Countrywide Success V

[JacMac]

I am hoping that I'll have better results with Countrywide than I've read so I'd like some support and help along the way. I've been reading a lot on Moe's site and he's offered so much valuable information, I can never thank him enough.

I almost feel smart again.

My story can be found here Worse than a Pimp (Thanks Moe) and it sure did cause a frenzy of nasty replies from what I am guessing are pissed off LOs.

I am a single parent of two children, fifteen months apart, ages 12 and 13 -- the 12 year old happens to be autistic.

I refi'd with CW (biggest mistake of my life) into a -- let me take a deep breath, 1 mt. 11th District COFI Option Arm, which the broker offered at an initial interest rate of 1.5%.

We went over what the payments would look like and she told me that the deferred interest would never go past $2,000 a year, as long as I paid the minimum and then the full payment alternatively every other month.

Even though I did that, in ten months, the principal had increased a whopping $12,000.

They also got a YSP of $14,000 which wasn't disclosed on the HUD -- it says 3,500 POC ( I just figured out that means Paid outside of closing).

There's a prepenalty for six months so I can't refinance w/o being hit with a $27,000 fee.

Now I'm wondering what was the $10,000 origination fee they got as well. Is that in addition to the $14,000?

It seems pretty clear she sold me into a higher rate, option ARM loan to get her fee.

Now I'm losing equity like crazy and I can't make the principal payments.

I also posted this in response to a thread but would like to put it here so I can update the story as things happen.

after reading about the nightmare everyone else was going through with calling, I've decided rather than play phone tag to have my loan modification done in person, at Countrywide's Financial Center. I am scheduled to go there on Friday and speak to the Loss Mitigation Department so that they can get my financial information.

I popped in there on Monday and spoke with the manager of the center. She was very nice and called the VP of Home Retention right there in front of me, took down my email address to send him a message and told me if I didn't hear from him by that afternoon I should call her -- she gave me her cellphone number.

So, of course, I didn't hear from him. Tried to call her, but couldn't get her. Left a message but didn't hear back. So I called first thing in the morning, and caught her on her cell. She was pleasant, said she'd call me when she got to the office and give me Mr. Durham's direct number. Supposedly he's very proactive in Loan Modifications.

When I didn't hear from her by noon (about four hours later), I took a walk -- fifteen minutes, and I was at her office.

She smiled, but I don't think it reached her eyes. I want her to know if she doesn't call me back I WILL be at her office and can be there in minutes.

She called the Loss Mitigation Department for me right then and there in her office and had me speak to another woman, Paula Edwards, and she has committed to fax all the documents that need to be sent for me. She's also offered to look over my loan documents for me. The manager of the office seems sincere but I am jaded.
Ms. Edwards told me that they called in the morning and spoke to a Mister, a bilingual man -- I cut her off and told them there WAS NO MISTER and I made it clear to her that I have zero interest in playing phone tag with anyone. I gave her my cell phone number and told her to call me at that number, but told her I'd be doing all of the paper work in office at the center.

Hopefully this will turn out to be a smart decision. I'm keeping my fingers crossed for myself and for all of us struggling to end this nightmare.

Anyone have any suggestions as to exactly what financial information I should bring with me to the meeting on Friday. I am a self employed freelancer who's suffered a slow period in my market. I own a S Corporation, so I don't have my 1099s for 2007 yet -- only what's been deposited in my business accounts can be shown by way of bank statements.

I also have two tenants, so I can show the income from the rental units but other than that, I have no pay stubs or anything like that. My mortgage payment has adjusted to 8.0 percent which puts me at a $5,300 full principal payment per month. The minimum is just $2,000 and if I only pay that, you know what that means -- negative amortization. If I keep pulling money out of my savings to meet the payments I'll have nothing left real soon.

I need a fixed mortgage and quickly!

[Moe Bedard]

Sorry everyone, I have been somewhat off for the weekend. So, now I am getting around to replying.

