Loan Modification with CW SUCCESS!!

[Annie0122]

Help! I am behind on my mortgage approx 5-6 months and Countrywide put us on a repayment plan that was way too steep. I called them back 1 month later and requested to be considered for a loan modification or a loan restructuring. I just faxed in my check stubs, taxes, and hardship letter. That is all I was told to fax in, am I missing something? I have seen other people who had sent in way more than I had to. Also, should I call to make sure they received that fax, sounds like CW loses things a bit. Thanks all!

[Moe Bedard]

HI Annie,

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

Can you give a bit more information for us please?

What state are you in?
What is the current interest rate?
What type of loan is it? ie: interest only or fully amortized PITI
Are your taxes behind too?
What is the loan amount?
What is the value of the house now?

When you do your household income versus household expenses do you show a surplus of at least $100-$250?

These answers will be helpful........
Thank you,

[Annie0122]

We are in the State of Wisconsin.
Our interest rate is 8.5%
The Loan is a 30 year term
Our taxes are behind only for 2007, they are not included in our payments nor is the insurance included.
The loan amount is $165,000 with that being our first mortgage, we do have a second mortgage of $40,000.
I do believe the value of the home to be $200,00, could be wrong!
Yes I do show a surplus of $100-$250.
I'm really very nervous about this loan modification, this is my only chance to save our house. We are behind approx. $7200.00 right now. Do I continue to make my normal house payments? I was told by a CW home retention specialist that I can either choose to make them or not make them but if accepted for the loan modification be prepared to be 30% down for good faith. What should I do?

[Annie0122]

Wow! I haven't heard anything about my recent questions that I had. Have another one though and hoping someone can help me out here. I have been reading quite a bit here on the website. From what I see, fixed mortgages are not being modified? Is this true? I am trying to get a loan mod with CW, they told me I qualified only because of how late our payments probably are. Which are between 5-6 months. I did call on 5/9/08 and they told me they received my documents that I faxed ie: check stubs (2 mos worth), 2007 taxes, and hardship letter. Now what do I do? Wait or keep calling? Need help here someone, would greatly appreciate some kind of response! Thanks a bunch!

[Moe Bedard]

Hi Annie,


Sorry about that........I missed when you answered my questions......

No you don't have to wait........what you can do right now to move things along is to put your hardship letter into the body of an email and send it to each of the email addresses below............you should receive a response within 48 hours and contact information that you will be able to use and stay in touch with them at least 2-3 times a week to see how your mod is doing........your interest rate is a bit high.......so I don't see why, given your hardship, that they won't lower it a bit for you..........it is worth a try.....

Hope this helps.....

Please keep us posted on your progress......

[Annie0122]

Thanks ***!

I will definately keep you posted. Hopefully I will be a success story also!

[Annie0122]

I emailed all listed on your last note ***, and WOW, I received 3 return emails AND a phone call. I already have someone working on this. This is wonderful. Just one question, the $100-$250 that I should have left over after all bills paid, is this pursuant to gross or net pay? Thanks! Will let you all know how things are going as time progresses.

[Moe Bedard]

Annie..........they do it off of a gross pay...........

keep us posted.........this is good..........

[Annie0122]

Well, I spoke with Monica yesterday and she took all of my information as far as what I pay out each month. She told me I should be hearing from someone else within 24 to 48 hours regarding my loan. Because my taxes were not paid for 2007, she said they would have to pay them otherwise I would not be able to do a loan modification, again, she also said that I am not guaranteed a loan modification either but stated that the taxes they are paying for me would be put on the tail end of the loan with the loan mod. I don't understand that part at all, why pay my taxes and stick their neck out for me, if I'm not going to get the loan mod. Opinions welcomed on that from anyone PLEASE! Anyway, hopefully I will hear from someone by tomorrow, OR I will be calling Monica back to find out what is happening. She also asked me if I had any money to put down on the loan yesterday, I stated no, because, well we don't right now. Is this going to hurt my chances of getting this loan mod? Thanks for everybody's help, I want to be a successful loan mod too, couldn't do it though without you guys!

[Moe Bedard]

Annie,

To cover their a$$ they have to say that to everyone........there are no guarantees when it come to the modifications, but they are trying to modify most that they are able to.

As far as the taxes go........whether you are modified or not........the taxes have to be paid or they create a lien on the property.

Keep us posted on your progress......

[Annie0122]

O.K. I last spoke with Monica from CW on Tuesday. She took all of my financial information and debts owed. She said I would hear from someone in the next 24-48 hours. Well, I just spoke with Monica again and she said she is going to find out why I have not heard from someone in the Home Retention Dept. yet which is where the loan negotiator is and either the loan negotiator would be calling me back or she would on why they have not called me back. Also, just a question, I would not have the 30% down that everyone here is talking about. Would they then tell me forget it, no money, no loan mod?! That is ludicrous as I am in this situation for a reason and wouldn't be able to come up with $4,000, which I have figured out to be 30%. Thanks all!

