over. My problem is they haven't talked to me. This is what has led me to seek help and information here, beyond dealing directly with them where I'm not getting anything.

For example, I still get monthly statements from them telling me my account is seriously delinquent and action will be taken if I don't contact them immediately. When I do contact them and tell them I'm in a short sale process they say yes, that's OK, you can ignore our warnings, "we just have to send the written statements". My trust factor with them isn't exactly high.

The online status check has little and useless detail as well. Here is mine:

Processing Date	Workout Type	Document Type
07/20/2008	Short Sale	Other
06/02/2008	Short Sale	Purchase Contract
06/02/2008	Short Sale	Other
06/02/2008	Short Sale	Other

Your request for assistance is under review. During the review process, a thorough examination and analysis of your loan will be completed. During this time, we may or may not need additional information from you. It is common that you will not hear anything from us during the review period, but please be advised that all collections activities have been temporarily suspended during this review period. We expect more information to be available on 04/14/2008. If your status remains unchanged after the 04/14/2008, please call and speak to a customer service representative. Please do not call back before 04/14/2008 as that will delay the process. Please respond promptly to any calls or requests that you may receive from us during this period. Lack of response will cause your workout to be delayed or cancelled. Thank you.

Oh good. They will have more information for me on 04/14. I'm glad things are moving along.

[Cat Damiano]

Did you try calling the number I posted..................this number I can almost guarantee is not one that you have called considering it is the escalation dept...... and is the direct line to the person I have listed here...so if you want to find out what is going on with the file..............then call...........
Tabitha MacKellar
1-800-405-0078 ext. 5224