I need some Guidence with my Countrywide Modification Request

[Tracey]

I found this forum last night and have been waiting anxiously to be able to post so I could get some advice. Thank you for being here.

My story is that 2 years ago we got into a adjustable rate mortgage that is currently at 9.125% The payments have increased almost $800. I called Countrywide in early May to try and get a modification. The women made me give a budget and I did not qualify. (barely)

I missed the June payment was late on the July payment when I received a letter from Countrywide saying we would be forcloed upon without $9K before Oct 1. Looking at the Countrywide website I saw they reccommended 995HOPE. I called them July 7th and she went through the budget with me and I qualified between the $100-$250 margin. She told me she would submit the request and to call Countrywide in a week. I called the following Friday and was told they had no record of the request. I then gave them the budget over the phne (now understanding the parameters) and faxed in the paystubs and hardship letter as requested.

To make a long story short a negotiator was assigned to the case per the HRD and not to call back until Aug 12. I have called many times since then and I have been told many different stories. The message about the negotiator has since gone away. Last Friday an American women told me that I would definately hear back by this past Wed 8/6. She also told me that the rate was adjusted back to 7.125%. I heard nothing and called Wed and a Indian gentleman told me that my case was now in the hands of the Heart Dept(?) (877-643-2788) and to contact them only. I have called them everyday since Wed and they have never heard of me. I called the HRT again today to be told that the case is still under review and to call back in 10 days. I am so confused. Everytime I call there and get transferred to India it is a waste of time. They tell you different things. Ca you hep me muddle through this mess? I really appreciate the support.

[clint1123]

Tracey,
I had been trying to get a modification on my loan since January 08 which adjusted in May 08. I called and left her a message last week and we played phone tag for a week. I finally spoke with her last night and she told me that my loan was reset to my orignally rate of 7.25% (it had gone up to 9.75% in May) for a period of 5 years. She told me she would try to get it set at that rate for the remainder of the loan and would call me back. Well I just spoke with her an hour ago and she says that my rate will now remain at 7.25% for the remainder and they also put my late payments on the back end. Yes my loan is more than my original payment, but it is far less that what it was when it adjusted in May. Try her I think she may help.

[Tracey]

Thank you. I'm speaking to her now.

[Tracey]

Thank you again Clint.
I just spoke with her and she said that the loan was adjusted back to the 7.125%. She did say I was responsible for the back payments. I asked if we could put them in the loan. (I do have at least one payment) She took my financials again and said she would assign to a negotiator. I asked if I ever had a negotiator and she said no. She said I should hear next week. I also asked if I could lose the rate adjustment by going back again to a negotiator and she said no I would not.

I'm keeping my fingers crossed.

What else should I do?

Thank you

[Tracey]

Hello again. After speaking with Tabitha (advice I got from this site) she told me a negotiator would be assigned and give me a call back next week. I then sent her an email thanking her for taking the time to help us.
Last night at 7:30pm EST I got a message asking me to give her a call and an email saying it was her pleasure to help and to give her a call back. I did not receive either of these messages until this morning. Obviously, it is Saturday and she is proberly not in the office. I did call and leave a message and I also emiled her back (strange system where you need to enter into a Countrywide site to receive and reply) stating I was sorry I missed her and to give me a call or that I would call back on Monday morning

Questions:

1. What do you think she was calling about? Do you think they need more info? She said I was already qualified for a rate adjustment based on the budget, hardship letter and paystubs I sent. Would they need bank stsements etc.?

2. Does anyone know the hours she works and/or where they are located so I can understand the time difference.

I am so scared and nervous I'm shaking.

Thanks in advance for your advice.

[Cat Damiano]

Tracey,


You won't know what Tabitha wanted until you get to speak to her on Monday.........she is located in California and she has helped many members on the forum.

Please keep us updated on your progress.......

[Tracey]

Cat,
I have learned tons from reading your responses on other peoples threads. You are very knowledgeable, clear, straight forward and comforting.
Thank you for your quick response. It is nice to have someone to discuss this with.
If you don't mind another question. Many people on this forum talk about being 6+ months behind on their mortgage. We were late one month and 7 days into the next when we got a forclosure notice. Why did it happen so quickly for us? We live in Massachusetts.

Thanks again.

[clint1123]

Tracey, sorry I can't be of more assistance. When she called me back yesterday it was simply to tell me that my rate was adjusted for the life of the loan instead of 5 years and also that they had put the past due payments on the back of the loan. She also told me what my new monthly payment would be and my first payment was due October 1.

So with that being said hopefully she is just calling you back to tell you something similiar. I believe you said earlier you asked if you could put the back payments into the loan. So she is probably just calling to tell you that they agreed to do that. Be mindful that this will cause your principal balance to go up and therefore your new payment will be higher that what it was originally at the same 7.125% interest rate.

[Tracey]

Thank you Clint. I cannot tell you how comforting all this is.
I realize that the principal will go up but it will still be manageable for us if the rate goes down 2 points.
Questions:
Did you have to submit anything further than the budget, paystubs and hardship letter?
Did you go through the Heart dept? It seems like that is a service for Fannie Mae from what I have read here on this forum.

[clint1123]

Tracey, I did not go through the heart department at least not that i'm aware of. Yes, I did have to submit bank statements, but that was months ago. I submitted all my documents twice in April and again in May. Each time I was told i was denied but they never gave me a reason. So like you after reading this forum and finding Cat's advice in a thread, i gave Tabitha a call. I really don't know what changed but when i finally did talk to her she gave me the good news. I am still waiting on my modification to sign it, which she said should be here by wednesday. good luck to you.

[Cat Damiano]

The timeline in the foreclosure process follows the individual state laws.........some states where foreclosure is more prevelant are so backlogged that it takes longer to get through the court system........in Mass. the timeline is very short for foreclosure typically just 90 days total........so that could be why it happened so quickly.......but you would be better off checking with a foreclosure attorney in your state for the best answer to that question..........

[Tracey]

Dear Clint, Cat and everyone else,

After a very long and scary weekend I just called Tabitha back and got her as she was coming in the door (She is in CA; I am in MA). She says that my June - Sept payments will be put back in the loan and the rate is set back to 7.125%. She will need a payment of $2000 back with the documents that should arrive on Wednesday. My first payment will be due on Oct 1st.

I was so relieved I started shaking and crying. I am not usually very emotional but I couldn't thank her enough.

I also cannot thank this forum enough either. If I had not found it, asked my questions and had Clint answer me so quickly we would have been going through this for months I'm sure. It shows me the goodness and kindess in people from all over this country that take their time and knowledge to share and support each other.

Even though I have only known about this website for 5 days I should certainly be moved over to the success stories. ADD US TO YOUR RUNNING TOTAL

THANK YOU

[schwefls]

Great new Tracy so happy for you

[Cat Damiano]

Tracey,


That is great news...............I am so happy that the information and contacts that we have posted in numerous threads on this forum was able to help both you and Clint get the modifications.
Please let us know when you receive those docs and if you have any questions on them.............

[Tracey]

I will certainly keep you posted until everything is set.

Again THANK YOU