Clock Not Ticking Anymore CW SUCCESS!!

[jmcd311]

I am brand new to this site and thankful/hopeful I can get some advice. Having read through various threads I thought I'd post my situation because at this point, we don't know which way to turn with all the questions we have.

In short, our adjustable with CountryWide kicked in last March of 2007. Not being able to keep up with it, we fell behind (loss of salary). We weren't able to refinance at the time due to credit and value of home to loan. We were put on a recovery program and then in Nov 07, I lost my job. We stopped making mortgage payments, that had over doubled, $1400 - $3000 in Sept '07.

After staying in touch with CW throughout this time, I was told in Oct we were being considered for a modification to the loan. Kept calling to find out status. Finally word came that we didn't qualify for the modification.

Sorry for the length of this but fast foward to March. I called CW to see if there was anything we could do. I was informed that back in Oct their database was messed up and they didn't process the modification they should have with their investors. He said literally thousands of modifications should have been approved that weren't. He thought we had a good chance to be approved for modification and suggested we resubmit now that their system was fixed. Resubmitted the info. On March 24th I was served, (taped to my door) with a summons of foreclosure. I have 20 days to respond.

Today I spoke with a bankruptcy attorney, I spoke with the law firm that served the summons and I spoke with CW who tells me my modification is in process, still!

The perfect scenario, we get modified at a rate we can afford, keep our home and get our credit reestablished.

My questions:

How do I respond to the summons? Deutsche Bank holds the loan it appears and the clock is ticking.

Should I hire an attorney to respond to the summons?

Should I file for bankruptcy as I hear this delays the foreclosure?

Should I wait for CW to come through, maybe with a modification?

If I file for bankruptcy and then CW offers a modification will I be denied?

Any advice, experience would be greatly appreciated. We've been in our home for 14 years and made the mistake of getting in the adjustable several years back and things didn't work out. We're frankly are not sure whether to walk away, as their is not much equity in the house or fight to stay with the home/neighbors/friends we love.

JMCD311

[needingsomehelp]

HI... I know that someone here can answer more questions than I can, but I wanted to let you know that once you file bankruptcy, all "workout" programs with Countrywide will be stopped. By law, Countrywide can not modify a loan while you are in Chapter 13 bankruptcy.

We actually found that out the hard way. We are currently in Chapter 13, which we entered to save our home, yet now Countrywide can't work with us, and our rate just went up!!

So I can't give you advice, but you should talk to your lawyer, he or she, should be aware of this!! Good luck with everything!!

[jmcd311]

needingsomehelp - Wow! thanks for the information. I have a meeting scheduled Monday with a bankruptcy attorney and I'm afraid their advise will be to file for Chapter 13. It's their business.

I wish I knew of some other type of attorney that could help me reply to this summons and general advice, as a foreclosure date has not been set, according to CW, but my time is running out with regards to the summons.

With what I'm seeing on these threads, CW does not move too quickly on these modifications and I'm afraid we'll miss the boat.

I hope you're situation works itself out though!

[needingsomehelp]

Thank you for your kind words! I am glad that I could give you that info, it is something that we found out after the fact, unfortunately! My goal is to help anyone I can with what I have learned from my situation!! My best advice would be to keep on Countrywide! There are a bunch of numbers listed at the top of this forum, call them! Also submit a qualified written request (QWR) this definitely helps to get your name to them! (There is also info on that in the stickies at the top of this forum) Call them everyday! The people who post here are extremly knowledgable and helpful, you have definitely come to the right place! Just don't give up!! Good luck to you!!

[Moe Bedard]

Way to step in and pay it forward needingsomehelp. Thats exactly what I had hoped for when I started the forum. Great advice!

I thought I would post the Kansas foreclosure law and time line to help you. You may want to let Countrywide Home loans know that you will file BK in your qualified written request. That may get you some grease and remember the squeaky wheel does get the grease, so keep grinding them.

Kansas Foreclosure Law Summary

Quick Facts

- Judicial Foreclosure Available: Yes

- Non-Judicial Foreclosure Available: No

- Primary Security Instruments: Mortgage

- Timeline: Typically 120 days

- Right of Redemption: Yes

- Deficiency Judgments Allowed: Yes
In Kansas, lenders may foreclose on a mortgage in default by using the judicial foreclosure process.

Judicial Foreclosure

The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder.

The notice of the time and sale must be advertised once a week for three (3) consecutive weeks, with the last publication being no more than fourteen (14) and no less than seven (7) days before the scheduled date of sale. Notice of the sale must also be sent to the borrower within five (5) days of the first advertisement.

Unless otherwise ordered by the court, the sale is typically held at the courthouse of the county in which the property resides. The sale is by public auction to the highest bidder, who will receive a certificate of purchase. After the sale is confirmed, the winning bidder will be entitled to receive a sheriff's deed, which will vest good and perfect title to the foreclosure bidder, once the borrowers right of redemption has expired. The borrower typically has twelve (12) months from the date of the foreclosure sale to redeem the property.

