CW SUCCESS, thanks to LoanSafe support and GODS intervention

[shayshay37]

Here is my saga

My loan reset last month. My mortgage went up $700. I sent in a request for loan modification back in November. It wasn't until I took the advise of this forum and requested a QWR and emailed the world, that they actually got off of their a**.

Office of the President promptly called back and reassigned me another workout support counselor. CW paid my back taxes of which I was 1 year behind and setup an escrow account. He requested a drive by home assessment which still hasn't been done.

Meanwhile I've been paying my old mortgage payment. I have received a Default Note for the amount of $2666 by April 3 which includes March's payment (which I will pay at the end of the month) and the $1400 short for March and April.

My workout support counselor informed yesterday that Deusctche Bank doesn't approve any loan modification but my rep was going to submit the proposal anyway.

I'm at my wits end and I don't know what to do.

Well Deutsch does, but it depends on the pool and the investors that it was sold out to...and that is the problem in a nutshell, who is the final investor and how much of a haircut are they willing to take....and if they are one of the investors that is not taking the haircut, then there may be a problem with the modification.

What kind of loan is it.... 2/28, 3/27, I/O ARM, Option ARM...please.

[shayshay37]

3 year I/O arm which reset in February

Thanks BTW

It was a sub-prime pool then, most likely and given the early nature of the pool i.e. 2005 then they are with an investor that is probably out of a lot of the pool due to Early Pay Out issues. The investor may not feel compelled to modify if they do not have the risk exposure that they once did as the pool is fairly reduced by the early payout on the pool.

However, you need to keep up your efforts, we have seen that the answer is no in the past and that has been turned around. There are no guarantees, but persistence is the method to get from point A to point B in these situations. So, the call, call, call and fax, fax, fax method is recommended and yes I know they do not return calls, do not respond, are like wraths in the night there, but, keep on them with tenacity. Be focused and proactive and do not take NO keep at them, they can not afford the losses at this point due to the impending sale to Bank of America...

[shayshay37]

What should I call and fax and say? Should I just inquire via fax and phone about the status of the loan modification?

Call daily and ask the status of your modification efforts and fax if you have a fax number the same request.

[shayshay37]

Updates and assistance

My loan modification came through. Its at 8.5% and my mortgage payment would go up by 1k. I cannot afford that.

I told them I would take it and the title company promptly called. I havent returned the title companies call.

I cannot afford an extra 1k a month for my mortgage

I need assistance. What can I do? Any suggestions?

Deutsche Bank, gotta love 'em.....NOT. They are real tight _______(fill in blank), so now is the time to get real proactive and start the push for real modification with the dolts....the Deutsche Pools are the worst, and they are not real easy to work with for Country Wide or the borrower as they have stayed pretty solid in their demand for the anticipated stream of income.

So please, please start e-mailing the office of the president and so on with copious e-mails and phone calls. Then QWR the file and make this a very determined campaign to get the job done, remember this is a second job...Please read some of the other threads, like Kenneth's thread on the situation....you are not alone with the first modification that is not acceptable which causes you to go back and make a demand for an affordable situation....how much of the payment is back payments and back taxes...that I do have to ask.

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.

This thread has a really good example:

[shayshay37]

The back taxes are $3600 and the back payment is $2700 which is the $700 shortfall from February and Marchs payment.

[shayshay37]

I already did the QWR demand and the history of the loan

That would explain the rise in the payments, they are collecting escrows and some of the back escrow payments as well...they have to, they have to protect their first lien position from material threats...i.e. delinquent and future delinquent tax liens....

So you need to analyze the amount of the payments and determine how much of these are the taxes, current and delinquent escrow amounts. Some of this will fall off when you get the delinquent tax escrow payments caught up....please call them and have them do the break out for you and then determine when the payment will reduce by the delinquent tax escrow amounts and the fact that now your payments are Principle, Interest and Taxes...they have no choice and are modifying all loans with delinquent taxes with a Tax Impound/Escrow in the payments here on out.

[shayshay37]

CW put the back taxes and payments into the loan. The payments will not go down.

The interest rate went from 5.5 to 8.5.

Any suggestions as to the next course of action.

[shayshay37]

I emailed and called the world and NO ONE is willing to work with me.

My negotiator stated that they will not go down below 8.5%. Help I do not want to lose my house.

[Moe Bedard]

Did you call Raquel Robinson in the Office of the President?

If not call her.........although they are modifying loans fully amortized with the PITI all inclusive......I am not sure they will be able to help you....as it would seem that would still be too high for you.....
But it won't hurt to give it a try....


OFFICE OF THE PRESIDENT
RAQUEL ROBINSON
1-800-669-2443 x 4115

[shayshay37]

Yes. I called her and she wasn't any help. She just transferred me to my loan negotiator. So here I go round and round. Any suggestions.

