No Hope for Homeowners at CW till April 2009

[SereneDean]

I originally faxed my(& my cobuyers) workout packet, hardhip letter & financials to CW on Dec 01, 2008 as well as to CitiMortgage (CW holds our 1st in the amt of 496k, at about 6.25% ARM to adjust in 2011 & to CitiMortgage, which holds our 2nd, at a rate of about 9.25%, 30 due in 15, in the amt of 123k). I received a generic-letter from CW stating they received the packet & would review it and get back to me. I actually got a phone call from a nice lady fron Citimortage on Dec 5th 2008. Hala paid me some very sweet lip-service & acted very concerned but has since not returned any emails I've sent her, even after she instructed me to email her...As of Jan 21 2009, I've not been contacted by CW. I can log on to CW & I can see that they received faxed packet.
I was told today, when I called The Hope Team at 1-800-262-4218(I spoke to Veronica in Plano, TX) that, although I faxed my information to them, it was NEVER EVEN REVIEWED by anyone. I asked her what I can do to escalate this. She put her Supervisor, Mike Jackson on the phone & we talked for over an hour. He was nice but basically told me that CW was NOT EVEN GOING TO BEGIN placing loans in the H4H program until April 2009. He said(looking at my financials) I probably don't qualify for any modification at all right now. (I've never been late on any mtg payments or cc bills or anything.) Mike told me to call back in 2 weeks & see if anything has been reviewed at that piont. He said to call 1-800-669-0102. I told him I'm a member of Loansafe.org & plan to share my stories with other readers. At this point, I really just feel more hopeless & helpless than ever. I won't settle for a simple rate-reduction as my property value has plummetted from about 625k in 2005 to, maybe, 328k now. I need answers, help or hope or am I to just to walk away & send them the keys? NACA doesn't seem to be successful in H4H, only slight rate reductions & term extentions. uhg.....

[Schnelle]

I share your frustration. My property value is currently 50-60% less than what I bought it for; from 275,000 to now around 125,000.

I have not heard of anyone who has had their principal balance reduced yet.

I do believe that we have to take some accountability for the investment we've made; sharing the loss with the lender in a form of reduced rate and affordable monthly payment sounds fair.

I have also been denied modification so I decided to hire a law firm to assist me; below is the link to my story.

Modification rejected so hired lawyer

I wish you the best!

[Yanqui]

Don't send them the keys, just save your money. Tell them what you need to save the house, and that's it. Don't pay them anything until you have a contract, and even then you need an attorney in my opinion. Have you contacted HUD or NACA?

[heehoo22]

I haven't formally introduced myself to the group here yet but I've been watching for quite a while. I actually work for Countrywide and happened to stumle upon this site a while back by "Googling" my own name. lol Anyway, I did just want to confirm that unfortunately Countrywide will not be participating in the Hope for Homeowners program until 4/2009. Also, for your circumstances, unless your loan is a payoption arm, at least 60+ days delinquent, a principal reduction would not even be an option. Even if, Countrywide has yet to give a principal reduction, and it is the very last thing they would be doing after a serious review of your financial situation and extreme rate reduction.

[ckarras]

heehoo22, please look at my original thread: Is there any hope for in this situation? Only reason I ask is because you work for CW. Any feedback would be greatly appreciated.
Unique situation, need help quickly!!
First of all, I love this forum and I am so happy to see that there are people out there who really care. This is the best sight ever!!
I have a very unique situation. Currently, I am in Chapter 13. Due to losing my job, we almost lost our house and this was the only option for my husband and me. The chapter 13 is filed under my name only since the home loan is in my name only. I tried on many occasions to work with Countrywide but they were of no help. I am paying the trustee $1209.00 monthly and my mortgage payment went up from $2279.00 a month to $3580.00. Apparently, because our taxes were not escrowed in the monthly payment, they added it on because Countrywide paid them. We were informed by Countrywide of the increase after we filed the Chapter 13. There is no way that we will be able to afford to pay almost $4800 between Countrywide and the trustee. I am in fear because if we only send in our regular monthly payment to Countrywide, they will apply a portion of that to the negative escrow and that then will show as our payment being partial and late. I am also afraid that if that happens, they can proceed with the foreclosure because part of the chapter 13 filing is to keep up with the payments or otherwise you can default on the terms. I am in desperate need of some information and don't know where to turn to. I have no idea if we are eligible for an FHA loan modification. Also, my current loan rate is 8.75% and will increase in March of 2009. Also, because of declining values in homes, I pretty much have no equity in my home. Also, I thought of another option but not sure if it will work. Since the loan is under my name only, I was thinking that maybe we could put it under my husband’s name but his credit rating is poor. Would we have to do a refinance since my husband is on the title or would it be considered a new loan application? All of this is very scary and don’t know where to turn to. Any feed back would be greatly appreciated. I need some options if there are any.