Lenders may sue to obtain a deficiency judgment for the difference between the foreclosure sale price and the amount due on the original mortgage.

More information on Kansas foreclosure laws.

[Moe Bedard]

Here some info on the Qualfied Written Request.

Loan servicing complaints
Section 6 provides borrowers with important consumer protections relating to the servicing of their loans. Under Section 6 of RESPA, borrowers who have a problem with the servicing of their loan (including escrow account questions), should contact their loan servicer in writing, outlining the nature of their complaint. The servicer must acknowledge the complaint in writing within 20 business days of receipt of the complaint. Within 60 business days the servicer must resolve the complaint by correcting the account or giving a statement of the reasons for its position. Until the complaint is resolved, borrowers should continue to make the servicer's required payment.

12 usc section 2605 servicing of mortgage loans and administration of escrow accounts
Source HUD

(e) Duty of loan servicer to respond to borrower inquiries
(1) Notice of receipt of inquiry
(A) In general
If any servicer of a federally related mortgage loan
receives a qualified written request from the borrower (or an
agent of the borrower) for information relating to the servicing
of such loan, the servicer shall provide a written response
acknowledging receipt of the correspondence within 20 days
(excluding legal public holidays, Saturdays, and Sundays) unless
the action requested is taken within such period.
(B) Qualified written request
For purposes of this subsection, a qualified written request
shall be a written correspondence, other than notice on a
payment coupon or other payment medium supplied by the servicer,
that--
(i) includes, or otherwise enables the servicer to
identify, the name and account of the borrower; and
(ii) includes a statement of the reasons for the belief
of the borrower, to the extent applicable, that the account
is in error or provides sufficient detail to the servicer
regarding other information sought by the borrower.

(2) Action with respect to inquiry

Not later than 60 days (excluding legal public holidays,
Saturdays, and Sundays) after the receipt from any borrower of any
qualified written request under paragraph (1) and, if applicable,
before taking any action with respect to the inquiry of the
borrower, the servicer shall--

(A) make appropriate corrections in the account of the
borrower, including the crediting of any late charges or
penalties, and transmit to the borrower a written notification
of such correction (which shall include the name and telephone
number of a representative of the servicer who can provide
assistance to the borrower);
(B) after conducting an investigation, provide the borrower
with a written explanation or clarification that includes--
(i) to the extent applicable, a statement of the reasons
for which the servicer believes the account of the borrower
is correct as determined by the servicer; and
(ii) the name and telephone number of an individual
employed by, or the office or department of, the servicer
who can provide assistance to the borrower; or
(C) after conducting an investigation, provide the borrower
with a written explanation or clarification that includes--
(i) information requested by the borrower or an
explanation of why the information requested is unavailable
or cannot be obtained by the servicer; and
(ii) the name and telephone number of an individual
employed by, or the office or department of, the servicer
who can provide assistance to the borrower.

(3) Protection of credit rating

During the 60-day period beginning on the date of the servicer's
receipt from any borrower of a qualified written request relating to
a dispute regarding the borrower's payments, a servicer may not
provide information regarding any overdue payment, owed by such
borrower and relating to such period or qualified written request,
to any consumer reporting agency (as such term is defined under
section 1681a of title 15).
(f) Damages and costs

[jmcd311]

Moe,

First, this site is amazing. You've done a wonderful service for a lot of people.

I appreciate the information you've provided. I'm still torn though with whether to push and push CW to get the mod, or, as an attorney in the family has advised, to file for bankruptcy protection and stop the foreclosure. I think his advice is coming from the fact I was served on 3/24 with the summons and I have 20 days to respond. After that, he says it's too late to stop the foreclosure.

Although as he states, this is not his area of expertise.

[jmcd311]

Please give me your advice! This website has been a blessing for me to become better educated regarding our situation but I have a very short timeframe to make a decision that has been put in front of me!!

I have been working on a modification with CW since mid-March. I received a call this past Friday from a representative, not the negotiator, asking me if I was still interested in working out a modification? I told him I was if it was at an interest rate and payment I could afford. Duetchse Bank holds the loan.

This person told me in order to move forward for consideration of the modification I needed to either wire transfer or overnight a payment of$5324.45 to them by next Tuesday, 4/29 to remain eligible for the modification. I was taken aback. They have been telling me all along to set aside some money but I didn't get very many questions answered by this person and now I'm wondering if this is just a tactic to apply my money to some of my past due and tell me later I didn't get the loan modification.

