This was submitted by a Loan Safe Forum member
A few days ago I discovered this forum when I had less than 2 weeks before the sale date of my property. Thanks to the advice discussed, I learned some very important things that I wish I would have known 3 months ago when I was 1st given notice that I was in default.
I took the advice given by CAT and emailed everybody on the list on Sunday night that is posted in various threads. Monday morning, I received two different calls from the Office of the President and a couple of emails from others on the list. My loan has been given priority and the attention it needs.
I’m sad for some of the posts where they didn’t take the same advice of emailing that list to get the attention they needed, because it really did work.
While the sale date in 9 days is not yet dropped, I do know that Countrywide is seriously looking at finding a solution. Unfortunately, the balance now due to take my loan out of default has increased from $17,000 to at minimum $38,000 (maybe even closer to $60,000 – still waiting for the Reinstatement Balance).
I believe this to be very unfair and could have been avoided because I believed that CW Home Retention Department was there to help me and accepted their advice to pay $3,000 and apply the remainder of the $17,000 to the end of my loan to lighten the load of the payments.
What I didn’t understand until I read the posts in this forum was that:
- HOME RETENTION is just a deceiving name for debt collector.
- HOPE is the program for loss mitigation and loan modification, not HOME RETENTION.
- HOME RETENTION gets your information to a NEGOTIATOR to review your financial information to determine whether your might be able to receive negotiator assistance in the HOPE program.
I hope word can be spread around for people not to have a false sense of security when they are connected with this department.
As a result of HOME RETENTION assuring that everything was fine with my case for three months:
- The clock was ticking on my sale date.
- Fees were accumulating. Each day I call, it seems that another $1,000 in fees has been added to my loan.
- CW paid 3-4 years of back taxes which, in my case, were exempt because I am low income and disabled with quadriplegia. I have the option to pay them when I sell the property or before if I’m able.
- I’m being charged for all the legal fees involved; the Title charges; the appraisal; etc.
These fees and taxes could have been avoided.
- The HOME RETENTION department had my financial information that showed we had $17,000 to pay the balance to take it out of default.
- If HOME RETENTION would have assigned a negotiator to me within the 10 days they initially promised instead of 2.5 months later.
- If HOME RETENTION would not have represented to me that they were doing everything they could to help me.
- If CW could have kept me apprised of the fees that were accumulating or that they were paying my back taxes.
How can I be prevented from paying the additional fees accrued, the appraisal and other fees that were incurred by CW as a result of the deception of false sense of security and negligence of the HOME RETENTION department for not reviewing my case sooner so I could have taken my loan out of default when it was $17,000?
Now I don’t have enough money and if no loan modification is granted, I really will have lost my handicapped modified home and property that provides me with the rental income I use for survival & to pay my mortgage.
Has the media exposed or made clear to the community that HOME RETENTION is not a warm fuzzy department meant to assist you, but a debt collector?
Sign the petition to prevent bailout of irresponsible lenders, banks and homeowners:
http://www.angryrenter.com/
w t f….wtf.
you are aware that if the current course continues without intervention then many families with children will be on the street? Also if you think the bailout takes your tax dollars…guess what will happen to your insurance rates (life/health)…where do you think the insurance companies have been placing money to help reduce life insurance rates. If we let this historical event continue then it will hurt everyone and not only those that you despise for taking tax dollars. The depression showed us the path if govt help is too late.
We are way past moral hazard….it is now about the financial well being of each of us.
“you are aware that if the current course continues without intervention then many families with children will be on the street?”
No, I am not, nor do I believe that will happen. These are not people without jobs or means – they got in over their heads and can’t afford their current lifestyles. They were renters once upon a time and will be renters again. There are plenty of rental properties out there.
Gatorbait – from Florida, no doubt – this does not go beyond moral hazard – it is the quintessential moral hazard. To ask the 95% of us that live in non bubble states and have no problems paying our bills to foot the bill for your foolishness is immoral and unfair.
