Countrywide loan modification SUCCESS!!

[vietvivi]

Hi everyone,

I've been reading all the posts regarding the process of loan modifications. There's been more horror stories than good ones, but I'm going to be optimistic. This site is the best! Thank goodness for people like all of you to help us feel like we are not alone. I used the email contact list of countrywide to write my hardship letter today.
To provide some background on my situation: I have an 80/20 loan for $390k. Countrywide owns the larger loan at 6.79% 3YR ARM P/I and OCWEN owns the smaller one at 10.99% I/O 30YR fixed. I have no equity in my home since the value has decreased by 100k from the purchase amount of my home. At the time of my purchase, my home had appraised for $410k. My loan is due to reset on December 1st and I don't want to wait until then to do something. I have written that I do not want to default on my loan and will be unable to afford the increase of $500 to my mortgage. I'm already strapped as it is!
I had spoken to a rep at Countrywide last month, in which I was told that the investor, Bank of NY, had no programs available for me and I need to be within the 45 days of my reset date for a loan modification to be considered. The rep proceeded to say that my other options were short-sale or foreclosure. I responded that I am trying to be proactive to save my home, not walk away. I had been making payments responsibly for the past 3 years. I want to maintain my good credit rating (low 700's). It had taken 3 years for me to improve it from the 600's and I don't want to damage it. What else can I do??

[Wathera Cuamatzi]

Stay proactive

Call CW directly and ask for the work out department and request the package you need in order to start the modification process. Remember, your hardship letter is not acceptable if it is not signed. If countrywide is not responding to you then you should consider hiring a real estate attorney. Your adjustment date will be upon you very shortly – remember time and diligence is of the essence.
Good Luck!

[vietvivi]

I was actually on my account yesterday when I saw a banner that CW has this new refinance program called Fast Track so I signed up online for it and then I made a phone call to them. I spoke with Laura Hembly and told her my situation. She couldn't do anything for me since she's in the refinance dept, but she said that she knows a person in the Home Retention Dept and would walk my account over. She gave me her number and extension to follow up. Since I didn't hear from her today, I called and left a message. She probably can't do much, but at least there's someone there that knows my situation.

Funny thing is that I got a call from another CW refinance specialist who had called me earlier in the year and was following up on my situation. I told him that I had tried talking to a home retention rep, and he asked why not refinance? HA! It's because my situation has not improved since the last time we had spoken. No equity. Ring a bell? I wonder if he has noticed how the economy has been going.

[vietvivi]

Originally Posted by Wathera Cuamatzi

Stay proactive

Call Countrywide Home Loans directly and ask for the work out department and request the package you need in order to start the modification process. Remember, your hardship letter is not acceptable if it is not signed. If countrywide is not responding to you then you should consider hiring a real estate attorney. Your adjustment date will be upon you very shortly – remember time and diligence is of the essence.
Good Luck!

Thanks Wathera. I get frustrated explaining my situation over and over again and then walk away with no resolution from it. Do you have a direct number for the work out department at Countrywide? I haven't been sleeping well thinking about my impending doom with the ARM reset, and I hope that it will all work out in a timely manner. Do you think that the new Bush bill will help us?

[vietvivi]

So I just called Countrywide's Home Retention (aka. collections) and spoke with Donnie who then transferred me to the HOPE department. They have the same number. I was connected to Dalia, who sounded so helpful. She said that she would put my account in for a loan mod and it would take 3-4 weeks. Woah! But she also said that I should call back on October 1st because there will be new programs available to help people that are in similar situation due to the Bush Bill. She didn't have any info on the new programs to provide but said try calling next week.

It's a start. Now I need to call OCWEN.

[vietvivi]

I filled out a loan modification form online on Friday night at *Ocwen Financial Corporation. Going through this process requires having your income and expense information available. It had asked if I had any IRAs, 401k, CDs that could be withdrawn to make payments. I answered "NO." I know I could, but I do not want to dip into the minimal savings that I have for a short-term fix that may result with no change to the current situation. After I had filled everything out, the final message said to fax my hardship letter to 407-737-6174 with the following:

-2 recent pay stubs
-Last year's W2 and tax return
-2 most recent bank statements

Do you think it's the right move to start this process with OCWEN as I wait for a response regarding my Countrywide loan? Will there be a problem if I try taking care of both accounts at the same time?

[vietvivi]

Reading the advice given in this forum to follow up, follow up, follow up... I called Countrywide's 1-800-669-6087 and spoke with Yvette from the Office of the President. I asked about the status of my application to make sure that Dalia at HOPE dept had actually submitted my account for loan modification. Yvette confirmed that my account was showing in the system as received on Sept 19th and a negotiator should be contacting me in about 7-10 business days. She said that she will make a note on my account that I had called today to request status. She also did not have any additional information on the new programs that are coming out on October 1st yet. Yvette was extremely nice!

