Countrywide modification papers signed but now I have terrible credit score, and unemployed

[Yanqui]

Hello everyone, and I want to say thank you to Moe for creating a forum for homeowners going through the stress of of trying to keep the biggest investment of ones life; their home, from going into foreclosure.

Mine is a very long story, and a very complicated one, so I'll start at the begining. Sorry for the length. I think it's needed to understand how I fell from a credit score of 750 to low one of 545 and slowly creeping lower and possibly losing a home.

I'm a divorced father of two daughters, ages 11, and, 12, and they live with their mother in Arizona.

I've done everything right since I bought my first home in 2002. It was a condo for 118 thousand and a fixer. My ex wife divorced me for the reason of finding herself, she walked out of our rental home with my daughters in 1998, and left me with three months back rent owed. I have joint legal custody, and 50/50 primary care. I had to live with my mother for 4 years to save the money to buy my first place. I'm a freelance videographer/cameraman, and have been employed steady at one place, or another for the last 20 years.

I sold my condo, and bought a house, and then two years later sold that, and bought the house I thought I would stay in forever. When I bought my condo in 2002 my ex got very jealous, and did something stupid that had us in Family court for close to 4 years battling over custody of my daughters. It nearly left me broke from attorny fees. the reason she tried for full custody was her parents had bought her a home in Arizona and she could not leave the state under our divorce agreement.

In July of 2005 I relented, and decided it would be better for my daughters to live in a home in Arizona then constantly moving around here because there mother wasn't happy. I started searching online for homes, and work in Arizona to live near my daughters until they graduated high school. That was the plan anyway. I put my home up for sale in Long Beach, Ca.

I met a Realtor through one of my search's online, and we began corresponding. I would visit my daughter one weekend a month and look at all the homes I found and research the community and the builder incentives since the market was slowly then. I would meet with the realtor and we would look at some together. It took eight months for my home to sell.

I decided on a builder that had an incentive of paying me back fifteen hundred dollars for two years if I made the the mortgage payment on the first of every month. it would have cost me eight hundred dollars to live in the house for two years while I searched for work and I had substantial savings in reserve to cover me for two years if I couldn't find work or I just could not adapt to living in Arizona since living California my whole life.

So far a pretty good plan I thought. The realtor new about my child custody battle and the reasons for moving and she offered me a job as her assistant to market her over the internet and lead prospective buyers to her. She would pay me one thousand dollars for every client she closed on that I forwarded to her.

She had big plans. She knew that I was looking to invest in the future in a carwash, some how that got turned into a resturaunt bar with two other guys using our savings and credit to get it started. It never happened.

Anyway she got me to go with her lender instead for a 1/4 or 1/2 percent less in a fixed rate that the builder on my home was offering with no incentive. Thinking that she had these business ideas and she hired me to work for her I went with her loan agent and lost my incentive. I was paying the full mortgage instead of only eight hundred.

Somehow I went from looking to buy another property that was a section eight housing 8 room motel in downtown Phoenix with a positive cashflow to signing my name with her corporation on a un secured loan for fifty thousand( I knew it was a bad idea) and buying a home with her as a silent partner at 40 % co broke and using my savings as the down payment and re imbursing me the twenty thousand with the money from the un secured loan. In a verbal agreement I was to receive eighteen thousand dollars on closing of the second house. I never recieved payment and she never upheld her end of the deal by also paying half the mortgage. The house sat empty for 6 months until I found a renter, but the rent only covers half of the payment and the house that "we" bought at four hundred thousand is now worth a little over two hundred.

Besides all that when I moved to Arizona in August of 2007 I wasn't feeling well and went the emergency room and had to have an angioplasty. so I barely worked in Arizona and the realtor conned me, and my savings was gone.

I was 3 months behind on the house payment and tried to pay and bring it current but with no hope of finding decent wages in Arizona I could not make ends meet and finally got countrywide to modify because I was going to let everything go. the realtor stopped paying on the un secured loan and I found out laterthat theirs another loan not paid with my signature on it. I know it's forged.Another story.

