Countrywide simply CANNOT HANDLE and PROPERLY SERVICE the VOLUME OF BAD MORTGAGES it holds in its portfolios.
Thousands of homeowners are getting foreclosed on because they cannot obtain loan modifications from this servicer. Adding insult to injury, Countrywide does not have enough staff to service their investor’s toxic loans. If I was an investment firm, I would seriously consider pulling my servicing contract from this Countrywide and give it to a company that knows how to properly service distressed mortgages.
I wouldn’t make such a grandiose proclamation without both a depth of industry knowledge and specific examples. Industry knowledge aside, here is an actual email from a Countrywide Home Loans client, one of the many frustrated homeowners dealing with this company.
Email from Dave the Homeowner:
Hi there!
We have read some of the stories regarding countrywide. We started the process back in Oct of 2008. We have an ARM with a 8.75% rate currently. We have applied for a rate reductions but were told we would have to be delinquent on our account to qualify. That’s coming from Countrywide.
So, we are behind now and every time we call, we get someone different or the call center in India. Every time I get connected to India, I request to speak to someone in US. When they do that, I get disconnected.
I can’t believe that Countrywide can even exist with the way the treat the customer.
I have called everyone including the HOPE line, the 1-800-405-0078 number which transfers me to India. When I do finally reach someone, they tell me its in process. Then I’m told it takes 30 to 60 days. This has been since Oct 2008.
I am very frustrated and now aprox 4 months behind on mortgage. Since then, I have also been laid off and trying to start my own business. I have not told countrywide that.
Should I make a payment based on my previous amount or what? If I do that will that nullify the rate reduction application? Not sure what to do at this time. Very frustrated.
Thanks,
Dave
Whether Countrywide has the capability of improving their servicing is yet to be seen. Facts, however speak for themselves, or should I say, Dave the homeowner speaks for the facts!
{ 166 comments… read them below or add one }
I have been in the same situation Dave ,waiting till October for modification and it happened 3 time since March and no one @ Country Wide can tell me ,what is going on .I have decided to pay 4 months and keep going .
Good Luck to You.
Thanks
We are in the same boat Dave, only we are now 6 months behind, in foreclosure (put there while in “workout”) and I call daily only to hear, “it’s in process”. I cant even make a payment if I want to! Since we entered into a workout mode, my husbands income was cut 15%. We havent told Countrywide that, as they dont want to hear it anyway…
Sorry I have no answers, but I wanted you to know you are not alone..
Angela
We were one of the customers of Countrywide that in January were finally approved for a loan modification, after 6 months of “being in the process” We signed all the docs, and online it was reflected that our loan was approved and awaiting final adjustments internally with Countrywide. I called today, as I have every week or two to see what address to send in my first modified payment, as I have not received any followup statements, and lo and behold, I was told my loan was cancelled, and that I did not qualify. The customer service rep was very rude, and so was her supervisor, and said they did not have any reasons listed. I asked to speak to someone in the modification department, and was told there was no one else to talk to, and there is no recourse, tha the papers we signed, and the approval that showed up online was not the final approval. she said there is no one else to discuss this with, but if I could call back another time, I could try again to resubmit for a modification. This has been going on for 8 months, in which time they have accepted payments only a few times, as each time they get new information from me, then they cannot accept payments until they approve or not approve. Can anyone help? Do we need to contact the attorney general?
