Greenpoint loan given to Countrywide during modification process

[alamar]

We are going through a loan modification and have just been told that it will be Countrywide who makes the decision about our loan modification. We are 2 months behind on our 1st and 3 on our HELOC (never been behind before in 4 years). This is due to my husband being unemployed for 5 months last winter/spring, waiting for his work permit (we are foreigners running our own business in USA). The loss mitigation representative telephoned my husband and informed him that our loan modification was being processed - they just needed the valuation. However, ultimately CW would make the decision. Since that call we have not been able to clarify anything with her - and she doesn't return calls. I panicked the other day as an appraiser booked a visit and the order came from a title company. He had never done an order from a title company before and it was for asset management purposes. Does anyone know what that means? Are we on the road to modification or foreclosure? In the hardship package I explained that my husband is back to work as usual and I am starting my own school with a potential income per month of $4000 - I have not previously worked in the USA. Has anyone got any comments or advice - should I be panicking or does it look like the loan mod is going to go through in the light of the appraisal. Our house is worth approximately $380,000 and our loans = $349,000. Thanks so much.

[Dan Bailey]

Alamar,
Glad you made it to the forum..thank you for posting.

[alamar]

This an update on my original posting.
We have since moved over to Countrywide and they tell me they haven't received anything not even the appraisal and they never will (they were very sure of that). I then started a whole new loan mod application over the phone despite the fact our original application with Greenpoint began in May 2008. Once he entered all the figures the computer told him we earned too much money. However, that is only because I have canceled our health insurance, IRA, cable, only buy from the thrift, never go out, scrimp on groceries etc. My sister told me that there are 3 things that they look at when determining whether we are eligible: 1. hardship (5 months unemployed last year and we are not eligible for unemployment benefit) 2. a mortgage with a rate over 6% (our 1st is at 7% and 2nd is at 8.5% above prime) and 3. an arm that is going to adjust and be unaffordable. Therefore, do we stand a chance? at the end of my expenses sheet I have $1300 left for health insurance etc. I explained that we may be able to afford it usually but we are now 2 months behind and are working on a contract from the beginning of December that doesn't pay until the end of January. We can actually get current at that point or on the next payday at the end of February.I would love a bit of advice and support if there is any out there.

[Moe Bedard]

alamar,

When you gave the figures to CW did they tell you that you were showing too much? You may want to show all of the expenses to get that 1300 surplus down..........the loss mitigation dept. should be able to help you put that together. With CW you would need to follow up once you get your docs in at least 2 times per week and you can also follow the process online. Alot of the members with CW have also gone through the non profit NACA because they will negotiate with the investor on your loan and CW................they also do it as a backup plan as well to see what modification outcome is best for them..............

Countrywide Loss Mitigation
1-877-744-7691

If you would like to go through NACA for the help as well, go to
https://www.naca.com/refinance/refinanceTenStep.jsp

Please keep us posted on your progress............

[alamar]

Hello ***, thank you for replying so swiftly. Yes the guy on the phone told me that we looked like we earned too much. My sister is going through the same process and she has listed all her expenses that she had before going delinquent. There are so many issues that compound and complicate our delinquency. I suppose we can afford the loan but not when my husband is out of work for 5 months. I will look into NACA now. Is it possible to revise the expenses that we sent in?

[Moe Bedard]

That would depend........some reps will take revised financials but others don't...... if you decide to go through NACA, they will help you put together another income/expense sheet that they will submit with their proposal to CW.

[FLgata]

Good Morning Alamar,

I'm not sure if this will help or not, but you had mentioned owning your own business. I am a business owner as well. After my phone evaluation, I showed a surplus of $300 each month but after we had hung up, I realized that they had never asked about my business insurance (my E&O is just under $200.00 a month). I'm sure if you think real hard, there will be other necessary monthly expenses like tools, office supplies, vehicle tolls/maintenance...etc that they did not ask about.

[alamar]

FLgata - Thanks for the advice. I have sent revised financials to CW today and have included health insurance, life insurance and workers compensation. I have heard some information about lenders have to act by law if a loan is above 6%, there has been a period of hardship or the loan is about to adjust. Does anyone know about this? Thanks so much.

