CW Mod SUCCESS!! After SS Fell Through.......

[condanchri]

I've read through a lot of the stories on this website, and ours is very similar. We bought a house that we never should have been approved on, and have struggled with the payments since just about the beginning (11/06). When I called CW initially looking for help, I was mistakenly put into the "short sale" que (bit of a language barrier by the customer service rep in India). That took about three months just to get CW to stop referring to us as a "short sale." When we FINALLY jumped through all the hoops for loan modification, unbelievably, they lost our paperwork, and we had to go through the entire process (hardship, pay stubbs, etc.) all over again. When we did that, we were told that there was just not much CW could do for us (this was around 10/07): we already had a 45 yr. mortgage, so they couldn't stretch it out any further (hence, one of the reasons we shouldn't have been able to afford this house to begin with - ah, the wonders of sub-prime lending!). We were at about 7.45%, and they said, at that time, they couldn't get us any lower - plus we had a pre-payment penalty, and an ARM that is scheduled to rise dramatically next month.

So, with no other options (that we could think of), and an inability to keep up with payments, we enlisted a "short sale specialist." We had already tried to sell this home twice prior, with no luck (we knew we had gotten in too deep rather early on, and tried to get out). In any case, the short sale agent had an offer within the first week on the market. That was back in the second week of January, 2008. We were eventually assigned a negotiator. Things really dragged on, and the buyer extended their financing three times. Our real estate agent told us that we should go ahead and move out, if we have the opportunity - as many times lenders will pay more attention if the home is vacant. So, we got a great deal on an absolutely beautiful home, and we moved, with the short sale still in place (its technically a purchase to own, but its through a builder that is stuck with a ton of inventory). At some point in April, CW went through a major transition in their short sale department, and we were left in limbo. My agent could not get a call back from them at all. Eventually, the buyer walked (as of May 5th, 2008). Our agent has not told CW that we have no buyer, so CW is proceeding with the short sale - which makes us quite nervous. In addition, we have a second mortgage thru Franklin Credit, for just under $50,000 - they are refusing to sign any lein at this time, and are asking for a side note. We feel that no one involved in this has our best interests, and we are scared to death. I'm wondering if we should move back into our home with CW, and try the loan modification route again, even though we are in default (we have no sale date as of yet - but I'm sure when CW finds out we don't have a buyer, that will change). The house is still on the market, but there has been no interest at all. If we moved back, we would forfeit our deposit on the new house, but if we could work it out with CW, we could probably live with that. If anyone has any advice, it would be welcomed.

[Moe Bedard]

Hi condanchri,

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

What state are you in?

We can't advise you on what decision to make here.........this is a personal decision and only you can make it........

When you were offered the modification the first time it was too much for you........
CW can only offer what the investor on your loan is willing to do for a modification..........would you be able to afford that modification today?

When you put together your household income versus your household expenses do you show a surplus of $100-$250 at the end of the month?

[condanchri]

Thanks for responding. We live in Washington State. Yes, when we attempted loan modification the first time around (after they lost the paperwork), we were upside down by about $800. Now, my husband just got a new contract with his job (= raise), and if we can get CW's interest rate down, we could afford the payments, with about $200 left over after bills. So, yes, we could probably qualify for the modification now - if CW would possibly give us that opportunity. I know my post kind of ran together (the story gets so jumbled in my mind sometimes, mostly because I'm always thinking about it!) - I guess my main concern is what CW will do when they find out we don't have a buyer, and second, what happens if our 2nd mortgage company (Franklin Credit Management) will not sign on any lein (if we are lucky enough to find another buyer) - have you heard of a "side note" in any of these situations? It scares the heck out of us.

Thanks so much for your help!

[Moe Bedard]

I am not sure what your 2nd lien is meaning by that .........you might have to ask an attorney that one..........

What I meant by the Income/Expense sheet is coming up with the surplus on the current payment.........
Also on a 45 year note if 7.45% was the start rate......I am not sure that CW will come down from that...........it is up to the investor on the loan......

You might have to mention that your buyer backed out and that you would like to try for a modification to keep your house instead.......

If at the current rate you can show that surplus................

what you need to do to get started and in the right dept. for the modification is to put your hardship letter with the loan number, address of property and contact info into the body of an email and send it to each of the email addresses below........you should receive a response within 48 hours......they will give a contact person and get you started on the modification process.......

