Countrywide Success III

[atrombley1]

This is my first post on this forum after searching the internet for some help from this awful situation we are in. We originally bought our home in 11/05 with a 2/28 5 yr. Interest Only loan. We thought that at the time of adjustment that we would be able to refinance no problem as I would be back to work after having my second son. Our rate was due to adjust 11/1/07. In August I started looking for a lender for the refinance and could not find one to get approved with. The value of my home decreased about $50,000 and the LTV was close to 100% and we had not good credit scores from some old collections BUT never a mortgage late. So we tried FHA but they said no because there would be an increase in payment because we would be going from interest only to principal and interest....so I called Countrywide and asked for help. It has now been close to 16 weeks. My payment has gone from $1356 to $2034 and in Jan 08 will go to $2542.35 because Countrywide decided to implement an escrow account because I asked for help they wanted to protect their asset. I have since been assigned a negotiator, Lans Bayoh, who've I've spoken to only 2. The last time he had my file mixed up with someone else's and couldn't straighten them out. I call every day to check the status. I've faxed over everything, I call and I call and I wait. We are still current on the loan but can't afford the payment come Jan. We also have a second that we pay $273/month. Everytime I call I get another story. Today I called 4x's...first time I was told that my loan modification should be no problem and that we qualified under Bush's plan because they were qualifing people up to 9/07 whose rate adjusted. But he knew nothing further. Second time I called I spoke to the rudest woman who told me I was asking for an interest rate reduction not a modification and that it takes months and there are more important people than me who need help and have I thought about getting a second job. I was appalled! I called right back and got Jasmine, from the workout department, who I explained to I was very fustrated and didn't understand why I can't get any answers. She put me on hold for about 3 minutes and came back and said "the modification has been submitted and has an estimated close date of 1/15/07. Your modification is right on track and is following all the steps for approval. There should be no problem at all and you'll be receiving a phone call soon with details..." Really I said well why couldnt anyone else tell me this since I call 2x a day and no one knows anything. And she said that they are instructed to give out as little information as possible....

So I'm not sure whether I beleive her. I call everyday and no one knew the status. Some said they aren't sure what the hold-up is and they aren't sure why it hasn't been submitted. After I spoke to Jasmine I called again and got another woman Judy who couldn't verify any of the information but said it's possible that maybe Jasmine was able to see different screens. So do I take Jasmine for her word and not worry? Or did she make it up to get me to stop calling? Why would she be able to give the information but no one else? I've left 4 messages for the negotiator who will not take my calls or return the calls. What do I do?

I have questions...I'm in an interest only loan for another 3 years are they going to approve the modification for interest only or principal and interest? I really want out of the interest only period and if they lowered the interest rate to 6% we could afford the PI payment and the escrows....is there any hope....

Do they include the second mortgage?

How/when do I find out details? money needed etc?

Is there anyone else I can go to for help? That can get Countrywide to respond honestly with the status? and modification. Attorney maybe?

I have waited 16 weeks and made 100's of calls...it's just odd that all of a sudden "jasmine" knew everything. Is it that possible that she can see all this and no one else would tell me...

Any and all feedback appreciated. I haven't slept in months....

Thanks
Andrea

[five2one]

I don't know if it's any encouragement at all, but I submitted my loan mod packet to Fifth Third on May 30th, so we're nearly 30 weeks in. I get the same kinds of responses (although recently I did speak with someone who had been outsourced to handle it). I honestly think they are slammed and reeling right now and no one knows which end is up or what is going on. I think they are more concerned about their own jobs/hides than they are about the customers who can't sleep at night for fear of losing their homes.

I've resigned myself to taking detailed notes and calling once a week. I've found that many of my calls that are forwarded to the "contact person" simply go into a black hole, but I've made note of the date/time I left the message.

Good luck to you, maybe someone else can come along with more details, but I wanted you to know that you are not alone in the waiting game!

[atrombley1]

Thanks for the reply. I know they are busy, I know it takes time. I just don't want to lose my home. I already feel like it's my fault for steering my family into this type of loan. It's just fustrating that there are so many of us and so little help.

[Moe Bedard]

So do I take Jasmine for her word and not worry?

I would take her word for it, but still be very skeptical.

Or did she make it up to get me to stop calling?

Yes, they lie, a lot and this could be the case.