Back to countrywide I was in constant contact with them even before I missed the first payment and they kept saying they couldn't do anything until I missed. I missed.

Now I had to rent my home that I live in and I have a one year lease with the person in the other home and i sent all this documents to countrywide and finally said I would give them the keys to both places and take two foreclosures on my credit, and walk away. I also brought up the fact that the head CEO was giving his friends and senators loans. Three days latter I had fed ex drop of the paperwork for modification and I signed them and fed exed them back this month was the first payment for a lower rate fixed for forty years.

Does any of this make sense? crib notes I had to fall behind on payments before countrywide would talk to me. I paid one months payment after missing three. Then said I would walk away since the home is basiclly two hundred thousand dollars less then what I paid for it. i had surgery and had to rent both homes and now I live with my mother again looking for work in California on unemployment and credit score of 545. And hoping that the check I sent for the payment to countrywide and the paperwork is legit.

I have a headache and can't sleep or eat and I'm angry at my stupidity.

Long? I told you it would be.

[Moe Bedard]

Hi Yanqui,

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

Not sure there was a question at the end of the story...............but if you want to check to make sure that the paperwork was received and the offer was valid............call into the executive team and check on it............also the first place Countrywide usually will show the new modified terms is in your account info online...........

1-800-405-0078

[Yanqui]

You read all that ***? thank you for the info. They said over the phone to make the first payment this month and I just sent the check today. Either way, after 12 months in Arizona, and all that's happened, if it's not going to happen they can have it.

[Moe Bedard]

I did..... I read every member's story.........

Let us know what you hear.......

[Yanqui]

Thank you *** for your advice.


Trying to get a hold on this forum is like fishing without bait.
What I'm understanding about this place is to try, and keep our personal dealings with Countrywide; or any related real estate problems contained in threads that have simular topics? Does that mean If I see a thread that someone else started with the same question I have, I should post in that thread too? Just a question before I continue with this thread.


I guess I started this thread about Countrywide modification and how to rectify my bad credit, and keep the two homes I purchased while also being unemployed and searching for work.

As I wrote above the outline for why I am at this point unemployed and living with family while my home in Arizona is rented to another family and the investment property that I should never have bought is rented I believe was the only way to get the modification for the second home that I was missing payments on.

Now my only concern is that the economy has been in recession and unemployment is rising. My train of thought was to come back to California because I have a network here of friends and associates to help me in my search for work.

I'll stop here cause I lost my train of thought for the question.

Or, am I considered an investor when I was conned into buying the second home by my former realtor?


I think what it is is that I need to modified the loan on my other home, but I'm unemployed, my credits in the 540's and I have never missed payments on that home. I have had to volunteer my services to get back into the Tv/film networking clique and probably would see any paying work for another 2 weeks or more.

[Moe Bedard]

No................this thread is your story thread...........so keep your questions and updates here in your thread so that we can follow your story from start to finish..............


Did you call the executive team number I posted and check on the paperwork and check that you sent in for the modificaton?

[Yanqui]

All right, thank you again ***,

I'll outline my steps so far and what else I have planned.

The two properties that are rented are negative cash flows. The rents don't cover the mortgages but that is why I have moved in with family until I can get a handle on everything.

Steps I've taken;

1) Called countrywide 7 months ago to let them know I was not going to be able to make the payments on the second home. Same answer everyone gets when they call. "Since I haven't missed a payment there is nothing they can do for me" Explained that I had surgery (angioplasty) in December of 08.

2) 6 months ago I finally got a renter into the property, and made a payment after missing almost 3 months. Countrywide started the process of modification when I really needed a deferment and modification.

3) Stress was extremely high and the job front in Arizona was little to non existent. I quit my last job at EchoStar, a 4/10 graveyard shift that was a 114 mile roundtrip commmute that paid 16.47 an hour. After maintenance, gas, utilities, ( air conditioning bill of 345 a month) and child support, I was only able to pay for my gas and utilities and child support.

4) The decision on moving back to California and renting my home to lower expenditures. Difficult decision, but the only viable one at this time.

