I'm new here Countrywide SUCCESS!!

[frazzledma25]

I have an adjustable rate loan (based on libor index) it's suppose to reset next month to 9.5%. The original was 7.5% balance $223,000. A 2nd thru another lender of $35,000. Of course, just like everyone else I thought I would beable to refinance before it reset. Unfortunately, I became ill and fell behind on all my bills. I am back to working but now my credit is ruined. Countrywide Home Loans said they wouldn't help to just before the loan resets. I was told to call the Hope allliance. which I did the lady there took the information and said with the budget I supposedly have $400 left over a month (I wish). To complicate matters, I was single w/5 kids when I got the loan, it was no doc -I was self-employed--I had $105,000 down. With the market the way it is now the equity is gone. I had been a CW customer for 9 years with a FHA loan on my previous property and never had any problems with CW. THAT's why I went back to them when I moved. I was told then that I would only qualify for the adjustable rate--boy do I feel stupid now!!

The lady from Hope said I have to wait for countrywide to contact me now. My questions: Is it likely that CW will freeze the rate for me?? I'm currently 1 month behind but I'm also behind on the property taxes.


What else should I be doing? I'm feeling like I've really let my family down by messing this up so much...

I have spoken with a bankruptcy attorney. But he said in order to stay in the house I would have to get the loan modified first. I would really like to beable to refinance and consolidate my debt but with my credit score I don't think thats likely.

thanks for any suggestions

[ergoof123]

hang in there, one of the moderators will be here soon to offer suggestions/guidance. you're not alone, we're all here for you! you're in the right place and that's a good thing!

[frazzledma25]

Thanks for responding but What should I do now?? Has anyone hear worked with Hope alliance? Do I start emailing the list of people in some of the other posts??

[Cat Damiano]

Hi frazzledma25,


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

When you put together your household income versus the household expenses for a modification you would have to have a surplus of $100-$250........

Are you payments interest only?
Just keep in mind that with a modification if the lender has to make the tax payment they will set up an escrow account for the amount they paid and the current monthly tax amount........and your payment could include Principle as well............

If you are able to make these payments moving forward........and can prove the income/expenses with the surplus...........then you would need to put your hardship letter into the body of an email along with the loan number and your contact info and send it to each of the email addresses below.........you should receive a response within 48 business hours directing you on how to get started for the modification.......

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

[frazzledma25]

Thanks for posting.....my payments are P&I....I probably can borrow from a family member the back taxes....I just have been trying to sort all this out on my own and want to put the borrowed money in the right place....if they(Cw) Modify the loan are they likely to ask for money at that time?? I don't want to pay the taxes if I need it somewhere else and I really would like the taxes in my payment anyway. I just can't afford a huge payment.

I will email the list.

thanks again

[frazzledma25]

an update--unfortunately NOT one response from my emails.....I emailed the list last saturday and no phone calls or emails....now what?? Is this a lost cause? Have others here had this problem? I'm really at the end of my rope. thxs

[Cat Damiano]

The only time I saw them not respond was when someone put the hardship letter as an attachment..............they won't open up attachments.........

Here is the direct line:

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

[frazzledma25]

Thanks Cat,

I didn't use an attachment--put it in the body of the email. I did resend it again to the list last night. Someone mentioned to me that CW is getting ready to be sold?--is that true? maybe they have stopped working with people?

[frazzledma25]

Well...i received a voicemail from a woman named "Doreen" asking me to call 1-800-601-2522 ext 8179 supposedly countrywide customer care unit....I've tried to call this # tons of times today with no success...It switched me over after ringing to the deliquency dept. One lady did try to find "Doreen" and then told me to call a different ext. The woman I got there wouldn't listen to anything and told me I had to call collections.

WELL believe it or Not !!!I finally got an operator that tried to find Doreen --but couldn't ..so...she said I'm putting you thru to the "platinum Q" and got a lady named "Icelen" sounded Jamician accent--very nice --put me on hold for a long time and finally got me to Doreen!! She wants me to Fax paystubs, bankstatements,budget and hardship letter (she had my email already). THANK GOD!! Thanks to you also Cat! Atleast I have some hope--even if it's only a tiny glimmer!

[Cat Damiano]

That is good.........hopefully you were able to get Doreen's direct extention so you don't have to go throught that again.......

Just stay on top of them........be persistent.......but sweet......the advice given works..........trust me on that............just take a look at all of the successes..........

[frazzledma25]

Thanks Cat....I have been reading the threads on BK and modifications...I am trying desparately not to file BK...but if the modification is approved ...would filing for BK take back the modification? I would just reaffirm the loans after filing?? thanks Anyone here get the modification and then filed for the BK?

[Cat Damiano]

they wouldn't be able to post that information as it would be considered giving legal advice...and the state laws are different for BK's.............you would need to ask the attorney that question in your meeting........

[frazzledma25]

just an update...I faxed everything to CW on Monday...got a call this evening from my original contact...she said everything was sent over to the work out department and I would be assigned a negotiator by monday.....saying my prayers......

[frazzledma25]

got a call from cw today...assigning me a negotiator....I'm hoping that everything goes smooth..... with the merger of BOA yesterday....I'm nervous!

[Cat Damiano]

Don't be nervous..........CW is still taking care of their customers with the modifications and BOA is taking care of their own.......

[frazzledma25]

Well,finally got a call from the negotiator "Shelia-ofc of pres" today....even though I faxed 30 pages of all the requested documents 2x over 2 weeks ago to "Doreen-customer care unit" (she did acknowledge them)....Shelia didn't have them! said she didn't know who or where Doreen was. To make matters worse, I had called Hope before finding this incredible board, I emailed the list ,and she had supposedly my financials from Hope and the income was all wrong! some of the figures doubled!! (what a waste of time Hope was). The investor on my loan is Bank of NY. My original rate was 7.5 and it just adjusted to 9.0 this month. Shelia took the information and I refaxed th