2 properties,3 loans w/ CountryWide and unable to work

[katita]

I am blessed that I found you

I have two properties.
1 condo with 4 option ARM that now is 4.125% like how started on 2003 and also second is Equity line variable 6.5% both with Country Wide. This is my rental that covers 95% of monthly mortgage plus HOAssociation. I pay propertiy taxes from my pocket
My current home has first mortgage 5.875% 10 years fixed since 2005 with Country Wide and second mortgage with WaMu equity line that I used it all 5.5 variable . God thanks rates are good today for my loans.

The problem start when became pregnant I had temporary job that did not hire me when I was 5 months pregnant and after that with a few moths doing bookeepping to a friend business helped me a little. I did not qualify for disability because the previous employer was a state agency that do not hold SDI's so did not have funds to claim to SDI department. I received cortisone in both wrists with no help generating me deep depression due to the frustration of not beig able to lift a dish to the microwave, or pull my pants, and off course carry my baby. I cried every day for not being able to start working. went to accupunture, hand terapy. My husband got some extra work for weekends but wasn't enought that's how we used the entire line of credit 189,000 to pay property taxes, credit cards, car repairs, and monthly negatives. A month ago I withdrew the maximun 4200 from my cash value life insurance as a loan. my husband still has his . We moved some money from one credit card to another to save on rates and used offers of 0%. we recently received credit from income taxes that we want to save for property tax payable on october but I think won't happen we'll be using it before. I went to reumatologyst a couple days ago I received and injection call depo-methrol I should wait for a month to see real effect. I also started with chiropractor to see if help. I started to pay somebody to watch my baby when I am researching this site at the same time saving the painful effort of carrying her when needed. BELIEVE ME I want to work now, but I know will make my hands worse if I do so. Accounting positions are not hard to get. SCORE CREDIT BETWEEN 705 - 715 on both of us.
My medical wich is from our pocket does not cover chiropractor neither accupunture. I have done some marketing for my husband who does structural engineering so he can get some extra work on weekends but unfortunately with the construction and house market there is no much demand out there.
ON MY RESIDENCE from 555,000 to market price 370,000 Can I ask for reduction of rate on my home to Country Wide. NEVER missed payments.Balance 448,000
Will WAMU convert line of credit to a fixed lower rate loan? Balance 189,000

ON MY RENTAL Original 340,000 Balance 359,667 market price 400,000 BEING PAYING MINIMUN ONLY.
Can CountryWide convert my 4 optionArm to a fixed same 4.125% rate?
Can CountryWide convert my equity line 6.5% $24,000 and wrapped to the main first loan?
I contact the attorneys who advertise on your site but the fees are huge. don't know if worth it.

Forgot to say that I contacted Country W on the past 6 months and was told "you do not qualify due to Income ratio" .off course...i KNEW IT.."I am calling because you sent me a letter offering help"..I said...The department I called said you are not three months behind or so....I said "off course I dont want to mess up with my Credit report"

PLEASE, PLEASE WHAT SHOULD I START FROM. my income /expenses look terrible about 1500 negative but I am thinking to stop depositing for policy of cash value life insurance 310 a month in both of us. also stop some charity 25 a month, cable 60 a month, my husband drives a 1994 NO-AIR Conditioning car just because is paid off and not wanted to incurred in another loan.He already negotiated with employer to work 10hrs/4 days so we save on gas.

I will be addict to this website from now and I think is worth it so I can spred the word to others who need advise.

THANKS, THANKS, AGAIN.

[Dan Bailey]

katita,
Welcome to the forum. ***, Moe, or Andrew will be by shortly to answer your specific questions. Hang in there!!

[katita]

I forgot to say that the investor on 4option Arm of my rental is Bank of New York and BonyCWMBF is the investor on the 1st loan of my home
A COuntry Wide representative who I called due to another marketing letter also told me yesterday that if my loan is fixed rate is not going to get help but the loans with variable rate.

