Countrywide Home Loans - Tell Us Your Countrywide StoryCountrywide Home Loans is now Bank of America. This forum is dedicated to tracking what Bank of America is doing to HELP struggling homeowners and how they are treating their customers. Good or bad, let your voice be heard and your story be known.
This is a discussion on So Frustrated!!!! within the Countrywide Home Loans - Tell Us Your Countrywide Story forums, part of the Stop Foreclosure and Tell Us Your Story category; Normal 0 false false false oNotPromoteQF/> EN-US X-NONE X-NONE ontGrowAutofit/> ontVertAlignCellWithSp/> ontBreakConstrainedForcedTables/> ontVertAlignInTxbx/> /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; ...
While teaching at my place of employment in February of 2007, I fell and shattered my ankle. I had surgery and missed 6 weeks of work. Workers comp covered up to 75% of my salary. With the loss in pay, and the additional costs for child care help and medical expenses I started struggling to make my mortgage payments. During the summer of 2007, making the mortgage payments became to demanding so we took out a personal loan through a community organization to help us get current. That September, I began my own daycare business in my home which was not as demanding as my previous job. The salary was much less and we began to struggle again. From Nov. 2007-May 2008 I made late payments of 2474.71, I was always a month behind. I just had a hard time staying afloat.. My aunt was able to help me get current with my mortgage payments in June, BUT I still owed about $8,000 in back property taxes. Countrywide rolled them into my payment starting Oct. 2008. My mortgage payment then went up from $2474.71 to $3272.69. This was unaffordable. I could not pay this. That month I also received a letter stating that my adjustable arm was set to change Feb. 2009, and could raise my payment even higher.
I began working with Countrywide on a loan modification in October to change the adjustable rate and lower our monthly payments. They told me that they could not help me unless I began to miss payments. In November I was approved for a program that would only put my late payment back into the loan, but would not change the interest rate or set the adjustable rate. THEY ALSO NEVER SENT ME THE PAPERWORK TO SEE OR SIGN. After the grace period came and passed they told me I was eligible as of 12/1 for the Home Ownership Retention Program and to see how that went. As of January 15th, I was approved for the modification, however they told me that I should sign and return the packet by February 19th. I finally received the packet today only to find out that they set the adjustable rate back to its origin for 5 years, but did nothing for the delinquent payments which is now 5 months behind! After speaking to CW they told me I would now have resubmit my financial documents and apply for a new modification to role in my previous delinquent mortgage payments. So now we are on to our third modification through CW!!!!
I met with NACA LAST Friday, and the man Bernard was really amazing and nice. I feel really happy that I found this forum that led me to NACA. My husband and I both feel that the likelihood of CW helping us is next to nothing since they are rude on the phone and hardly know what they are talking about. I have never spoken to a negotiator and every time I have asked to speak to one, I am advised that a computer is working on my modification. Can you believe that??? Does a computer know my struggles??? Common CW! Get with the picture! I am sooo frustrated. We have decided that if NACA can’t help us then we are going to walk away from the property since it makes no sense to pay $3200 a month on a mortgage when we can rent a nicer house in the area for $1500. I refuse to pay anymore into a loan that we can’t afford.
My question is…. Has anyone been successful with NACA and not paid their mortgage payment? And for how long??? I don’t want CW to come back to NACA and say, “Well we’re not helping her, she can’t even pay xyz.” All foreclosure proceedings have been suspended since we have begun the modification process so I am not worried about losing my home yet. I just don’t want it to hurt my chances of getting a good settlement with NACA since I am not paying my mortgage payment.
Sorry this is so long, Thank You for all you help!
Welcome to the forum and thank you for joining............
We have had members go through NACA that were in default.........Gray is over in the Success Section of the forum and was behind 5 months......
here is the link for the process............ https://www.naca.com/refinance/refinanceTenStep.jsp
The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.
Originally Posted by shabbey2 Just a quick question. Did you pay your mortgage payments while you were going through NACA? How many months were you behind?
by the time we contacted Naca we were 60 days past due, I got laid off in 6/08 and without my pay plus hubby had already had 3 pay cuts (just got his 4th one) we could not make the payment and CW wouldn't take a partial when i called, so we tried to keep other bills up and put away what we could in case Plan A (naca) and Plan B (12/1 AG settlement) did not work and we had to move. When I acutally got my modification in January we were behind 5 months and they also added January into the mix for a total of 6 payments (they tacked on the past due interest to the loan balance) we did get notice to accelerate in september but then nothing else and whenever i called was always told not in foreclosure but that could change at any time. I am just so GLAD it is all over now, still need a job, but at least 1/2 of my stress is now gone . good luck!