Why would she be able to give the information but no one else?

Maybe she was in loss mitigation and all you were getting were collection agents. However, their screens should have "ALL" borrower activity and proposals. They type in a loan # and bam, all your info should be right there in front of them.

I've left 4 messages for the negotiator who will not take my calls or return the calls. What do I do?

There is no laws protecting borrowers in this situation. You are doing a great job and you are doing just what you should do. Have you tried calling 888-995-HOPE or www.995hope.org?

I have questions...I'm in an interest only loan for another 3 years are they going to approve the modification for interest only or principal and interest?

It will most likely be interest only and an extension of your initial rate is the standard loan modification.

I really want out of the interest only period and if they lowered the interest rate to 6% we could afford the PI payment and the escrows....is there any hope....

Of course there is hope. Hope that your negotiator REALLY negotiates and is on your side. This is where being very nice and not too persistent will pay off. Remember that they have 100's of other borrowers calling them daily. many are days away from losing their homes. So, they have a tendency to put borrowers like yourself at the back of the line.

Do they include the second mortgage?

If it is with the same lender, they may or just leave it alone.

How/when do I find out details? money needed etc?

When they send you the new note modification in the mail

Is there anyone else I can go to for help? That can get Countrywide to respond honestly with the status? and modification. Attorney maybe?

This can help you. However, I think you have done pretty darn good on your own. I suggest attorneys when all else fails or you can't do it on your own or of course, your loan was predatory etc.

I have waited 16 weeks and made 100's of calls...it's just odd that all of a sudden "jasmine" knew everything. Is it that possible that she can see all this and no one else would tell me...

Maybe Jasmine was sweet enough to "really" look into it for you, when the other "employees" could care less?. That sounds like a sweet name, so lets give her the benefit of the doubt, for now.

Any and all feedback appreciated. I haven't slept in months....

Here's my feedback. You are doing an awesome job. You should be proud of yourself and keep up the determination. It will pay off.

Andrea, are you in control right now? The answer is not at all. You can only do so much. The reason you can't sleep is because you are not in control and you hate that.

What you need to do is plan. Hope for the best and plan for the worst.

Please do this for you and your family. Around the holidays, lenders and most their employees are mentally off for the holidays. Trying to get much of anything accomplished between now and January 2nd will be almost impossible. Serious. So, why don't you just wait for the call. Maybe call Monday and Wednesday and that's it. Then tackle some mental time off and give yourself a break till the 2nd.

Once the 2nd comes, start the calls again but not so much and be very. very sweet.

Best of luck!

[atrombley1]

Moe,
Thanks for the response. I'm trying to wait for the phone call but I can't seem to get this situation off my mind. I cry daily about it and can't even look at my children without an overwhelming sense of guilt. My husband and I know that if the situation doesn't change than we will try a short-sale or foreclose and then start renting again. Jeez, will that be embarrassing. We are also not going to pay $3000 month into a dead asset though. I'm going to contact NACA and see if we qualify for their refinance program and then I'm going to write a lot of letters. To my state senators, to the presidential candidates and to whomever else I can think of. I won't go without a fight and a damn good one at that. I'm disappointed that Bush's new "Hope" plan doesn't include those of us who have already reset, especially in 11/07. I guess I will just try and let it go, it is what it is and it's beyond my control right now. I just can't beleive I got us into this situation...

Andrea

[racoon]

Andrea,

I understand completely. We are going through the same thing. I fought for a loan mod. for 3+ months. For us it did not work out. I did exactly as Moe said, hope for the best plan for the worst. I understand about going back to renting and looking at your children with the overwhelming guilt. It is very hard and very emotional. It takes everything out of you. I even asked the realator not to put a for sale sign up. We are trying to do a short sale because our house is about 100K upside down. My strategy of making sure all of my other bills were current worked out and helped us when it came to renting. I have heard many stories of people that have tried to pay their mortgage but neglected other bills and now they are having a hard time renting. When we finally made the very difficult decision to let go, we found renting was not a problem. Now it came time for the spin control. The last thing I wanted was for my 2 boys to go to school and say we are moving because my mom and dad cant pay for the house. As far as they know, we are moving to a better house closer to their nana and papa. The neighbors don't need to know either. I am sure they will figure it out but my response when I tell people I am moving is my house if for sale and we are moving. Keep all your options open. Fight for your modification but if it is not in your best interest for your family don't do it. You want to come out of this in a better situation financially. You will survive and like JacMac told me, other doors will open. I do believe this. Keep fighting but have a back up plan. It is so important and will help you emotionally get through this! Come to this site when you are down. It helps you to remember you are not the only one even though it does seem like it at times.

