Home Loans and Support

Please someone help me!!!!!

Discussion in 'Countrywide Home Loans - Tell Us Your Countrywide ' started by Armymom1, Mar 13, 2010.

  1. Armymom1

    Armymom1 LoanSafe Member

    First off I'd like to say I am so happy to have found this website.

    Okay...here is my story in a nutshell...which you've probably heard a million times. I've been in my home since 7/01. We refinanced about 2 years ago. We were Countrywide (barf) and now BofA. About April/May of last year my husband and I started having real financial problems. We live in Southern California and my husband is in the construction business..not much more needs to be said on that! So, we got behind -- about 3 months, I was also making partial payments. I decided that I would try and get a loan mod to help us out back in August. Starting in September they gave us our new trial payments (only 49.00 lower then our actual mortgage payments). Anyway, I've been going back and forth with them. The usual, missing paperwork, current paystubs, this/that. I got a letter dated Feb. 16th stating that they got all the necessary paperwork and would be contacting us shortly regarding approval for loan mod, etc. I call my worthless negotiator (Kimberly Kramer) once a week to get updates...all she kept telling me was that it is with the "underwriter" and I will hear something "soon." Never happened. I called last week pretty upset. I am so terrified by this and afraid that I am going to lose my home that I can't sleep at all! Anyway, I got a supervisor on the phone that said that my loan mod was most likely denied. I never received anything in writing at all. He said that he would now try and get us approved for a "Traditional Loan Modification." So, I guess my question is where do we go from here. This whole process is making me crazy. I am so afraid that they are going to pull the rug out from under me and just foreclose on my home. I checked my account on line and what a joke, they are showing we are past due by 11,000 dollars. Our next payment is due 11/1/09. What are they doing with our payments? It said "workout information." I clicked on that and it said "No workout infomration associated to this account." What does that mean. Please, someone help me. I cannot lose my home! I am willing to do whatever I need to end this nightmare but like the rest of the horror stories, it doesn't look good. They are jerking me around I am so tired of it. I get nothing but the runaround.

    I know I am probably leaving out important information, I'm sorry. I just want to know if there is any hope for us? I'm been making my payments, although I don't think I can make March's payment until then end of the month....can my home be saved? Please, someone help me...so far I'm alone. I can't get anyone at BofA to help. I would love just once, to sleep through the night! I just need some strategies.

    Thanks so much!
  2. Primetime

    Primetime LoanSafe Member

    Your story sounds a lot like mine. I was denied and I wasn't notified. I found out by calling the Home Retention Department.
    The next day I spoke to a polite gentleman in that department and he asked me for my financial information, he told me I was pre-qualified for the Making Home Affordable program and if I wanted I could start that AGAIN. After making 7 trial payments I did not want to start the whole process over again. Thanks to this site and spending countless hours into the middle of the night reading everyone's experience I took their advice and began to send my e-mails out to the right people. Here's my breakdown as of today:

    Current Household income $60,000.00, boyfriend lost his $240,000.00 income. We used his income to pay mortgage, boat & car. I use to pay utilities, health insurance, groceries & household items. We no longer have the boat/slip, my income is all we have so I now have the responsibility of it all. Coupons have become my new best friends!!!!

    Here you go:
    August 8, 2006- Original loan $291,000.00
    Loan type and term:
    30 Years Fixed Jumbo Interest Only

    Original principal balance:

    Contractual remaining term:
    27 years, 1 months

    Interest rate:

    Current principal balance:
    Escrow balance:
    Interest only payment:
    Escrow payment
    Total Payment: $1,922.51

    Loss of second income gave me eligibility for MHA in July 2009, first trial payment of $1424.79 due in August of 2009. In November I was called by the Negotiator, she said I was approved and I should be receiving paper work soon.

    I was patient, called maybe twice a month, Home Retention said that my paperwork was being reviewed. In February after making my 7th payment I called again and Home Retention said I was denied. They could not tell me why but they read me notes that stated that I only made $10.00/hr. and that was most likely the reason for decline. The information they had was incorrect, because I work in a sales/commission environment I get paid a base of $10.00/hr but most of my income comes from commission.

    With all of the help from Loansafe postings I immediately e-mailed Barbara Desoer, MHA Compliance and my Negotiator from November, I attached my W-2's and told them what had happened with the call with the HRD. Two days later to my surprise I received a call from the executive's office, she was very kind and told me an assigned Negotiator would be calling me in the next few days.

