Countrywide came through!

[asrs4]

We received our loan modification offer we had it notarized sent it back by fed ex. I thought wow now we can move forward. Called Countrywide to check the status of our loan being updated to the new payment terms and they have no record of any modification documents being sent to us. What the heck is going on? We sent the Fed Ex package to Pittsburg, PA and I tracked the package and it was delivered. Can someone please tell me if this has happen to them and what steps we need to take. We did confirm with the Hope Team that the package was received and they advised me to call Countrywide, but no one seems to know anything at Countrywide.

[heehoo22]

Do you have a copy of the documents you signed and sent to them?

[asrs4]

Yes we have a copy of the documents we sent them. I'm confused about this whole process. We were approved for the AG settlement but why is it that when I speak with the Home Retention Team they have no record of any documents being sent to us but when I call the Hope Team at 877-643-2788 they tell me its been received and it's processing. Why is there conflicting information. What is the actual process? Is the Hope Team part of Countrywide? I would really appreciate any feed back.

[Moe Bedard]

It sounds like the modification that you received was from FannieMae through CW and was automatically sent to you.........this wouldn't be the AG settlement............

What was your original interest rate?
What is the loan amount?
What were the terms of the modification?

[asrs4]

Actually it was through the AG settlement, per cw it's the wom program through the AG settlement, our investor is Bank of NY. The package came from Pittsburgh, PA and the we returned the fed ex package to Pittsburgh. The number on the return label is 877-643-2788 which is the Hope Team and they confirmed they received the package. The program that was offered to us is the Step Rate. Our current rate is 7% fixed for 30 yrs P&I. What cw offered is 7% fixed for the life of the loan but the 1st 10 years it's interest only, and they put our past due amount towards our principal amount. They told us this is the only program we qualify for because of my husbands income. Our surplus is $372.00 for a family of four that is nothing even after you have paid all the bills.

[asrs4]

I'm so confused with this whole AG modification process. Who exactly is the Hope Team and why am I calling them if I have questions regarding my modification documents if it's being offered through CW.

[pdsfoley]

The "HOPE" team is a 3rd party hired by CW to process the loan docs. I get a lot of calls from CW customers saying they sent back papers and CW can't find them. I advise them to follow what the paperwork says...and start sending the payments when they are due. I guess I'm looking through rose colored glasses and am assuming sooner or later all this paperwork will catch up. But to me, those are legal docs you signed and had notorized, so, if you agreed to those terms...keep a copy and follow those terms.

[asrs4]

We sent our modifications docs back and I spoke with a rep from the Hope Team and they stated that we are still in the process of approving the modification and that it's still not guaranteed. I thought once we receive a fed ex package and send it back it's a done deal. They also stated that they still needed to verify our income and that's why we had to send copies of my husbands paycheck stub.

[Readyforbattle]

I have a couple of ques for pdsfoley. Is Countrywide doing any modifications for the bank of NY? Do you have to go delinquent to even be considered for modification? What about change in income.....when they never verified it in the beginning. Please view my post on Countrywide Abusing Elderly.... I would appreciate any answers you can give me. The first person I talked to at Countrywide seemed to be very helpful....but after that they all seemed like idiots.....no offense.....Thanks

[pdsfoley]

I've seen a few get "qualified" with BONY as their invester...but not sure how it turns out. We've been told that you have to be delinquent to get considered for mod. I have talked to numerous customers who are current and do not want to ruin their credit by going into default. I completly understand. I refer a lot of those people in for mods anyway...and they usually get denied...idiotic if youy ask me....hope that helps

[pdsfoley]

Originally Posted by asrs4

We sent our modifications docs back and I spoke with a rep from the Hope Team and they stated that we are still in the process of approving the modification and that it's still not guaranteed. I thought once we receive a fed ex package and send it back it's a done deal. They also stated that they still needed to verify our income and that's why we had to send copies of my husbands paycheck stub.

Was this for AG settlement? We got word between feb 2 and feb 4th that customers were being denied because their gross income did not match the income showed when they called and updated them with a CW rep. So its their way of stalling/verifyingto modify.

[pdsfoley]

"HOPE" team is a 3rd party hired by CW to process loan docs. The bad thing is one hand does not know what the other hand is doing....

[helpsavemyhome]

Hi pdsfoley,

I have read on this board that people have had positive results from sending emails to different divisions of CW, for example, The Office of the President, etc. Can you point me in the right direction as to where I can find these email addresses? (I have asked people who have said they sent out the emails but they don't respond.) It would be greatly appreciated.

[ledude]

I received my FedEx package at the beginning of the month. Basically I got a rate reduction fixed for 5 years then it goes back to the Note.....but heck it's better than nothing at this point. I called and confirmed a couple of things with the folks at CW about the loan mod. For example, we are current and have never made a late payment....and the loan mod had assumed we wouldn't make a payment for 2 months and just added the payments to the principle. I actually called in our payment for February because the web interface wouldn't allow us to. Funny side story there...they tried to charge me an extra processing fee for calling it in.....they of course waived it once I explained that it doesn't cost anything to do it over the web. Anyway, one mistake I did make after reading some of these more recent mails is to make a copy of the notarized version of the modification. I have an unsigned copy...but still. A lot of you folks have me nervous now

I personally don't think there is a silver bullet to work with CW. What I do know is like anything in life, the more courteous and friendly you are with them the better a result you'll get.