Cindy
I am writing this letter in hopes that it finds someone that cares or can help my family and the other millions of homeowners out there that I am sure are going through this same nightmare. I am a Homeowner and my house is financed through Countrywide Mortgage. I am a part of the large group of American homeowners that were given sub-prime Loans through Countrywide and now we are stuck and can not get any help. My husband built our house with his own two hands back in 2002, and now we fear, that because of our adjustable rate mortgage that we may get to the point where we can no longer afford the payments on our home and lose our home. Our current interest rate is 9.50% and will adjust every 6 months for the remaining 30 some years that we have to pay on our home. The ceiling on our adjustable rate is 15%, that like a credit card interest rate on a mortgage payment. We were excited when Countrywide made a press release back in November of 2008 stating that they would be doing loan modifications for homeowners that had been given sub prime mortgage. This press release is so proudly displayed on there website. However, now almost 4 months later after spending countless hours trying to work with Countrywide on our loan modification, we realize that what they promised and what they are actually delivering are two very different things. We began our pursuit of our loan modification through Countrywide in Late November of 2008, just after the press release. We thought this was a blessing in disguise because our interest rate had just adjusted in October and since we are self employed, it has been next to impossible to find a lender that will refinance us with all of the new loan criteria that has been put into place for mortgage loans. We were told that they would begin contacting homeowners in December that were eligible for these programs, but if we wanted to be proactive we could send our Letter requesting the loan modification along with our financial information to Countrywide and they would look it over. We did this, and received a letter on 12/24/08 stating that our request for assistance was denied. When I called Countrywide to find out why, I spoke to a Representative named Kay, she said it was because we were current on our loan and had never been late on our payments, therefore we did not appear to be in need of financial assistance and did not meet the hardship requirements, she stated that in order to qualify for the loan modification programs, you needed to be 60 days late in your payments. She suggested that we not make our payments for 60 days and then apply for assistance again (we confirmed by checking the press release that the requirements do state 60 days late payment is required) I thought this was absurd, We were trying to avoid missing payments on our home, that is why we were requesting that our loan be modified so that the interest rate would decrease and more importantly be locked in, making our payments more affordable and predictable, and ensuring that we never missed a payment on our home. I was outraged that in order to get the help we were requesting, we had to go from having an excellent pay history to completely tarnishing our record by missing 2 months of payments. I spoke to my husband about what Countrywide had suggested and we both agreed that this may be our only chance to get a reasonable rate so we better play by there rules in order to meet there criteria for the rate reduction and the loan modification. So we skipped our payments for 2 months and re-applied for the Loan Modification. We received a letter on 02/13/2009, saying congratulations you have been approved for the loan Modification, Please sign the enclosed documents and send them back to us right away! I was excited to see what our new rate was going to be so I excitedly read through the package. Countrywide’s proposed Modification to our loan was as following: Take the $7,480.18 that we were behind in payments and fees (from skipping the two months payments as they suggested) , add it back onto our loan principle and increase our monthly payments from $2,020.31 a month to $3,071.17 a month. There would be no new lower interest rate and there would not even be a rate freeze at our current rate of 9.5%, just a higher principle and a $1,000 increase in our monthly payments. I was shocked, how could they fathom to take people who are asking for financial assistance and try to make them pay $1,000 more a month than they are currently paying until the year 2036 and call it Financial hardship assistance. I tried to call Countrywide and ask for some explanation, they stated that this was the package they were offering and if we did not want to except it we could wait until March 13, 2009 when the documents expire and then try to re-apply for assistance again to see if we could get a new offer, but nothing was guaranteed, they also made it clear that in the mean time they had filed an intent to accelerate foreclosure proceedings on our property (it states on there website that while going through a loan modification, countrywide will not initiate or advance foreclosures for potentially eligible borrows), and that if we did not agree to this modification or pay the past due balance immediately, our property would be foreclosed on. We asked to speak to supervisors, and were always told they were who were unavailable, we called back numerous times and asked for more explanation and more information, we were bounced back and forth between departments and every time we got a representative and asked a question, we were told that they did not have the information available to assist us, or they would have to transfer us. We tried to contact real estate attorneys in our area, hoping that they might be able to offer advice and insight into our situation, we contacted 4 different local attorneys but unfortunately because Loan Modifications are a relatively new program, the attorneys that we talked to said they were not able to offer us much assistance either. One Law firm referred us to our local community action foreclosure prevention office, upon contacting them for assistance we were told that they are booked out for appointments for 30-45 days. At this point we don’t know what to do, we feel helpless, we don’t know where to turn for advice and we don’t understand how Countrywide can get away with saying that these programs will help homeowners when in truth they only have Countrywide’s best interests in mind. Not only did Countrywide not give us a reasonable loan modification or financial hardship assistance as promised in their “press release“ , but they also advised us to tarnish our payment history ensuring that no other lender will ever consider us for a refinancing loan in the future making sure that we are “stuck” with Countrywide and there ridiculous interest rate.
loan modification is a joke countrywide is a joke they gave me one and i save 10.00 a month and also
was going up on my balance 2500.00 no
way was i going to take that deal so i
am still going to pay- day loans companys just to make my payments i wwas not looking for a hand out just a hand i wish i had never dealt with this company . need help in st.louis mo.
