Countrywide Workout Department
That phone number is 800-262-4218. You will need to have your loan number ready and be prepared to deal with a professional who is trained to get the most amount of money they can from you and to help you avoid foreclosure. I just warn my readers not to agree to a deal that you cannot or will be to hard to make. Meaning a large payment to get caught up and then loan terms that you still cannot afford. Just because they agree to modify your loan does not mean it’s a good deal or you should jump on it. So please be leery but also be aggressive in working things out with them.
This is the single biggest mistake I see my clients get into when dealing with their lender’s loss mitigation departments.
People are usually so happy that their bank will work with them that they forget to make sure that the deal they have on the plate is worth taking on. Don’t forget that this is the same bank that got you into this mess in the first place. I’m not here to bash Countrywide or any other lender. But I am not going to deny the fact that they contributed to the mess we have now and the foreclosure rate that is the highest since the great depression.
When dealing with Countrywide’s Workout Department, be cautious and be very proactive. Don’t wait for them to return calls because they have many cases like yours and many of these employees are over worked and under paid.
You may also be the victim of predatory lending and your mortgage may be forgiven. You also may be entitled to monetary damages and also an emergency junction to stop foreclosure. If you think you may be the victim of fraud or predatory lending then please contact me right away or post a comment here on my blog.
Popularity: 5% [?]
Aug 7th, 2007 at 5:09 pm
Hi,
We have recently had a chapter 7 BK discharge in which our home was abandoned and exempt from the BK. I have a arm from Countrywide which adjusted in April 07 to $3554 from $ 2420. It is scgeduled to adjust again in Oct 07 to $4221
I have not been late ever, however due to our current situation and the BK, I cannot afford to make these payments for the forseeable future. I coud probably afford $2800 per month.
Do you think that I should contact HOPE and ask for a modification? or will they only speak to me once I am behind. This month is the first month I will fall behind as my cashflow has all but dried up. Should I pay the amount that I can now afford (2800) or not pay anything at all.
Any help or advice would be sincerely appreciated.
Thanks for this great website
Marc
Aug 7th, 2007 at 8:48 pm
Hey Marc!
I’m sorry to hear about your situation. But like the honorable person you are, you’re trying to make something work that in the end will not work. You’re in a loan you cannot afford and you need to get a loan modification ASAP.
The question is whether Countrywide will allow this? I am going to say they will most likely work with you and you should most definitely call the HOPE Department to work this out before you’re late.
Her’s the number 800-262-4218.
Just be as nice as possible and ask them what the process is to apply for a loan modification because your ARM mortgage has adjusted and you can’t afford the payment.
Good luck and thanks for the compliment on my blog!
Moe
Aug 8th, 2007 at 6:54 pm
Hi Moe,
thanks for your reply. I did contact the HOPE department yesterday, but ended up getting the run around.All they told me is that they don’t do modifications and my best bet would be to refi. I have been turned down for a refi because of home values and our BK, and all they said was if I could not make a payment, they would divide the missed payments by 6 and add the amounts to the next six months mortgage payments. That is not obviously going to solve anything for me, and so once again I am on hold with them as I type this. I will now ask for a manager and see if i can make any progress this time.
I’ll keep you and your readers posted.
Thanks again,
It gives me some comfort knowing were not the only ones in this dire situation..
Marc
Aug 8th, 2007 at 7:21 pm
Hello Marc and thanks for keeping us all up to date on things.
This seems to be hit and miss in regards to loan modifications. Especially since you are not late, so I assume whoever you are speaking with is just not taking the time to look at your file and work with you. It’s frustrating, I know!
You need to demand to speak with a manager in a nice way and just ask them if you can at least apply and show them that you will not be able to keep up at the current rate and you CAN’T refinance. I hate when I hear that. It’s like, duh……….., you wouldn’t be calling them for help if you could refinance.
Don’t accept nothing you can’t afford and never give up!
Keep us posted Marc and best of luck!
