Comments on: Countrywide Hope Department Blues http://loanworkout.org/2007/08/countrywide-hope-department-blues/ Loan Modification & Home Loan News Fri, 19 Mar 2010 20:49:15 -0700 http://wordpress.org/?v=2.9.2 hourly 1 By: Jon http://loanworkout.org/2007/08/countrywide-hope-department-blues/#comment-15007 Jon Mon, 01 Jun 2009 23:44:56 +0000 http://loanworkout.org/2007/08/22/countrywide-hope-department-blues/#comment-15007 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. 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.

]]> By: Trish http://loanworkout.org/2007/08/countrywide-hope-department-blues/#comment-14522 Trish Mon, 04 May 2009 20:36:11 +0000 http://loanworkout.org/2007/08/22/countrywide-hope-department-blues/#comment-14522 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. 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.

]]> By: Vicki http://loanworkout.org/2007/08/countrywide-hope-department-blues/#comment-14473 Vicki Sat, 02 May 2009 04:57:05 +0000 http://loanworkout.org/2007/08/22/countrywide-hope-department-blues/#comment-14473 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 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.

]]> By: NO RELIEF FOR US http://loanworkout.org/2007/08/countrywide-hope-department-blues/#comment-14461 NO RELIEF FOR US Fri, 01 May 2009 21:12:56 +0000 http://loanworkout.org/2007/08/22/countrywide-hope-department-blues/#comment-14461 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 $$$$$$, so the government made a decision of who will be getting relief and who will not, no one is looking out for the rest of us. I can relate to all of you, i've gone to every non-profit organization that advertizes help, gone through every lawyer for advice [real estate, bankruptcy, modification] and all will tell you the same thing story line, if your lender is not freddie or fannie, there is nothing anyone can do. This is a waist of time. What upsets me the most is why place a relief program that isn't a RELIEF for everyone. Countrywide is not the only bank refusing to help, there is bank of america, wells fargo, citigroup, chase, i've heard these cases from co-workers going through the same frustration. The banks thinks is very easy for someone to just give up their home with so much money invested, i put down 20%, plus closing costs which totaled $35,000, paying CW for 3 years, which totals $60,000, we are looking at close to 100,000 money I will never get back, can't sell my home, value of property has drop, no one will buy a $300,000 home, when they can buy a foreclosed home for $30,000. We all have to VOICE ourselves in Washington, unless we have media coverage, no one will listen. Unfortunately there is nothing out there for us, this making homes affordable that Obama placed for the selected few, only those that are funded by Freddie & Fannie, those who took on riskly loans, but were bailed out $$$$$$, 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.

]]> By: Jennifer http://loanworkout.org/2007/08/countrywide-hope-department-blues/#comment-14450 Jennifer Fri, 01 May 2009 04:01:03 +0000 http://loanworkout.org/2007/08/22/countrywide-hope-department-blues/#comment-14450 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! 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!

]]> By: Cat http://loanworkout.org/2007/08/countrywide-hope-department-blues/#comment-14407 Cat Wed, 29 Apr 2009 17:49:12 +0000 http://loanworkout.org/2007/08/22/countrywide-hope-department-blues/#comment-14407 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. 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.

]]> By: Kat http://loanworkout.org/2007/08/countrywide-hope-department-blues/#comment-14053 Kat Fri, 17 Apr 2009 00:51:28 +0000 http://loanworkout.org/2007/08/22/countrywide-hope-department-blues/#comment-14053 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 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…..

]]> By: Tami http://loanworkout.org/2007/08/countrywide-hope-department-blues/#comment-14012 Tami Wed, 15 Apr 2009 19:10:35 +0000 http://loanworkout.org/2007/08/22/countrywide-hope-department-blues/#comment-14012 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 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

]]> By: Denise http://loanworkout.org/2007/08/countrywide-hope-department-blues/#comment-14009 Denise Wed, 15 Apr 2009 16:56:09 +0000 http://loanworkout.org/2007/08/22/countrywide-hope-department-blues/#comment-14009 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! 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!

]]> By: Brad http://loanworkout.org/2007/08/countrywide-hope-department-blues/#comment-12550 Brad Mon, 02 Mar 2009 20:24:15 +0000 http://loanworkout.org/2007/08/22/countrywide-hope-department-blues/#comment-12550 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. 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.

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