Countrywide Modification My Story

[veejmar]

Hello,
My first posting and while there's the old saying "misery loves company" it does not apply here. I don't wish what I'm dealing with (and we're all dealing with) on my worst enemy (well, maybe my worst...). I am hoping for some info. I had a modification back in the spring, but they only lowered me from 10.25% to 9.875%. The minor reduction in payment was undone by the escrow account increasing my payment by $500. I am 2 months behind right now and being reviewed as part of the Countrywide/BofA Home Retention Program and the wait is killing me. It says on my account that more info should be available tomorrow, 12/11, but when I speak to a rep they tell me that it could be several weeks beyond that before a decision is made. They also point out that since the loan is in default, they "could" begin the first steps of foreclosure (though at this point they have not). The first time I did a modification I was 60 days behind and they never mentioned this, but they say it every time I call now. When I ask for the status of the modification request I'm told that it's being reviewed and they ask my why I fell behind. If I already explained this in detail in the Hardship Letter, I don't know why I have to explain this to the phone rep. Anyway, as I wrote above, I have a 9.875% interest rate and if it were lowered, I'd have no problem making my payment. I also told them in the letter that if they need me to pay a percentage of the past due amount and/or the late fees before the modifcation will go through, I can do that. I will also be able to make a payment by the end of December to stop myself from being 90 days behind. I guess my question is, does my account sound like something that they will help (high interest rate, ability to pay if payment lowered slightly, willingness to pay percentage of past due payments)? I don't know what else to do at this point. I think I'm going to stop calling on a daily basis. I think I wind up more frustrated and upset after speaking to them and essentially getting the same info I can get on their website. Also, does having one modification six months ago prevent/hurt my chances at a modification via the Countrywide/BofA program? I barely sleep at night, I fight to stay awake at work because I'm exhausted, my friends ask me what's wrong because they say I'm not myself (obviously). I can't seem to focus on anything else. And the thought of this being rejected has me scared to death. I've made it clear in my letters that I want to stay in my home and pay my mortgage on time, but the nearly 10% interest rate is killing me. Any advice or insight by anyone on here would be appreciated. Also, if anyone has received paperwork from the Dec. 1 program, please post. Thanks for your time.

[kateistired]

At this point, I would be okay with them adding on my past due payments and lowering my interest rate. It seems to me, though, that a principal reduction would help an awful lot of people afford their homes for the long term.

I haven't gotten my letter yet, hopefully by the end of the week. We are way behind on payments, but can afford our payment now at the current rate. I wonder what they will offer.

[kateistired]

Also, they always ask me the same stuff, too. At one point, I told the rep to just read the notes before asking me anything

[starwisher]

well at least they are telling you even though they modified you earlier you can get help from them, we are being told because they modified us in march we can't qualify for any of their programs, even though they modified us, they gave us an escrow impound acct because we were behind in o ur property taxes, without us knowing, they paid them, and tacked the money on to our payment which was just modified, so for one month we were ok, but the payment went up 1600.00, they lowered it to 800.00 , but even that was too much, they say we don't get anymore HELP from the investor, and they just sent us our notification of accelerated foreclosure, but they tell us they are willing to short sale for 80,000.00 less than we owe, to someone else, but won't work out a plan for us to stay here.. yet two weeks ago, countrywide testified to congress how they are helping their loans for 440,000. people.. whom???.. no one i know. that's for sure.. we didn't even have a chance to make the lower payment we modified the first time, they killed us with the 1600.00 more!!... i don't know what to do at this point. truly.. you are lucky if they are even considering you after you already had a modification. they won't do that for us.

[alikeith]

Ar eyou calling 1-800-669-6650, not 1-800-669-0102? When you talk to the Home Retention Team for the Dec 1st program, they stop all collection calls and stop the foreclosure proceedings pending the outcome of the mod approval.

[veejmar]

Hi alikeith,
Thanks for your message. Yes, I'm calling the 6650 number. They always mention the loan default and the possibility of pre-foreclosure before I ask them for the status of the modification. Then their attitude changes and they become much more accomodating. Collection has stopped during this process. Haven't had a call for weeks. But I wish they wouldn't threaten with foreclosure while waiting for the modification to go through. I provided all of the paperwork on Nov. 20 and it says more info should be available by 12/11. Any idea if the Modification Status changes on the Countrywide site once a modification is sent out? I can't stand seeing that same screen over and over again that says "more information is expected on...". The wait is torture.

[gray517]

we submitted for mod through naca in october, my status said call back after 11/13, it still says that. I called CW on 11/13 and was told i was eligible for 12/1 program (have a subpime fixed rate and i am more than 60 days behind) told us to fax paystubs, we did and new mod status appeared said to call back after 12/4, when i called was told a packet would be coming in the mail about what the offer was, Rep didn't know any details or if package had been sent yet. get this account shows both mod attempts, but still has orginal naca mod attempt status of call l back after 11/13 and now the 12/1 mod attempt to call back after 12/4. Where is the "so-called package" and why can't the reps at least tell you what the options for your loan are?? I have called 800-669- 6650, 0102 and 6607, always end up in home retention So Frustrating

[kateistired]

We have almost the same issue My status said to call back after 11/20. Called a million times, was told to wait for the letter. No letter yet, no change in status on the website. The rep had no specifics on my offer. I also have a fixed rate and am more than 60 days behind...It really IS frustrating! I agree, all of the numbers go to the same place, if you ask me.

[veejmar]

***,
I had a couple of questions about the Home Affordable program and I'm hoping you can help. My loan was modified by CW back in December. Right now I'm paying interest-only and my payments are current, but with interest-only plus escrow (taxes and insurance) my payment is higher than 31% of my gross by several hundred. Because my loan was recently modified, am I still eligible to for the Home Affordable program? While the modification was a big help, if I could get my payment lowered so that it's within the 31% limit, I would of course try to do so. Do I have to fall behind on my current payment in order to be considered? I'm not concerned about lost equity as I intend to be in the home (hopefully) for many years. I'm just looking for the best deal I can get for the long-term. By the way, I was on these boards a lot during the modification process a few months back. Thanks again for being such a big help to everyone.
Best regards,
Vince

[Moe Bedard]

You wouldn't have to be behind in payments to be able to qualify for the Making Home Affordable modification........
for CW the contact info and what to do to begin the process and see if you are eligible to apply for a modification using this program can be found here.............
Countrywide Financial - Real Estate Mortgage Lender - Home Loans - Equity Loan Mortgages




Here is a link to the guidelines of the program...........
http://www.treas.gov/press/releases/...guidelines.pdf