CW now reaching out to consumers

[Larry2630]

I've been reading the posts on this website for the past few days now and decided to be a member. Anyhow, as I was reading posts here just a few minutes back. I got a call from CW (Bob Jones) but he sounded like he was calling from India (can tell from the accent).

I called CW like 2 or 3 months ago and inquired about the home retention program and told me to submit my updated financial information. But hearing a lot of stories from other consumers, I stalled the process and still debating if I'm going to hire a lawyer or go thru NACA.

Here are the details of my home loan. I have 1st nad 2nd mortgage from CW.

1st loan = $552,000.00 @6.125%
2nd loan = $ 136,949.00 @%

The gentleman who just called me said they will offer me 3.5% fixed for 30yrs and will cut down my mortgage payments almost half (mortage, prop tax, insurance). Here is my total mortgage payments monthly:
$3830.00 = 1st & 2nd loan
730.00 = prop tax
54.00 = insurance
$4614.00

Am not sure if I will believe this. The guy said he will email me the specifics. Will post the email once received. thanks.

[Dan Bailey]

Larry,
have not heard of CW reaching out to anyone before. Call CW directly (not using number "bob" gave you)and verify before sending any info.
Many of these scammers can be very persuasive as to whom they represent.

[Larry2630]

thanks, dan. will call CW directly.....the only info that i gave the guy was the amount of my debts. just in case the call was a scam, how can they use the info that i gave them?

[heehoo22]

If all you gave them was the amount of your debts.. and it is, for some reason a scam, they don't have anything they could "use"

When you call Countrywide, if they say they don't see anything... have them check to see if you are elibigle for the AG Settlement. If they still don't say they see anything, I'd have them call the HEART team to verify....

Unforunately, a lot of collectors don't really know how to use their own system...

[Larry2630]

thanks, heeho22. forgot to mention i'm in californis (bay area). what is the HEART team?

[heehoo22]

HEART team is the group that processes the majority of the modifications the homeowners receive. It is an outsourced group, that doesn't document any information on our system, other then sometimes "For questions, please contact HEART" They aren't the friendliest people when you call but they're about mass production.

[sbas2k]

Calculating the numbers based on your loan balance and a rate of 3.5%, I don't see how that calculates to cut you payments down to half though.

[Woodland Hills Worrier]

I have been told I am under review for loan modification and/or am qualified for AG program which does not implement until April. Is this all smoke and mirrors? Has anyone had any principal restructuring through AG program. Details of the program seem to indicate that Pay Option ARMs can restructure but maybe there is some angle in the legal language.

[sandyh]

Having debt balances does help those that are crooks trying to steal identity. If you recall when you request a credit report on line, it will ask for you to verify some of your debt amounts. I'd be careful not to give any information over the phone unless you initiated the call. I find a 3.5% fixed rate for the remainder of the loan to be a pretty low first offer from CW...

[Larry2630]

got 2 more phone calls from the guy who claims that he is form CW and asked me to lie regarding my debts. i was told to magnify how much i owe. and of course i refused. called CW and no record of anybody calling me from their end.........so this is a scam.