This is a post in my forum at LoanSafe.org from a struggling homeowner. I thought I would showcase these every now and then on my blog so people can see the troubles that homeowners face when they reach out to the Countrywide Home Retention Department for help.
Submitted by Andrea;
This is my first post on this forum after searching the internet for some help from this awful situation we are in. We originally bought our home in 11/05 with a 2/28 5 yr. Interest Only loan. We thought that at the time of adjustment that we would be able to refinance no problem as I would be back to work after having my second son. Our rate was due to adjust 11/1/07.
In August I started looking for a lender for the refinance and could not find one to get approved with. The value of my home decreased about $50,000 and the LTV was close to 100% and we had not good credit scores from some old collections BUT never a mortgage late. So we tried FHA but they said no because there would be an increase in payment because we would be going from interest only to principal and interest….so I called Countrywide Home Loans and asked for help. It has now been close to 16 weeks.
My payment has gone from $1356 to $2034 and in Jan 08 will go to $2542.35 because Countrywide decided to implement an escrow account because I asked for help they wanted to protect their asset.
I have since been assigned a negotiator, Lans Bayoh, who’ve I’ve spoken to only 2. The last time he had my file mixed up with someone else’s and couldn’t straighten them out. I call every day to check the status. I’ve faxed over everything, I call and I call and I wait. We are still current on the loan but can’t afford the payment come Jan. We also have a second that we pay $273/month.
Everytime I call I get another story.
Today I called 4x’s…first time I was told that my loan modification should be no problem and that we qualified under Bush’s plan because they were qualifying people up to 9/07 whose rate adjusted. But he knew nothing further. Second time I called I spoke to the rudest woman who told me I was asking for an interest rate reduction not a loan modification and that it takes months and there are more important people than me who need help and have I thought about getting a second job. I was appalled!
I called right back and got Jasmine, from the workout department, who I explained to I was very fustrated and didn’t understand why I can’t get any answers. She put me on hold for about 3 minutes and came back and said “the modification has been submitted and has an estimated close date of 1/15/07. Your modification is right on track and is following all the steps for approval on your home loan . There should be no problem at all and you’ll be receiving a phone call soon with details…”
Really I said well why couldnt anyone else tell me this since I call 2x a day and no one knows anything. And she said that they are instructed to give out as little information as possible….
So I’m not sure whether I believe her. I call everyday and no one knew the status. Some said they aren’t sure what the hold-up is and they aren’t sure why it hasn’t been submitted. After I spoke to Jasmine I called again and got another woman Judy who couldn’t verify any of the information but said it’s possible that maybe Jasmine was able to see different screens.
So do I take Jasmine for her word and not worry? Or did she make it up to get me to stop calling? Why would she be able to give the information but no one else? I’ve left 4 messages for the negotiator who will not take my calls or return the calls. What do I do?
I have questions…I’m in an interest only loan for another 3 years are they going to approve the modification for interest only or principal and interest? I really want out of the interest only period and if they lowered the interest rate to 6% we could afford the PI payment and the escrows….is there any hope….
Do they include the second mortgage?
How/when do I find out details? money needed etc?
Is there anyone else I can go to for help? That can get Countrywide Home Retention Department to respond honestly with the status? and loan modification. Attorney maybe?
I have waited 16 weeks and made 100’s of calls…it’s just odd that all of a sudden “jasmine” knew everything. Is it that possible that she can see all this and no one else would tell me…
Any and all feedback appreciated. I haven’t slept in months….
Thanks
Andrea
Here is my response and you can get free foreclosure help too;
My 16 wk. “Workout” with the Countrywide Home Retention Department
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| So do I take Jasmine for her word and not worry? |
I would take her word for it, but still be very skeptical.
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| Or did she make it up to get me to stop calling? |
Yes, they lie, a lot and this could be the case.
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| Why would she be able to give the information but no one else? |
Maybe she was in loss mitigation and all you were getting were collection agents. However, their screens should have “ALL” borrower activity and proposals. They type in a loan # and bam, all your info should be right there in front of them.