Moe
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I have been trying to work with HSBC, My loan is with HFC . I am 8 months behind. I have been trying to modify my loan sent April of this year. I appeal to hardship rejection, I even went to Acron, I was told I made 75.00 over grid line in March 2007, I was 3 month behind then. I have been out of work for 3months . I register with HOPe 2 month ago. I have not hear anything from HSBC regarding my application to tried and modfy my loan. I ask hfc could they rewrite my loan. I was told by branch manager that the underwriter will not look at it until I pay at least 1 month morgtage which would be 1882.00. My taxes are behind . I ask if I paid that would my mortgage be rewriting. She told me that she could not promise that. What I am I to do I am in foreclosre. I am willing and trying to work something out. HSBC do not want to help me stay in my home. WHY? I have been working for the Department of Defense for 22 years. I have security on my job. I just ran into hard time. When I refin the loan with my daughter. She moved back with her husband. Now I am trying to manage on my own. My daughter is trying to help me the best she can, with 2 childeren of her own. All I am asking HSBC is to please modify my loan and include my back taxes into my new mortgage loan.
I want to save my home . I work to long to be able to get my dream home. My interest with hfC IS 11.6 % WITHOUT TAXES AND INSUR. i AM SUPPOSE TO PAID 1882.00 . I cannot paid back due amount. Please and someone help me. I have not equity in my home.
Jan 8th, 2008 at 1:19 pm
I have the same problem, my 2nd mortgage is with HSBC and the APR is 16%, I am trying to work out a deal with them so they can fixe my APR but they don’t want to, I also have no equity and my credit scores are in the law 400’s. The 1st mortgage payment is $1645 APR 7% and 2nd is $1590 and APR is 16%….any help will be appreciated.
Jan 8th, 2008 at 9:49 pm
I can’t believe what I am reading from the two guys above. Antonio I am in the exact situation, I had HSBC as my 2nd mortgage company, my house foreclosed on my first on January 2, last week, and I just got a call from an attorneys office today telling me that HSBC is sueing me for the amount owed on my second which is $81,000. When I was trying to set up arrangements back in October HSBC told me that if my home was to foreclose my 2nd would foreclose also and I would get a 1099 for the deficiency. Now they are trying to sue me and telling me that if I can’t come up with a certain amount down and some kind of monthly payment arrangement they will file a judgement on me and garnish mine and my husbands wages. I am sick to my stomach over this, and now I think the only thing that can save me it so file bankruptcy. My credit is ruined!! Any advice out ther would be greatly appreciated.
Jan 8th, 2008 at 10:29 pm
Dee, Antonio and Sam…try going to Loansafe.org and post your situations there it’s a great forum with a lot of information that borrowers can use to fight their lenders against foreclosure. There are a lot of people there that can offer you good advice and you may be able to save your home. Give it a shot….it can’t hurt.
Jan 8th, 2008 at 10:41 pm
I work for a company that acts as a consultant in negotiating with lenders that give their borrowers a hard time. I have a client that has a 2nd mortgage with HSBC. They owe $68,000 on the 2nd lien as of friday last week. I spoke with the assigned negotiator for 30 minutes and crunched numbers until we agreed on HSBC taking $1,000. Second mortgage liens on real property lose out all of their money if a client were to foreclose on the property from a first mortgage default. Anyone has any questions… feel free to email me: pdamiano@loanmodifications.net!!!!
Feb 5th, 2008 at 9:39 pm
I’m currently experiencing some of the same problems with HSBC while trying to get them to lower my payments back to what they were before the interest only adjustment in September 2007. I’m currently paying $2605.00 on my first and approximately $700.00 on my second with another company! Although, I’m not in forclosure I approaching a crash and burn period at the current pace!
Mar 1st, 2008 at 3:00 am
How can you guys talk about medications when people are loosing their homes?
Mar 13th, 2008 at 6:53 pm
Hurt, embarassment and dispare has landed me on medication.I am
a victim of a preditory lender, I’m faced with now a blemished
credit report due to a couple of late payments and my equity stripped along with my peace of mind. It along could could pull me out of possible foreclosure, and most recently a broker advised me to wait out the pre-payment penalty of $7800.00 they should not be intitled to get their hands on. Stuck in and an interest rate of 10.35%, and a payment of $1633.00, they/He supplied the income documents and inflated the income to the underwriters. How could I have been so gullable..
How do I get out of this mess! I feel like a deadwoman walking, I do have faith, but I’m exhausted, I’ve taken out a policy in the event of my untimely demise dealing with CountryWide..At least my daughter and grandchildren can pay off the loan and salvage my thirty year home.. and live happier ever after.
My co-worker asked me what diet I was on.. I chuckled/ CountryWide
Mar 14th, 2008 at 7:39 pm
Hello Annie,
My name is Paula Hamm and I am a Mortgage Broker. What state are you in? Can you give me some information about your current mortgage. I do not want your personal information, I just want to see if there is anything that I can do that might help you out of this current situation that you are in? How much do you owe on your home? How much is it worth? How long have you been there? you can email me at phamm@gatewayloan.com. In the subject line put RE:HOme
this is to keep it from going into the junk folder.
