Countrywide changed my date online for adj

[kgusta]

Hello, I am new here and was wondering if I will be able to get my mortgage mod regardless of credit score? I have my first mortgage with Countrywide and my second with Bank of america. My first is up for rate change in Nov 08. I am just worried about the mod becasue of credit card debt causing my credit score to go way down. When should i try for the modification, i know i'm a few months away but I am worried.

Thank you for joining and welcome to the forum...


No modification is not based on Credit Score...it is based on need, hardship, income and expenses/bills of the household. So do not worry about credit score impacting your ability to obtain a modification. The credit reports at modification level are pulled to determine that the financial statement you gave them was true in its representation of the contractual obligations that you listed and that you did list them all and did not forget any.

[mreedlaw]

While I have to provide the disclaimer that this forum is not officially for credit card advice - I am curious how you know your credit is going down b/c of the credit cards? Too many open balances? Not paying on time? Only paying the minimum's each month? Charging more each month than you earn? I am just curious...

I cannot say this will work for everyone, but a friend of my family gave me some really good advice - transfer high interest balances into a low or 0% APR credit card - even if it is only for an introductory period of say 6 months. And then repeat the process - it helped me to eliminate a lot of credit card debt.

Good luck, Michael

[kgusta]

hi all, i am new and was just about to start my process thanks to this forum. My loan with countrywide was due to adjust Nov 08, this is why i needed to get a move on. However, i just logged on to my countrywide account and the adjustment date has changed from Nov 08 to Jun 09! This seems strange to me becasuse i have done nothing at this point about requesting it. Of course this is wonderfull because it gives me nine more months before it adjusts. Has anyone else came across this type of situation. Also the funny thing about this is i just got a letter in the mail maybe two weeks ago informing me of the impending change on Nov 08!! should i take this as true and not question it? I certainly don't want to alert them that maybe something is wrong?

[Dan Bailey]

Hi kgusta!
*** or Moe will be by to answer that for you as soon as they can. Seems to me there are always differences between what what everything says with them!!

[Moe Bedard]

kgusta,

What happened when you started the modification process back in February when you originally joined the forum, did they tell you that you were not able to try for a modification at that time?

[kgusta]

Yes they said it was to early. so i waited. Although is says change date on june 09 i went into another link for the payment change notice for my arm and its does say and give the new payment for dec 08. I thought that was too good to be true. Well i suppose i better start the mod process. Is the email addresses current for me to email or shall i just call the number?
thanks for the help and this forum.

[Moe Bedard]

You might want to check on that with the executive team...........

1-800-405-0078

[kgusta]

ok, i have called the number you gave me and got a person named Melvin Kumar. He did verify that my mortgage will adjust this Dec payment. I asked him about the modification or rate freeze program and he said of course that he needs my financial figures. My question is when looking at the income and expense sheet should i put all credit cards and payments in that. the reason i'm asking is because some of them have been written off and some are in collections due to my husbands unemployment. I am not paying on those, only some of them that i can afford unfortuately. I just don't want to do this wrong and get rejected. Am i only putting on that sheet the ones that i am paying or no. Because i know from the forum that i need at least 150-200 in excess each month. My husband is getting unemployment payments, can i use that as income? please advise. I told him i would call back with my figures no later than tomorrow. thanks

[Moe Bedard]

It would be best to go over the financials with Melvin...........he would know what the investor on your loan requires and should be able to answer your questions for you.

Good Luck with the mod.......

[kgusta]

today i called Countrywide to see what can be done on my loan. haleena picked up the phone and took my financials and said the sysem flagged my account for this program. The BOA Homeowners retention program. She did say that she was submitting my account to be reviewed for the program. When i asked when i will know she said that if i qualify then on Dec 1st they will be sending me a letter. So I also said well my loan is due to adj on Dec 1st and if i do not qualify then my mortgage is going up and i can not afford it to. So she also submitted me for a rate reduction and told me to wait two weeks and if I don't hear anything by then call back. So not sure what to do. Just wait? That will put me three weeks before first adjustment.

[Moe Bedard]

The waiting is going to be the hardest part.............but if you qualify for the new program.........it looks like a good more permanent solution.......

Give a call back in the two weeks............they might be able to tell you at that time if you definately qualify for the new program.........