[SereneDean]

Thanks for your reply! But, no, up to this point, I haven't contacted HUD directly. I did click on a link on HUD's site instructing me to click on a link that would guide me to a local agency that might offer help. I was directed to Community Housing Dev. I spoke to Kim Vizineu, a Senior Housing Counselor at that point. She informed me that H4H information wasn't available at the time...Then I looked online & found another source of "hope"; I found the 1-888-995-HOPE ph# and after calling them, they told me I'd be contacted in a month or so, as they were completely backlogged. Once they finally called me, I was told that I was already in their computer as someone that called months before inquiring into debt consolidation and that since I had already spoken with a rep., that he couldn't give me any help.... That was true; in fact. We spoke for over 90 minutes. She sent me a packet to complete showing our debt & income. I've also contacted ACORN but they said that, at that point in time, no one knew any of the details on how H4H was to be implemented. CW & Citimortgage both said they weren't even participating in H4H, at that point. I wasn't interested in NACA because I'm not going to settle for a one or 2-piont interest-rate reduction. It won't help. I simply looked on the CW site and they had finally put up a banner stating "THE SOONER YOU CALL US THE SOONER WE CAN HELP" so I tried to reach out the the hand that they extended instead of going through 3rd parties.....

[heehoo22]

I would suggest speaking with your bankruptcy attorney. Countrywide can modify a loan in bankruptcy, so long as we are written concent to proceed with a modification review from the attorny and the court agrees to the modification. Although it will not lower your principal balance (actually, it will increase you balance) you could possibly qualify for a rate reduction which would bring your payment down. Also, when you modify the loan, it will capitalize all of your delinquent escrow and bring your escrow payment down as well.

[ckarras]

thanks heehoo22!! I have already started the loan mod process and so far, so good. The lady I spoke with today was very nice actually and she said that I have a higher chance over alot of people getting my mod approved because of my situation and also because my loan is not owned by FreddieMac or FannieMae. Hope that holds true when all is said and done.

[SereneDean]

Originally Posted by heehoo22

I haven't formally introduced myself to the group here yet but I've been watching for quite a while. I actually work for Countrywide and happened to stumle upon this site a while back by "Googling" my own name. lol Anyway, I did just want to confirm that unfortunately Countrywide will not be participating in the Hope for Homeowners program until 4/2009. Also, for your circumstances, unless your loan is a payoption arm, at least 60+ days delinquent, a principal reduction would not even be an option. Even if, Countrywide has yet to give a principal reduction, and it is the very last thing they would be doing after a serious review of your financial situation and extreme rate reduction.

Thanks, heehoo for your reply. I'm just curious: What is/was the purpose of my Hardship Letter that I sent in, literally begging & pleading my case, stating my dire health & medical issues, indicating all the stressful life changes I've made including renting 2 rooms to roommates, getting a part time job-even though I'm disabled. Was it ever the intent of CW to REALLY offer help? And what is CW doing with the 45Billion the Gov't. handed them? I'm not lambasting YOU but it seems that my only real best-hope is to just walk away. I think that if everyone that is trying to get a mod with CW just completely & abruptly STOPPED PAYING A SINGLE DIME, that, then, CW would be more willing to help because they'd start to feel the HARDSHIP that we are all feeing now. ANyway, great to get a reply from you, heehoo! :-)

[DMKBMN]

Ckarras, are you saying that a CW rep told you that if the investor on the loan is Freddie or Fannie it is more difficult to get a loan mod? I always thought it was opposite of that because other loans are split up among many investors, so that getting a loan mod would require approval by various investors on one loan. Maybe heehoo22 has some information on this too.

