Timely CW Option Arm SUCCESS!!

[cris_h]

Hello everyone!
Thank goodness for this site. I am hoping I can get some help on how to get my "negotiating team" negotiating. I'll give you guys the rundown.. I own a home in Florida. My husband was offered a job in California in December 2006. It really was an offer we could not refuse. We took several months to decide then started making plans to leave. We advertised our home for rent and found a realtor to place it on the market. The realtor thought she could sell it in a pinch, no such luck. We moved in June of 2007 by September we were no longer able to pay rent and our mortgage. We have three kids so moving in with friends wouldn't work. Our savings has been used up to pay the mortgage and so we haven't been able to move back either. We called Countrywide to set up for a deed in lieu before we missed any payments. After four months of back and forth with our negotiator he suggested we try to modify our loan if we could move back. He told us we could roll what we owe in and reset our rate to the introductory rate for 30 years. We didn't think we could move back but my father-in-law offered to help. We faxed the information they needed to start on the modification in early March. We called the next day they said our new negotiator, Kenyetta Thompson, would get back to us in 15 days, no longer than 30. We have called and called and called. They change the story on us each time. Recently they told us there was no way we would get a fixed rate. They have switched our negotiator three times. They haven't moved on our case at all. They don't take down the notes on our account that they say they will. My husband spoke with someone for an hour today. This person claimed to have sent an email to Kenyetta and her supervisor. When I called back there was no record that my husband had even called. We have already begun the process of moving back. My husband and I both have jobs waiting for us. We have arranged movers, transport of our car, transport of our family, and started up our utilities. Most frighteningly we told our landlord we will not renew our lease. So no matter what we have to move out June 1st. We are scared to move back and have Countrywide pull the rug out from under us. We have asked for them to expedite the process for us. We need an answer by May eighth at the latest or we will not move. We cannot afford to throw our money away, not to mention my father-in-law's, by moving and losing our house. We still haven't spoke with our negotiator, Kenyetta, at all though!! How can I get them to move?

[Tom H]

Cris,

There are several folks here dealing with Country Wide on this site, so I think you're in good company here. Although, I'm not one of them you can certainly search through a thread that is devoted entirely to working with them. There are also several others that will have some advice and experience to pass on as well.

Nonetheless, and I know you know this already - but that's a long way to move without any assurances. I am assuming you and your family would be happier closer to home or the new job in California isn't what it seemed. Don't mean to pry into personals, but if all things are the same that is a lot of expense and a long way to go for something that may not pan out.

In the end though, you have to follow your heart and do what's best for you and your family.

Best of luck to you.

Tom

[Moe Bedard]

Hi Cris,

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

What you need to do with Countrywide is give them a one......two.....punch approach and knock them off guard............
First do a QWR instructions below, Second put your Hardship Letter in the body of an email and send it to every one of the email addresses below........along with an explanation of the run around you have been given and how you have done everything asked in a timely manner and you expect the same of CW.......this will get things to move more quickly for you.........
Please keep us posted on your progress.........

Put together a QWR (Qualified Written Request)
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.

There is a blank copy of the request in the Homeowner's Tool Box to the Left of the Forum

[cris_h]

Thanks for getting back to me so quickly! I just emailed my hardship letter and explanation of what has been going on since, to all the countrywide people. I'll be sending the QWR tomorrow. Along with calling them all day. Yippee! So fun. Does anyone know if I am more likely to have a difficult time reconfiguring my loan because it is an arm. I am also neg am. Ugh. I didn't realize the first year of the loan I was adding on to the loan... I felt like an idiot when I figured it out. We always paid on time before we walked ourselves into this mess though. That should count for something, right? Plus my credit is crystal besides this situation. Thanks again! Cris

[cris_h]

Hi! Here just to stay updated and encourage anyone else who is having a hard time. I received a response this morning from two of the people from Countrywide that I emailed. They are both from the investor relations department. One even said to contact her directly if I get no call from the retention team or president's office today!! I'm finally getting somewhere. Thank you very much *** for the email addresses and plan of attack. I might not even need that second punch . Ha! I just got a call from the office of the president. I need to go fax more bank statements. We will see what happens.....

[Moe Bedard]

Cris,

Thank you for the update............I am glad you are finally getting somewhere........

Keep us posted..........

[cris_h]

Hi everybody!
Does anyone know what the foreclosure laws are in FL? I am trying to figure out if they refuse modification on our loan will they be able to file for foreclosure on the house immediately? If they can, does that mean that the money we would need, to pull out of foreclosure jumps to the total amount of the loan? So instead of coming up with 12,000 we would need to give them 200,000? Can we even pull out of foreclosure once that process starts? We have been trying to see if we can come up with 12,000, on top of our moving expenses.. yeesh. Only if we cannot get the modification... which hopefully we can. They declined a mod yesterday but they are running our finances again. They said we are negative each month. That does not make sense to us because we pay all of our obligations except the mortgage. Rent would not be an issue because we obviously wouldn't be renting. We pay 2500 a month now for rent. Not to mention we both will be making double what we make here, when we get to Fl. June 1st. Sorry for the long post I am just frustrated.... We can afford our loan as long as we are not paying rent too. I cannot tell you how dumb we feel for moving. We thought we could sell our house.

