Requesting modification due to mis-represation of loan

[JSAM223]

First let me say that this is a wonderful website, very informative and helpful. I just began my process of contacting Countrywide and like many others I am frustrated. But to make a long story short I am requesting modification because I am now realizing how misleading and deceptive my loan officers were.

1. After calling and emailing, I finally received my HUD docs the day before closing. I called the loan officer and underwriter and I told them the deal was off. The payment was significantly higher than originally discussed and was just more than what I was willing to pay. That evening around 5 pm I received updated docs that were closer to the original number but not was low. My closing was less than 24 hrs away and I was told that I had no choice but to move forward because the sellers had already cashed my earnest check and they could legally force the sale.
2. The loan officer grossly mislead us regarding the value of the home and equity we would have in home. After the appraisal was complete, we were told that it came back great. The loan officers exact words were “The appraisal came back great and since you got such a great deal, you have tons of equity in the home.” So we asked for a copy of the appraisal and were told we would received a copy with our closing documents. The appraisal was not with the closing docs. But we believed her and took her word for it. Then after requesting the appraisal for months and even making a request on Countrywide’s website, I received an email from Countrywide saying they could not find the appraisal and would not continue to look for it. Finally 8 months after closing I finally received a copy of the appraisal and was horrified to find that the minute we signed our paperwork we owed more on the mortgage than the house was worth. The house appraised for only $1000 more than the loan and when you factor in prepay penalties we were immediately upside down.

I have called Countrywide 3 times. The first time I called I was told I was eligible for a modification. We reviewed my account and I provided financial info. I was told that my account would be reviewed and that I should receive a letter in the next few weeks detailing their findings and my options. I called 2 weeks later and I was told that it was still under review but I was told to call back if I did not receive a letter by Nov 1. I was also told the letter would detail 2-3 options for modification. I called Nov. 3 and spoke to a woman who was extremely rude and told me that my account what not being reviewed and that I was being untruthful about my claims that I was misled. She also told me that no one ever told me my account was eligible for modification and that I was not telling the truth. She proceeded to tell me how they record all calls and if I didn’t agree with her to say so and the calls would be replayed. I know what I was told in the phone calls. I have emails from the underwriting in regards to the HUD statement and I also have the email from Countrywide saying they couldn’t find my appraisal. Lastly, I kept the email that proves that I finally received my appraisal in Oct 2007 even though I closed in Feb 2007.

Is it legal for Countrywide to lie about the appraisal and then withhold it even though it was requested? That is a very important part of the loan process and the appraised value can make or break a deal. I would have never agreed to the loan if I knew that I would owe more than the house was worth from the moment I signed the paperwork. I have sent emails to the email addresses that Cat has provided on this website. Has anyone had any experience with requesting a modification because pertinent documents were withheld and the facts were mis-represented? Should I go through the normal channels of customer service and retention or are there other departments I should focus my efforts on?

[Cat Damiano]

Hi JSAM223,

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

Most that feel that they are the victims of predatory lending don't go it alone..........they have their documents reviewed for violations by an attorney so that they have documentation of the violations and have the attorney use these violations in trying to obtain a modification...........

Call and see if you meet the criteria for the new program beginning on Dec. 1st.........if you don't, then they will be able to get you to the home retention dept.

1-800-669-6607

[JSAM223]

Home retention is who I have been talking to but I keep getting conflicting information. I was told on 2 occassions that I qualify then I was told I didn't because my loan was current.

I'll keep at it. I am sure there were other violations with my loan but I have documentation to support how long my appraisal was withheld. Does Countrywide normally respond to attorneys only? In most cases are normal consumers ignored?

[Cat Damiano]

the number that I posted for you is Homeownership Retention and is a different dept. than Homeowner Retention..................this dept. is just set up for the qualifications for the Dec. 1st. program.

[JSAM223]

Just to update…. I’ve received feedback that there has been some movement with my request. I wrote a very heated and factual letter to Countrywide and used the email addresses listed on this website. I received a few returned messages saying it was undeliverable but some did go through. I let them know what happened with my loan from the start and I made sure to include my conversation with the rep who called me a liar and said that “Countrywide gave me my home.” I don’t pay for gifts so if Countrywide considers my home a gift, I won’t make another payment. I called again after that was told that my loan was up for review although I was told that it wasn’t the day before. I was given the fast track speech and told to send my proof of income within the next 10 days or the request would be cancelled. So I’ve sent the paperwork and continue to fax it a few times a day until the docs have been posted as received on the website.

What I found very interesting was that when I attempted to pay my mortgage yesterday my access to pay on the web had been disabled. So I’ll send my payment via certified mail. I don’t want any late fees and interest tacked on in the end. I have also lost the ability to access the message center. I wanted to send a message stating that my access had been disabled and that I wanted to make my payment. I called yesterday to ask why this was happening and I was told that one person in particular was handling my account that I needed to speak with her. When I finally got through to her she was nice and she told me that they received my online/emailed complaint and that it was up for review in the office of the President. She said that they automatically restrict your pay on the web when your review is active. This is so silly to me. But she said she’d note in my account that I’ve faxed the requested docs and that I would be sending my payment certified mail. The good news is that she is the only person that I have to deal with from now on and that I should expect to hear back from her in a few days. We’ll see if she is telling the truth.

The one thing that did concern me was when I was told by another rep to fax my docs, I asked specifically what I needed to send. Did they need one pay period or two months of pay stubs. It seemed she was purposely being vague. All she would say was, just send documents to support the monthly income you just stated. When I asked again, she just repeated it as though she was reading. I got the feeling that if you don’t send them exactly what they expect then they’ll try to use it to deny your request. But it seems they make it a point not to communicate in detail what you need to show specifically. Has anyone else encountered this?