We were declined a loan modification by Countrywide that would of lowered our payment from $2,100 a month to $1,800 a month. The reason why they said is we don’t make enough money. So we make enough to pay them $2,100 but not the $1,800. The hole thing is a joke and a big scam,there reps are trained to give you the run around, if your loan is through Countrywide well good luck.
I have been dealing with Countrywide since last December 08. I refused the first modification that was offered and the 2nd as both were still almost 10% interest rate which is totally crazy when they are taking on new customers giving our 4.5% home loans yet they will not work with there exsisting customers to help save there homes. Just as most that have posted re: countrywide mine is the same story I am not looking for a hand out just asking for countrywide to be reasonable with doing an actual hardship modification where both parties come out ahead. Don’t know what’s going to happen next but I do know that I am scared to death to lose my home but was put into one of countrywide sub prime adjustable loans where my payment’s have gone way beyond my income. Had a great credit score until countrywide stated I did quality for a modificiation and that they would put the 2 months past due back into the loan which sounded good however has wrecked my credit score so even if I was able to catch up on now 3 months past payments I would not be able to get refinanced by anyother bank as it will take a very long time to get my score back up. I found out one thing from a class I have been taking that just one 30 day late on your mortgage is worse on your credit score than a bankruptsy. Does anyone know or have an in on who to contact to get a modification through countrywide as I do know professional’s have that information. Help!!
God Bless
Deborah of South Dakota
I am also disgusted with Countrywide. I’ve been working with them since 9-08 and still nothing. I finally resorted to a loan mod company and they are getting more info than I did but not much. What are average everyday people to do? My husband died unexpectedly in Nov. 07. He had been unjustly fired from his job and therefore we lost his life inusrance money, medical insurance, and income. Luckily, we were never behind on payments, we were not underwater, and our interest rate was low and fixed. But, the overall finiancial burden fell on me and I got behind on mortgage payments. Countrywide has refused to work with me, their staff is incompetent and rude. They can never give you a straight answer, they have lost just about every document that has been faxed and mailed to them. There seems to be no end in sight. I agree with other poster’s…the attorney general’s office needs to be involved in this mess because it is criminal. I think Countrywide customers should file a class action law suit for the incompetency and failure to uphold their contract with the consumer. On a different tangent…I am so sick and tired of hearing others complain that “we” as homeowners are careless looking for handouts, freeloaders, etc. I have a master’s degree in nursing, I work full time, and life’s circumstances have landed me in this position.
Countrywide has been giving my family the run around for over 2 years. There started me on a “Repayment plan 2 years ago. My monthly payment was $2300 payment before I stared the repayment plan. Once they started the plan they had me paying $3040 per month to “HELP ME”,out of my situation. So for 9 months I beg borrowed and took out payday loans which put me even deeper in the whole. Once I could no longer afford these ridiculas ballon payments . My wife and I hired nopt one but two Loan modification companies whom to this day have stil not gotten us a loan modification. CountyWide is absolutley the worst loan servicing company in the world. How on earth can their policy makers sleep at night! After all the stress,caused by them we are pursuing lagal action against them for the amount oh hardship they have caused us. Funny thing is at one point we had $11,500 save as a good faith payment and the took so long we decided to payoff all of our credit cards so wehn the do finally foreclose on us we will be in a position to star our lives over with a clean slate. My only reget is that we will have to explain to our kids that we have to move from the only “HOME”, they have ever known! #*&% YOU Countrywide!
This is my second time through Countrywide’s modification program and I was just denied for the 2nd time. I’m unemployed and they say I don’t make enough between my unemployment check, part-time job and daughter’s SSI compared to my expenses to qualify. I don’t know what to do at this point my expenses are what they are and my income is what it is until I find another full time job. If they’d just reduce my mortgage to help me be able to pay it until I find another job then that would help, but no, my expenses are too much so they won’t even consider it. It makes no sense. They also told me that they wouldn’t modify the 2nd mortgage unless I was behind and then they’d only put it back into the principal amount and not reduce it from the almost 13% interest rate (my 1st mortgage’s interest rate is 8.75%). I really need to find out about the class action lawsuit against Countrywide for not working with people in doing modifications as well as doing the upside loans!
i have been trying to work with country wide myself and what you say is true, you can’t get informaton you want and need. i have been offered repayment plans to catch up but they actully cost me more. a company CCCS has offered to help and i hope thier lagit but? but the only dept. i can talk to from countrywide is collections the company won’t give access to the modification dept. and said they don’t accept info. from third parties, only info. they request from you and then maybe they will look at it
I asked for a loan modification to lower my $884 loan down because i no longer have two incomes. After several months their solution was to raise it to $950. I paid two months and fell behind again and called to remodify because i couldn’t afford the 950 they raised it to $1600. I live in Oklahoma where if this house was for rent it would only go for $600. I almost feel like accepting the bad credit i may get from this and running. Thanks Countrywide for understanding I cant afford my mortgage and raising it to double I need more people like you in my corner.