[kgusta]

hello again, since my last post i have looked on line at countrywide to find this under my work out section:

Workout Status Details: 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 11/18/2008. If your status remains unchanged after the 11/18/2008, please call and speak to a customer service representative. Please do not call back before 11/18/2008 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.
Information as of: 10/28/2008
Workout Stage: Processing
Phase/Sub-Phase: Active Processing

I was going to call today to check on them. They only took my financials over the phone and nothing else to date. Should i go ahead and call them anyway? i also have a payment due i am going to check to make sure they didn't block me of that. At that time when the 18th comes i will be only days from adjusting to a higher rate.
thanks

[kgusta]

One more thing, that seems very strange to me. My second lien is Bank of America and i just got a letter stating they sold my loan to Green Tree! Thats seem wierd seeing how i am trying to go through this new program and all that Bank of America is offering. Know why would Bank of America sell my loan less then 30 days from adjustment and going through the process of modification. this doesn't seem right to me. Just a thought. Seems to me they are trying to get rid of a bad loan just before it goes bad. hmmm

[kgusta]

Does anyone know why Bank of America is selling there loans right before the new program starts??? this does not make sense to me.

[kgusta]

ok all though my site currently said work out active, today i looked on the site and its gone know. So getting very nervous i called and they told me that the notes that were posted yesterday said a package is being mailed out to me and i should expect it by the 27th of this month. I asked what the package consisted of and she couldn't tell me. All she could tell me is that it was not the Dec 1st program paper work, and if i did not receive this by that date is should call 877-6heart8 to tell them. So why call them, what should i be expecting? This is probably not good news huh? They never even asked for tax returns, bank statements, nothing. Just income and expense. I wonder why? I asked them about the fact that my account was flagged for the Dec 1st program how do I know which one is better for me. They said wait for the letter and choose. Well, what if its time sensitive? Not sure what to do. Also, they did block my account for payment and when i found out and tried to make payment, they took it over the phone and didn't post for a couple days, which caused a late fee. This doesn't seem fair. block me and then fine me. huh Any ideas would be appreciated.

[Moe Bedard]

At this point if you will need to wait and see what the offer is and if you are going to receive it by the 27th you should also know at that time if you qualify for the Dec. 1st program and you can make a decision from there.

[kgusta]

Countrywide don't know what they are doing. A week and half ago i was told i should be receiving a package, know i call for a update and they say there is not package and that i have been referred out because i may be eligible for the Dec 1st program. I wish they would make there mind up. My payment adjusts Dec 1st. great

[JSAM223]

I was also told numerous stories that changed each week. It just seems to depend upon who you talk to. I was told I would receive some feedback on the status of my request for modification on 11/25/08. The website also listed the same date. However, when I called earlier this week just to do my regular check-up, I was told that the website date really does not mean anything. I was told that this date is automatically generated 15 days from the date they receive your request for mod but that does mean you will get a determination by that date. If I called today (and I will), they will probably tell me different. fficeffice" />>>

[kgusta]

update. What do I do know? I have recieved a package even though they said there was no such package. Get this, the offer for modification is a joke. It is the same thing I have right know. An adjustable mortgage, interest only with the payments being exactly what my adjusted payments are, which means they offered me nothing because this is what I have know. I Called the numberes listed 800-669-6650 and 800-669-6607, got a foriegn lady, she took all my financials again and after a long wait said they have nothing to offer me! I said that was not the case two weeks ago and there is this boggus offer on my table at home. Then she transfered me to the heart group, who say they don't know what i am talking about, my case is not there. Can anyone tell me what to do know, I just missed my first payment because it adjusted 500 more dollars. I need to do something. Any ideas???

[Moe Bedard]

did you call the executive team and ask if there are any other options from the investor on your loan?
1-800-405-0078

[kgusta]

No, I did not have that number. I will call to see what they say. thanks for the number.

[kgusta]

Right after I posted my last response I recieved a automated phone call stateing "This is a curtiousy call from Countrwide informing you that we are mailing you a special offer in partnership of Fannie Mea. Please expect a Fed express package in five business days. We look forward to working with you". Well here we go again another package. Hopefully this one is something helpful and not a joke. Does this mean Fannie is my invester of my loan? Nobody would ever tell when i asked.

[Moe Bedard]

Yes............that would mean that FannieMae is your investor and their program of streamlined modification is rolling out on Dec. 15th.

[kgusta]

uggg, I am real close to giving up. I don't want to but this becoming unbearable. The call was for the heart package that offered me nothing more then i have know. What a joke. Called today, got hung up on several times, spoke to people that i don't understand and finally go someone to refer me to the Home retention program. After this many months and I finaly have a fax number and have to send my paperwork, w2's ect. So I guess I start all over again. I will go home and gather the requested information and wait i guess. I have not paid the new adjusted amount for this mortgage for Dec. I was wondering if I send in the old amount this month and next, will they put them together and it will count as on month so I do not get that far behind? Does anyone know?