Hey Jac Mac! Thanks for the story. Yes, those were just pissed off loan officers that think that just because a post is made that by a homeowner against the "broker" that did their loan mean that they are being personally attacked.

You are quite the single mother and you have a way of holding your own on my blog. I enjoy your stories and how you can debate with them. I commend you for not backing down.

That is a unique approach and is definitely out of the box thinking. You are aggressive, like a tiger. Haha, serious, you don't take any prisoners and that is whats needed.

Are you a striking writer? Because you definitely have a away with words

I am probably too late because you went there already but you'll need your most recent bank statements, last 2 pay stubs and just an income and expense sheet.

Please let us know what happened at Countrywide Friday. I am eager to hear more from you and your fight.

[evel1999]

I wish you the best with the Loan Modification with Countrywide.

I wish my Servicing Co America's Servicing Co was near by so I could drop by.
I have called and called and they do not return calls.

Keep us up to date on how this Loan Modificaiton is going and what you can get worked out with Countrywide.

[JacMac]

Hi Moe, everyone. Moe, I AM A WRITER -- very perceptive of you!!!! But a freelancer, so that's why my income fluctuates.

I am so surprised that all the brokers thave the TIME to hang out here at your wonderful site. I guess business is not booming ANYMORE, huh?

Funny, though where I am, in NY, the builders at still building like crazy, all over the place. My neighborhood is also going through gentrification, so I don't know what that means.

So here is the update on my meeting at CW Financial's office on Friday.

I got there at 11:00 and met with the manager who went over my loan docs.

The broker stated my income at 12k a month! And she did a reduced doc loan, even though I gave her all of my income. She didn't tell me anything about the 25,000 she was making on my loan $10,000 origination fee plus the $14,000 YSP and some other extras -- nice piece of change, huh?

So I have filed a complain against them with the NYS Banking Department. While looking over their site I saw that they just settled with them for false advertizing (putting an American flag and the Statue of Liberty on their advertizing -- I guess representing themselves as some sort of Government agency.)

Of course, when noon came, the time Ms. Edwards from Loss Mitigation was SUPPOSED to call, no call. So the manager called in for me. I got a call back immediately and she put me in the conference room. Thanks everyone who gave me tips, and to you Moe, for having this site becauase I had everything with me and I mean everything.

He said he had to speak to the investor to get an offer to me. Funny, I didn't speak to any investor when I was closing, now I'm supposedly at this investor's mercy. The center faxed everything for me -- TWICE! But it wouldn't go through, so they were kind enough to overnight it by FEDEX for me -- so I would like to see them claim they didn't get it !!!

The only other thing I have to get to them is a Profit and Loss Statement, and this has me a little overwhelmed. They've given me until Tuesday to get it in, and promised to get back to me by Friday. So I don't know. I'm just keeping my fingers crossed and hoping for all of us there is a way out of this nightmare.

[Moe Bedard]

Hello JacMac! I knew you were a writer. You just were too good with your words and threw too many one too punch sentences to be otherwise

My computer was attacked by a virus. Apparently that will be something I will have to contend with because of my stance for the homeowner and loan modifications.

I'm in the Inland Empire of Southern California and there are 1 in 43 homes in foreclosure and they are still building too. Discounting asking prices by $200,000 plus in some cases. Once they commit to a project and get the loans, they have to move forward regardless of the market conditions.

The money that loan officer made was disgusting. $28k for screwing you. But they will say you signed it, you contributed to the fraud. So, now, you are an accomplice.

The perfect scam I call it.

Waiting for the good ole investor to give his blessings form the ivory towers in the clouds somewhere............. they have got to fix these loans without having to go through all this BS. If it makes sense to do it, then do it. They are losing way too much money this way as homeowners get lost in the curly shuffle.

You have to get aggressive like JacMac and be a serious as a heart attack. Don't let these people give you the side step.

Good job!

[JacMac]

Moe,

Sorry to hear about the virus on your computer. Do you have spyware? Spybot is a good program and it's free, will get the bugs that the others don't. Here's the link, if you don't have it. Spybot -S&D

IT IS THE PERFECT SCAM!