Hope this helps........
Please keep us posted on your progress..........

advocacy@countrywide.com
customer_service@countrywide.com
pressroom@countrywide.com
david_bigelow@countrywide.com
angelo_mozilo@countrywide.com
lisa_riordan@countrywide.com
elizabeth_moyer@countrywide.com
sarah_perek@countrywide.com
chris_oltmann@countrywide.com
gabrielle_williams@countrywide.com
maheshika_ruwanpathirana@countrywide.com
adrienne_ely@countrywide.com
raquel_robinson@countrywide.com
linda_turner@countrywide.com
daniel_whitehead@countrywide.com
melissa_guerra@countrywide.com
mary_archer@countrywide.com
aline_ramirez@countrywide.com
kacie_miller@countrywide.com
patricia_mckenzie@countrywide.com

[condanchri]

Well, I just wanted to thank *** for all the information and advice you've given thusfar - I feel like finding this site has been a real blessing, and my only regret is that I did not find it sooner.

Our real estate agent is putting the pressure on to extend their contract for trying to sell our house via short sale. Since my last post, we have not had one showing of the house. The market here in our neck of the woods is dead, and we don't forsee it bouncing back in enough time to be able to help us. We sought out a real estate attorney, who advised us to contact Countrywide, and let them know the buyers had walked. He also mentioned about seeing if Countrywide would be interested in doing a loan modification with us - even though we are no long living in the home (although we still have many posessions there). Just as I was getting ready to call Countrywide, I was told by our real estate agents that Countrywide had approved the short sale (they actually had the letter in hand) - unfortunately - THERE WAS STILL NO BUYER!!! I finally had a long conversation with Monica (in the Prez. Office) at Countrywide, and let her know that there was, in fact, no short sale. I told her of our interest in doing a loan modification, and we went through our budget (we have a surplus of $125 per month). I told her that we wanted the opportunity to stay in the home, and create some stability for ourselves and Countrywide, but that we would need to reduce the payment by hopefully getting a lower interest rate, fixed for five years. She gave me the info on where to fax the documents (2 months pay stubs, 2 months bank statements, last years tax return, hardship letter, budget). I have been reading so many of the postings on this site, and they have helped me a great deal. I faxed all the documents yesterday, followed up by emails to all of the Countrywide contacts listed in this site. I will keep you updated as to what happens next.

[RudyJay]

Well hang in there...good luck rj

[Moe Bedard]

You are welcome...

I hope it works out.........

Please keep us posted............and I had put all of the CW contacts here in your thread before.........so you don't have to look all over for them.....

[condanchri]

Yeah I saw all the great contacts you put in my thread - of course I forgot that you had put them there! I used the same ones you put here, though.

Thanks!

[condanchri]

Gosh, I had truly forgotten what a crazy maze it is, attempting to work with Countrywide again!!! After I faxed everything, I called Countrywide daily (pretty sure I was driving them crazy!). Didn't hear anything for four days, on Friday I pulled out the phone number to the Prez. Office (thanks to this site!), and gave it a call - eventually I was put through to Monica's office again (the original girl I spoke with). She was not there, but I spoke with her assistant, Maria, who said she had everything I need. Apparently, I had been put on a wild goose chase earlier in the week, because a previous conversation had given me the wrong negotiator - he was originally connected with my short sale - I think I will truly be certifiaby insane, once this is all done!!

Today,I spoke with "Truc" who is my negotiator for the loan modification (or so she says...). I asked for her last name, but was told she just goes by "Truc." She said she has all the financials, but because we are in foreclosure, with a scheduled date for sale of September 23rd, she has to contact the attorneys to get the foreclosure fees included in any potential loan mod offer. She said she'd get back to me next week. To which I said, "so closer to the beginning of next week, or more towards the end of next week?" During this journey, I have really become a bit of a ball breaker (excuse my language!). I think she was a bit taken aback, but while I've got her on the phone, I want something more specific from her - so she finally says if I don't hear from her by Wednesday, to give her a call (yes, she actually gave me her direct phone number - I was shocked!).

One thing I have learned from this site is that some investors are more willing than others to do a loan modification. So I asked her outright, "who is the investor for our loan." She says they don't like to give out that information. I explain to her that I know there are some investors who will not do loan mods, and that I am just trying to get a feel for what we are up against. She looks through my docs and says that the investor we have has most definitely been doing loan mods. That was a bit of a relief, even if I don't get the "secrecy" about who our investor is. I asked her if she would be able to reduce the interest rate, and she said that was what she was going to be spending most of her time on - and that she would try her best.

So that's all for now, until the next chapter is written in our daily soap opera/drama/thriller of dealing with Countrywide. I will keep you all posted.

Thanks!