Then I moved onto contacting OCWEN to ensure that my loan application with the backup information had been received yesterday. I was transferred 3 times. On the second transfer, the lady (I couldn't understand what her name was) said that my paperwork had been received and she needed to transfer me to the other dept to get more info. I was on hold when the 3rd person picked up (sounded like from India) who said that they were experiencing technical difficulties and would need to call me back. She almost hung up, but I had to ask when would I receive a callback to which she responded tomorrow. Then I asked if she had my phone number and she repeated my number to me. Phew. She had sounded so rushed that I wasn't sure. So now I wait.

[Moe Bedard]

Good Luck!! It is a roller coaster ride..............so be prepared........

[vietvivi]

Thanks ***. I am preparing myself for the worst but hoping for the best. I just received a phone call from Odette Chavez from the Customer Care Unit (aka Office of the President). She was responding to my emailed hardship letter that was sent last week and told me to fax my 2 most recent paystubs, bank statements, and last year's tax return. They will use my email as the hardship letter needed. After that is done, I will be contacted by a senior negotiator in about 72 hours and then my account will be sent to the investor. Odette said that their office is a different unit from the home retention team, although they are involved in almost the same things, but they will help expedite my request. She was extremely nice and helpful. Woohoo... I am so happy that I am getting such a response from all this. Thanks Loansafe! This forum has provided me so much information and guidance to go through this process.

[vietvivi]

Update on Countrywide: Spoke with Odette yesterday to confirm receipt of my docs. She had been out on Monday so couldn't call me back at that time. She's now sending my package to a Sr. negotiator and I should hear back by Monday on who I'll be working with. Yay!

Update on OCWEN: Spoke with a person that I couldn't understand half of the time. He told me my application was denied on 9/24 due to "financials not up-to-date." I asked for clarification because I had sent my most recent financials. He couldn't answer and proceeded to ask me if I wanted to refinance and also, read me the disclosure on late payments. I said, NO.. I can't refinance... and why are you reading this disclosure to me, I have never been late! This went on for a good 30 minutes befor he transferred me to the loan workout dept. Then I spoke with Swati Sawanti, who gave me the same status, but said that they did not have my "Request for Financial Information" form. That's the reason for the denial. I asked, what happened to all that I filled out online?? She said she does not see anything online. GRRRRRRRR.... I had enough. I told her to send me the docs to fill out. I got it today so it's all been faxed again today.

[vietvivi]

Does anyone know why Countrywide turns this option off? I usually make my payments from their website, which I think is great for tracking purposes too. Since I'm going through a loan mod, I just noticed that this option is no longer available. Is there another method of making online payments?

[Moe Bedard]

Here is a thread that outlines the process on CheckFree.....

Pay Countrywide while going through Loan Modificiation

[vietvivi]

Thanks ***. I'll sign up for that because I want some type of record to track my payments made. I just checked my account and found this notice regarding my workout package:

"Your request for assistance is under review. During the review process, a thorough examination and analysis of your loan will be completed. During this time, we may or may not need additional information from you. It is common that you will not hear anything from us during the review period, but please be advised that all collections activities have been temporarily suspended during this review period. We expect more information to be available on 10/27/2008. If your status remains unchanged after the 10/27/2008, please call and speak to a customer service representative. Please do not call back before 10/27/2008 as that will delay the process. Please respond promptly to any calls or requests that you may receive from us during this period. Lack of response will cause your workout to be delayed or cancelled. Thank you."

Not call back before 10/27?? Should I trust that CW will be taken cared of during the 3 weeks? I had called Odette from the EOP and left a vm since I had not heard back from her or the negotiator since last speaking with her last Wednesday.

[Moe Bedard]

They are usually good about the updates........but some have called a few days before the deadline.........just keep a close eye on the account because sometimes they will make a request via the online account.

[vietvivi]

I spoke with Odette today at 4:30 ET, and she gave me the name and number of my negotiator, Stacey Gaines. Stacey was assigned to my account on 10/6. She just called me a moment ago and went through my financials again, and then said that she's going to request a 5.25% fixed rate for the life of the loan. She's has to present this to executive management for final approval and it'll take 5 business days for a response. YAY!!!! I should be hearing something by next Wednesday, 10/15. *cross my fingers*

[princesskimmi]

Wow, you are lucky you got a negotiator so quickly. I have the exact same message: "Your request for assistance is under review. During the review process, a thorough examination and analysis of your loan will be completed. During this time, we may or may not need additional information from you. It is common that you will not hear anything from us during the review period, but please be advised that all collections activities have been temporarily suspended during this review period. We expect more information to be available on 10/10/2008. If your status remains unchanged after the 10/10/2008, please call and speak to a customer service representative. Please do not call back before 10/10/2008 as that will delay the process. Please respond promptly to any calls or requests that you may receive from us during this period. Lack of response will cause your workout to be delayed or cancelled. Thank you."