I asked what my chances were of this working out and he told me that they wouldn't be making this call unless there was a good chance I would qualify for the mod., but he wouldn't guarantee it. I asked what the interest rate and terms would be. He said that typically I would get the introductory rate, 6.44 for a period of 3-5 years in order to get reestablished and then refinance with another company (I tought that was strange). Currently I am at 9.45%. I asked what my monthly payment would be then and he couldn't answer that. I asked for this in writing, email and he couldn't do that.

This is a CW number and address to send the money to, I think. I am afraid I'm being scammed here or I depart with $5K and find out I didn't qualify. We are considering bankruptcy and not sure what to do here.

Please give me your thoughts/advice!

Jim

I would suggest doing further research. The fact that they are saying "send the money" and they will not negotiate leaves me suspicious. Sounds to me like if you are talking to CW, you are talking to the debt collection side of the home and not the modification side. You need to be talking to the modification side.

Daniel

[jmcd311]

Originally Posted by ProfessorShays

I would suggest doing further research. The fact that they are saying "send the money" and they will not negotiate leaves me suspicious. Sounds to me like if you are talking to CW, you are talking to the debt collection side of the home and not the modification side. You need to be talking to the modification side.

Daniel

Thanks ProfessorShays, I'm planning on calling the modification dept tomorrow and asking them to give me an update on the notes they see in their system and saying I'll send the money when I'm approved for a mod and see where that gets me. If nothing else, try to see what department the person I was talking to was from. I don't understand why they need the money before approving the modification?

Jim

[Cat Damiano]

That is the collection dept you are talking to.............in a modification situation they do require a good faith payment if you are delinquent on payments, but not usually that much...........and you send it in with your modification docs......not ahead of time...
Here are some contacts in the Office of the President........


OFFICE OF THE PRESIDENT
400 COUNTRYWIDE WAY
MS SV-314
SIMI VALLEY, CA 93065
1-805-578-6380
1-805-578-6311

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

SUPERVISOR OFFICE OF THE PRESIDENT
LINDA TURNER
1-800-405-0078 x 5104

OFFICE OF THE PRESIDENT
CUSTOMER SERVICE TEAM
CASEY MILLER
Tel: 800-620-6372 ext. 5797
Fax: 800-658-9364

[jmcd311]

ProfessorShays and Cat, I apologize but I wanted this to be a new thread and it fell under my last one so I am trying to post again.

Please give me your advice! This website has been a blessing for me to become better educated regarding our situation but I have a very short timeframe to make a decision that has been put in front of me!!

I have been working on a modification with CW since mid-March. I received a call this past Friday from a representative, not the negotiator, asking me if I was still interested in working out a modification? I told him I was if it was at an interest rate and payment I could afford. Duetchse Bank holds the loan.

This person told me in order to move forward for consideration of the modification I needed to either wire transfer or overnight a payment of$5324.45 to them by next Tuesday, 4/29 to remain eligible for the modification. I was taken aback. They have been telling me all along to set aside some money but I didn't get very many questions answered by this person and now I'm wondering if this is just a tactic to apply my money to some of my past due and tell me later I didn't get the loan modification.

I asked what my chances were of this working out and he told me that they wouldn't be making this call unless there was a good chance I would qualify for the mod., but he wouldn't guarantee it. I asked what the interest rate and terms would be. He said that typically I would get the introductory rate, 6.44 for a period of 3-5 years in order to get reestablished and then refinance with another company (I tought that was strange). Currently I am at 9.45%. I asked what my monthly payment would be then and he couldn't answer that. I asked for this in writing, email and he couldn't do that.

This is a CW number and address to send the money to, I think. I am afraid I'm being scammed here or I depart with $5K and find out I didn't qualify. We are considering bankruptcy and not sure what to do here.

Please give me your thoughts/advice!

Jim

[Cat Damiano]

I already gave you the contact numbers above and Professor and I both told you that you were talking to collections not Loss Mitigation.................and so I don't find myself repeating information and advice given to members by myself or anyone here........it is easier for us to keep the stories all together............with thousands of members it just makes it alot easier on us to follow your story and questions in one thread........

Here are the numbers again..............

OFFICE OF THE PRESIDENT
400 COUNTRYWIDE WAY
MS SV-314
SIMI VALLEY, CA 93065
1-805-578-6380
1-805-578-6311


SUPERVISOR OFFICE OF THE PRESIDENT
LINDA TURNER
1-800-405-0078 x 5104

OFFICE OF THE PRESIDENT
CUSTOMER SERVICE TEAM
CASEY MILLER
Tel: 800-620-6372 ext. 5797
Fax: 800-658-9364

[jmcd311]

Cat,

Sorry about that, I wasn't aware it would stay in the same thread. Also thanks for the numbers and advice. I'll see where I can get today!

jmcd311

[Cat Damiano]

Thanks...........
Keep us posted on the calls.........

Good Luck.........