-Dan

[sandyh]

Do you mind sharing what type of loan you had before the modifcation (what program within the AG did it qualify for)? I had understood they hadn't closed any of the AG loans yet, so am curious which one did get closed. Thanks.

[ledude]

I have a payment option arm....$648k...tied to MTA....interest rate was 4.875%...they gave me 4.25% fixed for 5 years. Obviously, I would have liked to gotten into a 30 fixed, but being current didn't give me too much leverage.

-Dan

[asrs4]

Ours was more like a streamline modification. We originally had a fix rate at 7% for 30 years and the offer was 7% for the life of the loan but for the 1st 10 years it's interest only. Were basically back to square one but at least we have the option to pay interest only when some months get tight it's not much of a savings but right now anything helps, so I'm thankful to Countrywide and they didn't make us wait so long compared to other people. We applied on Jan 25, 2009 we received our Fed Ex package on Feb. 9, so it only took about 2 weeks to get our documents. I just hope everything goes through ok being that this is a program through the AG settlement and its based upon your income.

[bigshirl]

Originally Posted by pdsfoley

"HOPE" team is a 3rd party hired by CW to process loan docs. The bad thing is one hand does not know what the other hand is doing....

pdsfoley I have not gotten a response from you .The ag settlement does it roll all deliq amt to the princple balance or does it leave out the escrow amt . If I don't take this will I stand a change for another offer since this all cw claims I qualify for

[asrs4]

I would like to know has anybody actually gotten an approved loan mod through the AG program? We received our modification docs but cw requesting copy of paycheck stubs to be sent with the documents, why are they requesting a copy of check stubs when we had to fax it to them when we first started the mod.

[asrs4]

We received a loan modification last week and they are requesting my husband's paycheck stub why would they need a copy of it when we submitted it to cw when we started this modification? I called the Hope Team and they informed me that this is part of the AG settlement and that there is still a chance that we can get declined, they did tell me that our paper work was signed correctly and they have forwarded the docs to cw for processing. What would be the reason for the decline if the offer has already been sent to us. Does that mean that we still have to go through the process?

[asrs4]

Hello everyone just want to say I submitted my request for a loan modification on 1-28-09 received my fed ex package on 2-9 an I just checked the status online and it's in the final stage. I am so happy!

[ReneA]

How did you do it? Do you have to email your workout officer? Are you delinquent in your monthly payment before you do the loan modification? Please advise. Thanks.

[asrs4]

Yes we are delinquent, but when I submitted our paper work we were only due for January. I spoke with home retention on 1/25 we went over our financials then they told me we were pre-approved for the NHRP and the rep told me that you do not have to be 60-90 days delinquent to qualify for the program. I then drew up my hardship letter and I did put on my letter that based on the information that was given to me we do not need to be 60-90 days delinquent. Also just to let you know we just had our loan modified in October 08. I faxed my documents to the Office of the President and she forwarded the information to the workout dept. that is handling the AG program.

[ReneA]

When I first called CW in Aug/08, they said we are not qualified because our loan is not yet due to reset until Nov 2011. I called back in Oct/08 to inquire about the H4H program and was told that they're not sure if they are a participant to this program and besides there is no guidelines yet. Nov/08 comes, I inquire again and still get the same response since we are not yet behind in our payment. Last week of Nov, I even consulted an HUD counselor to mediate for me but still they won't let me modify my loan since there is no major changes in my finances. Comes Dec/08, my property tax is due plus the monthly amortization and this time I don't have funds to pay both. Jan/09 I faxed my hardship letter and paystubs to the fax no. given to me by CW customer service rep. I followed up on the fax documents and was told they never received it. They gave me a PO box # to mail it and sent all my paperworks. Do a follow up by the third week of Jan/09 and was told that they received the documents and noted on my account that it needs to go to workout dept. I followed up over the phone several times and got an automated response that it's being processed and don't call before 2/09/09. But I keep on calling but they won't transfer my call to workout dept. Last week I got the name of the workout officer and I was told that it will take 30 to 90 days to process. I called again today and the lady told me that my file was just assigned to the officer last 2/12 and she won't let me talk to the workout officer. I received a letter of intent to accelerate and I told her that my file states that all collection activites are temporarily suspended while my loan is under review. She told me that all collection & foreclosure proceedings is still ongoing since the loan mod is not guaranteed. So I was busy tonight trying to email CW but I keep on getting delivery failure notices. So tomorrow I'll send a certified mail to CW PO box to get into my file as well. So what do you think I'm still missing on this one?

[asrs4]

Try calling Jan Lee at 800-405-0078 ext. 7219, she is a supervisor at the Office of the President she is very helpful, the only thing is you have to keep calling her she doesn't answer her phone much but just keep calling till you get her or leave her a message. Last year I worked with a negotiator that was under her and she was awesome, I got my loan modification done in 2 weeks and thats with everything being updated.