[Moe Bedard]

Hello and thanks for sharing your Countrywide Home Loans story! Let's see what we can do to give you some direction.

ON MY RESIDENCE from 555,000 to market price 370,000 Can I ask for reduction of rate on my home to Country Wide. NEVER missed payments.Balance 448,000

Your rate is pretty good now, but they are working with people sometimes down to the 3% range. So, yes, you should go for a loan modification ASAP.

Will WAMU convert line of credit to a fixed lower rate loan? Balance 189,000

Possibly. Seconds are willing to work with people. You have to play this like a game of cards. You have to prove a hardship in order to get them to reduce the rate or fix it. It cant be just a wish.

ON MY RENTAL Original 340,000 Balance 359,667 market price 400,000 BEING PAYING MINI MUN ONLY.

Can Countrywide convert my 4 option Arm to a fixed same 4.125% rate?

Yes, they can, if you qualify and I have seen it done.

Can Countrywide convert my equity line 6.5% $24,000 and wrapped to the main first loan?

I don't think that will happen because that is really a refinance and not a loan modification. Because you would have to close out the ND trust deed and then a new first TD.

I contact the attorneys who advertise on your site but the fees are huge. don't know if worth it.

The fees are worth it, if you cant do this on your own and you have no other choice. Plus they have a great relationship with Countrywide. But by all means, try this yourself or maybe a non-profit if you do not have the money.

PLEASE, PLEASE WHAT SHOULD I START FROM. my income /expenses look terrible about 1500 negative but I am thinking to stop depositing for policy of cash value life insurance 310 a month in both of us. also stop some charity 25 a month, cable 60 a month, my husband drives a 1994 NO-AIR Conditioning car just because is paid off and not wanted to incurred in another loan.He already negotiated with employer to work 10hrs/4 days so we save on gas.

This is a great place to start. You need to take a close look at all your finances and trim them, but not to where you can't have a decent living.

I

will be addict to this website from now and I think is worth it so I can spread the word to others who need advise.

THANKS, THANKS, AGAIN.

That's terrific!!! I hope this site help you find some peace and takes a bit of stress of your hands. Keep up the good fight!

[katita]

Thanks Moe,
your input give me relief and better sleep.
Now, after trimming my budget, what do I do next?
call them?
write the letter and send it and wait for response? Do I have to attach documentacion of expenses on my first comunication or they will ask for it later?
should I address my concerns for both loans at once or one by one?

I saw a list of phone and emails on this site but the letter goes to just one address?
Pleeeeeease advise me

[Moe Bedard]

katita,

To get started they will ask you to fax certain items that they need..........hardship letter, financial statement, w2's, check stubs, bank statements.......to name a few...........

You would need to call the

Home Retention Dept.
1-800-669-6087

to get started

[katita]

Hello,
I called today to the number on Home retention you gave me
Patricia took my call and said is one level under Retentions Dept. it is HRD Collections.
Because she was so nice, I hope she is forwarding my information to the right path.
She asked for prove of one moth income and hardship letter only. and fax it
she said I am qualified for the Work Out Assistant Program and they will revise my case and come up with an offer to me. We went through all my expenses, income, and assets over the phone.
she mentioned to be calling in 2 weeks if I don't get answers. It seems too long for me.
Should I send my hardship letter to any other department too?

I just realized I forgot to ask for my case # or any ID number I don't know how they label us.
Katherine

[Dan Bailey]

Katita, I would call to see if they received the fax...and document every persons name/time-date you talked to them and what the convo was about...it's good to have a complete paper trail just in case "things don't arrive/get lost"

Good luck to you!

[Moe Bedard]

katita,


It sounds like they are working on it............so I would wait before sending the hardship anywhere else to see what they come back with............

Please let us know what you hear............

