Countrywide Fasttrack modification - Loan Modification Forum

tonyi · #1 (**permalink**) IP: 206.16.215.195 09-04-2008, 12:48 PM

Well i might as well jump in as this is very timely to me. Been reading this board and it's great. so heres my story
Two years ago we bought a new house before selling our old one (not smart i know but the new house was the dream house and it's price was amazing due to the owner passing) Took a higher interest rate and and arm so we would have no pre payment penilties and had intended to refi once the other property sold since the new one at purchase apprased for 70k more than we were paying for it.
Sold the other property about 7 months later. Broke even on that house. So we went to refi the new house. Had everything in place (pre approval and underwriteing) then the week it was supposed to close was june of 2007 when the intire market crashed and suddenly our program was gone. So decided to grin and bare it for a few. Somewhere in here our loan got sold to countrywide (ugg) anyway, basically emptied our saveings over the last year just keeping up with the high mortgage and attemted to refi with countrywide but as with everyone our house value dropped so much it could not be done. Talked to countrywide about 6 months ago and they actually told us they wouldent do anything for us unless we were in forcloser....uggg.
Emptied even my 401 to keep the payments up when last month we realized there was nothing left. Called Hope and they said it was great we called them before we had even fallen behind (huh? before we had to be in forcloser) so we sent in the hardship requesting a lower intrest rate (it's 12% now) and a stop to the adjustment that was going to happen.
Oh keep in mind also at the beginning of the year the 1000 dollars a month my wife got in child support from her first marridge stopped comeing due to a dead beat dad) and yes we had another child
So we find out that apperantly we had been approved for a rate reduction and would get paperwork right away. So we did but it was for a modification where we got to skip the month and they would tack it on to the end of the loan. Not what we wanted. We just wanted to lower our payment to something we could afford every month (seriously like 500to 1k off and we could be fine for the rest of the loan) Called them and they said it was strange since we were approved for a rate reduction and they were not sure why the did a modification. told us to resubmit the letter and w-2's and they would get it straighend out.
so as of the first we were at 30 days (well not really with grace period) And i get a call today from the debt collectors at countryslime telling me they were sending an intent to forclose letter (I'm not even behind 30 days yet!!!!!) And told her we were in negotiations, that she confirmed and even said she shouldent have called me. but the automated system did it.
Anyway. Then we called the hope number we had they said that no they shouldent have called. And that the final outcome had not been determined on the negotiation but we'd get paperwork next week. But they reiterated we had been approved for a rate reduction the first time so in theory we should get it again.

We have done everything we can to keep the mortgage up to date for the last two years and have been great customers. But yet i'm freaking out. I'm waiting to see countrywide put in a late on my credit report even though they arnt supposed to.
We do not have nor have been told of an official negotiator assighend to us. We feel like we have no clue whats going on. Honestly we're freaking out we're going to loose our home and noone wants to help us. I even looked into a negotiation company but they wanted 3 grand. Guess what I have NOTHING LEFT. We just feel like no one cares. And for some strange reason countrywide would rather get the house back instead of the 6-9% (thats what i would like) intrestes for the next 30 years. If only the value could spike. My morgage guy even had us pre approved for a 30 year 6.1% fixed but the value on the house was too low. I wish zillow was right since it shows my house incresaseing in value by over 60k in the last four months. But noone trusts zillow. We're at our wits end.

ugg.

Sorry venting some.

amendoza · #2 (**permalink**) IP: 208.57.185.42 09-04-2008, 01:20 PM

Hello Tony,

Its a difficult time that were in, right now. But, you just got to hang in there, and remember the last thing the lender wants is to foreclose on your home.

w.davis · #3 (**permalink**) IP: 129.8.201.62 09-04-2008, 01:44 PM

Hey there tonyi!

I'm sorry to hear the mess you're going through also. I contacted CW yesterday regarding my situation above and no one has called me back yet. I even mentioned to him that there's alot of negative feedback on the internet from unhappy customers and he was shocked to hear that. I don't understand why.....I'm sure I'm not the first person to call and complain to him about the bad communication system they have there. It is very frustrating.....I wish there was a CW office locally I could just walk into and work with a live person directly, I think it would make thinkgs easier. Having to talk to 10 different people and none of them know anything about your case is really BS! It goes to show you their note taking system they supposedly document when you call in sucks!

