Fight Fight and Fight!! Countrywide Mod Approved after 3 negotiations!!

[soccermuppet]

First of all, I want to thank everyone here, moderators and members that have posted before. I have lived through my own silent hell on this and now feel it is the time to post after reading through everone else's contributions!!

Ok, so here we go......got the intent to sell foreclosure letter in October with my original sale date of December 26th (Merry Christmas!!).

I have been working with one person, his name is Michael as my Workout Negotiator. They got the sale stopped (whew!!) and asked for all of the normal paperwork everyone else is asking for.

I had to wait until just before Christmas to have them say that they were modifying my loan to 5% fixed ( I currently am in a 6.75% interest only, payment of $1675, not including T&I) no upfront payments due and that my first payment would be due in February.

Mind you, I was elated that they were willing to work with me (single mom, soooo determined not to lose her house )....so I rejected their first offer...it was so quick!! Almost like, hmmm, she's a single mom, that should sound good to her...I asked them to come back with something more affordable. (I really expected them to say....sorry sister it's all or nothing.) Micheal told me that he would call me back.

2 days later....2nd offer....a step rate...3.5% for the first year, 4.5% for the 2nd year and 5.5% for the remainder of the loan. Again, this would have worked for me, and I liked the new lower payments for the first 2 years, but wasn't so hot on the 5.5% for the remainder. So I countered.....

I told him 3.0% for two years, 4.0% for two years, and then 5.0% for the rest of the loan....after all, they were still playing ball, right??

Final answer (which I jumped on BTW)....
3.5% for two years
4.0% for two years
4.5% for one year
5.25% for the remainder of the loan, all percentages including PITI......

I am waiting for the paperwork to arrive, so I hope this wasn't all a dream!! Wish me luck!!

PS- ***....did I do good???

[Moe Bedard]

You did good soccermuppet...........you did good!!


Way to hang in there and not give up!!!!

Congratulations!!!!!
You deserve it!



Please let us know when you receive the docs..........k.......

[soccermuppet]

Will do.....thanks for the stamp of approval!!

[tonyi]

IT is a great feeling once you get the papers and send them off. Like a ton of bricks off the sholder!
Congrats!

[sojo1214]

wow..that's awesome. So, they modified your loan eventhough you were about to go into foreclosure? OK, that means there is a light at the end of the tunnel....i just haven't seen it yet. Did you qualify because of the new Home rentention programs or was it something different. I'm just trying to get a feel for this whole thing. I'm behind 6 months and after 3 months of submitting paperwork I haven't seen any updates on my loan modification. I didn't know you couldn negotiate, i'm a single mom too so I'm trying my best too. congrats!

[soccermuppet]

Originally Posted by sojo1214

wow..that's awesome. So, they modified your loan eventhough you were about to go into foreclosure? OK, that means there is a light at the end of the tunnel....i just haven't seen it yet. Did you qualify because of the new Home rentention programs or was it something different. I'm just trying to get a feel for this whole thing. I'm behind 6 months and after 3 months of submitting paperwork I haven't seen any updates on my loan modification. I didn't know you couldn negotiate, i'm a single mom too so I'm trying my best too. congrats!

My best advice to you is to call every day. I have not received the papers yet, but I just got off the phone with my loan workout negotiator. His name is Michael. His telephone number is 661-951-5221. He can tell you by your loan number if he can be your workout negotiator and would handle your loan....I just asked him that for a friend who has a Bof A loan and now that they are combined as one.....he does not have voice mail.....let it ring forever or try multiple times a day.

Good luck!!!

[soccermuppet]

when you said you haven't seen anything...are you looking at the website??? Because mine has not been updated on the website since November.....also...when you get your negotiator, call them, ask them how long the next step takes...chart it and then call them. Let them know that you will ontinue to call them until you get an answer. Kill Mike (my negotiator ) with kindness...he's a little dry but has been very responsive to kindness and a little understanding that this process does take time....

[soccermuppet]

Got my loan modification docs, signing them today and sending them back in....it's a done deal....I expect they will modify my escrow account a little as they placed a homeowners insurance policy on my account that I don't need...I am actually on the phone with them right now to get that fixed. I thought the loan mod was no fees and there was a $955.00 fee attached, I am having it explained to me that these were fees that were instituted before the workout started, such as foreclosure filing fees, etc....does that sound right?? Other than that, I am ready to sign...

[soccermuppet]

***, another question I have......does signing this modification stop me from getting qualified for any other programs President Obama may one day initiate like principal reductions?? I want to keep my house, and obviously have taken the steps to do so, but don't want to screw myself for the future if something were to happen!!!

[Moe Bedard]

The will normally allow you to reapply for another mod after 12 months if cirumstances change...............so I wouldn't think that it would be a problem..............

[bigshirl]

I received a mod package just like yours but my escrow was not added please be very carefull that the unpaid escrow will not increase your montly payment again

[goldenbethel]

Congrats on the deal. I hope he helps your future!
and this news made my night with dreams of my new papers....showing up eventually

[lugson]

Originally Posted by soccermuppet

when you said you haven't seen anything...are you looking at the website??? Because mine has not been updated on the website since November.....also...when you get your negotiator, call them, ask them how long the next step takes...chart it and then call them. Let them know that you will ontinue to call them until you get an answer. Kill Mike (my negotiator ) with kindness...he's a little dry but has been very responsive to kindness and a little understanding that this process does take time....

soccermuppet,
Congrats on your mod! My q for you is: how on earth were you able to get a direct line to your negotiator? We have gotten the name of ours, but never a number, even though we ask every time...

[Ron1234]

Congrats on your cw mod!!!!!
I've been denied twice, and they told me it was due to the fact that I was current on my payments.......Crazy!!!!!!....need help!

[soccermuppet]

I got the direct line to my negotiator by calling the office of the President and told them that I was sick and tired of having to jump through the hoops of someone in India that didn't even know I had a mod in place, to tell me that Michael Pitchford didn't exist....etc...persistence.....have you ever asked your loan workout negotiator??

[Ron1234]

No!.......What number did you call?....I'm still using the 800 number. This is crazy!!!

[heehoo22]

Usually, if you are working with the office of the president, you will have the name and # of your negotiator... other then that, you most likely will not be able to speak to a negotiator.

[Schnelle]

heehoo22,

What does "working with the office of the president" mean?

Thanks.

[Ron1234]

How do I get a hold of them? Do you have a good number?

[lugson]

We have been calling the number for the office of the president. Called all day yesterday. We have left two messages and let the phone ring and ring and ring. Still haven't been able to talk to anyone yet.

[lugson]

Originally Posted by Ron1234

How do I get a hold of them? Do you have a good number?

Sorry Ron - I missed your post. The number soccermuppet was using is a bit earlier in the thread... Good luck! We are trying to get through too!

[heehoo22]

Originally Posted by Schnelle

heehoo22,

What does "working with the office of the president" mean?

Thanks.

Working with.. as in, they are the department reviewing for the modification.

[kateistired]

Hey, Heehoo

I have a couple of questions...I have been waiting for a mod since 10/30. Would it be better for me to call the office of the president? My account just says active processing. Also, is CW waiting now to see what the president's plan is before they continue to modify the AG mods, or are they still plugging away on these???

Thanks,
Kate

[heehoo22]

They are still plugging away at those and if you are in review for a mod through the AG Settlement, calling the Office of the President won't help much. What type of loan do you have? Is it a payoption arm loan? if so, those still haven't gone out and there's not a single thing Office of the President can do.