Comments on: Countrywide Home Retention Department – My 16 week loan workout with Countrywide

By: Maria

Maria — Wed, 22 Jul 2009 19:23:58 +0000

Welcome to my world I have been working with them for 2 1/2 years. I pretty much went through the same thing only I knew the interest rate on my 20 loan was high but was told by my lender that I would be able to refinance noooooo problem, then of course I hadn’t lived in the house long enough, and buy the time I had my value had gone down 20,000 and no one would touch me even with good credit. Now almost 3 years later I’m still trying to get them to work with me to lower my rate. I guess they would rather take my house for a loss then take my money for a profit.

By: Angel

Angel — Wed, 22 Jul 2009 06:44:58 +0000

Well. It’s hard to explain but people doesn’t understand that a loan modification is not easy to get, there is an investor behind each loan that lent money to a customer that committed to pay it back and it is not as easy as say ” I want to modify the terms and conditions on my loan because I can not afford it” off course if the loan is current and the interest rate doesn’t change the posibility to get a loan modification is minimium, if the loan is past due and the interest rate already changed there may be any option to get a loan modified, and modified doesn’t mean that the debt would be according to the value of the house.
Also, there are cases when the homeowner is looking for assistance because can not afford the monthly payment, then after analize the income and the expenses the unencumbered income is $3000 negative, how can a $2500 montly payment be reduce as much as the homeowner needs to be able to keep making payments….
Unfortunetly there is no way to help a homeowner in a situation like that…

By: christopher managio

christopher managio — Tue, 21 Jul 2009 13:21:17 +0000

I was reading through comments regarding countrywide and they way they handle customers regarding their home modification program and i share the same frustration. my wife and i submitted all the forms needed for the home modification program and ran i to similiar situation. in a six months period i had four different loan officers and only got to speak to one of them once. you never get to speak with the loan officer and the customer service rep has no clue on the status of my loan modification was. it took countrywide one year to tell us that we qualified for the program,but by that time we were already caught up on our loan. the only time we ever hear from countrywide is when our mortgage is late. countrywide wont motify our loan because we are consistantly late,but not late enough to foreclose the house,but late enough so that they can continue to collect the late fees of 100/month extra for the next twenty years. not to hard to figure out why they will not do anything to help us pay the mortage on time.

By: Marie

Marie — Thu, 18 Jun 2009 15:15:24 +0000

Call 888-995-HOPE

By: great now what

great now what — Thu, 18 Jun 2009 03:22:01 +0000

Wow Now I’m worried. I read all the stories above and I’m now in the middle of trying to apply for the make home affordable program. The guy “David” I got on the phone today was very promising. He even told me what my new mortgage payment would be. About 200 less then it is right now. I asked him if that included the second and he said no. They would have to look into that after we are done with the first step. that kinda concerns me because according to the details I read they should be rolled into one. After talking to him for a little while and let him know just how much I knew about the program he put me on hold for about 5 min and then conveniently disconnected we me. I immediately called aback and asked to be transfered to “David” and I was told that they are not allowed to transfer calls. Then that guy told me he could not access the account. Then told me to call aback some other time. This ahas been going on for well over three months. Not sure who to believe and who to trust at this point. Maybe it would be easier to just start over and let the house go. Good luck everyone.

Dont listen some some of the negitive people out there. They are just mad that they lost there job for forceing someone into a bad loan like mine.

By: Jim

Jim — Fri, 22 May 2009 00:11:41 +0000

Countrywide’s (now B of A) workout scheme is very deceiving at best. It was developed to increase their(CW) profit margin by wraping the lost intrest payment by customers that missed payments to the end of the loan. In the inital stages CW let consumers belive they where getting their loans modified to enable lower payments. What really occured is you and I ended up with higer payments. My orginal payment was $1463.25. After the work out got done my payment went to $1685.56. When asked why they (cw) knew I could not afford the initial payment what possessed them (cw) think I could afford the later. They did not have an explanation for me. Some people at Countrywide need to go to jail for this scam they put on their customers.