[SereneDean]

Originally Posted by heehoo22

I would suggest speaking with your bankruptcy attorney. Countrywide can modify a loan in bankruptcy, so long as we are written concent to proceed with a modification review from the attorny and the court agrees to the modification. Although it will not lower your principal balance (actually, it will increase you balance) you could possibly qualify for a rate reduction which would bring your payment down. Also, when you modify the loan, it will capitalize all of your delinquent escrow and bring your escrow payment down as well.

I talked to a bankruptcy atty. The problem is that my co-buyer, who has a good income & credit, would be forced to file bankruptcy too or he would be sued for the amt of the 2nd loan on the home. We were partners(in a relationship) when we bought but have since split up but remain roommates & friends. He can't buy me out.

[Yanqui]

Heehoo22, what constitutes a serious hardship? What is countrywide going to do for those of us that have been trying to work with cw? I am now in the process of losing one home to foreclosure and my primary as well because I never received any help until it was too late and too little.

I'm not asking for forgivenness just a way to work this out until I can be able to return to work in Arizona.

[Yanqui]

PS, why is cw waiting till April? is it because B of A is having trouble staying afloat ? or is it that cw is waiting to see what the new president signs into action to help homeowners?

[SereneDean]

Originally Posted by Yanqui

Don't send them the keys, just save your money. Tell them what you need to save the house, and that's it. Don't pay them anything until you have a contract, and even then you need an attorney in my opinion. Have you contacted HUD or NACA?

Thanks for the reply Yanqui! I won't send them the keys. I really want to keep my home. I was very specific in stating(in my Hardship Letter) what we needed to happen in order to stay in this home...( a fixed-rate, fuly ammortized, 30-year mtg with principle reduction; to get into the H4H program) I'd like to be able to keep my FICO in the seven hundreds. I've never missed a single payment on anything. Are you telling me I should stop paying them a dime until I get a reaction from them?? I can accept partial responsibliliy for getting INTO this mess although we have been able to remain current on our combined $3800.00 mortgages PLUS pay the $517.00 monthly property taxes. We were in the frenzy of the buying market & our broker went stated-income, inflating my cobuyer's income, and I wasn't even on Title in 2005(until we did a re-fi in 2006)as I was only receiving disability benefits. My cobuyers income was actually only about 54k per year & it was stated(liar's-loan..?) as 150k. His income has gone up a bit since 2005 & I still live on LTD benefits & SS Disability income(which the banks/collectors can't take from me). An attorney can't do anything but lead me into bankruptcy. If I walk away from the home, go rent a room in a friend's house for $400.00 a month, put all my belongings into storage & begin paying off ALL of my (rising towards 50k) credit-card debt, I might be able to get a good night's rest.....

[SereneDean]

Originally Posted by SereneDean

I originally faxed my(& my cobuyers) workout packet, hardhip letter & financials to CW on Dec 01, 2008 as well as to CitiMortgage (CW holds our 1st in the amt of 496k, at about 6.25% ARM to adjust in 2011 & to CitiMortgage, which holds our 2nd, at a rate of about 9.25%, 30 due in 15, in the amt of 123k). I received a generic-letter from CW stating they received the packet & would review it and get back to me. I actually got a phone call from a nice lady fron Citimortage on Dec 5th 2008. Hala paid me some very sweet lip-service & acted very concerned but has since not returned any emails I've sent her, even after she instructed me to email her...As of Jan 21 2009, I've not been contacted by CW. I can log on to CW & I can see that they received faxed packet.
I was told today, when I called The Hope Team at 1-800-262-4218(I spoke to Veronica in Plano, TX) that, although I faxed my information to them, it was NEVER EVEN REVIEWED by anyone. I asked her what I can do to escalate this. She put her Supervisor, Mike Jackson on the phone & we talked for over an hour. He was nice but basically told me that CW was NOT EVEN GOING TO BEGIN placing loans in the H4H program until April 2009. He said(looking at my financials) I probably don't qualify for any modification at all right now. (I've never been late on any mtg payments or cc bills or anything.) Mike told me to call back in 2 weeks & see if anything has been reviewed at that piont. He said to call 1-800-669-0102. I told him I'm a member of Loansafe.org & plan to share my stories with other readers. At this point, I really just feel more hopeless & helpless than ever. I won't settle for a simple rate-reduction as my property value has plummetted from about 625k in 2005 to, maybe, 328k now. I need answers, help or hope or am I to just to walk away & send them the keys? NACA doesn't seem to be successful in H4H, only slight rate reductions & term extentions. uhg.....

