I am a reporter in New York, trying to help uncover the problems with mortgage modification programs. Forgive me if this is an annoyance, but I am looking for anyone who works or has worked in a call center in Phoenix handling mortgage mods. I promise not to use your name without permission. I am just looking for people who can help me figure out how the process works.

My email is above, and you can check out or Web site to see some of the other work we do. Again, I apologize for intruding on your discussion.

Thanks,
Olga

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!

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.

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.

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.

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

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.