What a respectable company full of coconuts !!!

[dee1432]

Countrywide staff needs to be more familiar w/ all the necessary programs like loan modification, they are usually clueless and lacking all the knowledge, everytime I talk to them, they were unsure what to say or what to advice. They should learn the keywords or be more specific and precise. They need more education or seminars to enhance their skills and knowledge, since this is a whole darn mortgages business, they should know what is the best solution for every client. What a respectable company full of coconuts !!!

[Moe Bedard]

Hi dee1432,

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

A bit more information about your situation would be helpful.........


What is your interest rate at?
Is it fixed or adjustable?
If adjustable when is it adjusting?
Are you paying interest only?
What is the loan balance?
Do you have one loan or two?

Are you currently going through the process of a modification with CW?
In what part of the process are you?


Also.............we already have started threads with links and information to the Home Affordable Modification that was announced on March 4th in the breaking foreclosure news section...........if you would like to chime in there.

[dee1432]

Hello ***,
Thank you for the response, I'm on that route, but tomorrow at 10 am will see a lawyer first to discuss what advice he can give me, then I will seek step by step procedures on how to do the loan modification w/ countrywide, I live in Atlantic City, NJ.
I read a lot of info from: FinancialStability.gov
and: www.fha.gov
I read about NACA too and sign up but did'nt go all the way to do the service yet.
From my lawyer I'll see what will happen. on Mar. 1 to 31 is the 3rd mo, I'm behind on my mortgages.

[Moe Bedard]

Yes that is the information that we already have posted on the forum...

Let us know how it goes tomorrow..........

[pdsfoley]

I'm one of those coconuts....we only know what the "higher ups" let us know...Currently the new program by the treas. sounds great...we got handouts and some training...but the actual procedure has not been implemented yet. believe me some of us try....we ask questions...but we are held hostage...by the "need to know" basis...

[sherman]

pdsfoley, are they reviewing everyones loan for the Office of the President program? Are foreclosures on hold until accounts are reviewed? Also...what qualifies as income when doing mods? Thank you.

[gray517]

sherman

here is a link about the new program

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

http://www.treas.gov/press/releases/...guidelines.pdf

http://www.treas.gov/press/releases/...es_summary.pdf

[pdsfoley]

loans that are being serviced by Countrywide, Bank of America or Merrill Lynch...foreclosures are on hold (for now) things change daily at Countrywide...There is very strict criteria for the Treas. bill...a 4506-T form from the IRS...latest tax return...signed affidavit of hardship...and Proof of income (2 pay stubs).

[jenland]

Does Countrywide currently have a hold on foreclosures? I received a NOD that said to pay by Mar. 7th and I have called CW, but they said they can't help me yet.

[jmo1976]

pdsfoley, I am current on my existing CW loan, NACA submitted to CW in end of Feb, I can make April's payment but heard if I do CW won't modify cuz "I am able to make payments" with this new Treas. bill, CW would get an incentive if I stay current. Does CW turn down loan mods if you are current and going through NACA, or does that apply if I only go through CW for the loan mod.

[dee1432]

Which one is better? Apply for a Loan Modification first and then File for Bancruptcy or File for Bancruptcy firts then apply for a Loan Modification? It has been very confusing and difficult, since this whole economy burnt almost a lot of people. It's so frustrating to make this major decision, nothing is positive but just need to get by.

[lostinlife]

While I can not tell you what to do, I can tell you what I know. When you file Bancruptcy, the lender will not be able to talk to you without the attornies okay and even with the okay they maynot want to talk to you. I had filed chap 13 back on 12/06. The house loan was protected under the banc. but once I fell behind again, CW lawyers went to the banc. judge and got the protection lifted, I was able to get my lawyer to send a letter to CW telling them it is okay to deal directly with me now, it is still hard, cause they don't always want to deal with me as their systems shows that the loan is still protected, as it hasn't been verified to remove the protection. I hope this helps some.

[wildcats21]

Hi:
I filed for chapter 13 in april 08 and cw is paid outside the bankruptcy plan, they wont work with me either my mortgage adjusted jan 09 and will adjust again in july 09 which we will not be able to keep up the payments. We called naca and they submitted a restructure to cw I just hope they can help my husband has been off work a total of 14 months due to a neck surgery and other problems. Has anyone had any luck with naca dealing with a restructure while in a chapter 13.

[dee1432]

Hello *** Damiano,
I talked to my lawyer this morning and he adviced me to think of either filling for chapter 7 or 13, but I am still concerned about keeping my mortgage if I can afford it. So now that the loan modification is also one option before I file or am I right about the order? ( I mean should I try to do the mod first before filling?)
I thought I would give it a try, since the lawyer is charging me for another $1750.00 to do the loan mod. above the $1500.00 for filling. And I dont have that money.
God Bless you and more power!!!!

[Moe Bedard]

dee1432,


two members who have filed bk and were going through modifications have answered your question above as to what will happen.

If you file a bk first...........they will not be able to speak with you regarding a modification.........they are debt collectors and a bk will put an automatic stay in place preventing a debt collector from speaking to you or attempting to collect that debt. Your file will immediately be transferred to the bankruptcy dept., and they may require permission from the court and your attorney to speak with you.