My Countrywide escapade and Hi!

[Lori56]

Poppy, I have just written and faxed to the Wells Fargo CEO, Congresswoman Nancy Pelosi, Congresswoman Ellen Tauscher, and I plan on faxing some more tonight. Now this request for QWR, how do I know where to send it? WF is huge! Right now we are going to consult with a lawyer, because they are so hard to work with. I called WF loan mitigation yesterday and they again said, "don't pay your loan, it will delay your judgment." I advised them I will hit my retirement to pay the past due, so I am still confused. Can't keep paying $3.651.00......but will call them tomorrow and bug them as faxed them another letter last night but forgot to tell them I got a raise.

Lori...Wells' advice is lousy, if you do not pay within 60 to 90 days they will file NOD....no ifs, ands or buts about it they will.

The QWR should be mailed 3 times, try their corporate office in MN for two of them and then the Des Moines, Iowa address for one of the mailings. I do not have the specific addresses, but their correspondence to you should have a slew of addresses.

They should have sent you a notice when the loan was sold to that servicer that has those addresses on it as well, they have to and one of the addresses referenced in that transfer of servicing has the QWR address directly referenced as such, it is a federal reg to do that on the transfer of servicing notice.

Question how did we get in this thread???

[scbrvt]

Hi Poppy. I'm sorry I haven't posted in forever, but I've been busy trying to rent the apartments I have vacant. Still no luck with that, but....
I GOT A CALL FROM COUNTRYWIDE TODAY!!!!!!
A workout team rep named Renee Browning called me and made an offer. She said that I can get a 5 year interest only fixed at a little over $4000/mo (5% interest) with a $499 modification fee. They are going to email and fedex the documents today. I will have 7 days to look them over and then sign with a notary if I agree to the terms. I did ask if they would consider a principal balance reduction, and she said no way. This is much improved, but still over my budget. I can make the payments, but it will be a real struggle and I'll have to dip in to some of my equity lines periodically. However, I think that within 5 years I will have equity on the house again and will be able to get into a 30 year fixed, or sell the house to get a 2 or 3 family building.
I didn't send the QWR, nor did I call every day. I did find out a few things that let me stop panicking (hence why I have been focusing on my rental property and not the house for a month.) First, I spoke to my loan broker who started this mess. He has offered me $30-$40K to repay the money he made off of brokering my loans. I haven't spoken to him since the offer was made, but if I can figure out how to do it without being taxed on the money, I will probably take it. Second, I spoke to a girl in the "specialty loans" department at Countrywide, and she said that according to her records, it is not going to be within 15 months that my ARM resets if I continue making only minimum payments. She said it was more like 17 months. Well, that's quite different than the 4-6 months they led me to believe back in January. I made fully amoritized payments for February and March to show good faith. It seems like that helped get their attention and get me some answers.
Anyway, before I consider this a Countrywide Success Story, I wanted to get your feedback. I hope all is well with you and the dogs.
-Stephanie

WAAAHOOOOO

So with that deal are you comfortable? This was an Option ARM, yes....I can not remember please do not take offense, to many, to hectic...

The fact that they did that is heartening, I have a whole bunch of folks in the same boat on these nasty Neg AM things....and changes were if you were making only the minimum with a 110 to 115% cap....2 to 3 years reset....115 to 120% cap.....2.5 to 3.5 year reset....and so on...they can not compute their own products....sorry, they do not understand how they work....

As for the lying, scheming broker..well if there is a way to get it taxes or not, get it from the scum....he owes you and many others I suspect.

If you can live with this, and you do need to feel that you can....then go for it, let us know and when you get the Mod package and it is as promised, please post to the Success Side of the World...we want the details...like original loan stuff and how they modified it, we will use it for other Country Fried Option ARMs to follow.

CONGRATULATIONS !!!!!!!!!!!!!!!!!!!!!!!!!!!