5) Oct. started my first payment on the loan modification for second home and got the payment to them on the 15th of this month.

6) Filed for unemployment and started a retraining employment program through the state of California (SELAC)

7) Have volunteered at the AFI international Film fest to network for jobs.

8) Getting healthcare through the clinics because my left leg, and foot is still numb.

So far that about sums it up to the present day.


What still needs to be done;

9) Talk to real estate attorny about my realtor and have them do a forensic audit.

10) Talk to my cpa.

11) Get a job as soon as possible. ( this one is the hardest)



So far that's my story in a nutshell. I'll update when I hear more about the modification.

[Yanqui]

Number two should read.

2) 6 months ago I finally got a renter into the property, and made one payment after missing almost 3 months. Countrywide started to talk to me. Went on to be 6 months behind on payments when countrywide started the process of modification, when I really needed a deferment and modification.

[Yanqui]

Haven't had time to call, out everyday networking for work. I did check my bank account, and countrywide cashed the payment check, will try and call at the end of this week.

[Yanqui]

Update.

The modification is going through, but I've been unemployed for three months now, and the unemployment office turned me down for unemployment because I voluntarily quite the job in Arizona.
I'm broke. Bad credit, creditors calling every day and the stress is killing me.
I can't think or function anymore.

But tomorrows another day.

[Yanqui]

Update:

Tlked to countrywide today, still current on my primary. The second house has not gone into foreclosure. I told countrywide that even with the mod I can continue because I just found out yesterday that I have to have another surgery for Lerche Syndrome? clogged arteries. I have been turned down for disability because I quit my job and therefore show no loss of wages due to the disability. Still have not heard from the appeals board for my unemployment benefits. still have not found a job even though if I did get a job my disability keeps me functioning.

4 months, no cash from anything except for the rents from the two properties. I had to skim from the second to pay for my primary which I don't even live in. Luckily I am staying at my mothers and the Veterans Administration is handling my medical. If not I would still be waiting to have tests done through the free healthcare clinic I started in Sept. when I returned to California.

I've faxed every senator and the governor of California and Arizona and have to finish making copies of my mortgages and healthcare hardship and outline of how things went so terriblly wrong in under a year. I have to fax all that to the appropriate agencies and pray something can be done.

My primary residence lost one thousand from the time I bought it and the payments with HOA and tax and insurance is 2375,00 a month and it only rented for 1350 a month. The second home was 3000 a month but dropped to 2400 with the mod and the rent for it is 1350 a month.

I haven't paid the HOA on the second home for close to a year and the home lost over 200,000. I haven't paid my medical or my child support (1000 a month, paid 500 for December) or my credit cards and my credit rating I'm afraid to even look at it.

I see no other options then to foreclose and file bankruptcy after fifteen years of exceptional credit and paying my bills on time I would be living on the streets without the help of my family.

I'll keep going until it all fails an keep everyone posted on new developments.

[Yanqui]

Meant to say my primary lost one hundred thousand.

[Yanqui]

***, or Moe? I can't make the second home payment even with the modification due to health related issues keeping me from working. I called a company (can't seem to find the paper where I wrote the guys name and number to talk to.) He stated that they should be able to get me a forebearance and the same modification for my primary home but it will cost seventeen hundred dollars per house.


I see my Doctor on Monday, and hopefully will have a time line when I can get back to work.

I started with CW before I fell behind asking for a deferment, but turned it down when they raised the payment to a level I could not afford. With the prospects of surgery again, and being off for another three months the only thing that will keep me out of foreclosure is for my primary residence to be given the same modification and a ninety day to 120 day forebearance or a reduction in the balance of both mortgages. Both homes have lost together over three hundred thousand dollars.

I missed this months modification payment, and talked with CW, but with the lean on the second home for not paying HOA dues I feel like I'm trying to save something that's not worth saving. I know it's a gamble and I'm grateful for what CW did do, but it's not enough, and it happened far too late, and too little to help; even after I rented both homes out, and went to live with family so I could at least try and save my home and have the other home pay off my debt.