Here's an update on my story. It seems shady is as shady does.

Despite going down to the financial center and even though I'd love to tell you all that my experience has been different, we've started with the, the fax hasn't gone through story.

Funny, the center kept saying their fax wasn't going through and even overnighted to the Loss Mitigation specialist for me. Of course now he says he has to "see" if he's gotten it because all the documents have to be scanned into the computer.

So I asked: It's address to you, are you telling me that you won't get it?

He said, Oh, no I'm sure I'll get it soon, we just have to wait for "them" to upload it into the computer.

It's like the mysterious "investor" there's always a layer of accountability that belongs to someone else that the person can pass the buck to.

So I faxed the last 10 pages, a Profit and Loss statement and my October bank statements myself and guess what, it went through on MY computer -- so I don't know if the Center was playing a game when they said they faxed it for me or if the CW's fax machine is just tempermental.

I also went ahead and mailed the same documents, confirmed receipt, to them as well.

But the thing is, if they're just liars, they'll say they didn't get it, right?

But I've done everything on my end. I also filed the documents with the NYS Banking Department, filing a complaint against the mortgage brokers. I can't imagine WHAT IN THE HELL they did to even deserve $28k -- that's got to be criminal, right?

So I'm waiting, like most of us here.

[Moe Bedard]

Despite going down to the financial center and even though I'd love to tell you all that my experience has been different, we've started with the, the fax hasn't gone through story.

OH, that pisses me off more than anything. I bet if you were applying for a loan, they would have received your fax!!!!!!!!!!!

Thanks for the update. Hope you have your dancing shoes on and your hamster wheel out. You need to get in shape for the work ahead. My guess is your in tip top fighting shape.

Hey, I am doing a series on my blog about this BS. Do you want to start doing a "homeowner post" on my blog with the updates and BS? Let me know.

Best of luck!

[JacMac]

Hey, I am doing a series on my blog about this BS. Do you want to start doing a "homeowner post" on my blog with the updates and BS? Let me know.

I'd love to! The only way this will change is for the public to become more aware and proactive. You're making a world of difference in so many peoples lives with the hours you've put into this passion of yours -- I hope you know that!

Next update. I'm now told, even though he assured me that I'd get a call on Friday after they spoke to the (drum roll please) INVESTOR (?!?!?) -- I have to wait 10 to 15 business days for a response.

Yeah, right.

[Moe Bedard]

You're making a world of difference in so many peoples lives with the hours you've put into this passion of yours -- I hope you know that!

Times like these, is when words like that help. Thanks.

Next update. I'm now told, even though he assured me that I'd get a call on Friday after they spoke to the (drum roll please) INVESTOR (?!?!?) -- I have to wait 10 to 15 business days for a response.

Yeah, right.

It reminds me of deal or no deal. Some dude in a glass booth with a bat phone of sorts. Dare not cross him or NO DEAL!

[jscamp]

Hi,

I'm a loss mitigator from Michigan. It usually takes 24 to 48 hours for a fax to be received, scanned, and noted in one's file. I have been able to fax information to a lender using a loss mitigator's personal fax. Often times though the loss mitigator is not allowed to touch any fax. He has to have a third person first document/scan the received fax. Make sure your loan number is on all documents that you fax to your lender.

And by the way, YES, your "friendly" lender does lie. Yes, they play the game of saying that they didn't receive your fax. It sometimes depends on who is the loan officer or loss mitgator on the other end. When I'm told they didn't receive my fax I get steamed. I usually hang up and call again until I get a person who cares. Sometimes I insist on speaking to their supervisor.

You need to know too that the investor of your loan is the player not the servicing company or lender. Servicing companies are sharks as well and just want your money so they can make money. You would think these people would have concern for the investor, but they don't.

Lastly, I wish I could charge those outrageous loan originating fees, I'm lucky if I get 2%to pay my bills to stay in business and put a little gas in the car. Go after those guys, because that's why we have this mortgage mess --all due to greed by investors and the predatory lending mess.

