CW/NACA SUCCESS at last!!

[HelpinOhio]

Hello,

I'm new to this site as well and have been trying to get a modification on my 80/20 mortgage now since October 13. Countrywide has told me that we qualify for the new program set to launch today the 1st. Has anyone received a letter in the mail yet?

[alikeith]

I was told my letter would arrive between Dec 3rd and 5th. I doubt anyone has gotten one yet, considering the program officially starts today.

Instead of waiting for the letter, you shoudl call them now, to get the ball rolling.

[Feemama]

Are both your loans with Countrywide? Are you upside down in the property?

[HelpinOhio]

Originally Posted by Feemama

Are both your loans with Countrywide? Are you upside down in the property?

No...I have an 80/20. The 80% is with Countrywide. I have 2/28 adjustable with them. My rate was 8.25% and just adjusted in December to 9.25%.

The 20% is with Litton Loans and is fixed for 15 years @ 12.75% (OUCH). I am working with them as well for a modification.

As far as the value of my house....I bought it for 172,000 2 years ago and is now worth around 140,000-150,000. I still owe 171,000. Something I hope comes about this modification. I own a used car lot and with the economic struggles, it makes my business extra tough.

[dthom]

We were told we would get a letter by the 15th. Would not start anything on the phone. Told us the letter would detail what is available to us. We are in Michigan and part of the lawsuit so they said they will be sending letters to all loan holders here.

[kateistired]

I am in Michigan, too, and I haven't heard anything yet. Also, there has been no update made to my status on their website. One of the reps said (very nicely) that calling every day wouldn't make the letter come faster. Ha. I don't get the impression they know the specifics of the letter contents. You would think they would want to get this completed as quickly as possible, but who knows?

I have been qualified for the program already, just waiting and waiting...

[dthom]

H$H sent my income analysis in October, they said I qualified, but CW won't commit to anything even though they admit they have the income info. We have a 8.25% fixed, not yet behind but paying later and later each month as we struggle to come up with the payment. Have spoke to at least 4 different people and have not got the same info from any of them. I had to read the part about fixed rate subprimes from their fact sheet to one rep, because they don't even know who or what is included. Last one said that just because Mich. is part of the class action lawsuit we will be notifed. But don't know who to believe at CW since the right hand doesn't seem to know what the left hand is doing!

[kateistired]

I know, it's really confusing. I was told that fixed rate subprime loans are included, but I wonder if it's the investor on the loan that is the determiner for the type of help we get. Mine is Bank of New York, I have no idea if they are easy to work with or not. There are other qualifications besides being in MI, though. You have to have had your loan originated within a certain time frame, too.

[gray517]

here is the fact sheet from cw website, i just looked at it today, to see if anything else was there about the program, it still looks the same, it does mention subprime fixed ( we have one) we were told we are "eligible" for the 12/1 program, faxed paystubs per thier request, but other than that we are in the "review" mode, per the lastest rep i talked to on monday, I asked her about the streamlined rate reduction for fixed subprime loans mentioned in settlement, all she told me was my account was being reviewed, didn't say anything about getting a letter or when we will know anything. the waiting sucks, I got no where in september with them so i went to naca, who submitted their proposal to CW on 10/6 and even naca is getting no where with them, they have sent 3 update requests to CW for status on their proposal with no response, my orginal status on cw said they were looking at options and if i my status didn't change by 11/13 to call them, since it didn't change I called and thats when I was told I was elgible for the 12/1 program, the naca proposal still says 11/13 and now they have another one that says they are reviewing my account to call back after 12/4. I so hate calling them as each time you get a different person, who has a different answer. I think with so many people mixing in the pot, they can't seem to get a clear direction as what is going on with anyone's loans, will wait till 12/4 per the instructions on my status on cw website. then start calling again.

http://my.countrywide.com/media/Fina...sistance1.html

[dthom]

I just got off of the phone with Spencer from Countrywide. He said we were not eligible for the Dec 1 program because we are current, but that after taking our information we are qualified for an interest rate modification, so long as the investor agrees. I believe because we are freddie Mack because we have a conventional loan. We need to fax pay stubs, bank statements(3 months) and a Hardship Letter ( not sure how to approach that,guess I explain how income has gone down, that we live in the state with highest unemployment(MI) and etc.) with in 24 to 48 hours. He said after that it would take about 30 to 35 days and to try to make our payments before the 15th of the month so we would not get a $70.00 late fee.
If anyone knows what goes into a hardship letter would appreciate some advice as to how to write it so we can get results. I am somewhat hopeful, but not ecstatic, this is after all Countrywide I am dealing with.

[gray517]

dthom
there links under tools that can help you with your hardship letter, here is a link I found that might help you, before sending it you may want *** to take a look at it for you.
Examples of a Hardship Letter

[dthom]

Here is what we came up with after looking at the example letters.

RE: Mortgage Modification
To Whom It May Concern:
We originally purchased our home in August of 2005 with a 2/28 ARM interest rate of 8.0%. In August of 2007 we refinanced to a 30 year fixed rate at 8.25% with a payment including taxes, insurance, and PMI of $1520.05 per month. An increase of $527.00 per month after adding in the taxes, insurance and PMI, none of which were included in the original payment. While this increase was a steep one we were told by our broker that in a year we could refinance again and get a better rate and lower payment.
As the year went on we found that Daniels paychecks as a truck driver became less stable. Changing drastically from week to week, sometimes by nearly $200 as the amount of freight being shipped is down drastically. But there is never a week that his checks are big enough to make up for what was lost on the slow week. Before this past year his checks were pretty much the same amount every week. The pay that I received is salaried and has not changed in 4 years, and there is no chance it will change any time soon. We find ourselves cutting back everywhere we can, from food, to clothes to just paying some bills late and now even making the hard decision to stop making payments on some credit card payments ,turning the heat down to 65 to keep the bill as low as possible.
We have had no problem making our payment the past 15 months and don’t want that to change but all things considered it is getting more difficult each month. I now pay on the 4^th,5^th or 6^th of the month instead of the first. This month we are hoping to pay by the 6^th,but are not sure we will have the funds to do that.