Quote:
| I’ve left 4 messages for the negotiator who will not take my calls or return the calls. What do I do? |
There is no laws protecting borrowers in this situation. You are doing a great job and you are doing just what you should do. Have you tried calling 888-995-HOPE or www.995hope.org?
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| I have questions…I’m in an interest only loan for another 3 years are they going to approve the modification for interest only or principal and interest? |
It will most likely be interest only and an extension of your initial rate is the standard loan modification.
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| I really want out of the interest only period and if they lowered the interest rate to 6% we could afford the PI payment and the escrows….is there any hope…. |
Of course there is hope. Hope that your negotiator REALLY negotiates and is on your side. This is where being very nice and not too persistent will pay off. Remember that they have 100’s of other borrowers calling them daily. many are days away from losing their homes. So, they have a tendency to put borrowers like yourself at the back of the line.
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| Do they include the second mortgage? |
If it is with the same lender, they may or just leave it alone.
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| How/when do I find out details? money needed etc? |
When they send you the new note modification in the mail
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| Is there anyone else I can go to for help? That can get Countrywide to respond honestly with the status? and modification. Attorney maybe? |
This can help you. However, I think you have done pretty darn good on your own. I suggest attorneys when all else fails or you can’t do it on your own or of course, your loan was predatory etc.
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| I have waited 16 weeks and made 100’s of calls…it’s just odd that all of a sudden “jasmine” knew everything. Is it that possible that she can see all this and no one else would tell me… |
Maybe Jasmine was sweet enough to “really” look into it for you, when the other “employees” could care less?. That sounds like a sweet name, so lets give her the benefit of the doubt, for now.
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| Any and all feedback appreciated. I haven’t slept in months…. |
Here’s my feedback. You are doing an awesome job. You should be proud of yourself and keep up the determination. It will pay off.
Andrea, are you in control right now? The answer is not at all. You can only do so much. The reason you can’t sleep is because you are not in control and you hate that.
What you need to do is plan. Hope for the best and plan for the worst.
Please do this for you and your family. Around the holidays, lenders and most their employees are mentally off for the holidays. Trying to get much of anything accomplished between now and January 2nd will be almost impossible. Serious. So, why don’t you just wait for the call. Maybe call Monday and Wednesday and that’s it. Then tackle some mental time off and give yourself a break till the 2nd.
Once the 2nd comes, start the calls again but not so much and be very. very sweet.
Best of luck!
__________________
Moe Bedard
Founder & Homeowner Advocate
(951) 736-6796 Direct
Please join our one of a kind homeowner’s forum where you can ask questions and get answers in this unique and interactive community that was created to assist people in an anonymous, yet open question format. Meet other homeowners that are going through the same thing and get the help you need from industry experts and foreclosure defense and mortgage law attorneys.
Here are what homeowners are saying about Loan Safe;
TxAngel (received a loan modification with the support of the Loan Safe community) -
Thanks Moe for this forum..I had no idea about anything and this place taught me so much!
This has been long enough but had to share..didn’t want to say anything to soon until it was final!
I wish you all the best of luck and know that good things will come..just gotta have faith and hope and plenty of patience
Something I never thought I had much of!!
You all have a Merry Christmas and a Happy New Year!
Return from Countrywide Home Retention Department to the home page or visit
32 Responses
Quite common. They want to foreclose. They can then pile on trumped-up legal fees, service fees, documentation fees, late fees, cost of air fees and on and on and on. No lender wants a workout.
Posted on December 17th, 2007 at 2:20 pm
Don’t deposit at Countrywide banks and financial centers. Learn more about the national mortgage crisis and Countrywide’s role in it. Visit http://www.dontdepositatcountrywide.info
Posted on December 17th, 2007 at 4:13 pm
Hey, be persistent and keeping track of the good ones at the lenders for follow up. I got my sub prime arm modified from 9.99 arm to 5% fixed. Took 6 mos but well worth the hassle.
