Countrywide is the largest home loan lender in the country and they were on of the largest originators of subprime mortgages over the last few years. So, naturally they will have the most delinquent borrowers and defaulting borrowers to handle. The problem is that they are not set up to be a loss mitigation company. They are set up to originate loans. They will probably go from bering the biggest lender to the biggest loss mitigation company. They simply can’t handle the volume that is coming in with the systems they have in place.
Just be prepared to get the run around and be patient when dealing with them.
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.
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.
If you need help or have any questions then please feel free to post them here or call me direct at 951-271-6283. My name is Moe
You can also visit www.LoanSafe.org. That is my other website/forum that has tons of information and you can read other stories of people that are trying to stop foreclosure.
Moe
Founder & Homeowner Advocate
LoanSafe.org
LoanWorkout.org
951-271-6283 Phone
800-734-8819 Fax
Moe at LoanSafe.org Email
{ 36 comments… read them below or add one }
I’ve tried several time to get countywide to modify our loan – by lowering payment or interst rate. They have refused each and everytime and now say that my only option is quick sale. Hope made a recommendation to modify our loan but countrywide if refusing, Hopless in California
I have also contacted countrywide to help me modify my payment and was turned down because we were too far negative in income to expense.I’m not asking them to forgive my loan, i am just asking that they help me get through this “bad loan” that we thought was heaven sent at the time. Our plan was to refinance after the two year arm, but our credit score was less than perfect and we couldn’t refinance and now we have gone through 22,000 in the past 6 months to keep the homes we purchased two years ago. Countrywide has not worked with me at all, also advicing me to do a short sale or foreclose. they are just interested in their own pockets.
also, hopeless in California
Why are they refusing to give you a loan modification? How late are you on your mortgage? There is hope and please don’t give up!
How many homes do you own? What’s your main goal with your properties? I have found that it is impossible to get them to work with you on investment properties. They may offer a repayment plan but not to modify your loan. Maybe you should let the other homes go either by short sale or a deed in lieu of foreclosure and keep your primary and focus on that?
Everyone’s plan was to refinance in 2 years and that was the advice they relieved from mortgage professionals. But as we ALL can see, it’s not happening for the majority of homeowners.
Be patient please. I really think there will be a bail out by congress soon. It’s the only way to save our economy.
Keep the faith!
Moe
We are with Countrywide and we have not been 30 days late YET!. I know for sure we will go into foreclosure soon since I am a Realtor and my husband is a loan officer. Are LTV is way too high to be able to refinance (credit score 660). We need to do a stated-stated loan which do not exist anymore. We, too are stuck in this loan.Not even late yet and I don’t know how to avoid that 30 day late and ultimately foreclosure, since the real estate market is not do hot. HELP!
Actually it is sad…A Realtor AND Loan Officer living so far beyond their means that they cannot afford their own mortgage, needing to go stated-stated.
I think that pretty much sums up the situation today. Even people in the industry didn’t understand what they were doing.
I cannot imagine the situations that you ex-clients are in due to your “professional” advice.
If people had actually qualified for a loan they would be able to afford the payments and not looking for another easy answer today.
You need to try and get a loan modification with Countrywide’s Hope Department. Have you tried yet? But the problem may be you wil not be able to show any income at all?
Stated Stated to 100% and down to a 600 FICO score. That was common not too long ago. Yes, many people in the industry did not have a crystal ball and just assumed that people would be able to refinance out of these loans and that subprime would be around forever. Now, everyone including real estate professionals are up the creek without a paddle. What should we do just let them all sink or offer a life raft to the ones who deserve it? I say we throw it to the people who need and deserve to be helped. A massive loan modification campaign is the only way.
Its sounds like we got a (no name ) person making pointed statements, from way atop of His/Her soap box. I must admit, No Name strikes me as the type of person that would drive by the scene of an accident (with-out stopping or lending any assistance), if He or She ASSUMED the accident/incident occurred in error, or unforeseen knowledge.
Maybe I am wrong ,but it doesn’t seem like this site is intended for that type of person. No Name, I am glad you have all your stuff together. Just remember, things sometimes change from one day, to the very next.
Huh? What the hell are you talking about? Get to the point please. If I am getting this right, you’re beating around the bush and you really have nothing much to say NO NAME. Do things change from one day to the next? Now, that’s poetic. Barf.