Hope I can help
Paula Hamm
Gateway Mortgage Group, llc
Mar 24th, 2008 at 11:35 am
I have worked with HFC on a short sale on behalf of my client. I began in January and in 3 months have had transfers to 4 new people “handling” the account. I have sent a completed offer and HUD estimate (signed contract) to a Demetra Spears whose phone message is that she is always away but she will return the call as soon as possible. Gee, if 3 weeks is as soon as possible (not that she has returned the call but that is where we are today), it is no wonder foreclosures are increasing. If the bank is really serious, they would at least stay in minimal contact, especially when they are in possession of a legal and ratified contract which would save them lots of money over the foreclosure option. And taxpayers are asked to bail out or partially bail out this sort of effort?
Mar 25th, 2008 at 7:50 pm
May sound like a stupid question, but how do you know if you are a victim of predatory lending. Having major problems with countrywide.
Mar 26th, 2008 at 10:43 am
I live in San Diego and I keep hearing about these loan modifications. I hear that you can modify your loan between 2-5 years. How exactly does this work and is it really worth doing? After the loan expires, wont I be in the same situation of my house is not worth what I bought it for?
Mar 26th, 2008 at 3:18 pm
Grace, please visist http://www.LoanSafe.org and you willl learn all about how to do a loan modification.
Apr 7th, 2008 at 4:33 pm
I’m really depressed/aggravated b/c hsbc refuses to work with us why will they not help us?? I have spoken with several supervisors and they tell me theres nothing they can do. We are 3 months behind and don’t want to lose our house and need our loan reduced
Apr 25th, 2008 at 4:16 pm
Hi,
my husband passed and since then its been very difficult to keep up with my house payments, I’ve put myself in more cc debt just to be able to make pymnts. I have made all of them, though some have been late. I called this dept and they said they were not able to help because my loan is at an adjustable rate and wont change till 2011, the interest rate i have is at the market value 6.8%…I asked what this means and they just told me they cant do anything to help me and to short sell the house, or refinance. I tried refinancing with them and I was not able to. If i shortsell the house, i would have to come up with money i do not have. please advise… is there something out there to help me? (The loan is only under my husband’s name but I have provided them with a death certificate, they said that is what they needed to help me and once that was received they would tell me the plan, well they didn’t, but I am now authorized on the loan.)
May 2nd, 2008 at 10:10 am
I have a homeequity loan with Countrywide. My first loan is in foreclosure and will be sold at the end of the month. I have a buyer for the property, but he will not pay off this 2nd loan. My mom will help me pay off the 2nd, but cannot pay the whole thing. I am trying to negotiate a lower payoff figure, but am getting nowhere. Any suggetions?
May 10th, 2008 at 9:58 am
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May 14th, 2008 at 4:25 pm
[...] Countrywide Workout Department [...]
May 14th, 2008 at 4:54 pm
[...] Countrywide Workout Department [...]
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[...] Countrywide Workout Department [...]
May 14th, 2008 at 5:11 pm
[...] Countrywide Workout Department [...]
May 15th, 2008 at 6:40 pm
HSBC will work with you if you work with them. If you make some kind of payment it is likely they will not foreclose, even if it does not meet the minimum. If they foreclose they lose way more money than if they can come to some kind of an agreement with you on a payment plan. You need to be patient and honest with them about what you need from them and what they can do for you. In the end, they are the lender and they gave you a home loan when you have a low credit score. You should be thankful to them for that. And the terms of said loan were given to you in writing, adjustable rate and all. The economy will get better this is part of a cycle!
The point is, if you work with them they will work with you. But if it’s been months already they are not going to wait months more. And they are going to need a guarantee. At least try to send them something. Really you are responsible for the whole payment but if you send them part that says a lot.
May 27th, 2008 at 2:35 pm
Hi, they say my loan is in foreclosure
but I was a victim of preditory lending, I am a
disabled Veteran, and senior, 62 years old.
I did not know what I was getting into when I
re=financed, what can I do now??
Ernest Phillips
Jun 6th, 2008 at 11:15 am
I believe I was a victim of predatory lending. They approved me at 10% intially and when I went to sign the papers, they raised my interest rate to 12%. Now there was a concern with my credit rating from the start and they still gave me the loan but at such an outragous amount. I believe that they set me up to fail at this loan.