Countrywide SUCCESS!! This Forum Works!!

[alikeith]

Countrywide is sending us to the workout dept. They said it can take up to 30days to have a negotiator get in touch with us. Does it really take that long? That seems like a long time. They basically told me i don't qualify for a repayment plan. I still am waiting to hear back from the people i e-mailed. They did tell me since i am being sent to the workout dept, that the foreclosure process will not be started which is a big relief to me.

[alikeith]

So?? Does anyone know if it really takes 30 days to get a w.o negotiator assigned?? What happens if you are denied the workout?

[Moe Bedard]

Ali,

I am not sure why you are not hearing back..........

Did you put the hardship into the body of the email.......not as an attachment.......
Did you send to everyone.....putting their emails in the TO: part of the email separated by commas........

These are the main people that are sending the files to the workout dept.......but I was under the impression that your file was already there...........that is where they will send the file.............try these three again and see what happens..........

lisa_riordan@countrywide.com
elizabeth_moyer@countrywide.com
sarah_perek@countrywide.com

[alikeith]

No i did not put Hardship in the title, just my Name and loan number.

When i talked to the person yesterday, they said they were going to send my file to a negotiator, and i should hear something within 30 days. That right there stresses me.

i have been searching and searching on here hoping to find someone else whom has had a workout before on the same loan. I specifically was told last time i woudl only be able to do a workout once. if they do not give me a workout, i dont know what i will do as i cannot afford the large pmts. I dont know what other options they may offer, do you have any idea what other things they do? With the housing chrisis as bad as it is, i woudl think they would want to avoid foreclosure at all cost.

[Moe Bedard]

Actually if they can't modify then they tell you to put the house on the market and try selling it.........with CW you need to be on the market for 60 days before they will consider a short sale.............but since you have already worked with them they, they most likely will make it sooner........

There have been others that have been turned down for modifications........and they straightened out the finances and applied again and then were approved..............

You can try for the modification again....as long as you have that surplus................email the three again........

[alikeith]

***,
When you say 'as long as you have that surplus" what do you mean by that. the 30% down?

Alison

[Moe Bedard]

The $100-$250 surplus when you do the household income versus the household expenses.......at the end of the month you need the surplus in order to do a modification.

[alikeith]

Gotcha! We Already went over the finances and my surplus was $147.00 a month. i think i am good to go there. Its just a matter of will they do it again.

i plan on continuing to make pmts. will those just sit in a reserve account, or will they actually apply it to the loan? Do you know?

[Moe Bedard]

I am not sure..........I believe they are held in a suspense account and then applied to the account if a modification is approved..........

[alikeith]

Do you know if they ever refinance the loan instead of a mod? We had a mod a little over 1 yr ago and if for some reason they wont do it again, i dont know what other options may work. My credit is obviously shot as i am behind on my mortage. We currently have a 8.35 rate. I am just trying to plan ahead and be prepared. Also, with the forbearance, i have read that sometime they will suspend payments for a few months, then you get back on a repayment plan. Is that how that works? Before they offered us just a repayment plan, but it added about $600.00 a month to our payment, and no suspended pmts.

[Moe Bedard]

No they won't do a refinance..........the only types of workouts they offer are the following.........

Modification
Forebearance/Repayment
Short Sale
Deed in Lieu


and not all of them are available to everyone......it depends on the investor on the loan and what type of loan you have.....
A repayment plan is a forebearance plan.........when you miss payments, they take the past due amount and break it up and add that amount to the current payment causing it to go up........

They don't have a program where you can skip payments......for a forebearance you would have already defaulted........

[alikeith]

So can i ask what you would suggest one would do if they dont get approved for a mod?

We have about $100,000 equity in our Condo. My credit is poor due to late payment's so i already know that i could not just go out and apply to get refinance anywhere. i know it wont happen. I had thought that maybe Countrywide may do a refinance. You have not heard of them doing this though it sounds like.

I actually am to the point where i hope it doe stake awhile to get a negotiator to get back to me just to buy more time. Countrywide says they are delaying starting any foreclosure proceedings, pending the mod approval. The more time, the better i guess. I will continue to make pmts though. Just so i dont get een further behind. I am very worried though.

Also, this is what i found on Forbearance, which is why i mentioned the suspension of pmts

Special Forbearance - The mortgage company may be able to arrange a repayment plan based on the financial situation of the homeowner. The mortgage company may even provide for a temporary reduction or suspension of payments. Homeowners who have recently lost their job or source of income or have had an unexpected increase of expenses typically qualify for these programs.

[Moe Bedard]

Ali,
If you are not approved for a modification..........you would need to go over your options with CW........I can not advise you or suggest to you what you should do at that point........I can tell you what I did.... to hang on to my equity even though it is a much smaller amount than yours..........I got a third job.....because I didn't want to lose my house...this is what I needed to do for my situation.......but this is a personal decision that only you can make........

In order for CW to do a refinance you would have to qualify for the refi.......the guidelines are the same.......most are trying for the modifications because they can't qualify for a refinance....

A special forebearance is very hard to get........but you can try.......

[alikeith]

Thanks ***!

I also am doing some reading up on Chapter 13. That may be an option.

As i sated earlier, i already had a Mod in April of last year. I am trying to keep positive and hope for another one, but they did say that i could only have one when i did that one. Who knows, like you said, that was then, this is now!

its just a bummer knowing I have over $100,000 in equity and cant do anything with it, besides selling of course.

[alikeith]

I again sent another e-mail. I still have yet to hear back on the previous e-mail i sent. I will keep you posted!

[alikeith]

so i got an e-mail back saying my e-mail is being sent on to the office of the president. Here we go......

[alikeith]

So i recieved a call today from someone named Jeanette in Customer Care, 800-601-2522 I dont think this is the right dept. Advice needed please

[Moe Bedard]

Call this person.........to see who has your file.........she is with the office of the president..........

Tabitha McKellar
1-800-405-0078 ext. 5224

[alikeith]

Well maybe i can e-mail here. Do you know her e-mail address? Elizabeth Moyer is the person whom i first e-mailed and stated she was forwarding this on. I e-mailed her back to let her know i need a negotiator.

[Moe Bedard]

Tabitha answers her phone...........

[alikeith]

Thanks! Its just that i am at work, and cannot make calls during the day. I will try to e-mail.

[alikeith]

dang! E-mail does not work! Hopefully Elizabeth will get back to me.

[alikeith]

Tabitha's name is actually spelt MacKellar. Thats why the e-mail did not work.

[alikeith]

So a week or so ago i e-mailed all the people that *** suggested. After a few days, i had not heard back anyhting so i e-mailed three other people she suggested. I got a response back. They were forwarding my info on to the office of the President. I then got a secure e-mail, where i had to register and select a password in order to communicate via e-mail with Tabitha. Tabitha let me know that she had forwarded my info on to a negotiator named Jeannette Guiteraz. This was as of yesterday. I have e-mailed my hardship letter directly to her again and am still waiting to hear back from her. Has anyone had any experience with her?

Originally when i spoke to Countrywide last week, they stated it would take 30 days to hear from a negotiator.

I will keep you all posted.

[lcooper]

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"Can i ask who the investor is on your loan? Do you know if its bank of ny by chance?"

I don't know... but I do know that Countrywide did not have to ask permission from our lender to modify our loan. There are certain lenders who personally have to approve any changes and ones that don't. We got lucky.