The loan officer and Realtor should try a bank statement program. With the 660 scores there should be a program that may be able to thelp them while their credit is still intact. The person “Thats funny” that wrote the rude comments about these two really should look into their own backyard. As an loan officer you are trained on the potential of people that they are telling you the truth when you council them and that they know what is affordable to them. There is no way to tell what you will make in the future when you are self employed which is why the stated programs were developed. In the conventional market you use tax returns to show your revenue and traditional lending will go by net returns and not gross receipts. Of course by your comments I do not feel this is something you would understand given that bigots never do. You can’t condemn them because they wanted to own a home you should applaud them for taking the risk. This site is to promote unity on solving a problem that is growing not to kick people when they are down. I think the term “GROW UP!” is what you should practice.
I just called the 888-995-HOPE about Countrywide. I have a first mortgage with a great rate and a equity line with an adjustable rate that is terrible. The equity line is killing me and making it difficult to manage my payments. Both my loans are with Countrywide. The Advisor at 888-995-HOPE told me that they would contact Countrywide on my behalf and advise them of my situation. He instructed me to wait a day and call to try and workout a modification on the line of credit. I’ll let you know how it works out.
PS. Can they foreclose on an equity line if I keep paying the primary mortgage?
Yes they can foreclose on you if you stop paying. A second mortgage is just in second position if your home is to go into default and foreclosed on. They would get their money second. So were they just handling the first or both. Do they do all the work for you in working with your lender? Please let me know how it works out for you.
I was informed recently that someone from the Countrywide Loan Modification Dept.,would be contacting me in the next day or two. Does anyone have any suggestion as to how I should handle the matter? I will be asking them to lower my current rate,and see if they could move me from an ARM to a fixed. ANY help and information would be greatly appreciated.
Here’s some techniques.
So how does one go about dealing with their lender?
The answer is really quite simple. Make a game plan on how exactly you are going to approach them. These people are trained in minimizing loss for their company and they get paid to by getting the most amount of money out of you as possible or declare that your case is un workable and foreclose on you. That is how they mitigate loss. If you understand this, then you’ll know that you have to approach them and all conversations very carefully. Everything can and will be used against you.
Don’t think for one second that they are there to help you save your home. If you do that then you’ll just end up blowing up on whoever is handling your file and maybe blowing your chances of saving your home. It’s a game of cards and their the dealers. You never know what card your going to get and this may be the biggest gamble of your life.
Have all your ducks is a row before you call and be in a good mood. Be prepared to be fake and nice.(even though you would like to tell them off). Make sure all your financials are together.
Oh yeah, don’t talk with collections. If you are transfered to collections, be asked to be transferred to the loss mitigation department or home retention department. Don’t give collections any of your personal information or tell them what you are trying to do. Just give them you social, loan number and address. If they try and badger you, tell them your lawyer is on the phone and he advised you not to tell them more than that. Trust me, it shuts them up every time. Get everyone’s name, extension employee number. Take meticulous notes of all calls or record them and tell them you are recording them.
If all else fails, seek out a third party to handle this for you. There are many non-profit and for profits that are very experienced in loan modifications and loan workouts.
Don’t give up and fight to avoid foreclosure and save your home!
You would assume that these lenders would hire highly trained professionals to handle their loss mitigations and collections when dealing with hundred’s of thousands of dollars on the line with each phone call, but in most cases that’s far from the truth.
Their attitude and demeanor is as if they are lawyers and that they hold your life in their palms. They may not be lawyers but they do hold the keys to saving your home.
JWL wrote:
I just called the 888-995-HOPE about Countrywide. I have a first mortgage with a great rate and a equity line with an adjustable rate that is terrible. The equity line is killing me and making it difficult to manage my payments. Both my loans are with Countrywide. The Advisor at 888-995-HOPE told me that they would contact Countrywide on my behalf and advise them of my situation. He instructed me to wait a day and call to try and workout a modification on the line of credit. I’ll let you know how it works out.
Update. I’ve called Countrywide and finally got through. A nice agent took my information down and said that she would froward it to the “HOPE” department and they would get back to me. She stated that it probably would be an addition of the missed payments to the principal on my mortgage and then my payments would go up slightly. Yeah.. Don’t think that’s going to help. I’ll update when I get a call from them.
Also, fyi……I got a direct number for the “HOPE” department at Countrywide. 877-744-7691.
Hey JWL!
Make sure you get the life of the loan figures so you know exactly what they are charging you for this workout. A non-profit counselor just gave me that tip.
Best of Luck!
