Modification rejected so hired lawyer

[ocalalady]

Schnelle....I am also wondering if this is just all part of the negotiation process? Maybe they expect some homeowners to fold and give in....but the rest of us will keep fighting!

[Schnelle]

Update:
Feb. 17, 2009 (Tuesday)

I am still waiting for final modification offer for both my loans.

Andrew said that my 1st loan is currently being reviewed in upper management in the office of president since our offer was rejected the first time.

For my 2nd loan (HELOC), a request for 4-5% fixed interest rate has been sent and awaiting answer.

I asked Andrew if he has seen HELOCs that has been successfully modified from adjustable to fixed and said that he has!-- sometimes at current rate, sometimes slightly higher or sometimes raised close to cap.

Nothing much I can do right now but wait and hope for the best.

[Schnelle]

Update:
Feb. 17, 2009 (Tuesday)

Documents Received

Processing Date	Workout Type	Document Type
01/26/2009	Modification	POWER OF ATTORNEY
01/26/2009	Modification	BANK STATEMENT
01/26/2009	Modification	BANK STATEMENT
01/26/2009	Modification	INCOME ANALYSIS
01/26/2009	Modification	PAY STUB
01/26/2009	Modification	PAY STUB
01/26/2009	Modification	LETTER OF EXPLANATION
01/26/2009	Modification	TAX RETURN/FORM
01/26/2009	Modification	TAX RETURN/FORM
01/26/2009	Modification	TAX RETURN/FORM
01/26/2009	Modification	VERIFICATION OF DEPOSITS/ASSETS
02/17/2009	Modification	FAX COVER SHEET
02/17/2009	Modification	WORKOUT LETTER

[Schnelle]

Update:
Feb. 19, 2009

None. Countrywide is 3 days past their estimated completion date!
Sigh...this waiting is killing me. I feel like our lives are on hold.

[LHarveyMadman]

Is that "workout letter" listed on your account activity something that you sent in? If not, it sounds like you should be getting something presently.

Crossing my fingers for you....

[Schnelle]

LHarveyMadman,

Thanks for stopping by.

The workout letter was sent by Loan Safe Solutions after Countrywide had implied on Feb 13 that investors on my loan may not be able to help me.

[Schnelle]

Update:
Feb. 19, 2009

My work out status states its canceled...

Workout Status Details:	Your Loan Modification has been canceled from workout servicing. We regret to inform you that the loan did not qualify for a Workout Assistance program. Please be advised that normal collections activities will resume on your loan. Please continue to explore alternative options to bring your account current. If there is any change in your financial situation, please call for reconsideration. Thank you.
Information as of:	02/19/2009
Workout Stage:	Canceled
Phase/Sub-Phase:	Borrower Did Not Qualify

[LHarveyMadman]

I'm sorry to hear about this. But I wonder if CW is canceling or suspending modifications pending the implementation of President Obama's plan early next month. You said your investor is FNMA, so your loan might qualify. There are other criteria that need to be met.

So there's still hope for you. Good luck.

[Schnelle]

sleone8459,

Attorney Griswold/Loan Safe Solutions is currently handling my case...

[Schnelle]

LHarveyMadman,

"I'm sorry to hear about this. But I wonder if CW is canceling or suspending modifications pending the implementation of President Obama's plan early next month. You said your investor is FNMA, so your loan might qualify. There are other criteria that need to be met."

I hope that is the case. I am going to try and stay positive.

It will have to start with a warm bath.

[heehoo22]

Originally Posted by Schnelle

Update:
Feb. 19, 2009

My work out status states its canceled...

Did you call to find out why your mod was denied?

[Schnelle]

heehoo22,

I am grateful to hear from you! I contacted Andrew, my processor from Loan Safe Solutions about it and hopefully I hear from him tomorrow.

I have no idea why my mod was canceled. Since my investor is Fannie Mae, do you think it might have anything to do with the new Obama program.

