Our Countrywide Story

[Knightfal]

Ok here is our story. In the summer of 2007 marital problems forced my wife and I to separate. In doing that would could not afford our bills separately. We looked into bankruptcy and in the process our lawyer told us to stop paying on the house as neither of us were living there anymore. It has been vacant since October 2007. In the end our lawyer split our cases separate and I filed chapter 7 and it was discharged in October 08. My wife never followed through with her chapter 13 and it was dismissed. We have not paid on the house since august 2007. Countrywide has started the forclosure process but have not taken posession yet. My wife an I are now back together and would like to save the house. I lost my job in October and we just got a 1099c in the mail for our second mortgage because they wrote it off as bad debt. So we have the Countrywide first and only mortgage for $174,000 @ 7.5%. The monthly payment with escrow is $1400 roughly. The loan was originated in 2006. What do you think our chances are of saving the house so we dont add another forclosure to the market? Thanks in advance, this forum is a great resource. Oh and FYI I will be calling tomorrow to request a loan mod. Will us not currently living there propose a problem?
Thanks in advance, this forum is a great resource.

J

[Moe Bedard]

Hi Knightfal,


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

You would need to contact CW Home Retention and ask if this is possible............they will let you know if that is going to be an option.......
CW Home Retention
1-800-669-0102

[Knightfal]

I called CW today and they took all my information over the phone. The girl on the phone reviewed our info and said she was going to send our account over to the loan modification department. Now its just a waiting game..... Hopefully we get a loan modification before a foreclosure sale date is set.

[Knightfal]

So I happened to check realtytrac.com today and my house is no longer listed as in pre foreclosure. Its not even on there at all. Weird

[Knightfal]

Our status is still the same, no word yet.

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 03/17/2009. If your status remains unchanged after the 03/17/2009, please call and speak to a customer service representative. Please do not call back before 03/17/2009 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:	02/24/2009
Workout Stage:	Processing
Phase/Sub-Phase:	Active Processing

Also, I found out who our investor is. Anyone have experience with them?

Deutsche Bank National Trust Company as Trustee
for Morgan Stanley ABS Capital I Inc. Trust
2006-HE7 Mortgage Pass-Through Certificates,
Series 2006-HE7

[Knightfal]

So I called today for an update and the girl from the home retention dept said its still under review and my file was last updated on 3/19 although I still have the same information as above on my workout page. She did say there was no sale date set though which is great... keeping my fingers crossed.

[Knightfal]

Will starting the process with naca stop the current mod review my loan is currently in with CW?

[Knightfal]

My hardship letter has disappeared from my online documents received page and the mod is still under review.. Has this happened to anyone else?

[gray517]

Originally Posted by Knightfal

My hardship letter has disappeared from my online documents received page and the mod is still under review.. Has this happened to anyone else?

the documents only show up on your online account for 60 days, they still have them and unless the workout status changed I would say you are probably still under review, unfortuneately the status is not always up to date and current as to what is going on with your account. Good Luck!

[Knightfal]

Thanks Gray...

[Knightfal]

Workout Status Details:	Your Loan Modification has been approved, and all collections activities have been suspended as a result of this approval. Next steps will include a call from a workout negotiator who will explain the terms and options of your approved workout including all conditions required for the final completion of the workout, such as upfront funds. You will also receive a package of documents in the mail. These documents are time sensitive and must be signed, notarized and returned to us in 10 days, including any required upfront funds. If you have not received your workout package and/or a phone call from your negotiator by 08/06/2009, please contact us. Please do not call back before 08/06/2009 as that may delay the process. Please respond promptly to any calls or requests that you may receive from us during this time period. Lack of response will cause your workout to be delayed or cancelled. Thank you.
Information as of:	06/07/2009
Workout Stage:	Approved

Finally, now is the modification actually going to be good? thats what we will find out

[rozuki]

Congratulations, Knightfal!

[Knightfal]

Thanks rozuki.... Lets hope its a fair mod.

[sarge]

Originally Posted by Knightfal

Finally, now is the modification actually going to be good? thats what we will find out

Congrats Knightfal,
Good luck with the mod. You will most likely know in a couple of days

[Knightfal]

Thanks Sarge!

[lorlors]

We received the exact same "Approved Modification" information, worded the same. We were supposed to receive our documents on May 8, to date we still have not received documents and have been making weekly calls, regarding the documents for our modification. Every call we are told something different. After being esculated 3 times, we were told Friday we should hear something back June 12. This whole process has been very stressful and frustrating!

[kateistired]

Hi, to those who are approved and wondering what your new terms are...

You can call the Hope team, an independent mod processor. Your documents go there for printing and distribution. Once they have your info sent over to them, they can tell you what your terms are even if you haven't received the documents yet.

1-877-665-6866

Congrats to all recently approved!

[kateistired]

Oh, and even though your modification has been approved, it appears that CW is not always aware of it. Once I called the Hope team, they gave me my info, then I called CW to confirm. CW tried to get me to pay the full amount past due, and told me the modification was not a guarantee. After it had been approved and documents printed. They are so disorganized!!!!

[lorlors]

In our case we have called the hope team several times. The problem is they can't locate our documents. They said they haven't received them yet. One would think with a "approved modification" still showing on our account, someone would have some information for us. So, meanwhile we're keeping our fingers crossed to hopefully get our information we need for the modification on June 12.

[nbtapia1]

I call CW., and finally I was assigned to a Negotiator.. can someone explain to me how far i'm for a loan modif., or what wii be next after negotiator... what is his job?

[sarge]

nbtapia1,

There doesn't seem to be any rhyme or reason to the madness from BofA. There are those who got mods in just over a month and some who have been trying 6 months and more.

[nbtapia1]

Thanks Sarge
BofA gave me negotiator p# & name , but I was told not to call her... to wait until she call me. I wonder what she does, that I can't call her... Will she get mad, then she won't approve me for a Modif.?

[Knightfal]

I call about once a month for an update, annoying your contact at cw/bofa may just keep you file at the bottom of the pile. I would prefer that we get it done an over with asap, but im not holding my breath on that.

[sasha1]

Hello!

i was interested to read your C. Wide story. i find them very unhelpful.
My 'loan' is with country wide but owned by IMPAC. Therefore, it does not qualify for the 'make home affordable program'. I am told if I miss 3 payments they MAY be able to help me. Working 2 jobs as a single person to make ends meet - this is not an option.
Is there anyone else out there who has expperience with the IMPAC situation? My house value is down so to re-finance is not an option as the equity is not there.

Good luck with your house

Sasha!

[Knightfal]

Originally Posted by sasha1

Hello!

i was interested to read your C. Wide story. i find them very unhelpful.
My 'loan' is with country wide but owned by IMPAC. Therefore, it does not qualify for the 'make home affordable program'. I am told if I miss 3 payments they MAY be able to help me. Working 2 jobs as a single person to make ends meet - this is not an option.
Is there anyone else out there who has expperience with the IMPAC situation? My house value is down so to re-finance is not an option as the equity is not there.

Good luck with your house

Sasha!

Sasha,

Unfortunately it seems to be the norm for them not to help you if you are current on your mtg payments. The decision is up to you if you want to withhold (save) payments and go a month or two behind. You can also try going with NACA. They may be able to help you.

Best of luck to you!