I also will contact NACA but I am now in a catagory that doesn't meet the criteria for help. I don't live in the homes, I have no income, and I won't be seeing an income until either unemployment relents and pays me or temporary disability pays me. This is another catch 22. Unemployment denied me because I voluntarily quit the job I had in Arizona, even after explaining that I could not make ends meet with the ise in fuel and utilities and food and especially after having surgery last December. Disabilitie turned me downed because they said I was not working at the time I applied for disability so there for I did not lose any wages.

Just venting..
I would be hard pressed to come up with thirty four hundred dollars for them to do this, I would have to miss my primary house payment to do it.

[Moe Bedard]

If the properties are both rentals........NACA may not be able to help you.........I believe they only work with primary owner occupied....but check with them tomorrow to make sure.

Investor approval is not needed on a forbearance........so you may want to ask CW for that on your own and save yourself some money instead of paying for the same answer. Call CW and ask what the options are that the investor has on your loans..............these options are going to remain the same whether you hire a third party or do this yourself............so at least you will know.
1-800-669-6607

[Yanqui]

Thanks ***.

[Yanqui]

What a mess. I guess the best advice to all that are in modification is to stay calm, and to verify through all available assistance and calls to ensure that your claims are being handled.

I logged onto my countrywide account to check the status of the modification and the loan information on the home was missing. I called countrywide yesterday and they could not find any information on the account.

I called the homeownership protection education alliance (H.O.P.E) which is the HEART program? And talked to the representative there. I found out that the modification was received on 8-28-08 and that it is a loan backed by Freddie Mac. We did a conference call to CW and found out that the home has been put into foreclosure on December 23, 2008 and being put up for sale. They esculated the reviewing process to figure out where the paperwork has gone. They will contact me when they have an answer. Or, I can call back on Friday, or Monday to get an answer.

Now that I know my account is with Freddie Mac are there people I should contact at FM?

[Moe Bedard]

You can try............but as an investor they may refer you back to CW but you may at least be able to file a complaint about the less than stellar service and runaround you are receiving from CW.....
Freddie Mac's Homepage

[Yanqui]

God Bless LoanSafe.org!!
You all have been very helpful, and this forum has helped me to remain calm, and as focused as I can be under the present circumstances. Thanks ***.

[Moe Bedard]

Your welcome......

Keep us posted.........I hope they can help you out directly, I actually think they did get involved for one member in the Chase section....

[Yanqui]

I just emailed Freddie Mac. I have been focusing on staying calm and working through this to the bitter end. I'm still actively sending out resumes everyday and searching for work while waiting on the diagnosis from the Doc on the 12th. I've been answering all my credit card debt calls and have explained the situation. The forum and the three months that I've had back in California took some of the pressure off and I'm starting to think clearer now. It's still the same plan as always if everything doesn't work out. I still need to talk to an attorney to see my options on BK, but if I can get back to work within the next month or two I should be able to clear up this mess.

[Yanqui]

UPDATE,

As of December the 23rd the house is in foreclosure. I just received the statement of breach or non performance and election to sell under deed of trust Arizona.

I have a job interview tomorrow and I was at the VA and at the appeals for my unemployment. Won't know about the unemployment appeal for a few days. Praying I get this job even though I still need another surgery.
Got off the phone with the heart program, and hope and countrywide and looks like the house will be sold ( if they can ) in April. I don't really care at this point anymore, and will be filing for bankrupty if HUD can't help.

All I needed was a forebearence and loan modification on both properties.
The modification on one house did nothing but let me waste more money when I could have found an attorney and pay him to sort this mess out.

[Yanqui]

I found out that the home I bought for 415,000 is now going to start bids in April for 198,800.

Oh well. I wrote this to the president elect.



Dear Mr. President Elect,

I am one of the millions that is in foreclosure. After working for the last thirty-two years my life savings, and everything I have worked for to pass on to my daughters has now evaporated within the last six months.

I tried to deal with the situation with Countrywide mortgage before I started to miss my payments and there was no answer for my hardship except that they could not do anything for me until I fell behind on the property.