Posted on December 17th, 2007 at 7:19 pm
“We originally bought our home in 11/05 with a 2/28 5 yr. Interest Only loan. We thought that at the time of adjustment that we would be able to refinance no problem as I would be back to work after having my second son. Our rate was due to adjust 11/1/07.”
So you went into this loan knowing full well that you would not be able to make the payments once they adjusted and now you are upset at the lender? Bottom line you gambled and you lost. You gambled the value of the house would increase. You gambled you would be back to work. You gambled with someone elses money and now it is time to pay up. As you stated you knew it was a bad loan but you had to have the house you could not afford so you could impress your friends and your family. Are they impressed now? This is the overwhelming problem. Nobody can take responsability for their own decisions.
Posted on December 18th, 2007 at 4:18 pm
I thought this was good news, Moe. Am I wrong?
Posted on December 18th, 2007 at 6:53 pm
Also, Moe, are you going to comment on the proposal?
Posted on December 18th, 2007 at 6:58 pm
Since when is it up to the government to dictate what people monies make in the private sector??
If this goes through, it opens the door for the government to dictiate what anyone in the private sector can earn. This is real “Big Brother.”
Posted on December 19th, 2007 at 8:51 am
Will banks have to disclose what they make on a transaction. Banks make more than a broker does all day long.
I don’t see one mention of banks having to disclose what they make.
MMMMmmm. Who really runs the Fed? Bernacke and his crew are just puppets. The banks are ones pulling the strings here.
Why do you thing BOA was the number one originator of home loans last year? The use the same practices as every broker out there.
They don’t have to disclose what they make though. Most times the borrower gets jabbed the hardest from the banks.
So it is obvious why the banks are pushing the feds buttons. If mortgage brokers take the fall for all this, the banks win big.
Posted on December 19th, 2007 at 9:01 am
Moe, your site is overrun by Mortgage brokers ex-brokers with too much time on their hands due to this crisis — no more fast and sleazy to peddle on the corner, I suppose.
Posted on December 19th, 2007 at 5:08 pm
We’re always going to get a lot of opposition and here are a lot of mortgage people that are out of business. Some were good, a lot bad.
As far as the new proposed changes, they really are not much of a change to anything. Think about it? We had a lot of rules and regs is place and where did that get us? Look at where we are at today as our country goes bankrupt and CEO’s bank 100’s of millions of dollars.
I mean, look at what they are saying JacMac, should’nt that all be like, “common sense?” Yes…………….
There will always be ways around the rules when there is a lot of money involved.
Posted on December 19th, 2007 at 8:21 pm
I guess it’s the hopeful optomistic in me that actually wants to BELIEVE the goverment will do what they say this time. But you’re right, the rules were in place and flouted.
I do believe there were and are good mortgage brokers out there. In the case of the ones who come to your site to try to bash the homeowner and glorify themselves I say this: Me Thinks Thoust Protest Too Much!
Posted on December 20th, 2007 at 11:46 am
I agree totally with Jim. You bought your home in 11/05 on an interest only loan, which means you didn’t qualify for a conventional loan (or that you couldn’t afford to pay principal and interest) which means you really couldn’t afford the house in the first place. My question is, did you get a 1st mortgage and 2nd mortgage together for the purchase of the home, (which means, you got into this house with no down payment), or did you take out a 2nd mortgage later and pull out a bit of cash to live on while you were taking time off to have your second son? I have no problem with taking some time off to be with your family, family is very important, however, you are “Blaming the lender” because you did not plan for the future. You knew what the future held, that a rate increase was coming, but you figured, you would deal with it when the time comes. Well deal with it, take responsibility for it. I don’t mean to sound so callous, I know there are a lot of people struggling to keep their homes because they made poor decisions in the beginning. What about all of us who took the higher fixed rate mortgages, made principal and interest payments, because we wanted to make sure that for the next 30 years, we would know what our payments would be. We planned ahead. We bought what we could afford today, not what we hoped we could afford in a couple of years. We didn’t go out and acquire more debt (2nd mortgage or credit cards), because we didn’t have the extra income to do so because we were paying a higher payment (P&I). You said if they would lower your rate to 6% you could afford the principal and interest payment (does this include your 2nd mortgage as well?) Well I would like for my lender to lower my interest rate to 4%, then I could make double house payments and be mortgage free in about 8 1/2 years. It is time to take responsibility for the choices you have made, its called PERSONAL RESPONSIBILITY.
