Countrywide PayOption Arm SUCCESS!! - Home Loan, Loan Modification & Foreclosure Help Forum

donna317 · #1 (**permalink**) IP: 75.51.88.118 08-14-2008, 12:55 PM

Late last year I received a letter...well, more like a form letter ...from Countrywide's office in Plano, TX with a personal reservation number ....urging me to take advantage of their "exclusive modification" because it "can provide you with a five-year fixed-rate period and payment stability for five full years, even if rates rise!"

At the time I didn't think much about it....the letter stated at the bottom in the P.S. section that "I urge you to call 1-888-268-0379 today to modify your loan. This special offer expires December 8, 2007. so please call now!"

This letter was signed by Jennifer Hickey, Loan Modifications Manager....

With that said, I called this number on August 13, 2008 and asked for Ms. Hickey. The Loan Modification Representative, Neal Marchin, informed me that he was authorized to handle modifications and that it was not necessary for me to speak with Jennifer Hickey....even implied it wasn't a real person?????....

Neal went on to tell me that Countrywide is not offering these mods based on recent market conditions, they are doing it because they want to help their customers in neg am loans keep their homes. He said that Countrywide doesn't want my home....sounded promising right???....he took it upon himself to lecture me about "buying too much house"...ok, I probably deserved it a little...even though he was really starting to bug me....I thanked him for his input...BLAH BLAH BLAH....he then informed me that the cost of the mod would be approx. $480-$519....later in our conversation that would become a firm $500.....
....he then informs me that I don't need to qualify...my loan number would stay the same....that Countrywide would assume my September payment of $1914.38...and I would start paying the Oct. 1 2008 payment...at a much lower rate and with no pre-payment penalty...and would be principal + interest.....he informed me that he was "anal" and would get back to me by August 18th...maybe sooner....and that he was going to try to look for a better program...he called it an "exception"....all of this is taking place in my first phone call....???...does this sound legit?...he asked me for my loan number... about my property tax....home owners insurance....gross income...and then asked if he had my permission to check my credit...and gave him permission.....did I make a mistake????

He gave me his direct line...1-888-468-4709, ext. 5623....I am worried because my loan is going to reset again in December...last year it jumped almost $300....

Do you think I contacted the right department? Can you tell me what I should look for in a loan mod?....and will the monthly payment stay the same?...how do I know when Countrywide Home Loans is at their "best offer"? How do I know I have a good deal????
I appreciate any help you can give me!

Cat Damiano · #2 (**permalink**) IP: 67.177.243.104 08-14-2008, 01:23 PM

Hi donna317,

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

So far we have not had any members from Countrywide have to pay for a modification up front..............so I am not sure what to make of this..........

You might want to call the Home Retention Team just to check on the legitamacy of this contact, since they put all conversations on the file............

Home Retention Dept.
1-800-669-6087

Please let us know what you find out............

donna317 · #3 (**permalink**) IP: 75.51.88.118 08-14-2008, 01:40 PM

Thanks Cat!
Will call them and post the result!

donna317 · #4 (**permalink**) IP: 75.51.88.118 08-14-2008, 01:45 PM

...just curious....anyone else get this type of letter from CW that you know of????

Cat Damiano · #5 (**permalink**) IP: 67.177.243.104 08-14-2008, 02:31 PM

There was something going around a couple of months ago, but that was for the HomeSaver Advance program which is a program for FannieMae backed loans and it was being done originally through Countrywide loans.......but not quite like yours.........this is a different one.

donna317 · #6 (**permalink**) IP: 75.51.88.118 08-14-2008, 04:54 PM

Cat,
I called the 800 number you gave me....they transfered me to loan mod dept at 800-262-4218..."Cathy" told me that they do have a Jennifer Hickey and the letter was legitimate...from their office in Texas....I guess I will wait for Niel's call and will post outcome...

Cat Damiano · #7 (**permalink**) IP: 67.177.243.104 08-14-2008, 05:31 PM

Well that sounds good.............Please do keep us posted..........

donna317 · #8 (**permalink**) IP: 75.51.88.118 08-15-2008, 08:40 PM

I just realized that in an earlier post Moe stated that you have only one success story with Countrywide on a pay option arm????
Is this still true?
I have the pay option and the rep that took my info over phone the other day did not mention that these loans would not be modified?????
Is there anyone out there that has had their principal lowered on these loans?
Thanks for your help!
Donna

Cat Damiano · #9 (**permalink**) IP: 67.177.243.104 08-15-2008, 09:15 PM

Hi Donna,

No that isn't the only one..............that was the first Option Arm success with Countrywide back in Nov. that he would have been referring too.........there are around 20 in the success section of the forum.........most of them are labeled Countrywide option arm in the thread title..........but I still have to go through and correct some others that were not labeled.
We have not had any principle reduction firsts........

donna317 · #10 (**permalink**) IP: 75.51.88.118 08-15-2008, 10:34 PM

Cat,
Thank you so much for the quick response!!!!
I appreciate the info!
Will let you know if CW rep calls me as promised by Monday.
Donna

donna317 · #11 (**permalink**) IP: 75.51.88.118 08-18-2008, 12:01 PM

Cat,
Is is now almost noon and Neil Marchin said he would be getting back to me by today....do I call him at his direct number and extension? Or wait longer for his call?
I know this sounds so juvenile...I am sooooooooo nervous.
Donna

Cat Damiano · 08-18-2008, 12:49 PM

Donna,

I know you are nervous but first I would give him the day to call.........if you don't hear by 3, then give him a call.............

jaxzacks2 · #13 (**permalink**) IP: 76.106.238.46 08-18-2008, 12:53 PM

Donna,
I left a message for Neal Marchin today at 12 noon EST and he called me back around 3pm. Unfortunately, I wasn't able to take the call, so I just left him another message. I'm pretty certain he will call back because in his message he said he needed to speak to me if I was going to accept the loan modification of the 5/1 intersest only ARM (which I am). I will post as soon as I hear back from him.
john

donna317 · #14 (**permalink**) IP: 75.51.88.118 08-18-2008, 01:18 PM

Cat and John,
thanks so much...i am just so emotional...you're the BEST!
Donna

jaxzacks2 · #15 (**permalink**) IP: 76.106.238.46 08-18-2008, 01:57 PM

Donna,
I just got off the phone with Neil Marchin a few minutes ago and he couldn't have been nicer. We reviewed what my new payment would be, when to make it and the timeline on getting the documents mailed and notarized. So it looks like it's a done deal (almost) for me. if you're still nervous, it probably wouldn't hurt to give him a call and leave a call back number. His number is 888-468-4709 x5623 and he'll be there until 7pm CST. Good Luck!
John