Countrywide is so stupid

[Feemama]

I am current on my adjustable rate mortgage 80% with countrywide 20% with US bank. Countrywide recieved my request on 10/3 for rate mod processed it on 10/6 and denied it on 10/7 with no explanation. My account is in the Office of President. What can I do now the payment is out of control and just going to get higher?

[Dan Bailey]

Feemama,
Welcome to the forum and thank you for joining. Cat or Moe will be by to give you some direction as soon as they can. Don't be too discouraged about the first denial, theres folks here who have been fighting for awhile and have gotten their mods eventually. Good luck! Hang in there!

[countrywidecustomer]

I too got Denied after like 3 days of them getting all my info! I don't even know how they had time to process all my info so fast. I applied for a Loan Mod or Forbearance, even though we have never been more than 30 days late on a single payment, denied with no answer as to why. We have a loan for $83,000 fixed rate of 7%, and a smaller ARM of $15,000.00 at 5.5%, both through Countrywide. I'm hoping this new program through Bank of America can help, but I have my doubts that they are going to look into all the Loans they have and contact us individually. We tried to Refinance through a different lender but our House appraised for $2,000 less than what we needed. We live in Rural Pa. Should we just sit by our phones and wait for BOA/Countrywide to call us, cause I can't see that happening!

[Feemama]

I was denied after 3 days also. Did they contact you and say it was denied or did you read it on your account page on the website? I read it on the website and called Countrywide. After two days of calling the Office of the President said it shows up in their computer as being reviewed not denied, so we will see I am still calling and emailing

[countrywidecustomer]

I read on website also, then called...they said I never Faxed my info...yeah, right! So.....I called just alittle bit ago, the HOPE Program, they claim if I over night the documents I am "guaranteed" a 3 month Forbearance. I got the reps name and she insisted she was telling me the truth. This I have to see to believe, lol. My Taxes are due now, so hopefully they will give me the Forbearance, as promised, and I can pay my Taxes on time. I'll keep you posted. The number I just called was 1-800-405-0078 reps name was Christine if that helps.

[Feemama]

When I called she said their was no notes on the account and didn't have a reason for denial. She also said her computer in the Office of the President said it was in review and said nothing about denial.

[countrywidecustomer]

Yeah, I think only a small precentage know what they are doing there.....I'm going to overnight my Hardship Letter and Info and get a Signature Confirmation upon delivery that way atleast I'll have proof if they say they did not receive it this time. They rep didn't guarantee me anything until I told her my Taxes were due and I was just not going to pay them so Countrywide could. I heard her typing and then talking to someone and that's when she said she promises we are "guaranteed" a forbearance. We'll see.

[Feemama]

I just talked to Countrywide office of the President. The said the info on the website was wrong, my mod was not denied, it has not even been submitted yet she said, I have to refax the info(like everyone else) and then I will be assigned a negotiator. It finally feels like I am getting somewhere.

[countrywidecustomer]

Great! I hope things work out for you. I overnighted my Info but because Monday is a Holiday it wont arrive until Tuesday. I checked the website today and instead of saying "denied" it says Workout being processed. It never said that before so I guess I'm getting somewhere now too....hopefully!

[Feemama]

How long once you are assigned your negotiator will the rest of the modification process take. I started on 10/3/08 they got my pay stubs hardship letter updated on 10/13/08. Now janet in the office of the president said she will asign me a negotiator. What can I expect next. I am after a rate mod. Thanks guys!!!!!

[Cat Damiano]

the timeframe is different in each case because they have to get final approval from the investor on your loan................so it would depend on that..............usually anywhere from 14-45 days..........just make sure that you stay in touch with the negotiator that you get for updates......

[Feemama]

What is the surplus you must show on your income/expense sheet?

[Cat Damiano]

You would need to go over the financials with your negotiator........each investor has a different criteria.........some allow credit card debt to a certain amount, some don't allow it at all.............we don't have a set amount that will get an approval.

[Feemama]

I have Countrywide for the loan I am trying to recieve a rate mod for. The new lawsuit states Subprime 2-, 3- 5-, 7- and 10-Year Hybrid ARM borrowers will receive an unsolicited extension/restoration of the introductory rate for five years and an invitation to contact Countrywide for additional relief if affordability concerns persist. Borrowers who cannot afford the introductory rate will be considered on a streamlined basis for a five-year interest rate reduction to as low as 3.5% (based on the affordability equation) and a conversion to a fixed-rate mortgage at the end of five years.
This is the loan I have a 5 yr arm that had its first adjustment last month. I am still current, however it is tight. This statement above makes it seem like the extension/ restoration will be automatic doesn't it? I am still going through the process in hopes of a lower fixed for the life of the loan rate.

[Cat Damiano]

There is a number you can call for that new program..........it starts on Dec. 1st, but they are qualifying customers now.........if you don't want to wait to see if you receive a letter.........call in and check instead....

Homeownership Retention
1-800-669-6607

[Feemama]

I was just assigned my Countrywide negotiator today. What should I expect when I contact him. What are your experiences with Countrywide negotiators???? I am after a rate modification. I have a ARM, can not refi because I owe more than its worth, and I am still current on payments never late.