Getting cw run-a-round too help

[judyneedshelp]

I have an owner occupied single family home in Southern California (only home we own) bought with 20% down in a Countrywide (CW) neg am option ARM. Worth way less than we owe. Hardship=Lost half income of two income family due to layoff. Three months behind on mortgage one year behind on property tax.

Applied for loan modification 8/08 following CW instructions. Multiple follow ups indicated my application was under review. Received CW letter 11/20/08 stating I qualify for Nationwide Home Ownership Retention program and instructed to send most recent proof of income = did it. 11/28 follow up was told App was approved and I would receive FED EX package with modification offer by 12/15= never arrived. Follow up 12/29 CW said process would be 30 to 60 days from 12/8 when app was opened. When I said we were told we were approved I got no explanation as to the change in information.
1/5/09 received call from CW= needed bank statements & tax returns for application=did it. Follow up 1/12/09 I was told my application was opened on 1/8/09--not 12/08/08 and it would be another 30 to 45 days. This feels like the run-a-round and I am scared. Do you think my modification process is legitimate?

[Cat Damiano]

Hi judyneedshelp,


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

Are you monitoring your updates online as well?
What number are you using to call for updates?

[judyneedshelp]

I am scarred here is my story:
I have an owner occupied single family home in Southern California (only home we own) bought with 20% down in a Countrywide (CW) neg am option ARM because we were using it as a bridge loan until escrow closed on our home for sale with intent to refy out-ASAP. property needed some repairs and updating so we also remodeled with 80K using credit cards and now need to file for bankruptcy too. Even after a remodel this house is now worth way less than we owe by about 100K (based on comps of recent sales) All our 20% down (life savings) is lost and the credit card debt ruined our credit. We need to modify before a BK in order to deal with the IRS hit we will likely incur if we get the modification. Hopefully Obama will address that in the tax code.

Hardship=Lost half income of two income family due to layoff.

As of 1/16/09= Three months behind on mortgage one year behind on property tax----missed 7/08 and 12/08 payment. We have one solid income in the family and I think we would qualify based on that but now I do not know???

Applied for loan modification 8/08 following CW instructions. Multiple follow ups indicated my application was under review. Received CW letter 11/20/08 stating I qualify for Nationwide Home Ownership Retention program and instructed to send most recent proof of income = did it. 11/28 follow up was told App was approved and I would receive FED EX package with modification offer by 12/15/08= never arrived. Follow up 12/29 CW said process would be 30 to 60 days from 12/8 when app was opened. When I said we were told we were approved I got no explanation for the change in information.
1/5/09 received call from CW= needed bank statements & tax returns for application=did it. Follow up 1/12/09 I was told my application was opened on 1/8/09--not 12/08/08 and it would be another 30 to 45 days. This feels like the run-a-round and I am scared. Do you think my modification process is legitimate? Is there anything else I should do? HELP!!

[judyneedshelp]

Thank you for being here for me!!! The one from the letter in 11/08: 1-800-669-6654.

[defcharge]

I would constantly check with them... they are idiots... sorry I have no good words for them. At all... none of the phone reps I talked to had any idea of our case. Everytime we called we got the run around asking us for updates on our financial situation. Expenses have not changed... Jobs may do but expenses rarely change. We applied for a modification back in March 2008 found out recently that we had a Home saver advance which added an additional note to the house in addition to the two notes already on the house.

[Cat Damiano]

some members are using this number and getting details.........
1-800-669-0102

which is another Home Retention number.......give it a try and see if you can get an update.

[judyneedshelp]

Thank you CAT! I was also given a website to check the status of my application: customers.countrywide.com-----Is that right? I was told not to call because it would delay my application. I suspect that may be a volume management tactic.

Is there anything else I should do? I am scared because the posts indicate that many people waited 6 months and years to resolve their modification. The stress is killing me.

[judyneedshelp]

I logged on to the customer.countrywide.com I was offered YESTERDAY. It does indicate that all my docs are received and in review (again??) and only indicates the 01/08/09 start date, not 08/08 when I originally sent in my request, not 11/08 when I sent the pay stub they requested. What is that all about?

