Countrywide modification in DE

[Tanisha728]

Well, here’s my story. In 2005 I got an 80/20 mortgage for my primary residence in DE with Sunset Mortgage. The first is fixed rate $412000 at 6.75% and the second is fixed rate $103000 at 12%. Shortly after the purchase Countrywide bought and serviced both mortgages. Currently, my home is worth $520,000. The mortgage is only in my name. I also have three rental properties with mortgages from other companies.

As a result of illness and other things, I fell behind on my mortgage. My primary residence is in foreclosure and there was a sale date for Aug 12. Prior to the sale date being set I was told that I didn’t qualify for a modification. I was offered a payment plan instead. Feeling like I had no choice, I accepted the terms of the repayment plan which required $2000 on top of my regular $2425 payment for the first mortgage. As a result I stop paying the second mortgage. I was able to make 6 payments on the plan before defaulting. I immediately called Countrywide and explained my situation and they again told me that I only qualified for a repayment plan. This time I had to pay $1500 in addition to my regular payment. I made four of these payments before I suffered a loss of income. I called Countrywide to request a forbearance. I was told that unless I had 30% ($13,000) good faith funds there was nothing that Countrywide could do for me. I thought to myself that this had to be a mistake so I waited another day and called but I was told the same thing. So in four weeks I saved/borrowed $8000 but my home was in foreclosure with no date set so it was a race against time. Every other day I called to inquire as to whether a sale date had been set. One day I ended up talking to a rep about my situation and she said all the good faith funds required would be at least one modification payment. I gave her my financials and she said a negotiator would be in contact.

After three weeks of calling and giving my financial information to four different reps, I was finally assigned a negotiator. I spoke with my negotiator, Judy Robinson and went over my financial information. The next day I faxed her my pay stubs, rental agreements for investment properties and hardship letter. I called to confirm receipt and to asked about the steps and timeline of the modification. She explained everything and answered all my questions. Three days later I came home from work to find a HUGE sheriff sale sign on my door! The next morning I called Ms. Robinson and she told me that she was working on my file and would submit it to the investor for approval the next day. I asked her if the sale would be postponed and she said no because she would prefer to wait for the investor’s decision and just cancel the sale altogether. This made me very nervous but she had me convinced that the modification would be approved. Two days later I called to check the status of things. When I identified myself she said, “I was just about to call you because I need some more documents.” I couldn’t believe it. She never submitted my file for approval! I immediately faxed her the requested information. Three days before the sale date Ms. Robinson again called me for more docs. I again reminded her of the sale date. This time she said, “it looks like we’ll have to postpone it.” The day before the scheduled sale date she called to ask me more questions. Fifteen minutes after that call she called me back to tell me that my modification request had been declined. I asked her why and she told me that my debt to income ratio was the reason. that really didn’t make sense to me so I asked more questions. Finally, she told me that only a fraction of the income from my rental properties was counted toward household income. Yet, all of my husband’s income was counted. This makes no sense. My rental income was used to qualify for the mortgage and my husband’s income was not considered at all when obtaining the mortgage. The conversation ended with Ms. Robinson telling me “I don’t know what you’re going to do but there is nothing that Countrywide can do for you. I am closing out your file. Have a good day.”

In desperation, I started an internet search for help and I came across this site. I read several of the post and I decided to do the mass email that Cat suggested. Well it worked! I called Countrywide and was told by a rep that my file was being reviewed by another department. I was transferred to said department and was told that as a result of the email my file was going to be reviewed once more to see what could be done to help me. The very next day I received a vm from Deanne Martin at 805-577-3173. She said that she was assigned to my case and “want[ed] to go over my financials so we can get the modification to work.” I was so happy but that was Tues and it is now Fri and I haven’t been able to get in touch with her yet! I’m hoping that it’s just because of the holiday but Countrywide people can be very slick. I call several times a day and each time I just get her vm.

So now I don’t know what’s going on. I called Countrywide to see if there is a new sale date but I get three different stories. I’m told that the sale was cancelled, I’m told that the new date hasn’t been set, and I’m told that there is a new sale date of Sept 10. The first mortgage is $50,000 behind with fees and penalties. The second mortgage is now with the insurance company UGI

Any advice??

[Cat Damiano]

Hi Tanisha728,


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

If you have not done so yet, you would need to call either the trustee's office or the attorney's number on the foreclosure notice to check on the sale date as well, and make sure that it has been postponed on Tuesday.

With Countrywide you are dealing with the Executive Team...........so you are in good hands.............


Please keep us updated on our progress.............

[Dan Bailey]

Tanisha,
Welcome to the forum and thanks for joining. I'm sorry your're going through this run-around. Cat or Moe will be by as soon as they can to help answer your questions/ give you some good direction.
Hang in there and don't lose hope!! With this being a holiday weekend, I doubt anyone is at CW except for their collections people in India.

[Tanisha728]

Thanks Cat and Dan! I'll makes some more calls on Tues and I'll keep you posted.