[Moe Bedard]

there isn't a law put in place that would make an investor have to modify a loan. Unfortunatly, every program that comes out is all voluntary to the investor.

[alamar]

we are attempting a modification with CW. We are 4 months behind and the CW website says that our modification is in 'Active Processing'. Does that mean we are going to get an offer, or could we still get turned down? We were approved for a mod with Greenpoint the day before they handed the servicing over to CW and then we had to start all over again. The computers are always down when we phone. The website says we are to call after the 29th if the message hasn't changed. Our negotiator is Sonya Montez but we can't get through to her.

[moliver2k9]

Well without know the specifics ( which you should keep confidential!) CW is slow but us generally very flexible( depends in your circumstances) when did you start the process? it says it takes a month but its more like 8-10 weeks once you get in their queue..the Negootiators are the ones who do teh analysis and loan mod , they submit/review with the investor( who is yours?) dont give up and call that office of the president number above

[alamar]

We started the process May 2007 with Greenpoint. We had an appraisal around Thanksgiving and then our negotiator contacted us telling us they were just waiting for the appraisal. Greenpoint closed their doors at the end of 2008 and CW now service the loan. We started the process from scratch and the website shows that they received our documents on the 7th of January 2009. It now says that we are in sub phases: Active Processing. We are self employed in the construction industry/trucking. We have had a terrible year with my husband being unemployed for the first 4months of 2008 because he was waiting for his work permit to be authorized. When we did get working fuel prices rocketed and cut any profit we might have made this year. We haven't made a payment since September 2008. We have improved circumstances now due to reduced fuel prices ad I have started my own in-home Preschool. We are still unable to get current as we have worked on a contract for 2 months and the contractor is refusing to pay us until they get paid, despite us having invested thousands in fuel on this job. They have cut the contract short and we probably have a month now of no work before our regular season starts. I am worried they are going to offer a modification but will require thousands which we don't have until the end of February. I haven't lost any value in my home. The 1st is $246,000 and the 2nd is $95,000 - the home is worth approximately $380,000 to $400,000. Has anyone got any reassurance for me?

[Moe Bedard]

alamar,


Had you tried contacting NACA to see if they were able to help you, and if so what happened?

[alamar]

We did look into NACA and began to apply online until we read the part about them putting a lien on our home as some sort of payment for their services. Also, in the meantime we spoke to a wonderful lady at CW who revealed lots of information about our file. She used to work in the mod department so she understood what certain codes meant etc. Unfortunately, we got cut off and have never been able to get in touch with her again. She had lost her Californian home the year before so was very thorough and sympathetic. I have just got ff the phone with CW Home Retention and they have no update for me, despite the 29th being the date they were supposed to update the file. The only new pieces of information were:
1. the investor is Citigroup
2. the case/review will be closed/finished on 24th February

does that mean they could say no even then or is that positive?
the helpful lady had said hat our mod was pending but no one else can ever reassure us.
I will telephone the office of the president and customer solutions on monday when they are open.

Are citigroup being helpful with mods?

[Moe Bedard]

NACA services are free............this is from the Home Save eligibility page.

Given the current mortgage crisis NACA has suspended any Membership Fee for Home Save participants. In addition, NACA will pay for accessing your credit reports. All of NACA’s services are Free.

Citigroup is a supporter of NACA
https://www.naca.com/about_naca/citigroup.jsp



What that means is that Feb. 24th they will have an answer one way or the other on the file. If the modification is denied or is only for a five year period...............at that time then you may want to try NACA.

[moliver2k9]

alamar
for me the "rosetta stone" was getting to speak to a live person
I achieved this first thru the contact via the Office of the President and then after that I got the name of the person who was my negotiator (for my investor)... she was very responsive and got back to me right away (24hrs)..In fact I know that CW are working 7 days a week on these so try that
Your have different income scenario then us but just figure out a budget that you can do and see if they can make it fit for you-without being too optimistic or pessimistic
Given the current state of teh world economy nobody knows what there job will look likt tomorrow..except govt employees for the near term

i wish you good luck I think they will work out for you
At the end of the day there are real people on the other end of the deals and if they cant work out a payment stream it is not good for anyone. Interest rates are effectively zero for banks so theres a lot of room betweeh 10% and 0 to achieve a win for everyone