I just got an email(after clicking on the link in another thread) informing me that "Freddie Mac is not the investor on your mortgage..." I'm going to try to find out if it Fannie Mae.

[SereneDean]

Originally Posted by heehoo22

I would suggest speaking with your bankruptcy attorney. Countrywide can modify a loan in bankruptcy, so long as we are written concent to proceed with a modification review from the attorny and the court agrees to the modification. Although it will not lower your principal balance (actually, it will increase you balance) you could possibly qualify for a rate reduction which would bring your payment down. Also, when you modify the loan, it will capitalize all of your delinquent escrow and bring your escrow payment down as well.

It truly seems that the "Mystical Concept" of the H4H program is nothing but smoke & mirrors. I keep getting feedback from CW & Citimortgage that, "because I've never been late or missed a payment, that I have NO HARDSHIP".....

[Yanqui]

I can't advise you not to pay. Read through the threads and come up with a decision. Best thing I've heard is don't let the stress kill you. I did not get any help until I was behind in payments, and that ruined everything for me. My credit is absolutely worthless. The home I was conned into buying is 200 thousand less then what I signed for. The renter is always late, and her check bounced this week. I rented both places hoping that the rents would cover the the payments until I could take care of another surgery in Los Angeles through the VA hospital. That was my back up plan since I can't get any loans, or forebearence until I can return to Arizona.

CW did a mod on one of the houses, but it never went through in their paperwork and they put it into foreclosure on December 23. As I said before, I'm not going to kill myself over the situation. There is enough blame to go around and if I can't get some kind of workout then I will take two foreclosures and file BK and countrywide can sink like a rock just like everyone else.

[ckarras]

DMKBMN, this is what CW told me today. I guess CW is having more problems getting Freddie and Fannie invested loans approved. I have no idea why but that is what I was told. Its not the first time I have heard this though. I honestly don't know what to believe. I think, and don't quote me please, but those loans I believe were loans through the government as well and that may be the problem. My loan, for instance, is owned by one investor only but CW oversees the account. I know it doesn't make sense but that I do know for sure. ***, any thought or comments on this?

Ckarras, are you saying that a CW rep told you that if the investor on the loan is Freddie or Fannie it is more difficult to get a loan mod? I always thought it was opposite of that because other loans are split up among many investors, so that getting a loan mod would require approval by various investors on one loan. Maybe heehoo22 has some information on this too.

[Yanqui]

That's starting to make sense now. My loan is secured by Freddie Mac and held through Countrywide. I started to think something was wrong when it went into foreclosure after signing the mod. 4.5 % fixed for forty years and never seeing it change on the website. Of course something that is funded by the government and supposed to help will do the opposite. Just my take.

[ckarras]

Originally Posted by Yanqui

That's starting to make sense now. My loan is secured by Freddie Mac and held through Countrywide. I started to think something was wrong when it went into foreclosure after signing the mod. 4.5 % fixed for forty years and never seeing it change on the website. Of course something that is funded by the government and supposed to help will do the opposite. Just my take.

Don't be so negative. You never know. The only reason I disclosed this information is because that is what CW told me today, and also on a few other occasions from other CW reps. Maybe it does make sense and maybe not. To be honest with you, I don't know what makes sense anymore. That is why I am having myself a nice ****tail right now and who knows....maybe by the time my loan mod is complete, I will have become a certified alcoholic...... smile...can it really get any worse for the love of God!!!

