Home Loans and Support

Please tell me what this means?

Discussion in 'Countrywide Home Loans - Tell Us Your Countrywide ' started by serenevenice, Feb 6, 2009.

  1. serenevenice

    serenevenice LoanSafe Member

    So I just logged on to my account and it now says this



    <TABLE id=Table1 cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR class=header2back><TD class=header3text width="30%">Loan Modification </TD><TD width="20%">View the Details </TD><TD width="20%">Hide the Details </TD><TD width="30%"> </TD></TR><TR><TD colSpan=3>[​IMG] </TD></TR></TBODY></TABLE>
    <TABLE cellSpacing=2 cellPadding=2 width="100%" border=0><TBODY><TR><TD class=mainbold vAlign=top align=left width="30%">Workout Status Details: </TD><TD class=main align=left width="70%">Your Loan Modification has been canceled from workout servicing. Our records indicate we are no longer servicing your loan. You should have received a letter advising you the name and contact information of your new servicer. Thank you. </TD></TR><TR><TD class=mainbold vAlign=top align=left width="30%">Information as of: </TD><TD class=main align=left width="70%">02/02/2009 </TD></TR><TR><TD class=mainbold vAlign=top align=left width="30%">Workout Stage: </TD><TD class=main align=left width="70%">Canceled </TD></TR><TR><TD class=mainbold vAlign=top align=left width="30%">Phase/Sub-Phase: </TD><TD class=main align=left width="70%">Servicing Released


    Previously it said all the documents that we had sent in received-and that we were in active processing.

    Does anyone know what this means??
    </TD></TR><TR><TD colSpan=3>[​IMG] </TD></TR></TBODY></TABLE>
  2. Justme89

    Justme89 LoanSafe Member

    It looks like your investor either sold your loan or switched servicing it through Countrywide but I doubt that... I bet it was sold. I am NOT a lawyer and I think if you are not yet in active foreclosure that buys you another 30 days until they officially notify you of who is servicing the loan. I could be wrong, I hope someone who has more knowledge comes along to answer you. In the mean time I think you should definitely call them to make sure that is what it means!
  3. serenevenice

    serenevenice LoanSafe Member

    Re: Please tell me what this means? CAT Please

    why would anyone want to buy our loan for servicing? I can't call now, because my call will be routed to India. What makes you think that we have 30 days until active foreclosure? Also, I made a payment that they posted for my 10/1 payment and it showed last week as posting. It now doesn't show that we made the 10/1 payment.
  4. serenevenice

    serenevenice LoanSafe Member

    Also, does it matter that CW was also our investor?? I'm so scared!!:confused:
  5. chena75

    chena75 LoanSafe Member

    That also happened to me, I checked on 02/02/09 online and it said the same thing as yours. I had actually spoken to somebody on Saturday and she told me everything looked good, but when I checked on Monday it had changed. I immediately called the home retention center and at first they were kind of unware, but then the lady looked deeper into it and told me that it was sold, and that it's going to take about 30 days for the loan to be transferred over. I actually posted my own thread stated "desperate and confused" because I am also scared. Actually Cat responded back and that gave me some comfort. I asked the lady at Countrywide if I would be able to continue my loan modification with the new servicing lender and she said most likely, but she didn't seem to have a clue.
  6. serenevenice

    serenevenice LoanSafe Member

    Chena,

    What kind of loan do you have? Was CW your investor as well as your servicer? Were you current? I had made a payment on 1/30 that was applied to our account as our 10/1 payment. Now it doesnt show that payment on our account and shows that the last payment that we made was 9/15. Have you found out who the new servicer is?
  7. chena75

    chena75 LoanSafe Member

    I have a jumbo arm loan that applies all the negative amortization to the principal balance. It originally was $344,000 now I owe $376,000. I am not current I am 3 months behind. I made a payment yesterday, but I owe them about $6,000. My investor was also Countrywide, I have no idea who the new one is, the lady at Countrywide told me that I should have more info by the middle of the month. I also asked her if my loan was the only one sold, and she said that they usually sell a batch at a time.
  8. serenevenice

    serenevenice LoanSafe Member

    Chena, are you sure it isn't an option arm? By the negative amortization being added to the back, thats an option arm. Why did you make a payment yesterday if it was sold? How can they apply that if they aren't servicing it anymore?
  9. chena75

    chena75 LoanSafe Member

    Yeah I think you are right it is an option arm, I just get confused sometimes with all these different types of loans. Actually what happened was that I had mailed my payment before I saw the website, and by then it was too late. My husband told me to put a stop payment on the check, but when I spoke to Countrywide they told me that the new servicer won't be taking my account until next month, so they would encourage me to make a payment. I was actually scared that they would start the foreclosure process, since now I am no longer going throuh a modification. I only made a payment of $1912, which is my minimum payment. Now I am worried that they won't post this to my account.
  10. serenevenice

