My Countrywide Story success

[mommy1119]

Hello all, I have been reading post daily I think this forum is a great help to many of us experincing this modification process with countrywide. My story starts back in November 2007 when my husband lost his job. I was able to keep up with my payments until Aug 2008. I am now 5 months behind I submitted all of my paperwork paystubs, hardship letter to countrywide on 11/18, on there website they show that they were received and posted on the account on 11/24. On Friday 1/23 I made my second weekly call to check the status on my modification and I was told that they showed that it had gone to a group of negotiators (what does this mean)? Lester at countrywide also told me that BONY was my investor, is this good or bad? Today 1/25 I logged on to countrywide to check to see if there was any change to my status and now I see that all of my documents are gone and it reads

Documents Received Processing Date Workout Type Document Type No Documents Found For This Account The above list is real-time and reflects the documents processed to date for this account. We may have received additional documents recently sent to us that have not been processed and therefore do not appear in the list. Please do not call us to check the status of a document not showing in the list as our representatives will not be able to provide any additional information than what is shown here. Thank you for your patience. And under workout status it reads Current Workout Status Loan Modification View the Details Hide the Details Workout Status Details: Your request for assistance is under review. During the review process, a thorough examination and analysis of your loan will be completed. During this time, we may or may not need additional information from you. It is common that you will not hear anything from us during the review period, but please be advised that all collections activities have been temporarily suspended during this review period. We expect more information to be available on 12/03/2008. If your status remains unchanged after the 12/03/2008, please call and speak to a customer service representative. Please do not call back before 12/03/2008 as that will delay the process. Please respond promptly to any calls or requests that you may receive from us during this period. Lack of response will cause your workout to be delayed or cancelled. Thank you. Information as of: 11/12/2008 Workout Stage: Processing Phase/Sub-Phase: Active Processing I am not sure if this is a good sign or a bad sign. I have been reading the posts here for a while and started my process with naca. However, when I called for my status Lester at countrywide told me I should wait to see how things turned out with them. Would it hurt if I continued the process with naca. I have already had 1 phone interview did my financials and uploaded documents to them. Should I wait to set up my second phone interview with naca. What is the success rate for countrywide alone .vs. naca. Please help me I am so confused. Thanks mommy1119

[jager]

mommy1119
Have you received a letter of intent to accelerate yet?

[mommy1119]

Yes back in November, why do I need to worry contrywide has told me that all actions have been suspended.

[Moe Bedard]

Hi mommy1119,


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

If you are going through the process with NACA you would need to give CW your NACA ID# so that you can get updates on your file through both NACA and CW. The NACA modification proposal is a low fixed rate modification and they will negotiate with the investor on your loan through CW. You may need to decide if you want to work with CW directly or through NACA because they may not be working on two open files for your loan and that could be slowing the processing.
If you want to follow up using NACA........then call CW and give your NACA ID# to get an update..........
CW
1-800-669-0102

[mommy1119]

Hi All

Called for an status on my account today and was told that it had been assigned to a team of negotiators on 1/20 and on 1/28 it went to the next team for phase 2, what is phase 2 they also told me that my investor was BONY. Is that good the people that I talk to at CW tell me that is good that BONY seems to be working with homeowners. I also have my 2nd phone interview with NACA tonight do I go forward with NACA or see what CW offers. Have people been declined while in step 2 and how many steps are there? Am I getting close?

Thanks
mommy1119

[heehoo22]

From what I hear, phase two is income verification. So they'll verify your finances and make a decision from there, whether or not they can proceed. Many people have been declined in this "phase." I would suggest you continue to work with NACA.

[mommy1119]

Thanks heehoo22
How many phases are there? Is it true what they tell me about BONY? I will proceed with NACA just in case.

[heehoo22]

I do not know how many phases there are. I've worked in the modification department for years but the phases thing is all new to me. I am in the escalation group so we don't follow the normal practices.

BONY is pretty flexible but it comes down to your affordability. Whether or not you can afford a reasonable mortgage payment based on your current principal balance. Rarely do you see the rates on BONY reduced below a 5.25%.

[mommy1119]

Heehoo22
I am at 10.875 so anything would help me, I did show that I had about $159 dollars left at month end so I am not in a neg. My husband lost his job back in 11/07 and still has not been able to find a job, although he continues to look. Our situation will eventually change so I am at least hoping for a chance to keep my home. So even though you work for CW you thing I should continue with NACA?

It's nice to have insight from the inside. Thank you so much for your input I am sure many here agree with me a big THANKS

[heehoo22]

Yea I'd definitely say to go with NACA. With you showing a positive 159, CW may say that you are able to afford your current mortgage payment and do not need assistance. NACA would probably get you further along in the process.

[serenevenice]

HeeHoo22-I thought that CW was looking for a surplus of between 150-300. Should there be a deficit for them to see a hardship?? If so how much are they looking for? Thanks

[heehoo22]

There is no general rule which is why you need to be HONEST with your financial information. There are so many factors that go into reviewing the loans for modifications... but think about this.. if you have a positive surplus, why would you need a modification?