You’re right about one thing, though, the depression did show us the path straight to the the welfare nanny state when government is used socialize the losses.
so what are the specifics of the schumer plan
Have they looked into the practice of Litton?
Abolish the Federal Reserve and give us our currency back.
I’ve been trying to get a loan modification from Countrywide since January 4, 2008. It is now May 12, 2008, they have not gotten back with me. At first they sounded promising to help, but now all I get is rude responses from their customer service. I am planning on taking further action on them before it is too late.
[...] Schumer decried the lenders\’e2\’80\’99 tactics as amounting to \’e2\’80\’9cdeath by a thousand fees.\’e2\’80\’9d [...]
[...] Schumer decried the lenders\’e2\’80\’99 tactics as amounting to \’e2\’80\’9cdeath by a thousand fees.\’e2\’80\’9d [...]
[...] Schumer decried the lenders\’e2\’80\’99 tactics as amounting to \’e2\’80\’9cdeath by a thousand fees.\’e2\’80\’9d [...]
Now HOW do I get these people to STOP CALLING MY CELL PHONE? I’ve had it 2 weeks and have more BS & SALES AND COLLECTION calls then from people I know. Verizon… Pah.
[...] Whether it be a disgusting email to a homeowner trying to save his home, a pist off Senator Schumer letter asking Angelo how they made so many crappy loans or now, special\’c2\~mortgages made to “Friends [...]
i know its tough on people but they bought these homes i rent and im behind wheres my help works slow for everyone i need help to where is my help from any programs i do flooring work no one is building new homes people are not remodling im 48 what am i going to do
I purchased a a house in 2002 for $140.000.00, this was not an inflated price, I have since paid it off.
Because of these greedy banks giving anyone a loan for a house without background checks. all these people who went for loans they cannot pay, finnish up in foreclosure.
The foreclosure prices are affecting all the people who do pay their loans.
Now the banks are appraising everything way less than the price homes should be to people who are now looking to purchase.
My home is now worth $129.000.00 which is less than I paid for it 7 years ago.
These foreclosure homes should not be affecting the solid payers.
I feel like I have been raped twice by these banks, and no one is responsible, something is wrong here people.
Scotty.
We were told a few months ago by our borrower B Of A that we could qualify for a home retention/modification program since our payments were falling behind.We did as they asked to get this ball rolling,gave them a full payment and documents requested. We were told that we didnt have the correct documents sent in for months,this is there game plan.They are not out to help anyone but themselves. So eventually our application was denied and cancelled. Tried calling bank today to see what we can do to fix this issue and I was told that there are no programs available to us at this time and I might want to look into a possible short sale. Thanx for helping american families B Of A!!!!!
No they are not out to help anyone. My husband was out of work for 11 months. Tried to get them to help before he was going to get behind and they wouldn’t help. We hire a company to help communicate on our behalf, it kept us from losing our home for for a year and nine months while they took their sweet time getting to our paperwork. In the mean time my husbands credit rating went from good to crap, we never missed or was late on a payment in over 13 years. While waiting for them to complete the paperwork, they harrased us for all 21 months, sent us repeated harrasement letters stating our home was going to be forclosed on if we didn’t pay now. Our payment was just under $1000, now it is $1100 and when we received our payment book they hiked it up to $1300. NO B of A IS OUT TO HELP NO ONE>
THose Sorry @## MF$&$^^$!!!!! We were dooped by Hope Loans Also. I am very upset. I have been working with them for 2 years and they never replied and when months would go by they would tell me they didn’t get all my paperwork. SO I RESUBMITTED AGAIN AND AGAIN AND AGAIN!!! Now without any notification We were just notified Our house is going up for sale May 3rd. IWANT TO SCREAM !!! PLEASE SOMEONE HELP ME FIGHT THIS AND HAVE SOME HEADS ROLLING