We have attempted three times to refinance this year as we had planned, but each time we were approved for a mortgage with a lower interest rate, we found the declining value of our home to be the biggest problem.. It is now, according to our research at Cyber Homes, worth $107,415 and our mortgage amount is $142,000 a drop of nearly 25% in just one year.
It is our sincere hope that you will be able to find that you will consider some type of modification of our mortgage.
We believe we have addressed the situation that we are currently in along with thousands of others.
Thank You for Your Consideration,

[dthom]

I hope that the letter I have written is going to be good enough. Spencer told me last night that the sooner we get this information to them the better. We have only 24 to 48 hrs according to him if we want the special team to look at our information. If there is anyone out there who can tell me if it seems to be what is needed to get this modification done. I have to fax the papers from work, so I would like to get it done today. Tomorrow will cut the time limit rather short. Thanks to anyone who can give a little insight.

[Moe Bedard]

Looks good..........

[dthom]

Thanks, it is on its way to CW. I'll hope for the best

[dthom]

I have been checking my account online and all it shows underworkout is that they received all of my information but no further info available. It has been nearly 2 weeks. Should I contact the retention dept to see what is going on, and should I try to find out if we qualify for the Dec 15 program? Just wondering how long I can expect it to take to hear anything from CW. They have never told me who the investor is, but since I believe we have a conventional fixed it is freddie mac.

[alikeith]

I was to have heard something by Dec 15th according to my countrywoide site. Of course nothing! I called them and the person i had spoken to had no new info. Just that it took 30-60 days and to call back every week.

[dthom]

After waiting the two weeks I decided to call CW today. I was told again that we don't qualify for any help, even though H4h and Spencer at CW said we would qualify. I talked to Aurora in Retention Dept.today who simply stated that she sees all of our information and it appears as though it was looked at, but is a no go. She would not tell me why we don't qualify, just that we dont. When I asked if CW would have ever told me I did not qualify she would not answer, but did thank me for attempting to pay on time! I am getting later and later every month. I told her I wasn't even sure if we could make the January payment, she just said that that was "too bad". At this point I guess we will just do the best we can, and when we can't pay anymore we will send them back the keys. Can't sell it,can't refinance, not worth what I owe. So much for being in Michigan and having a subprime loan,loss of income etc. If anyone has any other ideas sure would appreciate hearing them.

[alikeith]

You do have a fixed rate loan, so maybe you dont qualify under the Dec 1st program, but you should qualify for a mod that is not under the Dec 1st program. Are you behind? If not, then they prob wont do anything. Just my opinion.

[gray517]

Dthom
Subprime fixed rates do qualify under the 12/1 program but it also says you need to be 60 days delinquent, so that could be why they are saying that, you could try a non-profit like hope or naca. we have a subprime fixed and qualified for the 12/1 program, but we used naca for assistance as they get you a lower fixed rate for the life of the loan instead of a temporary 5 year fix. the naca process takes awhile, but it is worth it. we got approved for a 6% rate mod, just waiting on the docs to come from CW who drag their feet on everything.

[dthom]

I guess I will NACA. I already tried H4H, they said that we did qualify for a modification, but CW even after looking at the income analysis said they would not qualify us for any program. I have a 30 yr fixed at 8.25%.

[gray517]

i have a 40 fixed, but it is a high subprime rate, my investor is Bank of America aka Countrywide and we are behind more than 60 days. I think what may be hurting people with the 12/1 program is that they aren't yet 60 days past due. once you get to that point if you have a qualifying mortgage in one of the states in the settlement they should be helping and/or qualifying you under the 12/1 program. If you investor is fannie mae or freddie mac, they also have programs to help that came out on 12/15 I think. Naca helped us keep our home so I advocate using naca. *** can tell you more about the other programs. but if you loan is subprime and you are delinquent by 60 days you should qualify for the 12/1 program. good luck!

[alikeith]

I sure am sick of waiting to hear something. Still nothing and i started the process Nov 24th.

[dthom]

The problem is we are paying a little later each month, but because we have not missed a payment I guess that is why we can't get help. The loan is subprime. Of course we are letting other unsecured bills go or paying them late, so we are inundated with collection calls, and we have cut grocery bill by at least a third. We figure we'll pay as long as we can and if it gets to be too much we may have to consider walking away, short sale might be nice, but I hear the banks are not accepting them. For now we will talk with NACA and see what they have to say. Who knows maybe we will get lucky.

[dthom]

I just looked at my account on CW and in the Workout section I noticed that they have removed the income analysis information that was sent to them by H4H, and have just left the information that they requested I fax to them, hardship letter, pay stubs, bank statements. Called them the first of the week and was told an investigator had looked at our info and they weren't going to help us. Have not received any correspondence from CW regarding that. Do they just remove information after a period of time, or if we don't see it on the screen does it mean that possibly someone is actually looking at it? I don't think the person I was connected to at the retention phone number knew much about what was going on because she had to find our info on her computer, and kept thanking me for making my payments. How do you tell if the person you get on the phone is actually in retention dept and not just a cust. service rep?