Posted on December 20th, 2007 at 6:57 pm
Hello, Andrea;
I’m upset with some of the bloggers that have left a comment about your situation. No solution from Jim or MJane. Just there ramblings about you taking a chance on your American Dream to be a homeowner.
I would like to suggest the following, in every bank and mortgage company there is a department called “Loss Mitigation”. It sounds like you have been talking with someone in the “Collection Center”, I could be wrong. The purpose for collection is to bring in the mortgage payment by any means necessary. They can and will stretch the truth. The Loss Mitigation department will work with the borrower even if they are in Forclosure. Recently (depending on the lender) some of my clients have had success with having there ARM or I/O frozen and rolled back to the benefit of the borrower. You can approach this on your own with your lender or you can hire a Third Party Negotiator to speak on your behalf. As a Mortgage Loan Consultant, my goal is to help as many homewoners who feel they don’t have a way out of there stressful situation. I can be reached at twaloans4u@gmail.com.
Posted on December 21st, 2007 at 5:31 pm
Hello Andrea, I agree with Terrance on some of these bloogers. I will go even further, as a Certified Mortgage Planner I advice people all the time on loan structures and the interest only loan is by far the best mortgage you could ever get. Never put money into principal of the loan rather set the money aside where it earns you a rate of return. Why would anyone put money in an asset that can depreciate. I too assist clients with loan modifications and am an ex-Countrywide employee as well. I specialize in wealth creation using mortgages as a tool. If you’d like to know more, you can reach me at info@dollardestination.com. I am currently negotiating with Countrywide on behalf of other clients.
Posted on December 21st, 2007 at 7:39 pm
Under your current situation, you should have never been a homeowner. If you have shaky credit you should have never been approved for this. I say give the house back and rent. You are not responsible to own a home. It is a hard pill to swallow but the truth! the American way of living off credit. It will doom us all.
Posted on December 23rd, 2007 at 10:25 pm
First of all JANE!!! You are calous!!! If a product is availbale for people to purchase and that person is under the impression that there are yet more products out there to obtain to remedy the one they just purchase all in hopes that the person’s intenteions would be to come out with a reasonable outcome is not irresponsible. Isn’t the stock market nothing but a gamble as well? What do you have to say about our economy and how it is structured then? Before you go making JUDGEMENTS and self ritious accusations about people’s motives chasing the “American Dream”, check your facts first and then maybe you won’t look like such a dang fool!!!The Government and our financial system as it is ALLOWED all of this to happen because there was greed on both ends. One half of the problem simply wanted the “American Dream” and the other half wanted to take advantage of the people who wanted it. Get a CLUE!!!
Posted on December 25th, 2007 at 1:54 pm
I could use some some HELPFUL insight. The Loss Midigation Dept. is willing modify my loan. My ARM loan started at 6.0 and is now at 10.5 They are offering me a 7.8,and I hate to sound greedy but I need to have it closer to 6.0 in order to function. My question is, will they EXCEPT a COUNTER offer? And if so,were should I start? ANY POSITIVE insight or additional info.would be appreciated.
Posted on December 27th, 2007 at 8:00 pm
HELPFUL insight needed. The Loss Midigation Dept. is willing modify my loan. My ARM loan started at 6.0 and is now at 10.5 They are offering me a 7.8,and I hate to sound greedy but I need to have it closer to 6.0 in order to function. My question is, will they EXCEPT a COUNTER offer? And if so,were should I start? ANY POSITIVE insight or additional info.would be appreciated.