Just a side note, I think the lenders may drag this out as long as they possibly can just so they get you into a position to comply with their demands. If they ruin our credit they know we are vulnerable and they hope that we will accept anything they offer us to save our house! After 16 weeks you are so emotionally beat they are betting that you will take the offer that is best for them, not necessarily what is best for you! Just my theory!

[atrombley1]

It really does help to come hear and have the support of others faced with this situation. I know we will survive. Will our marriage survive the stress? It sure will be tested. It seems like a downward spiral and I find it hard to have any hapiness while this looms over my head. My poor kids and Christmas. I'm so miserable lately. We are planning and waiting. Like you said I'm not going to just agree to any modification especially one that isn't going to help. I'm surprised that they don't want to help more before it's too late. Anyway thanks again for your supporting kind words and good luck for you and your family.

Andrea

[Moe Bedard]

Racoon that was great advice. Good job and way to deal with this.

Andrea, I'm glad you can come here and get some support. This place is for you all and it comforts me to know that it is doing just what I had dreamed it would do. Help. Thats it

Try and not dwell on it. It's not going to help you. Yes, it makes no sense, but how can these lenders and servicers make any sense. Geez, look at where our whole country is as a result of these reckless lending institutions that have placed homeowners in hostage situations.

You are a good person in a bad loan and bad predicament. Many of your neighbors are in the same spot, as well as many on the forum.

We are in this together, You are not alone. Try and do some things you enjoy and try and raise your spirits for those kids. During the holidays we need to do that for "them". It's all about family.

In the end, that's all that matters. Family and love. Everything else will work out.

[atrombley1]

Well this morning I got some good news...finally my modification was sent for management review. The representative I spoke with wouldn't tell me if it was going to be approved or not but he told me to think positive as Countrywide is trying to help as many homeowners as they can. Yeah right. I was told to call back around the 27th or the 28th. I guess now I'll just wait and see. It can sit at the management review stage forever too I'm assuming. Any feedback about what happens at this stage? We are still current so any ideas how they will figure the new payment? And what are the reasons for denying the modification?

Andrea

[Moe Bedard]

That is great news, that it is in management stage.

It is typical that lenders and servicers slow down until after the holidays. You most likely will not get any answers until after the 1st.

At this stage it is just a waiting game and patience is key. You still need to keep applying pressure. They will figure your payment just at the pain threshold or they will keep your rate at the start rate when you got the mortgage.

The reason for denying a loan modification is because you have to much surplus income. That is the income up and above your total expenses. So if you have an extra $500 after everything is all said and done, then you would get denied.

[atrombley1]

Well to got what I thought was good news from Countrywide, on 12/27/07 I called the Home Retention Department and was told we were approved for the Modification. I was like great! But they didn't know any details yet. So I called back on 12/31/07 and they said that it was going to be fixed at 9% for the life of the loan. I was kinda bummed because that is what is at right now so basically the payment wouldn't be changing at all. I was really hoping for a lower interest rate. So I called back today 1/2/08 to confirm everything and again I was told the same thing. Got the FEDEX papers today and it is not a fixed rate but and adjustable rate. The exact same loan I'm in now! I've been crying for an hour over it. Called workout couldn't get any help, even with a supervisor she couldn't get anyone on the line. How can this be happening?? I'm so incredibly fustrated! What can I do? What do I do next?

Andrea

[Andrew]

Another countrywide deal gone bad. Im so sorry. What does it say on the loan modification paperwork, will it adjust in two yrs? I started a thread regarding my ordeal today. I sent letters out today and file complaints. To BBB, CA attorney general, PA attorney general, ny attorney general, FTC, white house, vice president of the united states, treasury dept, PA dept of banking, CA DEPT OF REAL ESTATE, Angelo Mozilo, all the board members, multiple execs within the company, naca, acorn, 995hope. I would suggest doing the same maybe enough of people complain something might happen.