    Two days later I received a call from the Negotiator. I had to explain what had happened and how I get paid. She had no idea that I was in the M.H.A program until I explained my story. She had me fax all of my information over. One month after my first e-mail, February 11, 2010 to Barbara and MHA Compliance I have received the famous FedEx envelope today, I don't know if I should be happy because I was hoping for a payment closer to my trial payment, which was $1,424.79. Here are the new terms they are proposing:

    The following amounts will be added to your current principal balance, resulting in a modified principal balance of $299,619.26 prior to your first payment date: The amount added to your loan is:
    Interest: $12,704.48
    Fees: $1,095.24
    Escrow: $3,497.46
    Total : $17,297.18
    Your new modified monthly payment will be $1,705.89, effective May 1, 2010 payment. This payment is subject to change if your escrow accounting is reanalyzed or if you have a step rate or adjustable rate loan type. Breakdown of payment is as follows:
    Principal and Interest: $1,449.79
    Escrow / Option Ins. $256.10
    Total Payment: $1,705.89

    Field Inspection Fees: $150.00
    NSF/Misc. Fees: $281.66
    Fees were paid from partial payment of $431.66.

    Interest Rate and Monthly Payment Increases:
    a) The first change date shall occur on the 1st day of April 2010 at which time the interest rate shall be 3.500%. The monthly Principal and Interest shall be $1,449.79 and shall be due and payable on the 1st day of May 2010 and continuing thereafter on the same day of each succeeding month until 1st day of April 2015.

    b) The Second Change Date shall occur on the 1st day April 2015 at which time the interest rate shall be 4.500%. The monthly Principal and Interest shall be $1,589.68 and shall be due an payable on 1st day of May 2015 and continuing thereafter on the same day of each succeeding month until 1st day of April 2016.

    c) The third change Date shall occur on the 1st day of April 2016 at which time the interest rate shall be 5.00%. The monthly principal and Interest shall be $1,659.49 and shall be due and payable on 1st day May 2016 and continuing thereafter on the same day of each succeeding month until 1st day of April 2017.

    Thereafter, monthly principal and interest payment shall remain the same until such time as the principal and interest due under the Note are paid in full. If on 1st day of September 2036 (the "Maturity Date"), the Borrower still owes amounts under the Note and Security Instrument, as amended by the Agreement and the Addendum, the Borrower shall pay these amounts in full on the Maturity Date.

    I'm perplexed, not sure to commit to a payment that I may not be able to make.
  3. Armymom1

    Armymom1 LoanSafe Member

    Primetime...thank you for your reply. I am so stressed out about this. I just don't think I have the strength to start all over again, if that's the case. Can we just tell them we don't want the loan mod anymore and just somehow get caught up and put this behind us? My husband is going to take over now. I've been the one to deal with them, he was under so much stress at work that I decided to be the contact one. Now, he has decided that enough is enough and he is going to deal with them, which is probably better anyway.

    Do you have Barbara's number? I need someone from the top to get involved. The morons I speak to just keep giving me the runaround.

    Thanks again.
  4. Primetime

    Primetime LoanSafe Member

    Dear Army Mom,

    Below in bold is the e-mail that I sent out to Barbara Desoer & MHA Compliance, I made it as simple and straight to the point as I could and I attached my W-2. The e-mail addresses are:

    barbara.j.desoer@bankofamerica.com and MHA_Compliance@mhacompliance.com

    Hello Ms. Desoer,

    I'm writing because I don't know what else to do. I called the 1800 number today to check status on my Making Home Affordable trial modification and the representative said my modification was denied. She said my December income showed that I only made $10.00 an hour and this is not true. $10.00 an hour is what I get paid as a base, my main source of income is from commissions.

    Erika Rayos was the underwriter for my account and in November she told me not to worry because she had approved my account. The last time I sent financial information was 11/4/2009. I've made the trial payment of $1424.79 from August to February in a timely manner.

    Please help me, I'm doing my best to keep my home. I am off tomorrow, Friday the 12th, please let me know who to contact at your earliest convenience. I'm scared.

    Have all of your information in order and be prepared to fax all the information over. I also left them my cell phone number as the best number to reach me.

    I know it's stressful. This site has really given me hope and has relieved most of my stress, I don't feel alone. Read as much as you can on this site, there's so much that can help you. All we can do is the best we can with what we got and remain hopeful.

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