I have been trying to work out something since Aug of 08. I also keep getting the runaround, People from India that either do not understand me or I them. After several months they finally started the process of forebarence and then cancelled it saying they could’t contact me as I was at work during the day. I can’t sell the house and get no where with these people. They tell me we havn’t gotten enough info on the bailouts yet and when we do, wee will contact our customers. Where doo I go to get this resolved ? as of today I am 90 day behind. I should be able to pay 1 payment by the middle of the month but then in 2 weeks I’ll be 90 days behind again. It is never ending and the late fees keep stacking up.
I am caring for my infant grandson and am scared every day we will not have a place to live. Rent is more thsn my payment in this area of florida so what is a person supposed to do?
I wish we all could get together and file a class action law suit agaisnt Countrywide for their deceptive loan practices. We re-financed to acess our equity due to medical issues. We soon found ourselfs in a reverse amortzation and are now approaching $100,000 added to our original loan. We were told that we could make the lower payements for three years and they would re-finance us to get us in a 30 year fixed. Lier’s, we are still making those payements and are not yet in foreclosure. We still maintain a good credit score, but this does no good when Countrywide is adding all of this interest to our loan. They have not responded to our calls. Once they called us and made an offer to add a second mortage to cover the illigal loan practices they got us in. What a joke. Who is going to help all of us, and better yet WHEN? I find this absurb that people blame us saying we got in a mortgage we could not afford and that they are paying for it. No, they are paying for all the bailout money given to Bank of America and the others that pushed these loans on us, and reaped the profits from honest people like all of us. The banks are the ones that made poor decisions, to feather their nests.
Try NACA
I’ve been in the process of what I’ve known found out is “loan modification” with CountryWide since September.
I know nothing more now than I did then. They posted a notice on their site telling people not to even contact about the status of their loan until Feb. 16. When I contacted them on Feb. 18, they still had no news for me. But, they sure told me that I HAD TO MAKE MY NEXT PAYMENT ON TIME. Why would I be applying for help if I could do this? However, when I applied for refinincing through their SALES dept, they contacted me right away and have continued to try to contact me for weeks. INTERESTING, isn’t it?
Please count me in for a class action suit.
I HAVE CW, WE WERE GOING TO RE-FI THROGH CW, HAHAHAHAH. THEY WERE GOING TO LOWER OUR INTREST RATE TO 5.0-I THOUGHT AWSOME- A LOWER PAYMENT-NOT-THEY SAID THEY HAD TO ADD 10K TO THE LOAN FOR CLOSING AND THIS WAS THROUGH FANNIE? WHAT?-I SAID NO THANKS. NOW WE ARE JUST TRYING TO GET THE PMI DROPPED-YOU CAN DO THIS YOURSELF IF YOU HAVE 80-20-THEY WERE TRYING TO TELL US THROUGH FANNIE YOU ALWAYS HAVE PMI UNLESS YOU HAVE 80% EQUITY IN YOUR HOME AND THAT IS A FLAT OUT LIE!!!!!GOOD LUCK TO ALL!!!!!I HATE THIS COMPANY AND WISH I HAD USED MY CREDIT UNION INSTEAD.
I’ve been trying to work with CW since January with NO luck at all. This last Monday, I talked to no less than 11 people and that included one person in the auto repossession department. Nobody seems to understand what needs to be done and nobody is willing to do anything other than transfer me from one number to another. I’m good at documentation and have it all down on paper so count me in on the class action suit. I’ve got documentation.
This is too much, I started oct 28, 2008. still nothing!!!!!class action lawsuit against Countrywide I am in.
I have call country wide over 12 times and were put on hold for over and hour, Iam trying to apply for a loan modification and when I get some one on the phone after two weeks of calling, they are stating that the program are not active yet, and they will know more on march 15th 2009, I am still getting the run around and rude customer service reps. I would like to file a class action suite something should be done.I live in arizona where president obama visit and said help would be available for home owners, country wide said they are not sure when this help will come.