[Yanqui]

Originally Posted by ckarras

Don't be so negative. You never know. The only reason I disclosed this information is because that is what CW told me today, and also on a few other occasions from other CW reps. Maybe it does make sense and maybe not. To be honest with you, I don't know what makes sense anymore. That is why I am having myself a nice ****tail right now and who knows....maybe by the time my loan mod is complete, I will have become a certified alcoholic...... smile...can it really get any worse for the love of God!!!

Knowing the way my luck has been, I would definately say it could get worse. But what can you do?

[Cape Cod]

I don't have a countrywide home loan. I have a citimortgage loan. But being a paralegal in the real estate field ( currently unemployed) and seeing all the paperwork that came through the office for closings I did alot of countrywid loans ( and at time doing a closing with the borrowers, when the attorneys were on vacations!!!) I can't imagine that you people aren't looking at the documents. Did you not look at the loan application which clearly lists employment, income, assets etc.... Or did you all just need (0r want) the loans. I have been a paralegal for many years in different types of pratices of law. Just in the last 4 years I did real estate closings. In the state of Massachusetts everything is disclosured before the closing and during the closing. I have seen people come in to refinance with $100,000 plus in credit card, car loan debt to later come back 2years later to refi with more credit card debt thinking the house was a bottom less pit of money. I am not saying everyone did this. But if you didn't understand figures or legal terms than you should of hired an attorney (for maybe 500) to review the documents and clarify what was going on.
The reason I am venting on this is because some posters are blaming the mortgage brokers for inflating finfo. That is probably true in some cases, but you need to look at the paperwork before you put your John Han**** signature on it!!!!

[ckarras]

Originally Posted by Yanqui

Knowing the way my luck has been, I would definately say it could get worse. But what can you do?

Hang in there. There has to be a solution for everyone that is in crisis right now. And whatever you do, fight tooth and nail till the end. Don't let them come out winning. If you do, then you have lost and given them everything while you are left with nothing. That's not how you want to go down is it? I know you don't!!

[ckarras]

Originally Posted by Cape Cod

I don't have a countrywide home loan. I have a citimortgage loan. But being a paralegal in the real estate field ( currently unemployed) and seeing all the paperwork that came through the office for closings I did alot of countrywid loans ( and at time doing a closing with the borrowers, when the attorneys were on vacations!!!) I can't imagine that you people aren't looking at the documents. Did you not look at the loan application which clearly lists employment, income, assets etc.... Or did you all just need (0r want) the loans. I have been a paralegal for many years in different types of pratices of law. Just in the last 4 years I did real estate closings. In the state of Massachusetts everything is disclosured before the closing and during the closing. I have seen people come in to refinance with $100,000 plus in credit card, car loan debt to later come back 2years later to refi with more credit card debt thinking the house was a bottom less pit of money. I am not saying everyone did this. But if you didn't understand figures or legal terms than you should of hired an attorney (for maybe 500) to review the documents and clarify what was going on.
The reason I am venting on this is because some posters are blaming the mortgage brokers for inflating finfo. That is probably true in some cases, but you need to look at the paperwork before you put your John Han**** signature on it!!!!

I understand that you are a paralegal and I just wanted to make a comment on the above. I know there were alot of people that got way in over their heads (my BFF was one of them) and still continued to borrow money that they could not ever afford to pay back. That's for sure insanity at it's best I would say. But then, there are other people like myself, who just wanted to get their families in a home and were cheated out of getting a decent loan because of medical bills on their credit record. Scarred for life and the best that I could get was a subprime loan that was offered to me at a 8.75 % ARm that is now scheduled to increase as of March 09. I was never looking for a handout but a decent rate. Sure, some may say that it was not bad in comparison to other rates, but really....how much do these banks want to make? A million dollars off of each homeowner? There has to be a law that mandates the rates a bank can charge each homeowner. Seems to me that these banks don't care about anyone but themselves. Just a thought...I'm tired of seeing good hard working people lose their homes and their dignity because a bank decided to be greedy. Not coming down on you for your comment above.

[Yanqui]

Originally Posted by ckarras

Hang in there. There has to be a solution for everyone that is in crisis right now. And whatever you do, fight tooth and nail till the end. Don't let them come out winning. If you do, then you have lost and given them everything while you are left with nothing. That's not how you want to go down is it? I know you don't!!

I'm trying.