Cash for keys

[condanchri]

We successfully achieved a loan modification with Countrywide, back in August of 2008 (30 year fixed at 6%). Initially, during the modification process, Countrywide had not taken into account our property taxes. They then included them in an escrow payment at the last minute. This increased our original modification payment by $350.00 per month - which was actually an increase from our original, sub-prime loan payment by $250. At the time, we were trying to rescue our home from imminent forclosure. We honestly felt we could make the increase payment, in exchange for a fresh start.

Fast forward to now. We are struggling to make payments again - and we're feeling some major post-traumatic stress. We were not able to make our January payment. We contacted Countrywide during that month, and were told that our account would qualify for the Hope for Homeowners program, and possibly the Prinicipal Reduction Program (which would be available to us at some point in the future). The catch was that we would not qualify for either of these, if we remained current (which made sense to us, as they would not work with us last time until we were delinquent in our payments). So, we did not pay our January bill, in hopes of another modification or the Hope for Homeowners program.

We spoke with a Countrywide Rep in the Home Retention Dept. today. We went over our monthly bills and income, and we had $125.00 left over in our budget (of course the budget never accounts for unforseen expenditures). The rep flat out told us that we would not be able to qualify for anything with Countrywide - this was due to us defaulting within the first year of our loan modification. What's more, she said we would not qualify for the HOPE program because, due to our loan modification, we were not considered "sub-prime" anymore. She didn't know anything about a principal reduction program, but said she doubted we would qualify for that either. She said our best hope was to get a second job.

Has anyone ever heard of qualifying for a second modification with Countrywide? Does this Countrywide rep's answers seem to jive with the prevaling experience out there, or not? Thanks in advance for any advice/help.

Chris & Dani Hall

[mrsnissyq]

We completed a loan modification last year February 2008 and we applied for another one last month. We were never told we couldn't try and we were told we qualified for the new 12/1 program. I would call again and talk to another person. I have never been denied while giving them my information and I have talked to at least 5 reps. I think each rep can be different. I know that there is a CW person on the boards here. Maybe they have some input.....

[Justme89]

Please see what I suggested in this thread about calling and emailing your investors, Senators etc....

LINK---> Totally Frustrated with Countrywide

[sandyh]

First, I'm sorry you are getting the run around. It is frustrating to get inaccurate information from CW and it seems to happen all the time, especially when speaking to the normal customer service or home retention team. The 12/1 clearly states you do not need to be deliquent and for CW to advice you to not make your payment was irresponible, but not suprising. I do think you might have got correct information that you may not now qualify for the 12/1 if you have a fixed rate now. If you signed documents in Oct to change from a sub-prime or pay option loan, then you would no longer be in the class of loans. Others that got modification that didn't change the structure of their loan - maybe lowered their margin but kept it a pay option loan - then they would still qualify as their loans are the ones being addressed. This was just brought to my attention by someone in the office of the president that I do trust has the correct information - she advised me when I mentioned I'd waive the principal reduction option at this time just to get in a fixed loan, she told me as soon as I sign out of our pay option loan, we would no longer qualify for the 12/1 program.

The unfortuate situation is a 30 year fixed at 6% is not a bad rate, in fact it is pretty good especially if your credit is not great. They might not be able to anything better, even if you had not been in default. If you want to stay in the house and think you can afford it going forward, I'd suggest to try to get a forberance to have a few months to pay off your taxes and lower your monthly payment by that amount.

[sandyh]

Also, I want to post that I was told - and have had this confirmed by a number of agents now - that they have yet to do papers for any pay option modification under the 12/1 loan. They did say they are holding off foreclosures for all in that group, but they have "no idea" when they will receive guidance as to how to paper this modifications. That is one of the reasons why I'm considering opting out of the program just to move on and I hope get a reasonable rate.

[condanchri]

Originally Posted by Justme89

Please see what I suggested in this thread about calling and emailing your investors, Senators etc....

LINK---> Totally Frustrated with Countrywide

CW refuses to tell us who our investor is. Is there another way to find out, other than asking every emplyee we contact and hoping for the best?

[gray517]

we just completed our modifcation with CW thru Naca, now that we have a 6% fixed rate we are no longer a subprime mortgage.

here is some useful information regarding the AG settlement 12/1 program

Eligibility for Modifications
Eligible borrowers under this program must have received a qualifying subprime mortgage or a Pay Option adjustable rate mortgage prior to 2008, and the property must be a 1-4 unit owner-occupied residential property. Additional requirements include:

• The borrower is 60 days or more delinquent and the current loan-to-value ratio is 75% or above;
• The borrower becomes seriously delinquent at any time prior to June 30, 2012, and the loan-to-value ratio at the time of the modification is 75% or above;
• The borrower is current on the mortgage but is likely to become seriously delinquent as a consequence of a rate reset or contractual payment recast based on negative amortization triggers, and the loan-to-value ratio at the time of the modification is 75% or above.