I have a 80/20 loan with countrywide and can relate with all these comments. Very frustrated. For the first time in my life i have not made my house payment due to lack of work. I warned countrywide but to this day now 60 days past due on mortgage I still have yet get an answer after 14 phone calls overt a two month period. Someone please help fight this mess
Class action suit – I’m in too! Oh heck my boyfriend and I are both in. We both have mortgages with CW; both have suffered some income set backs due to the economy and to top it off my home value dropped over $100,000 in the last year and a half. Both of us contacted CW (separately) and were both told the same thing after having to go over our finances with them in excruciating detail… “You don’t make enough to cover your expenses”…. are they kidding no DUH! Then we were informed to write the hardship letter requesting assistance, told to skip our payments “because you have to be behind on payments for any assistance to be considered”… well we wrote the letters played the 29 days late on the payments because we didn’t want to mess with our credit and we both received letters stating the only thing they could suggest for us would be to sell our homes…NICE… that’s the way they work with you…AND!!! To make matters worse we both recently received emails asking us to call them about refinancing – thinking we made headway when we called were put thru the whole vicious cycle again. We are going to try one more time since I’m understanding the president’s plan offers incentives to mortgage companies for each loan modified… lets hope some cash in their pocket will be the catalyst needed for them to start helping keep some of us in our homes…
We are in the same boat, and I would support a class action law suit. I’ve been negotiating since October, the workout was dropped, by CW without them ever contacting us. Reopened in December, I just logged on and it’s been closed again. NO ONE EVER CONTACTED ME!! Yes, maam.
This is unbeleiveable I’be been working with them since October, no one has ever called and now they canceled the modification AGAIN without ever speaking to me. I would join a class action lawsuit. I can afford to pay a 9% interest loan, but not 5%??? No logic.
I have been with CW for three years. I was never late on any of my mortgage payemnts until recently. I was at one point 3 months behind and having a payment of close to $3600 a month, you can only imagine the sheer fear i had with loosing my home. I called CW several times looking for help, advise, anything. All I got was “there is nothing we can do”, but if you make a a payment now, and try to bring your account current, it won’t get report to the credit bureau. R U KIDDING ME!!!!!!!!
Now my mortgage value is more than my house value, so I can not refinance for a cheaper rate. I actually just called CW to see what I can do on my own with them before hiring an atty, the rep Anthony in the Home Retention Dept advised me that there is no need to hire a 3rd party to assist, but yet in the same breathe, he told me that there is nothing they can do. P.S. I just contacted my attorney
They want you to miss payments to even be able to qulaify, but in the same toek, you are killing your credit by not making the payment, then what happens when you get denied. Not only do you have your credit shot for not making the payments, you are stuck in the same boat you were in prior to doing the loan modification. That makes no sense.
Hello, everyone – I will be the next broken record here – been working on a loan modification with Countrywide since November ‘08. Called weekly since faxing them my documentation the same day I called for the modification. Every time I called I was told the mod was processing. On December 29, 2008, I finally got an overnight package with them – all they did was locked my ARM (which wasn’t scheduled to increase for another year), for 5 more years. It did me no good – I am in the real estate business, so since getting our loan in 2005, my income has decreased by 60%, which is why we needed to lower our monthly payment. Our real problem was our 2nd mortgage, which was at 9.5% (also with CW) – they told me 2nd mortgages did not qualify for modification. They also told me that in my package was a form for me to sign and return – there was no form – I faxed them the one page letter I received which stated there was nothing for me to sign or return. They told me they would look into it. I continued to call – January, most of February pass – they tell me they are still working on it – still no information. I go on the website on February 24th to find a note stating my modification had been cancelled because “borrowers did not return required documents”. I call them – now they “re-open” my case because of the new stimulus package and bill and say I may qualify under both my 1st and 2nd. My husband and I have struggled to make the monthly payments, given up our two cars to keep current on the mortgage. We are now 60 days past due – our credit is horrendous because of this. We have finally, heart-wrenchingly decided to put our home up for “short sale” – its a process many of the realtors are becoming very familiar with, and they can price your home at FMV versus what you actually owe. The risk is that CW will come after you for the deficiency, but my take has always been you cannot get blood from a turnip. From what I understand the short sale affects your credit less than a foreclosure and you can actually reapply for a home loan within 2 – 3 years under FHA guidelines verus the 7-10 years you are dealing with on a foreclosure. Just something to keep in mind – very difficult to walk away from your room, I know, but a better option than foreclosure – our realtor seems to believe she can sell within 90 days. The hardest part, after losing your home, is that you now have to find someone willing to rent to you for a few years until you can attempt to buy again.