tonyi · #4 (**permalink**) IP: 206.16.215.195 09-04-2008, 02:18 PM

Thanks for the support gang. I really hope i get some good news for once in this terrible economy

tonyi · #5 (**permalink**) IP: 206.16.215.195 09-10-2008, 08:17 AM

Still no update from countrywide though they say we'll hear something this week. It's freaking me out. I keep telling myself they dont want my house and try to stay positive from what everyone here is said. All i want is a reduction of my mortgage of 500 to 1000 dollars and i dont care if there is a pre payment penilty or osmething i just want to keep my house this is the house we want to raise our childern in... god i have this feeling of dread that countrywide is just going to tell me too bad so sad.... UGGG

tonyi · #6 (**permalink**) IP: 206.16.215.195 09-16-2008, 09:53 AM

Slight update. Still waiting but Countrywide did tell me today I've been fasttracked (whatever that means) and i should hear from my negotiator this week. The Collection calls did stop. So maybe... just maybe they will do something for me.

w.davis · #7 (**permalink**) IP: 129.8.201.62 09-16-2008, 10:22 AM

Hello Tonyi,

I'm glad to hear you finally heard back from CW. How long has the process taken to just have a rate reduction? I started our process the last week in August and I've been following up each week and they stated a negotiater hasn't been assigned to our case yet and it could take up to 30 days before the case is even reviewed and then it might take a little longer after the negotiater picks up the case. Has everyone else had this problem and how long does the whole process take before you finally agree on anything with CW. I do agree it is very frustrating and their communication system is horrible. We also started getting the collection calls and we weren't even late on our payment! They are ridiculous! Keep me informed on the status of your case, I'm interested in knowing how long the whole process took and how many loop holes you had to go through to get there.

tonyi · #8 (**permalink**) IP: 206.16.215.195 09-16-2008, 11:20 AM

Well this is the second time since the original. It took about 20 days to get the first paperwork from our submittal. But we never heard from a negotiator Hence them screwing it up. This time the 30 would be 30 days from the resubmit. So seems 30 days is around right. But i have no idea what the fast track thing means. Probubly just them trying to make me feel better heh

tonyi · #9 (**permalink**) IP: 206.16.215.195 09-19-2008, 05:51 AM

Still no news..

tonyi · 09-24-2008, 04:57 AM

Well we called them again and they apoligized and said that the HOPE team is completely backlogged right now due to high demand (this site probubly has alot to do with it)
More info as i get any

mortgagemess92977 · #11 (**permalink**) IP: 170.97.167.62 09-24-2008, 11:24 AM

If you keep getting the runaround, I would suggest writing a letter to the CEO and other execs and explain how horrible the customer service has been, etc., briefly explain your situation again, and ask for help. That is what I did & I got a call from the Office of the President at CHL within 2 days, and here we are 2 weeks later and I should have my modification tomorrow.

Check out my thread titled, 'Countrywide Mod Agreement attempt' for the specifics of who I sent the letter to, etc. I don't have the mod in hand yet, but the customer service has been brilliant since I've been handled in the office of the pres.

Good luck!

tonyi · 10-06-2008, 11:23 AM

Well we are still getting a run around. Now they are saying they are slammed and it can take up to 60 days....uggg

Cat Damiano · 10-06-2008, 11:25 AM

tonyi,

Try calling the executive team to see what the status of the mod is......
1-800-405-0078

cristiei · #14 (**permalink**) IP: 24.125.53.206 10-06-2008, 01:16 PM

Hi - I'm Tony's wife and the one dealing first hand with these Countrywide folk. After weeks of run-around and being transferred back and forth to departments and Heart or hope or whatever they're calling it, I think (think!) I've got somewhere. I called the number that Cat suggested in the previous post. I explained what was going on. After being put on hold and some fabulous ass kissing, I was told that I should have information in 3 days. The guy I spoke with says he 'escalated' things and spoke to his manager about our case/account. He asked me to call back on Friday and he assured me there would be an update. We'll see.

It's to the point where I am calling every other day to follow up. I do hope this proves positive come Friday. If nothing else, I feel like I can stop stressing till then.

Cat Damiano · 10-06-2008, 01:40 PM

Hi cristiei,

Welcome............I am so sorry that you have to go through this notorious Countrywide runaround...................I am glad that the executive team contact was able to offer a little relief...........they do escalate the process in that dept...........so you should hear soon.

Please keep us posted............

tonyi · 10-30-2008, 06:20 AM

Just an update. Still nothing... Lots of butt kissing but still nothing... sheesh

tonyi · 11-07-2008, 10:24 AM

So we called on monday and talked to the negotiator. She said she is proposing dropping our intrest rate to 5.3 FIXED for 30 years. Said it would need approval from her boss and we should hear something in seven days. We were floored. If they actually give us this it would be amazeing. But still nothing on paper or official. But it gave us some hope.