Here's Our Story

[Buttaphly]

Hello there,

My family moved into our home in Oct. 2005 with an 80/20 loan through Countrywide. The 80% is a 6.5% ARM x 30 yrs. due to adjust 10/08. The 20% is an interest only at 11% x 15 yrs. Our taxes and home owners insurance is escrowed in. By 7/06 Countrywide had transferred our 20% to Litton. In the beginning of 2007 things began to hit the fan. Multiple challenges abounded. Hospitilizations, missed time at work, car accidents, mult. car repairs, etc. Each company offered loan mods which worked for awhile. Needless to say, while all this was going on, I was robbing Peter to pay Paul more and more. As such, the juggling act to provide the basics were very challenging, so credit card bills were not paid and are now in default as well. Then, I became ill and did not work for 4 months between 3/08 and 7/08. I started back to work in July of this year; part-time and with less pay. My husband attempted to keep regular contact with both companies for awhile, even though we couldn't pay them with any regularity. Litton offered us a loan mod which reduced the interest to 7%, stretched out the payments another 15 yrs., and reduced the monthly payments by half. However, because I was not yet employed, though we went through the motions with Titanium, we were rejected d/t lack of income. My husband slacked from calling, and eventually stopped altogether. With this, I expected to receive court papers any day. I found this website after already considering my hand at letter writing, and after reading the testimonies here, decided to give it a whirl. I emailed both letters to "the list" provided in this forum, plus faxed them. Countrywide is asking for our bank statements, check stubs, and an itemized budget which are ready for submission. They did not request any payment to be made, and the person in contact with my husband says the letter was forwarded to her by "the President". In my letter to Litton I asked them to reconsider their previous offer as we are now in position to make good on it, but the rep told my husband it was too late to reconsider that offer because it had been "charged off". My husband couldn't explain to me what "charged off" meant. They have asked us to make a single payment by this Friday, but offered us no terms/mod, or further information. Then, we get a postcard on our door from our local Sherrif's dept. Today, they showed up at our home with foreclosure papers. I was surprised as this was not mentioned in the phone calls my husband has had with the rep??? I'm not certain how to proceed at this point??? I did leave a detailed voicemail with the rep assigned to my husband; asking for more details. I DO NOT want to send them money if they're going to proceed with a foreclosure, not because I don't want to make good on my debt, but if my family has to move I need all the resources I can get hold of. I welcome your experienced suggestions.

Many blessings,
Dee
Broken, but not defeated!

[Professor Shays]

Which state is your home located in?

Daniel

[Buttaphly]

We are located in Pennsylvania.

Dee

[Buttaphly]

Hello out there,

Is anyone familiar with Doreen Olivers from Countrywide? I faxed off our proof of income, bank statements, itemized list, and another hardship letter to her today. She stated it will be downloaded to her within 48 hrs. My husband plans to continue calling her everyday.

On another note: is anyone familiar with a Sharon Bowman or Benny Hibler from Litton. Sharon didn't bother to convey to my husband that Litton's underwriter was pursuing foreclosure. Hence, we received the paperwork, in hand, by our local Sheriff yesterday! We are uncertain what to do? Do we respond to their complaint, continue attempting to reach Sharon, or both. I just retrieved a message from a "Benny Hibler" today, and have left him a message as well. I will be back at it tomorrow.

Any further suggestions/insights based upon what I've shared so far???

Thanks,
Dee

[jannob]

Doreen is a great contact!! Just call her if you need more info. I can't help on Litton, sorry.

[schwefls]

Hi Buttaphly:

I am a Litton success story and have worked indirectly with Benny Hibler. He is from the Executive Resolution Deaprtment at Litton if anyone can help you that is the department for the job. Catch up with him the sooner the better.

[Buttaphly]

Thanks goes out to jannob & schwefls for a nod in my direction with regard to Doreen and Benny.

However, I am very concerned about the fact that Litton served us foreclosure papers while we were in the process of trying for a mod with them. We are NOT in a position to spend thousands to secure a lawyer to pursue this on our behalf, unless there are resources here in PA I am not aware of. I need some HEEEEEEEEEEEEELP/insight from someone who can suggest how to best proceed with Litton based upon personal/professional experience. I plan to call Benny, that's a no brainer, but I'm concerned that even if we get a loan mod ball rolling... if, God forbid, it weren't accepted where would we be left standing. And, would the beginnings of a loan mod, stop the foreclosure process. Since they have already started the foreclosure process, should I be sending them a QWR? If so, should I be sending it to Litton only, or also the underwriter listed on the civil suit?