Guys:
I am a Real Estate Broker and have been doing loan mods for some time. I have been dealing with all the different lenders. Some are worse than others. Countrywide is King of the bad. The only way to get through to these people is with an attorney. You see an attorney knows how to handle people who fight dirty. He also knows how to defend against them too! I have since joined a law firm and have been getting incredible results in helping people. Find an outfit that specializes in this and nothing else. Pay the fee and watch Countrywide squirm a little. In the end, you will get your mod and they will get what they deserve. Yea, you are out the attorneys fees, but it is money well spent to save your home.
Can someone tell me what type of attorney would handle the situation as Richie referenced in his March 6, 2009 email? I wouldn’t even know where to begin as far as what type of attorney would handle cases such as Countrywides complete lack of adhering to the laws.
I’m in the same boat..I was originally told in Oct08 we qualified for mod from CW, Home Saver which takes past due amount places balance in a 2nd loan, and to expect docs in mail within a couple of weeks and don’t worry about making the payments until you get the mod. Sounded good at the time, when we were only 60 days delinquent. Kept calling for doc status and I’m sure you know that story if you have dealt with them. Never received docs. Called again in Jan09 they retook financials and then said we didn’t qualify for anything! We started with NACA on 2/9 and our docs were sent to CW on 2/27, which was a mod we could afford $2610 to $2000 PITI. The next day we received notice of foreclosure sale letter for April 7th . We are praying NACA comes through for us as this will take our interest rate from 8.25% to below 5%; where as Obama’s plan is fixed for five years only. If naca doesn’t come through, I will have to fall back on Obamas plan.
From reviewing financial stability.gov site its says “Please be patient Servicers received the detailed program requirements on March 4, 2009 and it may take some time before they are fully operational. However, Treasury has encouraged servicers to immediately assist delinquent borrowers at the greatest risk of foreclosure. IN THE MEANTIME, MANY LENDERS HAVE MADE A COMMITTMENT TO DELAY FORECLOSURE ON ALL LOANS THAT MEET THE MINIMUM ELIGIBILITY CRITERIA FOR A HOME AFFORDABLE MODIFICATION.”
My advise to everyone is to file bankruptcy-when you file bankruptcy collection and foreclosure procrss stops. Now the government is trying to pass a law that puts control of mortgage modification in the hands of the bankrupcy judge’s and believe me the judge’s are tried of seeing the consumers being treated the way we are now. If enough people file maybe this will send a message to Countrwide and the other servicers.
A few weeks ago, I sent the following to Countrywide:
At least 15 times, I’ve received voice mails from Countrywide that were obviously from an automated system instead of a real person. The message says to call Countrywide and gives a number to call but does not indicate the specific issues in question (if there is one), and doesn’t indicate which account number is involved.
The following is what happens when I call the Customer Service number in the voice mail:
o The first thing the automated system asks is for me to enter the zip code of the property. I have two mortgage accounts for properties in 2 states, but figure either zip code will do. NOT!!! Every time I’ve called, the system tells me the zip code is wrong, and asks for the account number, so I enter one of my account numbers. The system tells me the account number is wrong and repeatedly asks me for the information. I have yet to figure out how to get from there to a live operator! I hang up and try again but can’t get past the initial questions. I get frustrated and give up since I have no idea if there’s a problem. So now I completely ignore all voice mails from Countrywide since they don’t seem to be in regards to a specific issue and I can’t get to a live operator.
Since sending this letter, Countrywide now calls me several times a day, and the only message they leave is 3 or 4 words in Spanish – the part that says “For Spanish, press 2″. What a riot!!!
I’ve been unemployed for 6 months and have 2 regular loans and 2 HELOCs with Countrywide. Last month I only paid $100 instead of the 1200 minimum. I’m not sure which way to jump or what the outcome will be. I hope we can all end of sticking ot to Countrywide!! I’ll sign up for a class action suit too!