Posted on December 29th, 2007 at 1:15 pm
This will be my 3rd and last last try for some goodwill help on this forum,after this I will pursue other avenues. The I need some expertise on the following: The Loss Midigation Dept. is willing modify my loan. My ARM loan started at 6.0 and is now at 10.5.
They are offering me a 7.8,but I need to have it closer to 6.0 in order to function. My question is, will they EXCEPT a COUNTER offer? And if so,were should I start? ANY POSITIVE insight or additional info.would be appreciated.
Posted on December 30th, 2007 at 5:19 pm
This will be my very last last try for some goodwill help on this forum,after this I will pursue other avenues. The I need some expertise on the following: The Loss Midigation Dept. is willing modify my loan. My ARM loan started at 6.0 and is now at 10.5.
They are offering me a 7.8,but I need to have it closer to 6.0 in order to function. My question is, will they EXCEPT a COUNTER offer? And if so,were should I start? ANY POSITIVE insight or additional info.would be appreciated.
Posted on January 2nd, 2008 at 9:16 pm
Jonas - This is blog is for information and for discussions. I always highlight the forum at http://www.loansafe.org for the place to get help for homeowners.
However, yes, they will consider a counter offer. You need to deal with your lender and prove to them that you cannot afford the 7.8%. Maybe they are missing something on your paperwork where they feel you can pay the 7.8.
Sorry it took so long to respond. I did not see this comment.
Good luck!
Posted on January 2nd, 2008 at 10:21 pm
Andrea,
I am in the same situation. I have only gotten a hold of my negotiator once in close to 3 months. I’ve gotten a hold of numerous.. “assistants”….have gotten nothing. I was able to pay for my mortgage and still am willing to stay in my 9.375% ridiculous interest rate for a $484K interest only loan, if only I could prevent it from going up again in March. The company is asking me not to pay for my mortgage but yet am being assessed late fees at the same time and would still have to pay for them. Now I am being a assessed late fees of almost $200/month. I’ve gotten one nice person out of this and I too have called numerous times. It seems that Countrywide would rather have me go into foreclosure than have me stay in my home. Today I contacted their so-called platinum service..nothing platinum about it…they couldn’t do anything for me either. Now I’m stuck with a countrywide mortgage of nearly 5k a month (escrowed) and it seems have no way out. I’ve got a pretty modest income though my husband has come into rough times at work and this is why I contacted countrywide’s loan mod in the first place. At this point I don’t know where to go either!
Posted on January 4th, 2008 at 2:21 pm
WHAT ABOUT US POOR SUCKERS THAT WERE DUPED INTO BELIEVING WE COULD AFFORD A MORTGAGE THAT IS OVER 50% OF INCOME BEING TOLD THE ONLY WAY IT WOULD WORK IS TO PAYOVER $7000 TO BUY DOWN RATE 2.9% TO STILL END UP WITH A RATE OF 8.43%. OH YEAH CANT SELL IT DUE TO A PREPAYMENT PENALITY OF ABOUT$10,000 IF PAID PRIOR TO 2 YEARS. HOW DOES A GUY WITH A 526 FICO A$50,000 DOLLAR A YEAR JOB GET A $250,000 HOME LOAN ON A $285,000 VALUED HOUSE.
Posted on January 6th, 2008 at 7:26 am
Jonas,
Please contact me if you have any questions regarding your interest rate reduction. I have been actively closing loan modification agreements with distressed borrowers the last 6 months. My email is pdamiano@loanmodifications.net. Feel free to drop me a line. I am in contact with every lender that has not closed their doors. I work for a firm that has been endorsed by Mayors of South Florida. If I dont’ hear from you, good luck on the negotiating.
Posted on January 8th, 2008 at 11:11 pm
I just have a question, what is the difference between collection rewrite and loan modification?