Countrywide Financial - Real Estate Mortgage Lender - Home Loans - Equity Loan Mortgages

Countrywide Financial - Real Estate Mortgage Lender - Home Loans - Equity Loan Mortgages

[asrs4]

Hi I'm new to this site but i would like to response to this thread. We had our loan modified back in October 08 and at that time we had a sub-prime loan, and what cw did was put the past due amount towards our principal amount and added an escrow account and changed our loan to a conventional. As of January 09 we applied for another modification through the AG settlement requesting our interest rate to be reduced, we currently have a fixed rate at 7% for 30 years. I was told yesterday by the home retention dept. that we were granted the modification, however they did not lower our interest rate, what the are proposing is interest only for 2 years. I believed our package is suppose to go out this week. We are considering accepting this offer even though we have always paid principal and interest. I really would like a rate reduction because our income has been reduced due to the economy but I'm so do done being stressed out and checking the website every hour and calling cw everyday.

[asrs4]

Well we received our loan modification today and it was a joke. They offered us a 10 year interest only at 7% and once the 10 year is up it will stay at 7% and they also put whatever is past due towards the principal amount. Our current rate already is at a 7 so I don't exactly know how this is going to help us. Were basically back to square one. Our income has been reduced and that's why I requested a rate reduction instead they gave us an interest only for 10 years at the current rate we have now. Any suggestions?

[Moe Bedard]

If this is the only property that you own, you can do what other members that have received modification proposals that were of no help have done and try going through NACA instead.............
NACA

[condanchri]

CW still insists they have no program that will work for us, in fact today they asked us when we would make a payment (2 months behind now) and we said we don't know. They actually asked, "So you're waiting to see what the President is going to do?" We said yes.

Anyway, as each day progresses, it looks like we will walk away from our home. We just received our latest Notice of Intent to Accelerate after doing a modification last year. We have scoped out some rentals and are seriosly considering abandoning our home.

So this brings me to cash for keys. I've seen some cases where cash for keys works only when the mortgage holders are stillin the house and the forclosure is going through. I've heard other stories of being elligible as long as you leave the place broom cleana nd tell them you have left the home.

So I'm looking for any more information or advice regarding CW's cash for keys policy and any verifiable amounts (I've heard $1,000 - $15,000).

Thanks.

[asrs4]

Hi condanchri, I know for a fact that cw is giving you the wrong information. We had a subprime loan which we became delinquent back in August 08 in October of 08 we were approved for a modification that brought us current and they added an escrow account we also had a fixed rate at 7 for 30 years after the modification our loan was modified to a conventional. In January of 09 we fell behind again. I spoke with cw they pre qualified us for the AG program. January 28, 2009 I faxed over my information on February 9 we received our Fed Ex package for another modification and I am happy to say as of February 24, 2009 our information was updated to show us current and as of March 2 2009 our modification is completed and closed.I would definitely call cw again and request a modification.

[mrsnissyq]

Originally Posted by asrs4

Hi condanchri, I know for a fact that cw is giving you the wrong information. We had a subprime loan which we became delinquent back in August 08 in October of 08 we were approved for a modification that brought us current and they added an escrow account we also had a fixed rate at 7 for 30 years after the modification our loan was modified to a conventional. In January of 09 we fell behind again. I spoke with cw they pre qualified us for the AG program. January 28, 2009 I faxed over my information on February 9 we received our Fed Ex package for another modification and I am happy to say as of February 24, 2009 our information was updated to show us current and as of March 2 2009 our modification is completed and closed.I would definitely call cw again and request a modification.

OMG! Who is your investor? I have been in active processing since Jan 6th! We have BONY and absolutely NOTHING yet.

[condanchri]

Hi asrs4,
Thank you for sharing your experience with CW. I have personally spoken with them on 4 different occassions, between the middle of last month (when they attempted to withdraw $3,862.00 from our checking account - it bounced, of course, and we ended up having to close the account down and start a new one), and the start of this month. Each time it is the same response - we can't help you. We sent another complaint/hardship letter to CW, outlining our entire sorid experience, including them trying to raid our checking account, and we sent it to all of our state and US representatives/senators, our governor, the US Attorney General and President Obama. We have received responses from our state reps - they have been incredibly nice, but cannot help from a state level. We have received responses from our US Senators/Representatives - one of which who stated that she would be bringing our specific situation up with her impending meeting with the CEO of Countrywide.