Thanks

Have you tried contacting HOPE at 888.995.HOPE or ACORN at ACORN: Home to see if they can intervene for you on this matter? They have had a good track record in some cases.....at the same time start writing letters to every elected official that you can think of, State, Federal and Local, then send Country Wide copies of the letters to let them know that you are sharing the experience with anyone and everyone that you can think of, trust me they do not want the negative publicity.

You need to keep calling them and keep at them on this issue and also start the letter writing campaign....right away.

[shayshay37]

Countrywide called me back today with a new loan modification with the terms I wanted 5.5% for 5 years.

YIPEE.

Thanks so much



I did what you said and sent an email to the world. Something worked.

[Moe Bedard]

ShayShay,


I am glad you finally got what you wanted.......

Please let us know when you receive the docs and you sign and return them.......o.k.

Great News!!! Congratulations to you!!

Great.....and a few days ago.....oh what a difference a few days can make with the calling, calling, calling and fax, fax, fax and e-mail, e-mail, e-mail program.....

Great stuff kiddo, just keep at them, do not loose the momentum and the progress, they can and will drop the ball as we have seen.....

[shayshay37]

Hi everyone,

I am so excited to have found this website. I too have been fighting with Countrywide to get a loan modification approved. I had a 3/28 ARM interest only at 5.5% which adjusted in February to 8.5%. My payment went from 1319 to 2100. I decided to be proactive in November knowing that I would have a hard time making the new payment and refinancing with my current credit.

I called the Home Retention Team and was asked to submit the standard financial information. I gathered it all and submitted on the same day, November 27st. This is when the fun really began. After calling each week to get a status, I was finally told that Holly had been assigned to my account on December 5th. I called several times a week trying to get updates. Most of the time, like many of you, I was disconnected, rerouted or better yet additional information and just plain given the runaround. I left requests to have my loan negotiator call me and was told to give her 72 hours to respond. Of course, I heard from my negotiator via my answering machine ONCE and no other time but I kept calling.

On February 26st, I faxed and sent a QWR to countrywide. The Office of the President promptly called me back and told me they were sending my paperwork and assigning me a new negotiator, Zach Harrold. Finally, a light at the end of the tunnel. Zach called me back and I made a payment for the non-reset amount at the end of February. March 1st I received a Notice of Default and a nice negative 30-day late on my credit report. I promptly called Zach and they told me that is the procedure and he was still working on my account. He needed to get the tax information and a drive by appriaisal. After 3 weeks, Zach calls back and confirms my financials and tells me that Deutsch Bank is my investor and they very rarely do loan modifications. Here I am going through hysterics because NOW they are telling me this after I've waited all this time. He called the next day and said that given my financials management denied my loan modification because my debt to income ratio was too high. I had him review my financials and I don't know where he got the number from but I updated my file and also obtain a second job. Zach resubmitted my loan to management and then called me the next day with a NEW loan modification of $2400/month. I went crazy. I was like WHAT. Zach was like now you have a surplus of $650 and you can afford it and your credit card companies will have to be call directly to work with them. I said ok. Now meanwhile they had already contacted the title company and submitted to them the paperwork for my signature. I called them back and told them to wait. I waited 2 days and called zach and asked if there was anyway this could be changed he said no. Then I asked for a short sale and he said do u have a buyer and i said no i didn't. I was Hysterical. I was losing hair. I called NACA and found out the lady I was working with had quit. HOPE told me that I should just give my house up. I was like WOW. I contacted Acorn. They never called me back. I was like ok I'll ask homesafe again what I should do. They said write, call and fax everyone and anyone and let CW know what you are doing. That is exactly what I did. I emailed my Congressman, President, Vice President. I contacted all of upper management at CW and Zach boss. At the same time, I let CW know what I was doing every step of the way. I was continuously praying day and night By the next day, Zach called me and stated that he had a NEW loan modification with a 5.5% interest rate for 5 years. My payments are $1691 with taxes included. BTW I hadnt paid my current years taxes. CW included all back taxes and March-May mortgage payments and Feb payment the $700 I was missing due to the reset. My first payment isnt until June. I promptly called the Title company. they faxed over the documentation. I had the notary come over the next day. I signed it and it was received by CW at the end of the week.

Thanks to everyone who has posted their story and given me hope and great information. Thanks everyone that gave me the support and the knowledge I needed.


I hope I have given hope to you in someway. You can do it to just say on top of it. PERSISTENCE and PRAYER are the key.

[Moe Bedard]

ShayShay,

Congratulations Again!!!!
Gr8t Modification workout!!

Now go Celebrate!!!

[whatdidigetinto]

That is awesome!I'm working with zack and he also offered me a mod that i can't afford i'm thinking of writing a qwr what e-mails did you write them to and who is zacks boss?did you call him or e-mail him?do you have the address or numbers?

[schwefls]

ShayShay:

Kudos to you congratulations on a job well done. Party Hardy you deserve it.