I love pictures to add a little color around here........

[Moe Bedard]

That's great to know Dave, Janet, Ron and Amy. Welcome to LoanSafe.org where you didn't read the rules and you haven't done anything to help. Just come here with your hands out, selling a book, that you had no permission to offer and I wouldn't let you offer it anyway because they get your information for free from me on the forum and my blog. I created this forum so they didn't have to buy books like yours.

Don't worry forum members, I caught em.

[JacMac]

Thanks everyone for the great advice.

Moe you are soooo funny!!!!

So here's another update on my complaint that I filed against the brokers with the NYS Mortgage department. I posted the letter I sent to the NYSMD in response to the most bullshit laden phone conversation I've ever had with anyone in my life.

I'll give him brownie points for not getting defensive, but the sugary sweet, I'm not sure what happened was even worse.

You can read the response HERE.

There's got to be a seperate hell for these guys!!!

[Moe Bedard]

Thanks jmac.

Where's the letter?

[JacMac]

Moe, I posted the letter in response to the Pimp thread on the other forum but I'll post it again here.


I am in receipt of your letter dated November 29th, 2007. To follow up on my electronic complaint, a number of supporting documents were forwarded to your office. Delivery confirmation confirms their delivery and I trust you are in receipt of those documents. I am writing this letter as a follow up to the phone call which I received from Mr. Puteri in regard to my complaint against Island Equity Mortgage Inc., and his ensuing response to address my concerns.
In regards to my complaint, Mr. Puteri no less than ten times during our verbal conversation offered to refinance my loan AGAIN at no cost (except what he will undoubtedly receive in overage/YSP payments from the bank.) Mr. Puteri requested a letter from myself authorizing him to speak to my current note holder, Countrywide Bank, on my behalf in regard to possible refinance, and also requested that I send him my financial information again so that he may begin to “shop” my loan around to other banks, offering much to my disgust and surprise to obtain another low ARM loan on my behalf.
On the issue of the lack of disclosure with regard to his YSP and the prepayment penalty, Mr. Puteri’s response was that the documents which were signed at the closing (at which neither he, nor the broker Regina Ferraro attended) is evidence that I was indeed informed of above addendums to my loan.
Mr. Puteri was unable to address the bumped up monthly income of $12,000, which was falsely listed on my application; the failure of himself to disclose the YSP, prepayment penalty and right to rescind when I personally spoke to him about my dissatisfaction with the loan, nor the misrepresentation of the loan by Regina Ferraro as one in which I could pay down my principal by making alternate payments of the minimum 1.5% payment and the full payment every other month.
In fact, Mr. Puteri had the audacity to advise that with a new ARM I could make the minimum payment each month for a year and pay off the accumulated negative amortization with just one full principal payment at the end of year. When it was pointed out to Mr. Puteri that the current loan I have has negatively amortized more than $12,000 in only ten short months, Mr. Puteri expressed sorrow and offered once again to “get” me into another new loan.
I would like to emphasize that there were two loans and closings attended by myself, one on the 28th of September and the other on the 3rd of October. Upon my call to Mr. Puteri on the 28th of September, expressing dissatisfaction with the loan and a desire to rescind it, Mr. Puteri had the opportunity to fully disclose all the terms in my loan and failed his fiduciary duty to do so. In fact, Mr. Puteri went out of his way to MISREPRESENT the terms of the loan so that I could close on the loan within the three day rescinding period.
I would like to emphasize that my complaints against Island Equity Mortgage is for their lack of disclosure as is required by the Statutes. I am hoping that at this critical point in the mortgage real estate industry, The State of New York Banking Department will send a very clear message to Mr. Puteri that disregard for the statutes governing mortgage brokers will not be tolerated.
As was advised, I am responding noting my dissatisfaction regarding Mr. Puteri’s response and his lack of integrity and responsibility as per this very grave matter. I can be reached at XXX XXX XXXX at any time. Thank you very much for your time.

[Moe Bedard]

I noticed that last night and thanks for posting that here also. There are many readers here that do not visit my blog and vice versa.