I hate to say it, but with everything we've been through,

[condanchri]

sorry, guess I pressed the wrong button.

with everything we've been through, I HATE THIS HOUSE!!! I just feel like we have had such bad luck since we bought it, I don't even want to live here anymore. My marriage is falling apart under all the stress we've had over the past two years. At this point, I'd rather just find a nice rental - at least then we would be in control of the situation. I know this sounds soppy and emotional. We made such bad decisions when we bought this house - before then, we had owned a house for six years, and had never been late on a payment. I just feel like we've lost our way, and I'm not sure living in this house will allow us to find our way back to that place...

[condanchri]

mrsnissyq - what is BONY? I've asked CW who our investor is, and they have refused to tell me. At the time, we were getting approved for the first modification, so I didn't want to press the issue. Now, I'm just plain curious. I guess, at this point, I have nothing left to lose, and could probably call them to ask them again - and come on like gang-busters...

[lugson]

Originally Posted by mrsnissyq

OMG! Who is your investor? I have been in active processing since Jan 6th! We have BONY and absolutely NOTHING yet.

mrsnissyq,
Our investor (on the 2nd) is also Bank of NY. Nothing since 10/08. In fact we started over with it today because it apparently was misplaced or lost.

condanchri,
I totally understand how you feel - we feel the same way. But keep up your hope - it's too early to give up. I just keep reminding myself of all the requests CW gets every day. I'm not excusing them... But there are people there who can and are willing to help. Just keep calling, keep reading this forum. You will find help here - even if you don't think you will, read the post, call the numbers and keep trying.

[condanchri]

lugson - thank you so much for your comments. Sometimes, I have been known to get "overly emotions" ! LOL I'm just tired. I've been through the modification process once already, and going through it again is just more demoralizing. Thanks for your comments, I really appreciate it.

[lugson]

condanchri,
I totally agree. Some days it does get the best of us doesn't it? Some days I am am so sad for what we have already lost and well, the uncertainty of what can still lose is overwhelming. Just remember none of us meant to end up here. Thank goodness for this forum - let it rally you!

[gray517]

we have also gotten 2 successful modifictions from CW, the first one last year in May 08, husband got first paycut in November 07 shortly after we refinanced with CW and 2nd larger one in Feb 08, we asked CW for a modifiction to include a lower rate (our original sub-prime fixed rate was 11.125%, that's a whole other story posted in my thread, in the success secton) what they gave us was the standard adding past due to the end of loan, increasing our loan balance an montly payment we were able to afford this by not paying on 2 of our credit cards and getting extensions on are car payments that let us skip a month so we could get ahead, made a payment in May was supposed to be for june payment but went to modification fees instead, new payment due july 08, I lost my job on June 2, 2008 and used my 401k disbursement to make july's payment, now we were in real trouble, I called CW in August (tyring to be proactive) got no help since were not technically behind at that time, told me get a job, like I wasn't already trying to do that, now it becomes september we are now due for 2 payments, called them and got the run around, called home retention they sent me to collections, called custome service they sent me to home retention who then sent me back to collections, geez, found a link on CW's website actually for Naca and went directly to them for help, they submitted a proposal to CW on 10/6 got approval in December, got the modification in Jan 09, it is now a done deal completed and closed and I got a lower rate to 6% fixed for the life of the loan, Yahoo for Naca! so you can get 2 mods within 12 months depending on your situation. I would try working with Naca if CW is not helping you, good luck friend!

[asrs4]

Hi mrsnissyq, our investor is Bank Of NY.The rep I spoke with informed me that CW already knows what they can offer based on the investor and when she told me it was Bank of NY she knew so long as we had sufficient income the modification would go through. We have been with CW for 14 years and they have always come through for us, sure it's a long process but there are lots of people out there that are in the same situation, I couldn't even imagine how many request they have to go through. We didn't get a great modification compared to what other people have been getting, our interest rate stayed the same, they offered us the option to pay interest only for 10 years and that's ok at least I know we have that flexibility especially when some months are tight.

[kateistired]

Our investor is Bank of NY, too. We have been in active processing forever, and finally the combination of my frustration and a knowledgeable CSR has yielded a small result........the rep looked at our account and sent it to "escalation". Then, one day later, we finally got a call from a negotiator. Yeah, we had to send in bank statements and paystubs again, but at least we are going somewhere ( I think ). I was told by a rep that BONY was very easy to work with on mods. We shall see.