[FLgata]

I can answer that! Almost every penny I had each month went into paying my mortgage and other necessary bills. I was lucky to have $200 at the end of each month. This means no savings. So when something unfortunate or unexpected comes up...you're screwed! That's no way to live. An automobile accident did me in last July. Everyone knows how hard it is to get back in track once you've fallen behind. Mind you, this story may have had a different ending if I were still paying what I signed on for almost five years ago...after two increases, forget it!

[heehoo22]

That's true.. but coming from Countrywide and knowing how we do modifications, when we review for a rate reduction, we're only going to leave you with a small cushion anyway. Around $200, often times less.

[kateistired]

Just a question, I actually had a fair amount of surplus. My issue was just that we had a layoff, then he went back to work, and we couldn't manage to catch up the past due. They sugggested modification, and then pushed me into the 12/1 program.

Will they cancel my modification? No one has ever said anything bad about my surplus. Sure, I'd like a rate reduction, but mostly I just wanted help to deal with the past due.

[heehoo22]

The 12/1 program is good because it's based off of your gross income soley. It's goal is to get you to a 34% Payment to Gross income ratio.. this could mean a rate reduction even if your surplus says you don't need one. It will also bring you current.

[kateistired]

Thanks. That sounds good. I just have had such conflicting info lately. Last week the rep said it might be a good idea to have a couple of payments in reserve, yesterday a different rep told me I should be making payments, that it could affect whether my mod is approved or not...It's got me really worried about what I should be doing

[mto66]

hi Heehoo22:

I have BONY as my investor. I initially turned down my first mod on January 15th because it just reduced to my initial rate of 8.29% for 5 years.

I replied with new information and stated that this was a short term fix to a long term problem as in 4 years I am going to be right back where I started.

I just got a call yesterday. They won't reduce my rate saying "I have more than enough to pay my mortgage". I disagree and asked why and she came back with her answer. The negotiator told me she is requesting a fixed rate for me and will get back to me.

My question: I am a single mom and in 4 years my child support ends.......which gives me the surplus. So again, I am right back to square one in 4 years, unless I see an increase in my pay by about 800 dollars/month.

Also, I have submitted with NACA about a month ago.

Now I am confused. Should I just accept this (if it's fixed) or try again. I just want out of this whole situation. My house is not ridiculously over it's current amount (190K to my new amount of 215K). Just curious as to how much they would be willing to do.

In addition, they want $1400 upfront if I agree. Can you give me any advice that may be beneficial in helping me figure out this situation.

Thanks for your input.

[alikeith]

I have BONY as my investor. I had two mod's approved in 12 monthes with them.

This last one was under the Dec 1st program. I showed a deficit every month of about $300.00 a month as was approved. My account online was just updated on the 27th to showing the mod as completed and approved! Yippie!

Previously i was showing a surplus of about $150.00 and was approved for that as well. That one did not reduce my interest though. Just added my late payments on to the loan.

[mommy1119]

Hi All,

Received a modifiaction packet in the mail today, what a joke countrywide approved my modification BUT my current rate was 10.875 they reduced it to 9.5 for 5 years than it goes back up to 10.875. This lowers my payment $16.00 alot of help this will be. I am in the process with NACA and have my second phone interview tonight. MY question is should I continue with NACA and try for something better?

What are my choices can I call CW will they offer anything better and what happens if I do not sign these papers and send them back and than NACA can't help me. I am really confused at least this way I know I get to keep my house. Or is CW just high balling hoping that people take what they offer which really isn't a help. Please advise me what to do.

Thanks
mommy1119

[Dan Bailey]

mommy119,
We cannot advise you to take or not take what CW offered you. If you are in contact with NACA, ask them during your phone interview tonight.

With it being 5 pm now, calling CW will probably only result in getting a collections dept in India this evening, that would not help you at all.

[mommy1119]

Has CW counter offered with offers that they have already sent or is this my only chance with them. I will talk to the people at NACA tonight and see what they think. What happens if I don't take CW's offer and NACA can't help do I lose out?

[Dan Bailey]

mommy,
All I can really say is, in my experience with CW, I took what they offered right away because I was in a panic about keeping my home; and my circumstances were extraordinary. I am sorry I did and wished I had enlisted help first.

Ask your NACA rep what they think and let help, help you.

[Mickeyfickey]

Hey Alikeith,

I sent my 10yr int only mod in yesterday. Have you sent in your first payment in yet? If so what address did you send it to?

Thanks

[heehoo22]

The interest rate is based off of a 34% Payment to Income Ratio, based off of your gross income. This is what the Attorney Generals and Countrywide have decided is affordable. If you call collections, they will tell you this is the best they are able to offer. I would continue the process with NACA if the payment you received is HONESTLY not an affordable payment.