Great letter!

[JacMac]

Okay, so here's my latest update.

I spoke to my Loan Mitigation Officer, Calvin, who I must say is very kind, seemingly helpful and professional.

They have all my documents. He said he can't go over what he's proposed because he's waiting for investor proposal and in case he doesn't get that, he doesn't want to propose something that won't happen.

He told me I should definitely hold on to my money because what he's drawn up includes December's payment.

At this point to pay for December I'd have to close out one of my savings accounts and some bills will have to be paid by credit card as I count on the money coming in next month to pay off the credit card (yes, I know, as the next months bills come due -- I've been doing this since September.)

I'm really afraid of not making Dec.'s payment and then being hit with a latefee and a report of delinquint on my credit report.

what should I do?

I have until the 17th of December to make a payment w/o being asessed a late fee. I can make the min. payment, like I said, by credit card, but that would mean neg. amor. on my loan, and it's already increased by $14,000 this year. But at least if I make that payment, I won't be hit with the late fee and a delinquency.

I am trying to stay positive and focused, trusting that I WILL get a loan modification and that I WILL be able to weather this storm.

Any advice or help would be greatly appreciated.

Thanks again.

p.s. DOn't even ask what I'm doing for Xmas gifts this year -- I'm truly borrowing from peter to pay paul.

[Moe Bedard]

p.s. DOn't even ask what I'm doing for Xmas gifts this year -- I'm truly borrowing from peter to pay paul.

Yes you and a few million other people.

Congrats, that you have got this far soooooo fast!

Make the payment, no matter what. You do not want that late payment on there. Accroding to Pauslon plan, borrowers must be current. Bush is supposed to announce the specifics tomorrow.

Pay the minimum. If you don't, it will affect your credit and also maybe your chances of a loan modification

[JacMac]

Bush is supposed to announce the specifics tomorrow.

Will this be aired? I want to hear this one!

Thanks Moe for the quick response. I'll make the minimum and look for some good news from CW -- this DOES seem fast -- somehow too fast. Maybe I did something right or maybe I'm just lucky .

Anyway, I'll keep everyone posted. If I did do something right, I want to let everyone else know so they can do it too.

[Andrew]

JacMac do you pay your taxes through escrow or on your own? Since i pay them on my own thats holding up the whole modification since they have to get a response from my tax claim bureau and supposly they never heard back two weeks ago so they are putting a nother request in. My proposal was stay at my current rate but they wont tell if its temporary or fixed for the remainder of the loan which would be 28 yrs come feb 08!

[Moe Bedard]

Will this be aired? I want to hear this one!

Yes, watch CNBC. No prob jMac. All the best!

[JacMac]

Thanks again Moe.

Swiz, I pay my taxes by escrow so I don't have that particular problem, but it sounds like a bunch of BS to me. In NY, I can go to their website and get update info on the tax status of anyones property, all you have to have is the address of the property.

What state are you in, if you don't mind me asking -- maybe you can get the infor FOR THEM and send it in.

[Andrew]

Im originally from westchester county NY, but moved to PA about 3 1/2 yrs ago. I have the proof the taxes were paid via receipts and canceled checks. And no you cant check them online in my county. You can view the property's and such but not taxes. They want a certified form that they send out saying my taxes are current. By the way taxes in ny where I was was 15k a yr now im only paying 2k a yr lol.

[JacMac]

Swiz, maybe you can get the proof and still send it to them?

It beats being told that they can't get it and not knowing if they're lying.

Taxes in NY are outrageous, but I have an abatement for fifteen years so I only pay about $300 -

[evel1999]

Since you have an option arm mortgage it will be good to see someone in that catagory actually get a Loan Modification. Keep us up to date on what they offer and how it affects the loan since you have negitive amounts being added to your loan over the years.

Very few will modify the Option Arm or what you call pick a payment.

This will be good to see being done.

[dixy2k]

sswiz,

Can you just print out from tax assesor's website the page that shows your taxes if are current or not?