This is going to be my first post where I mention Countrywide and I do not bash them. I have said many times that Countrywide Can’t. This week they showed me that Countrywide Can.
3 real people ontained a loan modification from Countrywide. Thanks Countrywide. Geez, I never thought those words would cross my lips.
Yes, real live loan modifications. They are rare folks. Many of you will never set your eyes on actual loan modification paperwork, let alone know someone who gets one. It’s like getting hit by lightning. Attacked by great white shark. Rare. Very rare.
This wasn’t no easy deal here. These homeowners fought tooth and nail for months. Some of them 3 and 4 months plus. I know because I have been right there with them the whole time. Coaching them with other forum members in and online community at www.LoanSafe.org.
I wish these lucky homeowners the best and it was a pleasure having them in our forum.
I have finally got my loan fixed for 5 years @ 5.99%. Fully amortized loan..principal and interest. After almost 6 months of doing battle with Countrywide I am done. I have to make two more payments (Jan. and Feb.) at 7.45% but then in March 08 it goes back down to 5.99% saving me $610.00 a month! Great news!! I do not even have to sign any paperwork. They said it is a done deal and I will probably receive a letter in the mail today.
Here is a link to my original thread: http://www.loansafe.org/forum/showthread.php?t=162
Hopefully 5 years will buy me enough time to pay down my second mortgage and put me in a good position to refi. I want to thank Moe, Brian and all the forum members for all your help and encouragement. I never would have been able to keep my home if it wasn’t for the knowledge I gained from www.loansafe.org. Thank you all so much!!
Do not give up!! Keep up the fight!!
If anyone needs any help or advice in dealing with CW from someone who has been through it, just drop me an email at (removed) and I will do whatever I can to help.
Paying it back and forward is the way to go!
If you go back an read some of posts I have been worried about my mortgage for a while now. I had originally called in August and asked about it but was told since im not late they couldn’t do anything. Then in October when I called again I was told that I could apply.
After months and who knows how many hours on the phone (I luckily had the time to make all the phone calls or I would have probably used Brians Loan Mod service otherwise) I was finally approved for a 5 yr freeze on mortgage. This site along with the Help of Brian reviewing my docs helped me tremendously. I even had to go as far as threaten to rescind my loan and send respa letters with the violations Brian had found.
I really am very grateful of Moe for this site and Brian for his wisdom and guidance. I feel very stress free right now. I will be staying on this board to help others who were in my predicament too.
THANKS AGAIN MOE AND BRIAN!!!!
After a long exhausting 4 month battle with Countrywide, I am getting a modification! My interest rate was fixed at 6% for 5 years! I’ll be receving paperwork tomorrow. Please see my story in the modifcation section under “My 16 week workout with Countrywide”. It will drop my payment from $2542.77 to $1818.XX a savings of close to $600.00!! I’ll get to keep my home!
How I did it? I went to the top BUT only after dealing with the Home Retention Team for 4 months and making over 35 phone calls. Within 1 day of sending out emails to everyone under the sun I got a phone call from the office of the president and the modification was a done deal.
My advice: don’t give up, call daily and when you can’t get things done go to the top.
Please email me if you would like to talk more. Thanks to everyone here! Especially MOE and SWIZZ.
Andrea
See more real life success stories by clicking the Loan Safe logo below.
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This is a site from a C-wide rep who brags about all they’ve done for homeowners to stay in their homes… why don’t some of the people on this site give him a clear picture of what they’re dealing with at C-wide and their “programs”.
http://activerain.com/blogsview/197051/COUNTRYWIDE-AVOIDING-FORECLOSURES
Any objection to listing job openings on this blog? I am with a loan servicer that is hiring loss mitigation staff.
Thanks
Marix:
Where are you located?
Marix – Go for it. Place the position and contact info if you’d like. I can do a post for you. What state?
I think this is great and maybe the beginning of something big. When I logged into Countrywide’s website to check on the neg. amor. of my piece of $h!t loan, I had this nice link waiting for me, Countrywide, it seems is doing really well:
Countrywide Reports December 2007 Operational Results 01/09/2008
Click here for a printable (PDF) version of this release.
CALABASAS, Calif., Jan. 9 /PRNewswire-FirstCall/ — Countrywide Financial Corporation (NYSE: CFC) released operational data for the month ended December 31, 2007.
“Our fourth quarter ended with a number of positive operational trends,” said David Sambol, President and Chief Operating Officer. “Total loan fundings were $24 billion for the month of December, up slightly from November 2007 and ahead of our forecasts. This pushed our fourth quarter fundings to $69 billion, also exceeding our expectations. Although average daily mortgage loan applications and the pipeline of mortgage loans-in-process decreased from November, this reflected a seasonal decline typically seen this time of year.
“Our mortgage loan servicing portfolio is approaching $1.5 trillion, representing approximately 9 million loans,” Sambol continued. “Prepayment speeds continued to decline throughout the quarter, which has enhanced the economic value of our mortgage servicing rights asset.