So, I waited until today (10-13-08), only to be told my case is still awaiting a negotiator and there has been no activity on my account. The operator told me to call back Thursday or Friday to see if there were any changes. I faxed my hardship letter on Sept. 18th, and haven't been asked for anything since. I did do my expense/income report over the phone, but haven't been asked for any paycheck stubs, tax returns etc.

So, can you tell me how you went about getting such a speedy response? Should I be calling the office of the president? All I am asking for is a rate freeze, and I have never been late or defaulted on any payments. Bank of New York is the loan carrier so I don't know if they are difficult to work with...however, by the sounds of it nobody has even contacted them.

Thanks
kim

[vietvivi]

Odette from the Executive Office of the President (EOP) had contacted me due to my email to them. (Thanks to Loansafe for providing the list of email contacts!) They work quickly to expedite the loan mod process. I would definitely try calling them to follow-up on your status. I was told the difference between the EOP and the other retention department is the amount of detail requested to process the loan mod. Because the EOP asks for financials, in addition to tax return, paystubs, and bank statements, they are more readily armed to propose a package to the investor without delays caused by the investor requesting missing information. After I had faxed my financials to Odette, she put my account through to a negotiator to be assigned (takes 72 hours). Once the negotiator is assigned, they have 72 hours to contact you. Bank of NY is also my investor. I'm waiting on the approval of my loan mod. I should hear something by tomorrow or Thursday (5 business days).

[vietvivi]

I just spoke with my negotiator, Stacey Gaines, who said that my loan mod has been approved for the 5.25% fixed for the remainder of my loan. All I need is to wait for their notary to contact me to sign my papers and I'm good to go! YIPPEEEEEE!!! However, I'm not going to say this is a total success until I see the papers first. Let me see the writing on the wall before I really do my happy dance. Thanks LOANSAFE! I've already referred this site to everyone that I know who is going through this type of process. I am soooo thankful for all the information that has been provided on your site. There is light at the end of the tunnel....

[Moe Bedard]

That is great news!! Congratulations!!

Please let us know when you sign your docs.............

[schwefls]

Vietvivi:

Great news, kudos to you, party hardy, you deserve it.

[princesskimmi]

Congratulations!! And thanks for the information about Bank of NY....hopefully they will work out a deal for me too

[vietvivi]

Thanks guys!! I'm so excited that I have this one down. I wouldn't have gotten this far without loansafe. You guys brought me hope and such great advice. I was truly blessed to find this!

[vietvivi]

A brief update on OCWEN. I called them today at 7:35pm to check on status and was told that my financials were approved, which means I am able to progress to the next step... talk to a loan counselor to discuss details for a loan modification. So the rep transferred me to the other department for the details (1st tier of reps can only provide status, no details). I was on hold for 35 minutes and hung up. I called back at 10:00pm (figured it's less busy) and a very friendly rep, Lily Joshna, gave me the same answer, but since she knows someone in the loan resolution department (they close at 9pm EST), she'll send my account to them to contact me tomorrow to discuss my options. *cross my fingers* I hope another success is on it's way! I'll call them again tomorrow evening. Apparently today was a super busy day for them.

[vietvivi]

I received my loan mod package from Countrywide on Friday! I have to contact one of their mobile notaries to come out and sign the paperwork in front of them. It has it at the 5.25% fixed rate. WOOOOOHOOOOOOOOO!!!! I'm not sure why they have added on $4156.51 to my principal balance though. First payment due Dec. 1st. The breakdown below:

Interest: $3419.89
Escrow: $736.62
Total: $4156.51

Is that normal? How do I attach documents to my email?

[vietvivi]

A brief update on OCWEN. I called them today at 7:35pm to check on status and was told that my financials were approved, which means I am able to progress to the next step... talk to a loan counselor to discuss details for a loan modification. So the rep transferred me to the other department for the details (1st tier of reps can only provide status, no details). I was on hold for 35 minutes and hung up. I called back at 10:00pm (figured it's less busy) and a very friendly rep, Lily Joshna, gave me the same answer, but since she knows someone in the loan resolution department (they close at 9pm EST), she'll send my account to them to contact me tomorrow to discuss my options. *cross my fingers* I hope another success is on it's way! I'll call them again tomorrow evening. Apparently today was a super busy day for them.[/quote]
I wish I could say that I had the same success with OCWEN. Unfortunately, after having called OCWEN a few times, I have been told the same thing. My loan mod is denied because my account has not been in default. This is one of the requirements in order for the underwriter to consider my account for a loan mod. Isn't that ridiculous??? I don't understand why it has to go that far to get any help. I don't want to end up having to pay late fees and hurt my credit before any help would be given. Does anyone have any ideas? I've left messages for the oubudsman but have not received any call back yet.