Dee

[Buttaphly]

Okay.... so it WAS NOT Litton who sent the foreclosure papers, but Countrywide. In the state of PA we have 20 days to respond to the complaint. I'm very uncertain what else to do now??? We have submitted all requested paperwork to Countrywide, and according to "Doreen" someone "local" is supposed to be contacting us by next Tuesday regarding a loan modification. In the meantime the clock is ticking, and I'm not certain what else I should be doing? She told my husband to call back if we haven't heard anything by Tuesday. Well, the complaint was filed on 9/23. My daughter signed for the papers on 9/29, so when does the twenty day countdown actually begin? My nerves are shot, my stomach is doing somersaults, and it's all I can do not to breakdown. I realize I have to set emotions aside because this is about business, but it's very hard.

On another note, I spoke to Benny Hibler at Litton when we couldn't successfully reach "Sharon", and he emailed her to contact me. He also said they would work with me, and everything would be okay. His words exactly: "I have never lied to a customer and I'm not about to start now." However, when I spoke with "Sharon" she told me that we DO NOT qualify for a loan mod because our acct. has been charged off. She said we might be able to settle for less than we owe, but to prevent foreclosure we would have to continue with our current payments, but at 0% interest with every payment applied to the principal. However, we need to make a double payment before this can take effect. Today, I arrive home, and have a letter from the Executive Resolution Team offering to work with me on a potential loss mitigation option. Of course, they want me to fill out their enclosed "financial information form", and submit paystubs by fax which is fine by me. Based on what Benny told me, Sharon has said, and the letter I received today... I'm left thinking what the...?!!? Naturally, I will be submitting all the paperwork and continuing to follow up.


Lost in PA!!!!

[Buttaphly]

It is now December 3rd and we just received paperwork from CW today. Their formula for helping us is to: increase our monthly mortgage payment by $300, due 1/1/2009; charge us for delinquent escrow, foreclosure fees, field inspection fees, and outstanding late charges for which they want cert. funds by 12/10; to convert our 6.5% 3/1 ARM into a 6.9% fixed rate.

Help me, but I'm not feeling the LOVE here?!!? In addition, my dear husband lost his job in the midst of all this mess during mid November. So, I am the only one employed, and part-time at that. I'm ready to just walk away from it all. I've had ENOUGH! I never expected to be in this place, and I'm just tired of it all. I had hoped and prayed for something better... doable even. The above offered option won't even be feasible when my husband finds another job, including if the pay is the same or slightly better. We just can't seem to get ahead. I'm at a loss for what to do now. I'm trying my best to be positive, but realistic and not succumb to depression, but this is very trying...........

[Buttaphly]

Is there a proper protocol that I am not following to gain some insight regarding my matter? I have read other posts some similar, some not and have done everything I feasibly know how to do with my present situation based upon information found here. Yet, I really haven't received any responses to my posts on this site. I do not feel what CW has offered me is doable, matter of fact I know it's not. My husband has followed up with a call and was told this is all Bank of NY is willing to offer. Is there nothing more, but to sit and wait for the hour to arrive in which we must leave our home. I'm trying to fight to keep my home here. Is there anyone out there who has faced what we are going throught that can speak up??? We need some answers, and while I appreciate the plethora of information afforded by this website, I do not have the time to read through it all in search of answers. There has to be someone out there who has been where we are, or presently is................................................ .....................??? I really don't want to do a short sale because we desire to keep our home, if possible, but if this is the only viable solution vs. some other alternative, then we're prepared to move forth. Thanks in advance.

[Cat Damiano]

Dee,

The modifications given are up to the investors on these loans........if you are not able to afford the modification given..........then the next step would be to call and ask what other options are available from the investor on your loan.................the 6.9% fixed rate might be the only modification option..........but you would need to ask...........
1-800-669-6650

[Buttaphly]

While searching thru the threads I thought I read something about multiple states having a suit case against CW, including PA, but I can't find it now.

Do all the CW emails still apply as contacts now that BOA has stepped on the scene????

[Cat Damiano]

Here is the link to the information about the modifications in the 11 states........

Countrywide Financial - Real Estate Mortgage Lender - Home Loans - Equity Loan Mortgages

and no the emails are not working........