“Banking Operations’ assets were $113 billion at December 31, 2007, with total deposits reaching $61 billion at the end of December. Retail deposits alone increased $2.3 billion during the month and $7.7 billion for the quarter to $33 billion. The Bank continued to make progress in opening its Financial Centers during the month, with 194 in operation at year-end. Our Insurance segment also produced solid operating results, with continued growth and net premiums earned reaching a record $1.5 billion for 2007.
“Management is pleased with the progress we have made in positioning the Company to navigate the current challenging environment,” Sambol concluded.
A summary of the Company’s key operating statistics is included below:
— Total loan fundings for the month of December 2007 were $24 billion,
up one percent from November 2007.
— Average daily mortgage loan application activity for December 2007 was
$1.5 billion, which compares to $1.9 billion for November 2007. The
mortgage loan pipeline was $35 billion at December 31, 2007, as
compared to $43 billion for November 2007.
— The mortgage loan servicing portfolio continued to grow, reaching
$1.48 trillion at December 31, 2007, up $5.4 billion from November 30,
2007 and $178 billion from December 31, 2006.
— Banking Operations’ assets were $113 billion at December 31, 2007,
which compares to $109 billion at November 30, 2007 and $83 billion at
December 31, 2006.
— Securities trading volume in the Capital Markets segment was $315
billion for December 2007 as compared to $294 billion for November
2007 and $362 billion for December 2006.
— Net earned premiums from the Insurance segment were $164 million in
December 2007, up 12 percent from November 2007 and up 55 percent from
December 2006.
Intstead of thanking Countrywide for the modifications, you should thank Paulson. This is all due to the government’s brokered agreement with the industry. Doubtful they would have ever consented to modify without that agreement.
Still, I would ask for your mod in writing. Otherwise you run the risk of new modification back to the old terms whenever your lender wants.
I received a mod and did get a letter in writing and also via fax the day i found out. Mine is the second story
Brad,
I seriously doubt that Paulson or anyone in the government convinced Countrywide or any lender to do anything. Big business tells the government what to do and not the other way around.
Seriously though, Countrywide likely doesn’t want any more defaults to force them to take more writedowns. If they can get their act together enough to recognize good candidates for load modifications then they’ll be all over it.
What I find interesting is that other than these few brave souls who come forward with disclosures such as this, there is (as I read them) a pretty consistant loud and viligant recanting of the “fraud” accusation from many professionals in the industry — that is to say, there is not a uniform voice that says: THERE IS RAMPANT FRAUD IN THIS INDUSTRY! IT MUST BE CHANGED!
You got it Jac Mac. That’s why I post these comments. These are people in the industry that are saying this about those they work with. Their peers!
The CA dept of B/C is an active enabler of real estate fraud. Between them and the OREA, appraisers get away with everything but murder and couldn’t lose their license if they tried. The corruption comes from the top.
As long as there is greed, there will be fraud…no matter the regulations we have to adhere to, no matter how many new laws are put in place…no matter how many lo’s become licensed…as long as there is money to be made, and greedy ba$t@rds…those with the criminal minds will always figure out a way…and i’ve stood by my take all along…fraud is rampant throughout the entire process…from origination, appraisal, to underwriting approval, to securitization, to the rating of said securities…fraud from top to bottom…beginning to end….a to z…whatever stupid cliche you want to use….greed and fraud go together like peanut butter and well, you get the point…
I just talked to a guy’s whose girlfriend recently got “de-licensed” because of a felony conviction as a teenager (minor) – she and some friends “re-located” a park picnic table. Apparantly, the state has a hard-line on crimes against state/public property over $500. This offense was more than 30 years old. Assuming this story is true, it raises the issue of whether we want actions (all felony convictions) to have permanant consequences.
Al,
The Paulson agreements been all over the news. Countrywide is in on it. Read up here:
http://www.usatoday.com/money/industries/banking/2008-01-13-countrywide_N.htm
Brad,
The plan is purely voluntary. It is, however, in the lenders best interest to modify the loans, as smaller cash flows are better than foreclosures. I am also implying that the lenders came up with the agreement and suggested the government make it look like it was their idea.
Hi I’m one of the few that just got a loan modification from CW. I for one am not happy about it. Yes they will freeze my interest rate for 5 years but then it will go up again and then 2 years later. Why is everyone happy about this??? In my sub division I have the only house of my size not in forclosure. Which means I have lost over $175000 of value in my home already. This means no bank or company will refi the house. Household bank who holds the 20% of my 80-20 loan will not even talk about doing anything. So what is everyone so happy about?? In 5 years you will be the only one in forclosure and looking irresponsible instead of getting out now and ride the wave out with the other 2, 3 million people that will go into forclosure in the next 2 years.
I just cant except the offer. Now if I had CW drop the rate as someone above had stated they did for them then I would sing their praises but right now I think they are giving people fake hope. There is no way I see the values going back up to where they were prior to the slump.
Some families are just postponing the eventual demise of their home ownership dreams. Not to mention where will the jobs be in 5 years. This economy is dead. Have you seen the lines at WAL-MART?? Me either!!!
If you have good answers please let me know tlove921@hotmail.com