I would truly appreciate any feedback from you.

[heehoo22]

No, it wouldn't have anything to do with the Obama program. We haven't had any direction on it and will not until after March 4th

[Schnelle]

Sigh*

This will be the second time that my loan mod was canceled. The first time was when I applied on my own and it was canceled because I was still current on my loans. This time...probably for the same reason.

[sandyh]

I just posted a long note on "my countrywide ARM story" about being current with payments...I do think it is much more difficult to get a mod if you are current.

[Schnelle]

sandyh, heehoo22,

I just got the rejection letter from Countrywide for the second time. It states the following:

"The financial information submitted indicates that you have the resources to support your current monthly mortgage payments."

Below is my email response to them:

Yes we are on a negative cash flow which has been supplemented by:

1. HELOC as you can see our balance went from 55,000 to 64,000. Now this line of credit is shut down and we can no longer access this.

2. Money has also come out of savings account currently has a balance of 5,100 (of which 3,700 came from student loans and grants). After I pay the lawyer fees which is currently charged on my credit card the balance will go down to 2,100. This amount is not going to last a very long time especially when an emergency arises. This is all the extra funds that we have as our mortgage sucks up a huge amount of our take home pay.

My statements does not show delinquencies as I try my very best to avoid NSF fees and I pay off my credit card to avoid finance charges as these costs puts my financial more on a negative. If i don't get help now I will be delinquent as soon as the 2,100 in my savings account run out. I am unwilling to use credit cards to supplement my negative cash flow.

If I cannot get relief from a modification, I will have no other choice but to let this property go into forclosure because I cannot sustain this life style that does not allow us to have any savings; My medical insurance just expired and I could not afford to renew it because of; lawyers fees and trying to meet my mortgage payments while on modification.

Sigh...this is getting more and more unbearable everyday.

[heehoo22]

Their letter says that based on the financial information provided (whether it was by you or your attorney) you ARE ABLE to afford your payment.

It doesn't sound like the attorney you have it doing a very good job. If they submitted your financial information showing you can afford your payment, then of course Countrywide is not going to modify your loan. Your attorney needs to call them back and make sure the information is correct.

[ocalalady]

Originally Posted by heehoo22

Your attorney needs to call them back and make sure the information is correct.

Schnelle,
I agree with heehoo....they should work a little more on this...hopefully they already are.

We're still hoping for you.

[Schnelle]

heehoo22, ocalalady,

Thanks for your input. I believe Andrew is working on finding out exactly why my mod was canceled.


Although the payment option is now enabled for my 1st loan, it is still disabled on my heloc account. Does this mean only my 1st loan was canceled? Also the rejection letter only refers to the 1st mortgage.

[heehoo22]

Sound like it.. although if they denied your first, the second may not be too far behind.

[tandm]

Heehoo22 -
Any guess as to why cw cancelled the loan mod? The same exact thing happened to us last week - the group representing us resubmitted our papers and I'll probably find out next week what the result of that was. We are behind on our payments, though - unlike Schnelle.

[ocalalady]

Schnelle,
Did you ever get a response to that email you sent CW?
It just doesn't make sense...you want to actually PAY your mortgage....you'd think they'd be a lot more willing to negotiate with people that are willing to do that!
I hope Andrew can get the ball rolling again.

[Carrie]

Thank you for responding to my thread.

I was also denied and when i called CW was told to start the whole process over again.

i am still trying to keep fighting CW to save my home -
Good luck

Carrie
Miami, FL

[Andrew]

Hehoo, to point a couple of things out, regarding financials. Cw deducts unnecessary expenses, for instance, if you say you have 400 spending money, they will minus that out. Also regarding credit card payments they minus those out along with medical expenses. It crazy but they do it. They say would you rather keep your home or your credit cards.

[heehoo22]

Thats not true. Medical expenses are very important when it comes to a homeowners financial situation. Yes, they do remove spending money as well as credit card debt OVEr $300 a month.