This story was posted on my forum by a member and regular reader of my blog. The reason I ask homeowners to tell their stories is so everyone can learn from each other and help one another. So this information can be used as a tool to assist people in dealing with their lender.
Yesterday, 05:27 PM
Loan Modification Story – Countrywide
This is an evolving story with a hopefully happy ending. I have an 3/27 adjustable 1st mortgage with Countrywide thats recently adjusted from 5.99 % to 7.25% raising my payment by $610 a month. In February it will adjust again to 9.45%. I have contacted the Workout Dept. several times in the past 2 months to try and get my loan modified from an adj. to a fixed.
This thread http://www.loansafe.org/forum/showthread.php?t=102 has my hardship letter. I faxed it along with my proof of income back on 08/02/07 after speaking with a loss mitigation worker and was told I was pre qualified for a “Adjust to Fixed Mod”. The next day I called to confirm they had received the fax. I was told it would take 24 hours to show up in the “system”. I waited 2 days and called back and was told that they had received it and was told it would take 10 – 14 days to process. I waited…and waited…..for 2 weeks.
I then get a letter in the mail saying that if Countrywide did not receive my hardship letter and proof of income within 5 days my case for modification would be closed. I immediately call and tell them I have just faxed over the info again and would like confirmation of them receiving it. I was told it would take 3 days to get into the “system” and to call back. 4 days later I call back and was told that I had a $2000 dollar surplus after my new mortgage increase and there was no reason for a modification. I was losing my patience (on the inside) at this point. I politely assured “Joy” that she was mistaken and I was indeed about negative $200 every month after all expenses. I explained that I was starting to use credit cards to make up the difference. She modified my expense statement to reflect that I was indeed in the negative every month after making my new mortgage payment and told me it would take about 2 weeks for my case to be reviewed.
I called back today…12 days later…to check on the status of my case. The very nice girl from India finally connected me to the workout dept. and I spoke with “Toby”. She explained to me that my proof of income and expense info where in the “system” but the actual paperwork I had faxed over 2 times previously where nowhere to be found. 3 deep breaths later I tell her that I had already faxed the info twice and was told both times it was received. My confidence in there “system” was almost gone. She confirmed that my expense to income was about -$200 so at least the last girl did get something done. I again faxed the info and watched as each sheet was sent. No error messages spit out. I put a big note on one of the pages the read “This is the 3rd time I have faxed this information. Can you please call me at xxx-xxx-xxxx to confirm receipt of this transmittal”. I again waited…no call….big surprise. I have to say that once you get to talk to someone in the workout dept. they are very nice…so far. i told “Toby” that she had been very helpful…much more than anyone else I had spoken with at Countrywide. She told me that made her day because she was having a bad one. I bet. I wouldn’t want that job.
So now I sit and wait again….all weekend…hoping that this time my fax will not be “lost’ in the “system”.
Hey Moe…I think it is time I break out the big guns. I will give you a call next week if Countrywide doesn’t have my faxed info on Monday. I hope you can help.
Here was my reponse:
Re: Loan Modification Story – Countrywide
What you are going through is oh so typical and it just infuriates me to the point where my blood just boils. Why? Because I experience this same thing when I try and assist people that are not as patient or savvy as you. You strike me as someone who is strong and knows how the system works. Imaging the poor elderly people that call for help or people that are just not as strong as you. Many would have given up after the 1st, 2nd or 3rd call. I have seen people give up and just walk away. It’s sad.
Oh and don’t get me started on the faxes. I have heard that a million times. Oh, but when people refinance or get a mortgage, they don’t lose that paperwork. It’s like the fax machine from hell. You fax and fax and mysteriously no faxes shoot at the receiving end.
What really upsets me is that when you go to these lenders for a loan, you are treated with so much kindness and respect. But once you reach for help you get this a big cluster of BS and poor customer service. It’s not right and needs to be stopped.
Thanks for sharing this great Countrywide loan modification story. I plan on posting it on my blog also as a learning tool for homeowners on what they need to do when they deal with these calls and faxes.