Moe
cool
ac dc download mp3
add to altavista…
ac dc download mp3
add to altavista…
tune in to http://enginemp3.com/
Hi i bought my home two years ago on a two year arm with the hope to refinance but you know the story. Now im three months behind and am working with the workout dept at countrywide. after three months of running in circles for the negoiator they have oftered me a deal they want to put my past due 3700 and my taxes of 4000 to the end of the loan but they did not bring my intrest rate back to the origonal 8.8 insted they left it at the new rate of 11.8 so now my new payment is going to be 600 more than the payment i couldnt make before no my monthly income has increased about 350.00. the last person i talked to in the workout dept said i should turn down the modification and ask for 8.8 for 5 years and to put the other at the end of the loan. I just dont know what to do im scared if i wait another 3 months i will be homeless please give me your opinion. LOST IN FLORIDA
We started working with the workout department in November as our ARM was again increasing in December and we knew we could not make the new payments. Our original loan officer put us in the ARM and then said that we would have no problems refinancing in a year. Well the year came and went and out rate has adjusted 3 times since then. Our taxes and insurance are not included in the loan either. So since we started working with the workout department, which we thought was a blessing at the time, has turned out to be a nightmare. I have been calling weekly since the 26th of November, turning in all required documentation and answering all questions. We barely get by paying the new payment in December, they tell us this process takes about 30-45 days. Here comes January, no update on the account “We’re still working on it”, we call and say we cannot make January’s payment in full, they say no problem, we’ll notate the account, won’t count against you. February, everythings fine, yada yada, oh wait, they don’t have 65% of the documentation that I originally sent in, and all of the financial information is completely incorrect and no one can tell me why they are just now figuring this out. Oh and by the way, where’s January’s payment, we just reported it late against your credit, so sorry, this isn’t a guaranteed thing and you need to now make both January and February. Did we mention that they disable all of your payment options except Western Union and mailing it in once you get into this program, as they don’t want you to make payments and change the numbers they are working with……
Now we are into March, now supposedly they are waiting on verification that we paid our taxes and they refused to take our receipt until the 20th. They waited for the verification for over 30 days, oops sorry again. Oh and even though we have been waiting well over 100 days all they can say is that they are busy. And now they won’t take partial payments, took 2 weeks to get the full payment they had sitting in a partial account to be applied. Credit score is dropping rapidly. But we finally got to talk to the negotiator who said that she would be calling on Friday the 28th to make sure everything is in order before she submits to management for approval. (Did I mention it took 2months for her to call us after we were supposedly escalated 3 times)
Friday the 28th at lunch time we get a certified letter from COuntrywide stating that they will begin foreclosure preparations if we do not pay the 2 months that we are behind, along with the late fees and other non-descript charges they ahve on there. I call up mad as hell, but trying to be patient. The rep tells us that there is an update to our account as of 10 am on the 28th. It says loan modification cancelled. Client ineligable due to investors interest.
So our options, try to come up with 3.5 months payments in less then 30 days and be completely screwed when the rate adjusts again in June, or have our home forclosed….
My husband and I recently had a bad stretch after a slow winter for my husband’s contractor network as many homeowners were not remodeling for having any repairs done, so we fell behind 2 months on our loan payments and that’s after years and years of A-1 credit.
We contacted a counselor group called Money Mangement International and they acted as our 3rd party go-between with Countrywide and we also appointed 2 more go-betweens, one a mortgage specialist and the other a news woman.
We called the retention department and they proceeded to intimidate and degrade us and my husband is not the type of person to tolerate it, so he contacted U.S. Senator Dodd and gave him a full account of our finances and Senator Dodd proceeded to send the information to the Office of Thrift Management which is a division of the Treasury Department.
In addition to this, my husband put a blog up on the internet and it did receive a lot of attention on different sites and people called us for help as they were getting the same treatment from a variety of lenders, who operate in the same manner. They try to drain the last dollar out of you and treat you like garbage or something less deisirable than a slug.
He then contacted the Vice President of Public Relations and told them that a Mr. Michael Jackson spoke to us one evening for an hour and a half and he was demeaning, condescending and their was giggling in the background at 3 separate occasions during the conversation. We recorded the call as this was the 3rd time around through the Countrywide ringer and we wanted to be preared for the worst and we got it.
After a week of war as we put it, they came to terms with us and offered us a reduction in our interest rate and they took 3 months future payments and 2 late months and added them into the princial and we came out a little under $100.00 less on our payment per month and we don’t have to make a payment until August of 2008. This however, was entirely a different offer than originally proposed by another person in the retention department, who said the payments could be added to the end of the loan, but we took this offer as this whole thing was aggrivating and that doesn’t mean that we are happy with it, but our wars will continue with Countrywide and other lenders as we will try to help others get options that they are entitled to and lenders what you to believe that you are not entitled to them and they will avoid offering them at all cost, but if you wish to post your gripes on our blog, send us an email at the following email address: 4everprancer@sbcglobal.net and we will post an entry revealing the name of the scoundrel lender that has demeaned you or is not offering you options to give you some relief. They are the lowest form of life and when they try to make a fool out of you, it’s like the pot calling the kettle black.
