My Countrywide Story success

[helpsavemyhome]

mommy,

What email addresses at CW were you sending messages to? I have looked but can't seem to find them.

That must be good news to receive a call from the Office of the President!! Good luck to you!!

[mommy1119]

I received a call from CW office of the President about a month ago, they were waiting on my NACA submission which never seemed to surface on their end. I even called the Countrywide Advocacy group which claimed to never receive it. On Monday 3/13 I logged into my account to find that it said my modification had been cancelled due to not returning documentation. I called the Advocacy group at CW and the women that I spoke with was very rude, she said your modification has been cancelled and there is nothing else we could do to help you. I explained that the only reason I was calling the Advocacy group was for a status on my NACa submission and she said we don't have it and that I should probably start packing. I never told her that I was working with people in the CW presidents Office I just replied to her that I thought that she was being very rude and got just as nasty to her and told her that she in the wrong job and that she did not need to be so rude to people who were calling her for help. I also asked her for her name and extension I am not done with writing my letters I have every single persons name and extension since I started this process alnong with the dates and times I spoke with them and there are certain people who do not belong in these positions I know they get fustrated but they took it out on the wrong person. Anyway it took long enough but finally received a call they are lowering rate from 10.875 to 6% for the life of the loan lowering my payment 400.00 a month. I am happy with that the only thing that struck me odd was they said I will receive the Fedex package either tomorrow or Friday and they will send a notary to me to sign the papers. Do you think this is odd??? Once my packet is received I will share with all how on Feb 6th I wrote a letter and received a call from the Office of the President on Feb 9th. I will provide all email addresses that I sent to many CW and BOA people and hopefully it will work for you as quickly as it worked for me. When I asked how my modification got to the Presidents office they told me that it must have been a pretty powerful letter because they received my letter Friday night and called first thing Mon morning.

[gray517]

Congrats! could your approval actually be from the Naca proposal? have you called Naca for an update? I had a high subprime rate like yours and mine is now 6% fixed for the life of the loan thanks to Naca.

GREAT JOB!!!

[mommy1119]

Hi All,
Just a quick note I am not sure if anyone has noticed but my account also changed from 5/14 to 5/22. But I started looking around the countrywide site and went to account overview and my new payment is showing up there with a payment change date of 6/1. Also if you go to account information and click on Amortization schedule it shows all of my new information interest rate, payment amount and next payment date. I guess this is good news the only thing that does not appear updated is under financial hardship workout information. LOOK see if yours has changed too!!!!

[alikeith]

My mod was approved back in Jan. Still no update to Countrywide Site. I just looked under the areas you suggested and nothing.

[md37793]

Just thought I would update everyone. Check with NACA today and there has still be no movement from countrywide on my file. It was submitted 2/18 and I am now five months behind. Starting to get a little worried.

[bigburn]

My situation is complicated, but relevant.

I am new to www.loansafe.org. My CW loan's investor is BONY, and I have been looking for assistance from CW since 04/2007 when a family member's illness escalated and required a large amount of attention.

CW has 'qualified' me countless times for a modification, but each and every time a document was lost/not received or an individual no longer worked for CW when I made follow-up inquiry. And, each time my efforts were dropped.

Frustrated, I hired a loan modification company (PAYMENT RELIEF SERVICES) in August 2008 after getting nowhere with CW. They (or someone?) delayed a sale date FIVE different times until 01/15/2009. On that morning, after repeated attempts to determine the status I was advised that CW had denied the modification. WHAT??!

Irritated, it seemed the only mechanism to provide a stay was bankruptcy. SO- I filed a BK13 later that day. How defeating!

The BK13 cause a number of other credit problems that were making matters far worse, so I petitioned for dismissal in mid-Feb 2009.

I repeated contacted CW (continuously before, during, and after BK13) to determine what other options were available to me. CW was very confused about what process should be followed, and again my inquiries went unreturned.

After my inquiry in mid-April and request for the MAKING HOME AFFORDABLE program, they said 'well - it looks like you qualify!'. Suspicious, but hopeful, I have contacted them repeatedly to determine the next steps - being told that the process can take 30-90 days.

When I contacted them on 05/03/2009 (my sale date had been continued until 05/14/2009), the auto attendant said - 'you're loan modification has been cancelled due to investor guidelines'. ~sigh!~

As it turns out, I'm learned that a pooling and servicing agreement (PSA) between CW and BONY prohibits any modification.

I said this was complicated, right?

SO --- my question is: Why aren't all BONY investor contracts treated the same? And it seems that CW knew (or SHOULD have known) such a limitation existed when I FIRST made contact regarding assistance. Now I have been forced to destroy my creditworthyness while being repeatedly misled toward a modification that was never possible under the investor guidelines???

Feeling very aggravated right now. Not sure about what next steps to take?

[sarge]

Hi and Welcome to the forum bigburn,

Many here have turned to NACA. They are hud approved and their services are free. If this is your only property then you may want to see if they can help.

https://www.naca.com/refinance/refinanceTenStep.jsp

[bigburn]

sarge-

Thanks for the link... I'll explore NACA tomorrow. My concern is that the investor PSAs are causing modification problems.

I'm wondering how NACA would get around that? It's worth trying.

[FLgata]

Originally Posted by bigburn

sarge-

Thanks for the link... I'll explore NACA tomorrow. My concern is that the investor PSAs are causing modification problems.

I'm wondering how NACA would get around that? It's worth trying.

Good Morning BigBurn,

BONY is also my investor and I recently received a restructured loan through the NACA for a 2% fixed for the life of the loan (27 years left). The paperwork is signed and my first payment under the new terms is due June 1st. It can be done. Hang in there and please give the NACA a try.

Good luck and please keep us posted.

[bigburn]

I've reviewed NACA's site, but since I also own a rental home (with Chase and Compass-no problems there) I would be disqualified.

It seems you can only own your home?

[bigburn]

Just to add to my last post - my understanding is that any restructure depends on BONY's PSA with CW. Some allow modification, but have buyback clauses. And that seems to be a problem with mine since the delinquency is so extended and the amount approaching $100K because of the time factor.

CW had advised that a restruction would result in HIGHER payments. Not the object I replied.

Thanks for the comments. I'll continue checking with NACA.

[N2Deep]

Sorry wrong thread