By: MarkPrimo

MarkPrimo — Tue, 19 May 2009 15:54:55 +0000

I am in a similar boat. It helps to hear others having this issue. I was suckered into a loan August 27, 2005. I had a failed corporation that I tried to do the right thing and get money out of my house to pay some of the creditors. I was given a plan by CW for a fixed 5.5% 3/27 loan. The plan was to refi after 3 years when my credit improved. They bought an ARM that at the time was 4.7%. Well when the guy came with the papers, the interest was 5.875% and they added prepayment penalties for the first 3 years and a much higher ARM after the first 3 years. I did not want to sign, but they guy convinced me that I had several days to work out the descrepancies and it would save resigning later. There were a couple forms that I did not sign, like one that said I wasn’t in a flood zone, because I was. Anyway, I signed that Friday Night at 10PM and then Hurricane Katrina hit on Monday Morning. We did not have any communcications for over a month and I assumed the loan did not go through. To my surprise, they finally got a hold of us and advised that their checks to all the credit card companies kept coming back to them. To make a long story short, my credit is better after the 3 years, but nobody will loan to me. I have a few collections still showing on my credit report from the corporation (Yeah, incorporating did not do any good). CW will also not help. They sounded encouraging, one guy even saying he would treat us just like his mother. They asked us to wait until the end of March when Obama’s programs came in. They even gave us the interest rates, fixed at 4.6% for 30 years, $770 lower payments, etc. Then when the time came, the story was that our Investor was not fannie mae or freddie mac and they could not do it. They also could not tell us who our investor is because it is not legal. So I am now stuck like everyone else. I forgot to mention that initially we went thru a refi process. Told we were “Pre_approved”. We had to pay a $385 appraisal fee which made no sense to me since the collateral is the same and their risk is no different. But when the appraisal came in at $480K instead of $550K, they said they could not do it. I complained about the appraisal after having a local appraiser look at it. Then they came back saying their reconsideration team dropped it even further to $440K. With my balance at $390K, they would not do the finance. Anyway, CW and BOA suck big time. They are only interested in themselves and the Bailout is a big joke. I want to say that yes, I did gamble and I am paying for it, but I think I was done wrong by Coutrywide. I was mislead, they lied to me. They should not have let the loan go through with all the papers not signed. They wanted to sucker me into this trap and they do not intend nor care to help.

By: goldie

goldie — Thu, 14 May 2009 04:11:16 +0000

countrywide mortgage you are correst they want to foreclose we went through ther retention dept 6 months eerytime we called the case had been turned over to agen t after agent finally they sent a letter of foreclosue but they were mistaken to think i wouldnt get money to pay by housepayments/we got rid of many things we loved to do and thinks we could do with out and cut back on alot of foods and stayed home and cooked our food and bailed our selves out .they wont help anyone its all about them sad in this economy the people who really need help are left to just deal with it……. personally i think every one in the u.s. should get a million dollars and keep our economy going aFTERALL IF THEY CAN SEND 75 BILLION TO IRAQ GIVE THT MONEY TO US LET US LIVE AND KEEP OUR HOMES AND FOOD ON THE TABLE…WORKING CLEASS AMERICA AINT WHATIT USE TO BE

By: No Glimmer of Hope

No Glimmer of Hope — Sat, 02 May 2009 15:33:47 +0000

Big Red

Refuse foreclosure and short sale, several communities are coming together to fight this injustice, these White collar Crimes, people need to protest, through every news network blogs, voice your story, we are 9 million of homeowners going through exactly the same thing. Just on the news a community activist had to intervene when Bank of America foreclosed a family, this family lost their source of income because the husband has cancer, this family also tried with the banks explaining their situation with no luck, there was no empathy towards this family like many others, IMMORAL LENS. Banks have been bailed out, so if it’s not about the money, then why the greed, these houses were sold to us at a overinflated price, we cannot refinance because the homes are not worth what we currently owe, so we are strapped, if banks were strapped had no where to turn to, been rejected for bailout, they would have done everything in their power to work with the homeowners, just as they do with credit cards, since credit cards are not guaranteed they go through every type of work out plan, settlement, 50% debt reduction of interest, because they know they rather have some money being payed backed than none.

By: Joyce

Joyce — Sat, 02 May 2009 04:30:48 +0000

Has anyone ever heard of building a house, putting whole life savings into it, ALSO being approved by countrywide along with the construction loan, ONLY for countrywide to string ya along till the very last day till the “closing”, trying to steal MORE of your money BEFORE the closing, THEN SAYING, YOU DO NOT QUALIFY FOR THE LOAN!!!!!!!!!!!!!!
Excuse me? We already built our house, been approved, qualified ten times, PROVED our paperwork, FAXED about 1000 documents, etc, AND THEY SAY, DONE DEAL NO DEAL AT ALL????????????
Yes the house is finished, inspected, along with an occupancy permit. NO FINAL LOAN???????
So now what, over a years worth of work and thousands of $$$$$$$$$$$$$ down the drain??????????????
NEVER, NEVER, NEVER USE COUNTRY WIDE
They lie, STEAL, and HIDE