It’s bad enough Congress allows it and doesn’t do a damn thing about it,especially when they know people are going through hard times with outsourcing of jobs and elitists attitudes towards people in trouble. We have become a consumer society that buys all the goods that are no longer manufactured here but in other countries, where, we the taxpayers money is used to move them there by our lawmakers. What a kick in the ass that is.
VOTE THE INCUMBENTS AND GET A NEW CONGRESS IN, REGARDLESS OF EXPERIENCE, AT LEAST THEY’LL KNOW THAT IF THEIR PERFORMANCE IS ANYTHNG LIKE THEIR PREDECESSORS, THEIR ASSES WILL BE OUT ALSO.
November 4, 2008 is the day of reckoning, don’t miss it and don’t forget to vote the incumbents out. They’ve done nothing but let this country rot from the inside out while they suck up to the corporate lobbyists and CEO’s all the while bailing out companies, lenders, investors with corporate welfare and then they let the people sink or swim and call them irresponsible. Any average American that can feel that way is a total ass and their day will come when that big wheel comes around and they are in the same situation and they will not like it.
If you want a negotiator for a reasonable price for my time, I will fight until there is results or your money back. Put the names of the nasty lenders and their employees and executives out into the public forum and get them noticed.
George Mandell
we have been talking with C.W since late Oct. about the Hope/Heart program and they have told us that the have referred us to the program. I call once a week and we have a foreclosure sale date as of Jan 12th. When I call the hope/heart people tell me they don’t have anything yet.. and when I call C.W they tell me that either they are so backed up or the paperwork is in printing and approving. I’m getting very worried because we are trying very hard to save our home and right now we don’t have any other options unless we file bankruptcy and even then I don’t know the laws and if that would save our house. I’ve been calling once a week to show that I really want to work this out and keep our house and C.W. says they want to help because with the times they don’t want the house. So any suggestions would greatly be appreciated.
In short, my wife and I are about 100K in debt. We are upside down in our house 200K and behind 3 months mortgage due to my recent job loss. Have been told 3 times by CW that they cannot loan modify. So, am thinking about bankruptcy and have contacted attorney. Just wondering if bankruptcy is the answer. Not really sure that CW will do anything to remod our loan. What to do? Thanks.
I have been trying to do a modification with CW since August 2008, this place is a joke! I call daily, and everytime I call, I get a different story, CW can save a lot of money by going automated because everyone they have working for them is uninformed and absolutley NO help when it comes to customer service. Im not blaming the employees, but the business practice itself, they are horrible. We were denied for the Nationwide Home Retention Program because we were not late on our mortgage. I lost my job a year ago, my husbands hours were reduced and we have now run out of reserves, so this month will be my very first late, I tried my hardest to keep up, but with a non responsive lender, it didnt work. My cousin let her house go after a non successful modification request, and after7 months of no payments, countrywide sent her a package reducing the payment from 2500 to 1200 per month! After the fact that she had to ruin her credit to get any form of help. I am out of options other than to move out, let go and find something to rent that I can afford!
we are going through simmilar crap with CW, they wont even refi our existing loan without up-front payments for new appraisal! duh they already know, they did it to begin with, and we did not have to pay 4 that one. They were rude and said no reason to talk then, and got up and left us sitting there. like so many others we are JUST making our mortgage payments and thank God our kids get free lunch at school or we wouldnt be able to pay for that, so why do those of us whom struggle so hard to stay above get kicked down below. once you get bhind theres no getting back. screw those guys we need help as bad as the 1’s that are bhind
I have just spent about two hours researching the HOPE program, and the president’s newest version, the Home Owner Stability Act.
They are different: to view details about HOPE, go to http://www.hud.gov/hopeforhomeowners/;
To view the details of the newest version, go to http://www.makinghomeaffordable.gov/.
With the HOPE program, you can get your home loan rewritten entirely at 90% of the value (you also need to meet a few requirements), but the trick is to find a lender who will FUND the loan -
With the newest version, your loan has to be held by a Freddie Mac or Fannie Mae investor.
Well, guess what? My loan is NOT held by a Freddie Mac or Fannie Mae investor (I suspect that is the case with all of CW’s subprime loans), so I cannot take advantage of the new law. CW also can’t get a handle on loan modifications or refi’s, so my mission is to find a lender that will fund HOPE loans. When I find one, I’ll post it -I believe the secret is to find an actual banker in this case, not just some hole in the wall place with “financial services” in their title. Stay tuned…..