[Moe Bedard]

I'm sorry to hear another Countrywide loan modification debacle. Many people ask why I have such disdain for Countrywide and Mozilo, well, this is why. I have heard this same story just in different cases, over and over. The same abuses and the same tune is being sung by all homeowners that deal with this lender.

All the while they put out press releases and propaganda that they are working with people as they pay off non-profits hush money and continue driving the American people out of their homes.

Every time I suspect maybe they are getting better, I hear stories like this and keep in mind I get dozens of emails a day outside this forum and they all say the same thing.

Hang tight everyone, I am devising a plan for all of us to fight back and I think we can win, but it would entail uniting as an army and stop this one off approach that just is not working at all.

Let's fight fire with firs and teach these lenders not to screw with the American homeowners and let's protect our property rights.

[atrombley1]

Update....

After posting the message I called the Workout Department again who was no help. They confirmed that it wasn't a fixed loan and that my rate would adjust again in April. They were just as dumbfounded about it as I was. Considering it is exactly what I am in now. On 12/27/07 my negotiator (the one and only time they've called) left a message on my VM for me to call this certain number. So last night I did and it was an internal number that is not for customers. A woman by the name of Lorraine answered. She handles "Escalated Matters". She listened to my story and put me on hold for about 4 minutes and then came back and said that she was taking over my file and would do her own 2 analysis and that I would be getting a 5 yr. fixed intro rate modification which is what I qualified for. She was annoyed that I had all the problems I had and was very apologetic. She said she would resubmit for management review on Monday and leave very detailed notes on my account. So I called this morning to check up on it and she had left notes that she was taking over the file and that I qualified for a 5 yr fixed. Let's hope she comes through. I seriously thought yesterday that I might have a nervous breakdown. I just want them one time to follow through with what they say they are going to do.... is it that hard???

[elpjohnson]

I've been following this thread and am just disgusted with what you have been through with CW....I think it's horrible! I can't offer you any advice but I wanted to tell you not to give up. I know it's hard at times but you seem determined, you'll get through it. God bless you and your family and I'll keep you in my prayers.

[aherr]

My advice get an attorney before you sign the second loan again. If they're being a pain in the a@#, (it sounds stupid) let them have the house.

I don't care about them anymore.

[atrombley1]

After a long exhausting 4 month battle with Countrywide, I am getting a modification! My interest rate was fixed at 6% for 5 years! I'll be receving paperwork tomorrow. Please see my story in the modifcation section under "My 16 week workout with Countrywide". It will drop my payment from $2542.77 to $1818.XX a savings of close to $600.00!! I'll get to keep my home!

How I did it? I went to the top BUT only after dealing with the Home Retention Team for 4 months and making over 35 phone calls. Within 1 day of sending out emails to everyone under the sun I got a phone call from the office of the president and the modification was a done deal.

My advice: don't give up, call daily and when you can't get things done go to the top.

Please email me if you would like to talk more. Thanks to everyone here! ESPECIALLy MOE and SWIZZ.

Andrea

[Andrew]

No Problem And Congrats!!!!!!!!!!!!!!!!!!!! I Would Ask For A Fax Saying Your Loan Will Be Fixed For 5 Years Like I Did For Your Safety.

[elpjohnson]

Congratulations! Great news...

[Moe Bedard]

That is so awesome!!!! Congratulations and great job. We helped and you made it happen. Thanks for sharing your story and I will move you to the success section.

What a great week for LoanSafe members!!!!!!

[pbbobkanobi]

Congratulations!! Seems like you got the same deal I did. CW finally has the ball rolling. It seems that 4-5 months is the amount of time on average to get them to pull their head out. The letters and faxes also help I am sure.

[Andrew]

I'm really thinking its the emails and letters. Since I received a call right away then you guys received calls right after yours. CONGRATS ALL AND EVERYONE KEEP ON FIGHTING.

[Moe Bedard]

I agree sswiz. That did it.

Andrea this is so great for you and your family. You have been a great member and have given good tips and support. Thanks again.

[Brian K.]

Congrats on the modification!

[atrombley1]

Thank you everyone for your support! I learned so much through these forums and I don't think I would have been able to do it without the suggestions listed here. It blows my mind that there are so many of us needing help. It eats you inside. I'm going to stick around the forum to see if I can offer any help/advice to other members.

Thanks again. We are going to get to keep our home!

Andrea