Also, FYI there is very little direction on how to use the website so members may want to know: after you register and log on there is a menu bar on the left "financial assistence" this is where you will find updates on whichever assistence you have requested.

Lastly, I reflected about the possibility that I may not get approved or be able to accept whatever they offer and I really wish this process could have come to a conclusion in October 08---two months after my first request for help and before I started to miss mortgage payments. Now I will not be able to buy again for years due to a foreclosure on my report in that event! I have a lot of kids and animals that will make renting very difficult.

[Cat Damiano]

Judy...........is this the only property you own?

[judyneedshelp]

Yes Cat this is the only property we own and we live in it. Also, FYI I was told yesterday by CW customer service that my application was under review for the AGQ program. When I asked what that was the customer service gal said Attorney General Program. Do you know what that is? Thanks!

[Cat Damiano]

It is this program..........click on the link........
Countrywide Financial - Real Estate Mortgage Lender - Home Loans - Equity Loan Mortgages

[judyneedshelp]

Cat-your the best! Just read the link you sent and pray we qual for that wonderful program. Truth is I know at minimum we would need a principal reduction equiv to remove all additional principal acquired because we paid neg am payment since purchase --That is about 60K- and the LTV will still be 125% or more due to the value decline! Ideally a principal reduction to it's current market value would be more than 120K!! We would need a payment equal to slightly less than what we were paying at the neg am rate which could be realistic as rates are so low now. How did this happen---we put 20%down on this purchase and it is gone.

1. I have read on this forum that a letter to my senator, Countrywide executives, and the Attorney General can "change CW mind" about denials. Would that be a good second plan of attack in the event I am denied? Can I get the CW executive phone fax??
2. Can you send me the name of an attorney in San Diego, CA who can represent us if we are denied and my second plan of attack fails?

[Cat Damiano]

You should see what they propose first...........if it is not going to work for you then go to NACA.

[judyneedshelp]

I will do that and get back to you on 1/29/09 (the date that CW says I can contact them)--- thanks

[judyneedshelp]

CAT,
I am no financial or legal wiz but I do detect a pattern here and perhaps you can comment.
Seems that there may be more willingness on the part of CW to work with jumbo sub prime than conventional. Is that because the investor market is strong for lower cost homes that are good "rental" properties verses the bigger homes? Maybe that is just wishful thinking on my part because I am in an option arm jumbo! I guess I will know soon enough. Any thoughts?

[judyneedshelp]

I need to put some thoughts in writing--its cathartic. Well it is 01/29/09, and at 9am sharp I called CW for a status check as instructed. Miss Lee said call back in two hours the "system" is down. Two hours later David said call back in two hours the "system" is down. Then Julie said call back in an hour..she was sure by 2pm the system would be restored. Does this BS ever end? I called "Michael" a negotiator one of the other posts said did a good job on a getting right back to him 661-951-5221. His phone answering machine stated he is at the Office of the President! I left him a message stating my account number and my long process of getting nowhere with CW modification since August 08. I told him I was a loansafe member and will be writing a letter to my senetor, congressman, govenor, and President Obama outlining this BS and asking what next? Lastly I stated that I was going to visit each home used for my inflated appraisal comparision to see how my "fixer" ever appraised for a $800,000--imagine that ....an $800K fixer. I lived in another state when I purchased it so I could only rely on a professionals opinion of the value. In hindsight....Where was my brain? Meanwhile, my neighbor just got transferred to TX and their house (basically the same as mine) just went on the market this week for $499K--he will be very lucky to get $450K. I owe CW $678K..... Reason and logic would have CW banging down my door and doing back flips that I would want to stay and work something out that is win win for both of us. I am holding out for principle reduction to 95% LTV and interest only payments at a step rate reduction landing at 5% years 5 -30, no prepay and no equity sharing, waive all payments during the modification period-- is a win win. In 5 years CW will make back every dime of the principle reduction with the interest payments and I will earn back some of my lost 20% down assuming an average 6% appreciation. So the crazy math here has CW and me losing about $200K plus (conservatively) if this goes to foreclosure. Off to write my letters. I'll post them.