 My Countrywide Story
My daughter and I bought our home on 3/06, I was in a serious auto accident in 8/06. I began to call Countrywide weekly to be proactive in modifying our loan, as we had just lost 1/2 of our income. My daughter in College at that time, took on a second job and we rented a room out. We have abandoned other debt and medical services and managed to stay current. We did not realize we had a loan that the minimum payment would result in negative amortization. The broker told us the minimum payment was an interest only payment. Now almost 2 years later we have over 45K in neg.am. We owe 618k and the county of Sacramento just adjusted our property tax to the current value of 350K. We were encouraged about the lawsuit filed by the attorney general and waited to apply on Dec. 1 the start date. After sending income and finanacial information as well as a letter regarding the hardship, we were declined because we were not at least 90 days delinquent. I contacted the congess woman of my district, HUD, the Attorney General's office and they all said to disregard anyone telling us that being behind is the criteria for a modification. So I tried again, sent info etc. and again told we had to be delinquent. Also stressing to me that if the lawsuit was not in play, they would not, or plant to modify any option arm loan.
Calling this company for over a year and having them reprimand me for being "one of the many un-educated, ignorant, overly ambitious people who should not have bought a home to begin with, so we must now lay in the consequences of our poor decisions and bad choices." These people are very happy to tell you there is no plan, and they cannot help, and this abusive behavior is very disturbing. Are they getting bonuses for every homeowner they turn away?
If anyone has experienced this with Countrywide I would love to know, and now with possible programs from the President that consider it good that a person has managed to keep paying, I don't know what to do. If anyone can share I would appreciate it, and it saddens me to think of other people being treated this way, and would probably quit calling after about three times of being told that you have just failed miserably in life.
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