[Moe Bedard]

Annie,

Just keep in contact with Monica so she can get you to where you need to be............and when they put together a modification offer for you.....just see if they can capitalize the past due amounts and fees into the principle balance of the loan.

You are doing great...........keep up the good follow up work.......

[Annie0122]

Well I called Monica AGAIN yesterday to find out why nobody has phoned me as of yet. I was told that Gina Williams is my loan negotiator and I should be hearing from her by today. Well, haven't heard anything yet but will be calling today. Anyone heard of Gina Williams as a loan negotiator? Thanks!

Originally Posted by *** Damiano

Annie,

Just keep in contact with Monica so she can get you to where you need to be............and when they put together a modification offer for you.....just see if they can capitalize the past due amounts and fees into the principle balance of the loan.

You are doing great...........keep up the good follow up work.......

[Annie0122]

Well, again ALL DAY YESTERDAY I have been trying to contact Gina Williams at Countrywide and left messages all day long. No response back whatsoever! What should I do now?

Originally Posted by Annie0122

Well I called Monica AGAIN yesterday to find out why nobody has phoned me as of yet. I was told that Gina Williams is my loan negotiator and I should be hearing from her by today. Well, haven't heard anything yet but will be calling today. Anyone heard of Gina Williams as a loan negotiator? Thanks!

[Annie0122]

HELP! I have been incessantly trying to call Gina Williams, loan negotiator, 1-800-405-0078 x-6361. Have YET to receive a call back. What else can be done about this? I realize these loan negotiators are up to their eyeballs in this stuff, but at least a phone call acknowledging me would be appreciated. What else can I do? Thanks all!

[Moe Bedard]

Annie,

Call directly into these numbers and ask the status on your file.........tell them that your negotiator never calls you back after leaving numerous messages

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

[Annie0122]

Thanks ***! I will do that today and keep everyone posted. Hopefully I have progressed somewhere!

[Annie0122]

Thank YOU again ***! I called the numbers you provided and of course there was magic performed and they actually got me in touch with Gina Williams IMMEDIATELY AND I actually spoke with her too! I don't know what I would do without this website! She reviewed all the numbers I had given her and I'm showing a surplus of approx. $500-$600 a month. I don't know how they figured that, but whatever! I told her I wanted everything capitalized into the back of my loan. She stated that they are working on capitalizing the payments and my worst case scenario would be a 3 year reduction rate. Sounds good to me! She said that she is going to go for the best possible loan modification she can get but a 3 year reduction rate is the worst. She also said when she gets done with the investor that it would go then to her auditing dept. to make sure she did everything correctly, which I would then hear back from her in about 5 days or so and then to expect the FedEx package. Well, things sound like they are going smoothly, but I don't want to get too excited here. Oh yes, and they also are paying our 2007 taxes and adding in the taxes to our loan, which is fine with me! I will keep you all posted on the progress, but right now THIS IS PROGRESS! Yeah!

[Moe Bedard]

Annie,

That is great news!!!! I am happy to help! That is what I am here for.......
I am so happy you are getting somewhere.......and it sounds really good.......I will keep my fingers crossed......

Keep us updated when you hear anything......

[whatdidigetinto]

crossing my fingers and toes for you!good luck!keep us posted!

[Annie0122]

Thank you all so much! I will let you know as soon as I hear something!

[Annie0122]

Well, it seems as if we are on our way to a successful loan modification, but not sure yet. On Friday evening, someone had stopped by our home just to make sure that we reside there. What the heck is that all about? I believe they were from Countrywide, but not really sure. I had to sign a piece of paper with our phone number. Has this happened to anyone else?

[Moe Bedard]

Annie,

You have past due taxes and payments.......what they do is what is called a BPO (Broker Price Opinion) which can be an exterior only, interior, or both appraisal............they will be making sure that they are able to capitalize some or all of the past due amount into the principle balance of the loan..........

[Annie0122]

Well, I did see on the piece of paper a price checked off. They did it by outside only, which I don't find real fair then either. They should have come inside the home for a full appraisal, my opinion only. They checked off somewhere on the paper $100-$129,000 and obviously we owe WAY MORE than that on our loan which is about $165,000 plus the late stuff and taxes. Which wouldn't be correct due to the fact that our property for the city shows FMV of $139,000. Well, we'll see what happens. Thanks again ***!

[Annie0122]

I just called my loan negotiator Gina Williams. I asked her to give me an update on my loan mod. and also asked her who the investor is on my loan. First, she stated that she cannot disclose the investor but it is a small company, why is this? A lot of other people on this forum seem to know who their investor is. Also, she said she should be getting final approval today as management was still looking over the documents to see which category would be best for us to fit into. I'm still crossing my fingers on this and did tell her that I wanted everything capitalized into the loan as we do not have anything at this time to put down. And also, another shot in the arm, my husband fractured his collarbone over the weekend and will be off of work for 4-6 weeks, WITHOUT PAY! Should I tell this this? Thanks again!