Posted on February 28th, 2008 at 7:48 pm
i am in the same situation but with a 17,000 prepayment penalty fee owe 10,000 in back intrest, and loan to date is 530,000.00……..house appraises @ 560,000.00 ive spoke with countrywid hundreds of times since november no SUCCESS surrender ing “our”……house!!!
Posted on March 2nd, 2008 at 2:31 am
Jenny
I would try to find a real estate agent that specializes in Short Sales. A good short sale agent should be able to negotiate with the bank to get the pre-payment penalty waived and possibly some back interest…especially if you are delinquent. I know it is a frustrating process but persistence pay offs in the end. I would keep calling Countrywide and speak to as many people as it takes to get your point across without becoming hostile.
Denver Houses For Sale
Posted on March 3rd, 2008 at 8:25 pm
Andrea,
I read your blog response from http://www.loanworkout.org. and I’m sincerely looking for your help and/or guidance. Please do not criticize my choice of home loans because I am fully aware of my poor choice in loan product and I accept full responsibility for not taking my loan papers to a legal expert for advice, prior to signing them in April 2005. My income was verified and I did make sufficient income at the time to afford the mortgage. Today, my loan is current and not in jeopardy of foreclosure at this time. However, it is the future that concerns me since the value of our home has dropped and I’m unable to get my loan refinanced.
I was approved for a 80/20 home loan which pays principal and interest. Until now, I was not aware of what “subprime” meant. I acknowledge having had some collection and other past due accounts in my past. Prior to the loan, I got everything paid off. I was debt free at the time I took out the loan, which was completely affordable at the time (6.75% @ $2,018 for the 1st and 10.75% @ $789 for the 2nd). I was told by my lender that I could refinance my home after the 2 year penalty clause ended, and I would be able to get a fixed rate mortgage. In May 2007, and November 2007 when my loan reset to higher rates (from 6.75% to 9.75% and now 10.75% - due to reset 1% every 6 months), I was unable to get a refinance because the home value going down and my credit score being too low. I continued to make the payments and have not been late on or missed any payments since I took out the loan. I skipped a few credit card payments so that I could keep up on the mortgage.
My loan is due to reset in May 2008. Currently, my payments are $3,115 for the 1st loan and $789 for the 2nd loan, both with Countrywide. The 1st has an adjustable ARM which resets 1% over the LIBOR every 6 months. The 2nd loan is fixed at 10.75%.
In January 2008 I contacted the Countrywide Home Retention Program and faxed the requested paperwork. I was told by the customer service representative that my income was sufficient to qualify me for the program and that I would not hear from them until late April because there are many people ahead of me. Since the time of my loan, my credit score has dropped due to delinquent credit card account, since I am trying to remain current on my mortgage. I have retirement income, and I now have taken a second job to keep up with the payments. I’m very concerned about my family’s future since this is our only family home. My husband, who is currently serving in Iraq, is due home in late April and soon due to get out of the military. He is planning to get another job so that we can hopefully keep up with our payments. We are able to comfortably afford the initial loan, which was $2,900 for the 1st and 2nd combined. With my second job, we are able to afford up to $4,000 in payments, but no more than that.
Today I called Countrywide for the second time. The lady I spoke with told me that she would be referring my account to a loan negotiator and that I should call back in 2 weeks. After reading the blogs on the website, I am concerned that little or no action will take place between now and when my loan is due to reset. I want to be as proactive as possible so that I do not find myself in a delinquent/foreclosure situation. In preparation for the road ahead, I have a few questions below that I hope you would be able to answer for me.
1) Is there anyone else that I can contact outside of the Countrywide system that might be able to help me negotiate a loan restructure?
2) I was told by the Countrywide representative that Wells Fargo Bank has my loan and that they would need to authorize a restructure. Would it be appropriate for me to contact Wells Fargo to initiate a restructure? Would I be at a disadvantage if I am with a professional negotiator?
3) I was told by Countrywide that my current credit score and the value of the house was not a factor in my ability to restructure, only that my ability to pay would be. Do you know if this is true?