[condanchri]

By the way, just to clarify something - we were told, waaaay back in mid to late 2007 that there was nothing they could do for us in terms of a loan mod, because the terms needed to remain the same: at that time, the negotiator went so far as to say that we had a 45 year mortgage, which shocked me, because I didn't remember signing for that long of a mortgage. Well, come to find out, after re-inspecting our loan docs, we DO NOT have a 45 year mortgage, we have a 30 year mortgage. So basically we were turned down for a loan mod last year, based on faulty information - we have a 30 year first mortgage, and a 15 year second, and apparently, he added them both together.

Just wanted to let anyone know that, if they are following my story. Keep your fingers crossed for us!!

[condanchri]

Well, here's another update. I spoke with my negotiator today, Truc, and Management has approved a 30 year fixed rate of 6%, which is 1 1/2% lower than our introductory rate, and a heck of a lot lower than what we would have adjusted to today. Unfortunately, she did not include the taxes (which I requested to Monica in the Prez Office to be included, and she said would not be a problem). Apparently, that request got lost somewhere along the way, and Truc didn't know. So, she has to run the whole thing through to get management approval again. Problem is, they want a payment for 8/1. Our wonderful and brilliant real estate agents advised us we should move out of the home, after we received a great short sale offer - and we were stupid and took their advice. Then the short sale fell through. So now I have to give 30 days notice on the rental we are living in, and move back into our house, all in the HOPES that Countrywide will actually follow through and do what they say - before we get the actual paperwork. I have three children under 8 years of age - this is so completely scary for us. Its like taking a leap of faith with someone, who up until now, has been completely untrustworthy.

Our second mortgage company, Franklin Management (not to be confused with Franklin First), has been absolutely horrific throughout this entire process. They will not even entertain the idea of a loan modification, and instead want us to do a deferment - but, we can't be approved for one UNTIL they get one payment from us first. I have a thousand thoughts going through my mind - thank you so much to this site, and the wonderful people who read the postings and give advice (especially ***). I am so much further in the loan mod process with Countrywide than I have ever been, and if this goes through, it is a direct result of the advice and connections that this site provides. My only regret is that it took me this long to get the information I needed.

Thank you, and please say a little prayer for my family.

[Moe Bedard]

Wow that is great news!!!

I am so happy for you!!

I am glad that I was able to help get you going in the right direction.........

The most important thing is that you found us in time..............you saved your house and have a lower rate too...........so the short sale falling through was probably a blessing in disguise because it brought you to us and we know that you really wanted to stay in the house to begin with.........


Please let me know when you receive the final approval and docs and if you have any questions on them..........

[elpjohnson]

Congratulations!!!

Way to hang in there!

[Carrie]

condanchri,

I dealt with Truc Hamilton at CountryWide and she did follow through with what she said. I also had my loan mod escalated to Tabitha MacKellar and she was very helpful and provided info and had the margin removed on my second loan, but I couldn't get the first loan modified etc etc.

I had Gregory Paiva's office perform a forensic review and found some violations and are now able to negotiate a permanent loan modification with them. They have great people working there as well as the wonderful Moderators here on the forum.

Have Faith and keep your head up, don't ever give up! Good Luck !

[condanchri]

Gosh, Carrie, that is good news for you and your attorney - I think it will become more common than we think, in terms of fraud and the loan paperwork that was generated over the past couple of years.

I'm happy that Countrywide is willing to work with us (now we just have to get our second mortgage company onboard - Franklin Credit Management). Its also good to hear that someone else has worked with my negotiator. She hasn't given me her last name thusfar (probably for fear of being inundated with emails!!!). I'll jump through whatever hoops are necessary at this point.

Anyhow, I sure hope things work out for you, and I will say little prayer for you and your family tonight - I am not an overly religious person, but I definitely feel this process has brought me closer to God - if you know what mean!

Thanks so much,
Danielle

[condanchri]

I just wanted to announces, very proudly, that my husband and I are now A COUNTRYWIDE SUCCESS STORY!!!! It's been a VERY lengthy process, but with all the help from this board (***!!), we were able to finalize our loan modification. We could not be happier!

The processes and contacts contained within this board work - and in our case, allowed us to keep our home. We cannot thank the moderators and posters of this board enough for all of the information provided to us.

Thank you for everything.

Chris & Danielle

[Moe Bedard]

Congratulations!!!

That is Awesome News!!

I am so Happy for You!!

[Dan Bailey]

Congratulations Chris and Danielle!!!

[schwefls]

Kudos to you both, party hardy, you deserve it