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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
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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