[katita]

Hello,
I faxed my hardship letter and prove of income on 8/20/08 I called on 8/22/08 to verify if they got it. Amy who works at Home Retention responded saying they have my info but" it's not garantee you'll qualify" what upsets me most ...that she kept saying it during my short conversation. For someone who just starts the process is depressing.

Today 8/25/08 I called again to see if any news. Ms. Ladone in Texas answered my called she said is at Home Retention too. Started to ask me for same numbers (income and expenses) like Patricia who took my call for very first time on 8/19/08. I said "you already have that information ...and she came " is just to refer you, and I will say you have medical issues and need assistance" "It first go to workout department and then they assign you a negotiator" and "just give me approximate numbers". So I did. She ended up saying that is not garantee and is better to look for social services or some government agencies that are helping.

I don't know what to think at this point. Can you advise me please?
Thanks
Katita

[Moe Bedard]

Katita,

You just started the process, and you have three loans with Countrywide........so you have to stay on top of them.......you might have to fax your financials a few times..........but that is just par for the course with them..............

Here is an additional number to
Home Retention Dept.
1-800-669-6650

[katita]

Hi Andrew..
I read your answers @ "Paying Countrywide while in Modification"

I was wondering that in order to get quicker results I should start delaying on my payments or call them to get extra time. I also read that they will block your access to make payments online? why do they do that? Do they tell you in advance not to make payments if you are current?
Do they report you to the credit agencies for starting a loan modification ?
I am totally currentt in my three mortgages with Countrywide.
please tell me.

katita

[katita]

Could somebody else answer my previous question? Pleeease

[Moe Bedard]

katita,


The only time they will report you to the credit bureaus is when you are late.........the modification process, if you stay current, will not be reported negatively to your credit.
It is the collection dept. that has been telling customers not to make payments, which they should not be doing.
You should keep your payments current if you can so that you don't mess up your good credit.........and as you see from Andrew's post, you can do it through CheckFree while going through the modification process.

[katita]

Hello, here me again
I haven't contact WaMU so far. What number should I call to?
I have also talked to HOPE and they gave me a counselor who prepared a budget for me and propose budget . She said she contacted Country Wide and WaMU for me and I should wait for them to call me. I have faxed my hardship letter and prove of iincome on 8/20/08 to CWide. Today Nancy on Home Retention-CWide said "we opened your file on 8/29 and wait for results about 30-45 days"

[Moe Bedard]

Washington Mutual
Loss Mitigation
1-877-533-8960

[katita]

Thanks *** Damiano

[katita]

I received a offer for my 4 payment option ARM .
they are giving me exxtra 30 days to make make next payment
my rate is for the last six months 4.125% due that LIBOR is low I think. My loan rate would change every month according to the market. However the minimun payment option cahnges every April.
I received only this proposal, nothing yet about the equity line on this same rental property .
I also have one more loan for my current residence. and didn't get any propposal yet.

What do you advise . I call them to tell me why I got almost nothing. They said 4 option ARM mostly do not get freeze rate unles I am with over 7.5%. If I reject this offer I can try again on 30 days for reevaluation or restart the modification application without garantee. Or if I accept I can get one modification per year .
What should I do? What if rates go up on the nexts month. This loan went up to 7.25 last year on October.
Please help. I should send the docs by Oct 23. My due date was Oct 1 and haven't paid yet.

[Moe Bedard]

katita,

The modifications given are up to the investors on your loan.........
This is a personal decision based on your situation that only you can make...............only you can decide what is best for you and what will give you the relief that you need. We just can't tell you whether to take a modification offer or to try again.............

[katita]

Hi to everybody
I am back here asking for help again
The updates are:
I signed the modification for the 4 option ARm which was jast 30 days free of payment in other words I skip the October payment ..everything else remain the same..VARIABLE RATE...NOt really happy ..but I had no other option.
The equity line...no response at all and seems that I will not get any help on it for being a HELOC. These both are for my rental.
MY principal loan on my residence is also with Country Wide and have no answer till now. I keep calling and they just say is on review.
My equity line with WaMU , I got a response on ocTOBER 8, denying my application. I quickly found out that they made a wrong ssumption about deductions on my husband's paycheck coming up with a negative 1500 as surplus. I mailed and faxed a letter saying is not a deduction is money depisited in a second bank which is your bank for mortgage monthly payment. Yesterday I had to fax it again because there's no clue on their system about my response.