I had to have an angioplasty surgery last December without any healthcare benefits. I had to buy a plan through Eatna with a five thousand dollar deductible, and my mother paid the monthly premium of two hundred and seventy-five dollars. I could not work, and I could not afford the rest of the treatment in Arizona.

I own my primary residence, and an investment property that I was used as a strawman buyer by a Arizona realtor who also talked me out of the incentive for my primary residence which has left me without any savings.

I had a nervous breakdown and my family told me to get out of there and come home to California. I could not afford to to pay my bills on a job in Arizona that paid half of the salary I used to make in California.

I rented both homes, and voluntarily quit my job, and returned to California were I was turned down for unemployment insurance, and disability.

When I returned to California Sept. 13, 2008 I checked into SELACO/WIB for employment benefit, and retraining while looking for work.

I am know currently seeking treatment for my cardiovascular problem at the Long Beach VA hospital in California.

I have been unemployed now for five months, and thank god that I can live with my mother while desperately seeking answers, and trying to find work; even through I can't stand, or walk for little less then fifteen minutes.

I'm forty-eight years old. My daughters are eleven, and twelve. I am divorced and they live in Arizona. The builder of my primary home went into bankruptcy after closing on my home and I am one of eight newly built homes sitting in an empty lot full of tumble weeds.

I am at a loss in how the government has continued to evade the America citizen. I have never asked for assistance from my government.

I volunteered for military service in 1978. The government broke it's contract with me then and they continue to break their contract with the American people.

I have the solution to my problem but no one at countrywide will help.

I needed a deference until I could get on my feet again. I had nowhere to go for medical. I did in the beginning go to emergency room since it seems that's how the marjority of non-citizens get by without having to pay.

I pay my bills I have been paying my bills until six months ago. I went from a 750 credit score to a score of 545 and lowering.

I need the house revalued at their current market value.

I need an extended loan from thirty to forty years and an interest rate reduction to 3% or whatever will bring the mortgage payment to where the rents are.

I've lost three hundred thousand dollars or more between the two homes from falling prices.

I am only one of millions.

Sincerely,

[/QUOTE]

[Yanqui]

Any suggestions would be greatly appreciated.

Update:

After going through the HEART and HOPE program and receiving a modification which I started to pay Oct 1, 2008 and November no sign of the confirmation on countrtywides website to the changes agreed upon. Got a notice that the home went into foreclosure on the 23rd of December. HOPE verified that countrywide received the mod with a conference call. Still the home is in foreclosure.

I put an add on craigslist to sale the home and explained the loan was with countrywide and that the price I paid and the price I found that they are starting bids for in April.

I have an investor who called that wants to buy the home. (who really knows?)

I am handling this myself. I want to countrywide and tell them that I may have a buyer for a short sale and I am trying to figure out how to do this.
Suggestions?

[Moe Bedard]

Yanqui,

Why would you take care of this yourself when CW would pay an agent to help you? What did CW say when you told them this........they usually will ask for a listing agreement with an agent to be submitted with their short sale package along with financials and hardship letter.......

[Yanqui]

I don't know to be honest. I put the add on craigslist and a buyer contacted me. I just got off the phone with countrywide and got all the information for the buyer who is now calling to start the process and she is emailing me the paperwork to look over. I am now just trying to save my primary and countrywide said that I qualifie for assistance in a forebearance for my primary but I haven't fallen behind on it yet. I finally got an answer frm my Dr today from the *** scans and I will be going in for surgery again around the end of Febuary so I am still unable to work till I gett the surgery and the second home has been draining me that my only thought now is to save my primary so I can move back in 20 months.

Also I didn't know countrywide would pay an agent. I sold my last home in California without an agent and just out of the blue two days put the add on craigslist. Either way my credits shot, I'm broke, and no work until I can get the blood pumping again. My nation, and it's bureaucracy has again failed to live up to the foundations of our Declarationof Independence. No unemployment benefits, no disability benefits for five months and everything in appeals until what?

I just can't function and think anymore. If it works fine if I go into foreclosure and bankruptcy, fine. It will never happen again I swear.