stuck in the middle

[justanother#]

We have adjusted Jan '08 $335 and will adjust again in july another $335. When we were sold this loan with a great need of the some equity $. We were told this was fixed for the a thirty year term, the amendment to escrow instructions page, first page of the document by Chicago Title (California), on line 13 and 14 reads "Interest on the note is disclosed to be 6.75%, monthly payments of principal and interest are reflected as $2,260.36 for a period of 30 years". Then line 25 states ALL OTHER TERMS AND CONDITIONS REMAIN UNCHANGED. We discussed the terms as fixed and the escrow agents stated it to be fixed as well as the scumbag who wrote the loan. Is this typical to bait and switch? Well, we are left holding the bag. We tried to refinance, credit not good enough. Then tried to rate freeze/mod with Countrywide, they took 4.5 months to say our credit was good and we were not late on anything, what gives? We bounce checks, is that not enough? In Aug we will be at 9.626% paying $2950.0 on a $347000.00 house, far from fixed. Is there any hope out there for the working class or is it beans and rice until this blows over.

[Moe Bedard]

Hi justanother#,


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

The document that is included as part of a mortgage that is adjustable is the
Adjustable Rate Note Rider and that has the schedule and cap information regarding the interest rate changes, so look for that. Also Countrywide is modifying and freezing many more loans recently......you can read the Countrywide success stories in our Success Section.
To try again most people on the forum have left a message at this number and have received a call back to look again at their situation.

OFFICE OF THE PRESIDENT
ATTN: ADRIENNE ELY
400 COUNTRYWIDE WAY
MS SV-314
SIMI VALLEY, CA 93065


Give it a try........
Hope this helps, you need to be proactive and keep up the calls......
I will post emails too in another post for you........

Apparently the escrow instructions were improper, they were printed out in error and the document that takes precedence in these cases is the note that was signed at closing.....

It is rare that the borrower is provided with a copy of the title closing instructions, however, they are something that the title closer should have questioned directly to the lender providing the package if the actual legal documents differed from the instructions.

You need to get out your origination documents from the broker or lender, along with the closing documents and then order a QWR from Country Wide immediately to match the data....you should obtain a forensic doc review by a qualified party. The documents are squirrely in that the instructions and probably the original disclosure to you was for fixed rate, however the final locked and closed product was an ARM.....

QWR -You need to be the proactive, responsible party with them and keep at them. It would not hurt to send a QWR demand - there are examples of the letter in the Tool Box. In that letter demand your Life of Loan History, copy of Note, Deed of Trust, Riders, all Assignments of the Deed of Trust, TIL, Right of Rescission (if refi), Lender Final HUD-1, copy of initial loan application and final lender loan application, all disclosures and all loan documents in your file, copy of appraisal. Send this three times certified return receipt required and also send it to the Broker, Title Company and all others in the Chain of the Transaction.

As for the modification, you need to reapply and demonstrate the hardship the monthly budget should have no more than 200 to 250.00 left over after the present payment.....also include those property taxes and insurance if they are not in the payment. This does not have to do with credit it has to do with the ability of the borrower to make the payments, the lender/servicer to recognize that hardship and the investor's fear of more foreclosures.....REAPPLY FOR THE MODIFICATION.....

[justanother#]

I will keep trying, yet not hopeful since it took CW 4.5 months to get any reply that states you can afford payment but can't get a refinance, oh well sorry. It would seem that CW does not have any incentive to help us since BOA is taking over. Why help someone in good standing? Why not suck everything out of their victims? These seem like reasonable questions given the actions and history of CW, so far. It seems financially better to keep people current and get more money over the longterm than suck as much out in the short term, so I ask, Where are CW interest? Only a few more months before it's BOA turn.

I would not count on B of A taking over, as I said in my prior post B of A ain't to happy about some real interesting issues...they came out in the 4th quarter of last year and told Country Wide...you have losses, we may not buy you...they had losses.

You really should reapply as the new adjustment may just allow you to modify...have you contacted HOPE or ACORN 888.995.HOPE or ACORN: Home. They have had some really good results with intervention in the modification process. With Country Wide you have to call, call, call and fax, fax, fax and get their attention....squeaky wheel gets the grease.

If you do have the budget to afford the payment, they are not modifying, that is true..however if it is creating a financial hardship then you should take another run at it. Refinancing right now is just about impossible in most declining markets as the value of the home does not support the request.