Now I heard about December 1 program...Do you think Country Wide will qualify me for that ..even though I went trough a recent modification with option ARM?..I called yesterday and the rate is 5.875 went up more than 1 point in one month.

[Moe Bedard]

You would need to call and see if you qualify.............but the loan has to be on your principle residence.......................
1-800-669-6650

Eligibility
Borrowers eligible for loan modifications under this program must have received a qualifying subprime mortgage or a Pay Option adjustable rate mortgage prior to December 31, 2007, and the property must be a 1-4 unit owner-occupied residential property. In addition, certain other requirements are set out in the program:


The borrower is 60 days or more delinquent and the current loan-to-value ratio is 75% or higher;
The borrower is current today but becomes 60 days or more delinquent at any time prior to June 30, 2012, and the loan-to-value ratio at the time of the modification is 75% or higher;
The borrower has a subprime hybrid ARM and the borrower is current but reasonably likely to become 60 days or more delinquent as a consequence of a rate reset, and the loan-to-value ratio at the time of the modification is 75% or higher;
The borrower has a Pay Option ARM and the borrower is current but reasonably likely to become 60 days or more delinquent as a consequence of a rate reset or payment recast based on negative amortization, and the loan-to-value ratio at the time of the modification is 75% or higher.

[katita]

Summarizing my outcome so far. Got modification for 4 option ARM Only 30 days grace period. October 2008 payment was added to the principal everything else remains the same. This is my rental property a condo
For my principal residence I received 60 days grace period Nov nad Dec payment was sent to the principal and everything else remains the same .ALL OF IT WITH COUTRYWIDE.The bad side of the story is : 170 days since first modification and in their system I still look past due. They did not record the modification and has damaged my credit report. I was never ever late ..I follow the agreement. It's taking forever for them to fix it . I have probably called 100 times since then and talked with every single department. and nothing SO FAR. ........my question.
Both properties upsidedown in California I want to move back to my condo (smaller) 4 option arm//ASK FOR HELP BECAUSE IS 4 OPTION ARM AND NOW I WILL LIVE THERE.
AND RENT MY HOUSE i will get at least $400 more because is larger, and start delaying payments and go for short sale it is 250,000 lower in price.. they said they already helped me. BUT MY TRUE IS I can't find a job still hardship and we barely can pay all are expenses, credit card debt increasing and now BECAUSE OF THE CREDIT REPORT TWO CREDIT CARD COMPANYS LOWER OUR CREDIT LIMIT MAKING MY SCORE CREDIT WORSE BECAUSE i LOOKED THAT I HAVE USE IT ALL.
My worry is if i dropped payments and star short sale...Will COUNTRYWIDE AT ANY TIME CHARGE ME THE LOSS IN MY OTHER PROPERTY? BECAUSE I also have that other property loan with them??? or they do not have that right or the law is in my favor?

PLEASE HELP ...

ALSO WONDERING IF ANYBODY has done with their modification after stopping payments. and if they see their credit report started to recover or getting to their old stattus.

[katita]

***
Could you respond to me??
As I said before now I am under Customer care dept with CW. 180 days now and also...more than 30 days in this dept and just told that somebody else will take care of my case in same department. MY account is not updated with the terms of the modification I signed on October 15. Should I hire a lawyer. I received for second time a letter from another credit card company lowering my credit line because my score looks bad and delinquent with mortgages.

[Moe Bedard]

Whether or not to hire an attorney is a decision that only you can make.............what you may want to do is to consult with one and explain the situation and see what they say your options may be.....
Loan & Mortgage Modification Attorneys