[jmcd311]

I spoke to CW, loan retention team this morning re: paying the $5K tomorrow and why would I need to do that if I hadn't been approved for a modification. The CSR didn't believe that was right but checked with his supervisor and came back and said that yes, I needed to send the money in. The person I got the call from Friday, Robert Tait, yes, is in collections but supposedly the investor, Duetsche has asked for the downpayment, even though a modification is not guaranteed. Robert Tait can shutdown the modification, along with the negotiator if I don't make the payment.

I called them again late this afternoon to see if I could get a couple more days to come up with the money. The CSR I spoke to this time told me to hold on to my money until the modification is approved. I had her check with her supervisor and they both agree, not to send the money, regardless of what I was told this morning. Even though she can't/won't email me her advice, she did email the negotiator, Henry Guzzman, to tell him and his supervisor they have advised me to hold off on sending the money until the mod is approved.

Cat, I'm starting on your list of numbers now! WOW, what a company.

[Cat Damiano]

I know.........right..............they are totally screwed up........

When you do the emails make sure that you document this incident in the email too... with them telling you send the money than another person telling you not to.........

These emails are going into the Office of the President of CW.......and they really do want to hear this.........

Please keep us updated....

[jmcd311]

Cat, they won't send me an email. Unless I missed it, I didn't see an email in your listing just phone numbers. Am I missing something?

[Cat Damiano]

So Sorry about that................I had seen that Moe had posted and forgot to give you that.............my bad.......

Send your hardship letter and the run around you have been getting.... in the body of the email to each of these email addresses and they should contact you within 48 hrs.........
This should help also

[jmcd311]

Cat,

Thanks so much for your email addresses. The same day I sent the email to the people you listed, I received an email from Lisa Riordan. She forwarded my email to the Office of the President for attention. I received a call the same day from a person from the Presidents Office. Today, I've received three phone calls from their office and a new negotiator has been assigned to my account. So, no resolution yet, but, for the first time, I feel as if I'm being heard and receiving attention. The negotiator has given me her direct line and I am supposed to hear something in the next 48 hours. I believe that mentioning I'm part of this forum helped also.

Your direction as to how to approach getting the proper attention has worked. Now, I'm keeping my fingers crossed, we can work it out.

Thank you for your direction!

Jim

[Cat Damiano]

Jim,

You are welcome..........that is what we are here for............

I am happy that the ball is rolling now............

Good Luck!!

Keep us Posted..........

[jmcd311]

Cat and to all on this site:

Your advice of contacting the office of the President appears to have worked. It's been three weeks since I contacted them and received a response the same day. Today, I received a call from my negotiator that said they have decided to work out an arrangement with me. They are overnighting the papers to me. In summary, the payments we haven't made are going to be added to the end of the loan. The interest rate will be locked in at the original rate, 6.44% for five years. We will have to pay an increased amount to catch up with taxes, etc., but it will be affordable for us to stay put.

In summary, I don't have the paperwork in hand but this appears to be a success story. I truly believe it wouldn't have turned out this way without your direction, information and advice. A gorilla has been lifted off our backs and we owe a great amount of gratitude to you. I wish I could hug you! I believe we're keeping our home!!!!

Yours ever sincerely,

Jim McDonald

[Cat Damiano]

Jim this is such great news......

You are very welcome...........so happy we could help......

and thanks for the ((( Hug ))) .....through cyberspace..........

I am so happy that everything worked out to that perfect scenario ........once you get your escrows caught up for back taxes the payment will go down......they can't keep all that extra in reserves..........

Please let us know when you receive your docs and if you have any questions on them..........

[jmcd311]

Cat,

We received the paperwork today, yeah! Not being very knowledgeable of mortgages, obviously! There are a couple of things that I question. In the agreement it states that in 2/2005, we borrowed $197,600. My current principal balance is $192,387. Interest, Fees, and Escrow will be added to my current principal bringing a modified balance of $218,271. Interest is $16K, Escrow $7.5K and Fees of $2.3K. Granted, we have not made a payment since October of last year. But should my principal balance be more than I originally borrowed?

We are planning on signing and sending this in and staying put, unless I hear differently. Also, it's interesting, in my conversations with the CSR's in the beginning, I was told to save, save, save as there would be fees, late charges, etc. that I would need to pay prior to modification. That has all been waived and our first mortgage payment starts in July. Granted it's $300 more than it originally was due to interest and escrow but something we can afford.

What do you think?

Jim

[Cat Damiano]

Jim,


I think this is GREAT!!!! And one of the reasons the principle balance goes beyond what you originally paid for the property could be those darn interest only payments............that principle doesn't budge a bit with them........but when they capitalize the arrearage into the principle balance it would get added to the original balance which has remained exactly the same over the life of the loan so far.........therefore raising it.......

Does that make sense?

Payment would be a bit higher due to escrows.........but.......now the principle will start to be paid down and the taxes and insurance will be paid........so if it looks good and it was what you were told.........then sign away.......