[Tom H]

Cris,

Try reading through this sticky from Moe on FL foreclosure laws, if you haven't already. Best of luck to you.

Florida Foreclosure Law

[cris_h]

Thanks Srtangflyer! I must have missed that sticky. I have faith that things will work out. Have a lovely day!!

[vlacoe]

Hi Cris! Your story sounds like mine with CW. I have been in the process of a loan modification for 4 months with them. I call and it is always a different story some else working on the modification, no new notes and I called today now they tell me I have to start a whole new loan modification. I will say this I am not sure myself what to do or if Countrywide is just giving me the run around. I am not yet in forclosure, thank goodness but I am just wondering how long this process takes and will it happen before I lose my home. Good luck to you and your family.

[cris_h]

Woo Hoo!!!!!! Come over to the success thread to see how everything turned out for my family and I. It is definitely a happy ending! Thank you everyone for your advice and kind words. It helps to have a community of people to turn to when you need help. I cannot tell you how much I appreciate it!
vlacoe, stay on them. Be very persistent and sweet as pie, you will get help. I hope you are doing well! Cris

[Moe Bedard]

Chris,

Did you receive your mod docs and sign them? If so then we will move your whole story to Success...........

[cris_h]

Hi ***,
They are overnighting the paperwork tomorrow. I will be sending them back on Friday. I was just about to post my success story. It is all typed up. Should I wait?

[Moe Bedard]

When you receive the docs and sign them and send them back just post what modification you were given here..........
Once they are signed then it will be an official success......

We move the threads over to Success so we can keep an accurate count, keep the whole story together, and include you in the banner above the forum........
So if you want you can wait until tomorrow when you receive the docs to see if you might have any questions we can answer on them..........or you can post the terms now here in this thread, and just tell us tomorrow when you receive the docs and sign them and we can move this story over.....

[cris_h]

Okay, that sounds good to me.
***, it is a crazy good deal. If I post the details is that like telling your coworkers what benefits you receive and your pay rate? I don't want to be unethical....

[Moe Bedard]

Not at all...............we like to know the details on the modifications.....
If you received a crazy good one........then good for you.......

The terms are given per the individual investors......and also have to do with the position of the loan at the time of the mod.........so given all these factors everyones outcome won't be the same..........some are better than others.....but again, that is up to the investors and what they are willing to offer with the modifications.

So post away............and revel in your good news, afterall, you waited a long time for it!!

[cris_h]

Alright. Yay!! I wanted to share my good news anyway. We have a option arm that is negatively amoritized. That's not good, obviously. According to our negotiator, Truc, our mod puts us in a 2.25% rate for four years, then each year till 2011 it goes up one percent. In 2011 we will be locked into a 5.25 % rate for the remainder of our loan. How insane is that? They have rolled the money we owe in back payments into the loan. She also said they capped the money that they tacked back on at $17,000. I am not sure why it is that high unless they are taking the negative amoritized money we owe and modifying that too? We owe around 12,000 in late payments. I will know more on Wednesday and post it. Have a wonderful day!!!! I am

[Moe Bedard]

Chris,

That is a great one!!!

When you get the docs let us know if you have any questions......

[whatdidigetinto]

WOW!!!Congratulations!This site is so great!I just started my fight with CW!Did you have a negative option arm?

[cris_h]

Hey What did i,
Yeah I do have a negative option arm. Thank God the investors are willing to reconfigure it. I'll let you know if they helped us with the debt we added on by paying the lowest amount monthly.

[whatdidigetinto]

Thank you!

[cris_h]

Move me on over to the success thread!!! We signed our paperwork and sent it back in yesterday. The conditions of the modification were exactly as our negotiator stated over the phone. We got a 2.25 rate for this year then it goes to 3.25 next year, 4.25 the following year, and sets at 5.25 in 2011. The money they added to the back of the loan was our late payments and the escrow for taxes and insurance. It was a bit much on my part to think they might take off what we added on in our ignorance of the option arm. But whatever. I am incredibly pleased with what our investors were willing to modify. This just is one more case to think of when you are feeling down and someone at CW tells you they probably won't modify your loan. (Stinking Collections Dept) We were told that many times. Don't give up or give in. Follow the advice of the moderators on this site and you will at least get some kind of resolution. To all of you who are having a hard time... Good Luck!! Cris

[Moe Bedard]

Cris,


Congratulations!!!!!! You Did It!!!!!

Way To Go!!!!

[schwefls]

Cris H:

So happy for you, see persistance and patience paid offl. Party Hardy and Enjoy you deserve it

[Tom H]

Cris H,

That is absolutely AMAZING!!!! Good for you.