We aren't in default yet, but when we call NACA next week for our first update we are going to ask what will happen to our restructure if we just can't continue to make the $1500 payment while waiting as they suggested. Hanging on by a thread here. By the way in the beginning NACA had told us to ask CW for a one month deferral of our payment to give us some breathing room, of CW denied, "not in our contract". So I think with NACA your chances are good either way.
I received the modification paperwork today from Countrywide and I am not sure if I should sign them. They lowered my interest rate to 7.875% for one year and then it would be raised in march 2010 to 8% and would go no higher than 8.375% for the life of the loan. They took my past due payments and added them into the principle amount that raised what I owe to $359,290.92. I would be paying interest only for 10 years. My new monthly payment is $2357.85 plus the escrow account at $797.98 makes the grand total monthly payment $3155.83. This is way to much money! I can maybe maybe do it until September but then my salary will be greatly dropping. I run a babysitting program and in september it will be reducing from 14 kids to 5.
I am not sure if I should sign the docs for the time being so that we can start to repair our credit and give NACA time to negotiate a better deal. I am not sure if signing this paperwork will hurt our chances of NACA helping us. Will it nigate everything? When I called the 888 number after waiting 25 minutes to talk to someone, the women on the other end was really unhelpful. She told me that if I signed the paperwork then all my chances with NACA would end. If I don't sign then I am sure that forclosure proceding with be accelertated.
We can not make that decision for you..............only you can.
You may want to check with NACA because if you accept a modification proposal from CW.............I believe they will stop their processing of your modification...........their restructure would be better than you just received............but you should talk with them first.
The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.
I received the modification paperwork today from Countrywide and I am not sure if I should sign them. They lowered my interest rate to 7.875% for one year and then it would be raised in march 2010 to 8% and would go no higher than 8.375% for the life of the loan. They took my past due payments and added them into the principle amount that raised what I owe to $359,290.92. I would be paying interest only for 10 years. My new monthly payment is $2357.85 plus the escrow account at $797.98 makes the grand total monthly payment $3155.83. This is way to much money! I can maybe maybe do it until September but then my salary will be greatly dropping. I run a babysitting program and in september it will be reducing from 14 kids to 5.
I am not sure if I should sign the docs for the time being so that we can start to repair our credit and give NACA time to negotiate a better deal. I am not sure if signing this paperwork will hurt our chances of NACA helping us. Will it nigate everything? When I called the 888 number after waiting 25 minutes to talk to someone, the women on the other end was really unhelpful. She told me that if I signed the paperwork then all my chances with NACA would end. If I don't sign then I am sure that forclosure proceding with be accelertated.
What should I do?
A couple weeks ago we received a similar offer from CW! It took me exactly 2.5 minutes to decide it was not an offer to help me but more a way for CW to keep making money on me hand over fist! We declined there "Generous" offer and have since gone forward with NACA. The MOD package CW sent did say we should sign and get it back to them within 10 days but also went on to say that we would be contacted by a "Negotiator" to go over this MOD no later than March 23rd.
We have not paid our mortgage now for 9 months and have already had one auction date get canceled. I think as long as you have a workout plan filed with NACA and CW has it in there hands they should not start the foreclosure process until a decision has been made on the NACA proposal.
We keep a very close eye on CW day to day now just to make sure no "Cowboy" decides to set a foreclosure date without verify our workout status.
If I were you I would not sign that deal CW sent you, it is a very poor workout that will only keep you in trouble down the road. Bottomline is that you need to make up your own mind and weigh the risks of playing this MOD game with CW.
Connect with Facebook
After the grace period came and passed they told me I was eligible as of 12/1 for the Home Ownership Retention Program and to see how that went. As of January 15th, I was approved for the modification, however they told me that I should sign and return the packet by February 19th. I finally received the packet today only to find out that they set the adjustable rate back to its origin for 5 years, but did nothing for the delinquent payments which is now 5 months behind! After speaking to CW they told me I would now have resubmit my financial documents and apply for a new modification to role in my previous delinquent mortgage payments. So now we are on to our third modification through CW!!!!
We have decided that if NACA can’t help us then we are going to walk away from the property since it makes no sense to pay $3200 a month on a mortgage when we can rent a nicer house in the area for $1500. I refuse to pay anymore into a loan that we can’t afford. 
I don’t want CW to come back to NACA and say, “Well we’re not helping her, she can’t even pay xyz.” All foreclosure proceedings have been suspended since we have begun the modification process so I am not worried about losing my home yet. I just don’t want it to hurt my chances of getting a good settlement with NACA since I am not paying my mortgage payment.
. good luck! 
Re: So Frustrated!!!! 
Linear Mode