I just faxed 29 pages of my financial info to CW- Hope department. On their website they state that a reduction in martgage principle is one of the options available. However, I have spoken numerous times to someone on the tel. there and noone has ever heard of this option. I have a loan of almost $370 thousand on my Condo and in my building they are selling now for about $179 thousand. Well, actually they are not even selling at these low numbers. So, why pay good money toawrds bad money? If CW does not modify my original loan amount I will send them my key. They have not been helpful in any way and noone knows anything.
We left our home after my hubby lost his job. We simply could not make the payments, and didn’t want to be squatters. Countrywide would not lower our payments!!! A year later we received a package from HOPE program saying we could have an interest only loan and then start paying principal in 10 years.. We accepted, and tried to do right. Moved back into our vandalized home, did the repairs out of our pocket,, Countrywide cashed our first payment a month ago. When I called today to confirm the exact date the 2nd payment had to be made they informed us they did not accept our loan mod after all… They’re planning on selling our home even though WE ACCEPTED THEIR TERMS!!!! They won’t even give us a reason… Is this legal? All of our information was accurate!
Unfortunately there is nothing out there for us, this making homes affordable that Obama placed for the selected few, only those that are funded by Freddie & Fannie, those who took on riskly loans, but were bailed out $$$$$$, so the government made a decision of who will be getting relief and who will not, no one is looking out for the rest of us. I can relate to all of you, i’ve gone to every non-profit organization that advertizes help, gone through every lawyer for advice [real estate, bankruptcy, modification] and all will tell you the same thing story line, if your lender is not freddie or fannie, there is nothing anyone can do. This is a waist of time. What upsets me the most is why place a relief program that isn’t a RELIEF for everyone. Countrywide is not the only bank refusing to help, there is bank of america, wells fargo, citigroup, chase, i’ve heard these cases from co-workers going through the same frustration. The banks thinks is very easy for someone to just give up their home with so much money invested, i put down 20%, plus closing costs which totaled $35,000, paying CW for 3 years, which totals $60,000, we are looking at close to 100,000 money I will never get back, can’t sell my home, value of property has drop, no one will buy a $300,000 home, when they can buy a foreclosed home for $30,000. We all have to VOICE ourselves in Washington, unless we have media coverage, no one will listen.
I had a similar experience. I get a letter from COuntrywide saying I wasn’t eligible for a loan mon the same week I get a call and mail saying I am approved for a loan mod. I was too signthe application that I accept and make 1st payment April 1st. I didn’t make the payment and later called and was told I wasn’t approved. I then get a call from a 408 area and she said I wasn’t approved yet until I send in proof of rental income. I never said I had rental income. SHe said after I send in proof of rental incomefor $1500 I will be approved. I didn’t send it in. I called and left msg on 408 recording that I would like a P&I loan with no arrears added. I called customer service MHA Countrywide. I asked for MHA loan mod-she said I could not get it because I was already approved for the original mod. I told her I wasn’t approved and she said on the 22nd of April I was.
I agree with all of the above posts—CW has incompetent people working who have no idea what they are doing. I was transferred 7 times, and was on the phone for 3 hours to finally discover I was not eligible for either the HOPE or the Making Home Affordable Programs because I do not have a Fannie Mae or Freddie Mac loan. No one could tell me who does back the loan, even though they are the servicer!
We bought high in 2007 and are $200,000 upsidedown. All I want to do is to modify to a 30-year fixed since we have a 5 year ARM that will kill us when it adjusts. Forget even seeing if they will adjust the principle to what the house is actually worth–I would be happy to absorb the loss in equity because we plan to ride it out and stay in the house anyway—I just want to switch to a fixed-rate!
No one will touch us with a 50-ft pole to do a loan-modification or a refinance since we are upsidedown. We have never been late on a payment EVER in 15 years, and our credit is good, but no one at CW is willing to work with us at all, even to simply change the terms of the loan. We are good for the money with our obvious history, but I guess they would rather see people foreclose when the ARM’s adjust than to just modify terms.
Last week, the “Cram-down” law did not pass in the Senate, which means only the banks and mortgage companies are going to profit from Obama’s making Home Affordable Plan.
If anyone has any suggestions or has found a bank that will modify the loan, please reply and let me know. Thanks.
Nine months later, I just received a “NOTICE OF RESCESSION OF DECLARATION OF DEFAULT AND DEMAND FOR SALE AND OF NOTICE OF DEFAULT” from CountryWide. Does any one know what the heck this is and what it means to me and my family.