    serenevenice LoanSafe Member

    chena, on your modification paperwork, did you show a deficit after expenses or were you positive and by how much?
  11. serenevenice

    serenevenice LoanSafe Member

    I really don't understand how you can live in a state that is listed as a plantiff state, be under review for the Dec 1 program, and then they sell your loan servicing to another bank? Isn't this a blantant violation of their duty. How can they get away with that? Surely that can't let them off the hook?
  12. chena75

    chena75 LoanSafe Member

    When I originally spoke to them about the loan mod. which I started back in November a guy from Countrywide took all my info over the phone, and it showed a deficit of around $300. I never submitted any paperwork to them stating this info, they just requested my paystubs, and bank statements. I was actually the one to ask if I needed to submit a hardship letter and the guy told me that I could if I wanted to. I can't even check my info online anymore, because it takes me straight to a place that is requesting me to make a payment or make a promise to pay. Are you in California also? I also heard from my dad that Bank of America was in financial trouble and they are the ones who supposely are taking over Countrywide. I also have no idea who would want to buy a bunch of messed up loans and for what purpose. This is scary, I wished I knew who my investor was already.
  13. Justme89

    Justme89 LoanSafe Member

    "At least fifteen days before the date your next payment is due, the lender selling your loan must notify you in writing, provide you (on their letterhead stationery) the name of the new company, its full address, a phone number (800# preferred), and the name of a contact person who can answer your questions.

    Then the BUYER must:

    The company purchasing your loan must send you the same information in the same time frame, complete with the name of a real person (not a voice mail system) that you can speak to if you have questions. Federal guidelines prohibit your loan from being termed "delinquent" for a period of sixty days during the transfer of servicing. "

    That buys you 30-60 days.
  14. gray517

    gray517 LoanSafe Member

    Bank of America bought Countrywide in July 08 it is a done deal
  15. serenevenice

    serenevenice LoanSafe Member

    Gray, thanks so much for the info, it's REALLY appreciated! Do you know if this will add 60 additional days if it goes to foreclosure? Does this restart the clock? I would think if they purchased it delinquent that The default would have to start all over. What do you think? Does this take Countrywide off the hook for the lawsuit settlement?
  16. chena75

    chena75 LoanSafe Member

    Thank you both for all for the great info I am getting from you. It's depressing to be in this mess, especially with the economy being as bad as it is. Gray, thank you, for posting the great info. This has brought a little piece of mind, and serenevenice, knowing I am not the only one, whose loan was sold by Countrywide gives me a little hope that I am not alone in this mess.
  17. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    serenevenice,


    Transferring the loan servicing would be up to the investor who holds the note. There is a clause in the Deed of Trust that explains this, and also on the document entitiled Loan Servicing Disclosure Statement if your state has this.

    As far as the settlement with CW............they have posted on the website this information............

    Some loan modifications will be subject to compliance with servicing contracts and some will require investor approval.

    which may encumber a loan servicing transfer by the investor as well..........
  18. serenevenice

    serenevenice LoanSafe Member

    CAT-yes, I understand this and that loan servicing is frequently transferred multiple times.

    But you really lost me on the rest of this
    <TABLE class=tborder style="BORDER-TOP-WIDTH: 0px" cellSpacing=1 cellPadding=6 width="100%" align=center border=0><TBODY><TR title="Post 60666" vAlign=top><TD class=alt1>Some loan modifications will be subject to compliance with servicing contracts and some will require investor approval.

    which may encumber a loan servicing transfer by the investor as well..........

    What do you mean by this? How would you guess that this will affect our modification for the dec. 1 program? How can we participate in this if CW is no longer servicing the loan? And can they also transfer the investor? CAn they get off the hook by the AG's office?

    We are extremely stressed by this. How do we know that they didn't transfer it to another servicer so that they can foreclose on us?
    </TD></TR><TR><TD class=thead colSpan=2>Today 01:59 PM</TD></TR></TBODY></TABLE>
  19. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    That line is from the Dec. 1st announcement for CW................I just copied it to show you that it would seem that even if the state is in the program........the investor would have had final approval of the modification and could deny it if it wasn't in their best interest.

    From what has been posted, the program has not been very helpful...........most are going through NACA instead..........if they meet the eligibility.
  20. chena75

    chena75 LoanSafe Member

    Cat, I will be going through NACA myself. I'm going to go to one of their workshops on February 21. I want to keep my home, and I'm going to do the impossible to keep it. I want to know what my options are, I still don't know who my new servicer will be, since Countrywide also sold my loan on 2/02/09.

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