4) Roughly, what is the percentage of people who are successfully at getting their homes refinanced or restructured under the Countrywide Home Retention Program.
5) Do you know if there is a list of negotiators anywhere that I can contact.
I thank you in advance for your response. I know your time is valuable and I appreciate your time in assisting me with this monumental issue.
Posted on March 31st, 2008 at 5:09 pm
Cheryl,
1) 888-995-HOPE is generally a good resource, the counselors there have a special partnership with certain lenders and I know from experience that if you really need to get in contact with a lender urgently they can help facilitate that.
2) That’s why servicers exist, investors generally aren’t equipped (or rather staffed) to speak to homeowners directly, except maybe for Freddie Mac or Fannie Mae that actually do have some Loss Mit capacity. Just bear in mind a negotiator does so much for you in the background, getting BPOs, various calculations they run through with the investor (Modifying your loan vs foreclosure).
3) Loan Modifications are solely dependent on your Cash Flow (theoretically)
4) In reality, getting an actual percentage doesn’t help, someone who can’t afford their mortgage at any fully amortized rate probably won’t get a Loan Mod and someone who can afford just a rate closer to prime only would probably get a Loan Mod. Homeowners I’ve talked to with success can afford their mortgage at the original amortized rate like yourself, but would find it difficult with a higher payment.
Posted on March 31st, 2008 at 11:17 pm
I’ve had a similar experience with Countrywide multiplied by 10 months and a fire which happened in the 5 month of my repay to loan modification payment.
Another interesting thing about CW is that their computers are not integrated. Calling the property claims division is different from any other department and none of them know what the other departments are saying or doing.
I find that everytime I call Countrywide Home Retention Dept I get different people and different answers.
I’ve come to surmise they are totally over-whelmed and unable to be efficient because of the crush of people having difficulty.
I’m just curious if you made any progress.
Posted on May 4th, 2008 at 10:38 am
When I refinanced in July of 2005, I had a a very good credit score at 730. I have documentation in my title paperwork that states my payment will never be more than $1552 per month. All the questions I had were answered by my broker and title company and made sense to me! Does anyone read every single page in their title paperwork and if you have questions don’t you get answers that make sense or that you believe? I did!
My loan was sold to Countrywide shortly thereafter when I noticed my interest rate was changing. I went through my title paperwork and there are a few pages with conflicting information about my interest rate.
Since December of 2006 I have called Countrywide approximately 20 times. Since March 14, 2008, when I submitted all requested paperwork to their “Loan Modification Department” asking to freeze my interest rate or if could refinance my home, I have called to follow up with them 10 times. I am currently upside down in my home by about $100k and would need to bring this to the table to refinance now.
In a nutshell, I have been told because I have not fallen behind in payments and my home is not in foreclosure or on the way, I will not be getting a call back at all OR anytime soon. Foreclosures and homes on their way are being given priority. My credit score is now about 720.
At the time I refinanced I should have been given a fixed rate, as I thought I had been! I DO NOT have crappy credit and STILL have good credit! I obtain Masters Degree, do not have any children and do not live off my credit cards! I strongly believe that I got screwed and I am in the minority WHICH GOES BACK TO MY ORIGINAL STATEMENT………..how many people read every single word on every single page, ask questions and get the answers that make sense to them? I was one of those people! I believe in Karma and my broker, the folks at the title company and Countrywide will wake up one day and will not be smiling!
Posted on June 4th, 2008 at 6:08 pm
i was approve for loan mod i found out when i got the paper in the front door..that same day i called n ask whats gonna happen next n they told me that i have back taxes and they paid that alredy will modify it to.now they updated the info just found out that they didnt get chance to add the back taxes inted they will do repayment plan n they can only stretch it for 60 months now im insted of closeto 3500 with P&I and impound they have to add 460 to that amout im at 4000 now. i called them up n ask since its there mistake there’s anyway they can add itto themod they said sorry coz we close the loan already!!its means oh well to bad….
Posted on June 17th, 2008 at 5:50 pm
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