I just contacted a loan mitigation counselor – recommended by a realtor friend – who told me the loans were probably illegal. I don’t know yet what that means for me regarding loan mod. If he turns out to be legit and I can get some help, I’ll post new comments about what recourse we hamay be availableve.
Since I’m 55 and have lost most of my retirement fund, and am facing age discrimination in the job market, I don’t feel like I will be able to retire in the US, and Mexico is cheap but too dangerous/corrupt. I’m thinking of selling everything soon and moving to Italy or some nice place in Europe where the weather is nce, the cost of living is reasonable, and try to find like-minded people to buy a vineyard, or run a B&B, or remodel/flip homes. Tuscany sounds nice. Anyone have ideas/want to join me???
well here’s our story, we were in an arm we soon realized that was a mistake and refinanced to a fixed 30 year loan, just as we made our 3rd payment our loan was sold to countrywide and my husband lost his job of 8 years in construction this was in 2006. Since then my husband has went to school and started a new business. During this time we notified countrywide of these changes and were also informed that there was nothing they could do for us unless we were delinquent 60 days. We thought this odd and had never been late on any of our previous payments. We decided to try and stick it out even taking out retirement to pay the mortgage. We are a large family so it would be hard to find something big enough and afforable. This has now been a 2 year struggle for us and each time we try to contact countrywide it’s the same crap that everybody else gets. A loan officer is to busy to talk to us and we have to settle for a customer service rep who is always rude. We are now 4 months behind. I am no longer calling them. Last they called us to see when a payment can be made, my husband told them don’t bother us unless they have something different to say. We did receive a call saying that they are working on a loan mod and to check back in 1 week, which i did and of course no updates. This was 2 months ago. I fear from reading these other emails that it would not be approved or not be any better off than what we have now. My husband and i are fed up and are now leaving it in the lord’s hands (probably should have done that a long time ago).
Hello all,
I am in the same situation! Countrywide brought my loan from Greenpoint in October 2008. Both companies had been sued by the State Attorney’s office in numerous states for subprime lending and predatory lending practices. I was in foreclosure proceeding with Greenpoint when Countrywide brought my loan but do not understand why Countrywide would be this “toxic loan.” After calling Countrywide everday finally in December 2008 they finally had upload my files so they can be the “Loan MOD” process. I had a foreclosure sale scheduled for February 11, 2009, that Countrywide cancelled on Februarya 11 after they reach their so call “MOD.” Our new modification was an “interest only for three years with the missed mortgage payments, late and attorney fees added to the first loan making our payments $400 higher than the original note that we could not after decrease in salary. New mortgage $2309 which will increase to add principal and interest in 3 years. This MOD did not include the equity-line of $74,000 owed nor did they take in consideration property value has decreased over $125, 000. President Obama’s Stimulus Plan will not help me as I do not have a Fannie/MAC loan. But I am a “Tax Payer.” DO ANYONE KNOW OF AN ATTORNEY THAT CAN REALLY HELP HAVING COUNTRYWIDE PROVIDED A MORE AFFORDABLE MODIFICATION????
help
‘Countrywide is on your side’. Where did they get that crap???
If you go to the ustreas.gov web site they ask you to call your lender (the people you send your mortgage payment to) and ask for the Home Affordable Refinance application process. So I have called CW several times and all they ever say is call back in 30 days we no nothing at this time. So after researching the program we fit all the requirements and I know CW knows this unless maybe they are completely stupid or maybe they think we are. I think it is time now to contact an attorney, when dealing with scum you have to get in the mud with them. People out there stay mad contact your congress reps and senators, if Countrywide/Bank of America expects any aid from the fed they will need to cooperate and stop playing this game.
Yep, Same story here. I was in the process since June of 08. I was told I qualified for their homesaver program yet it was too new so I would have to wait a couple of months. I’ve been in contact with them every couple of weeks since. Just found out yesterday, I was denied because I was too far behind. Then I was told that a new program was becoming available but I would have to wait because they weren’t sure of the guidelines yet. Hum, same old crap.
So I talked to countrywide in hopes for a loan mod. They said you qualify for a loan mod after about a month. I sent them my info and a letter. They tacked on what I had missed to the loan balance and raised my payments by about $400 a month and called it a loan modification sing here. I called them back and said I wouldn’t be accepting the mod and they could come get the home as soon as possible.
Happy to meet other like me! I’m sick of CW’S incompetence and fabrications of the truth. My loan adjusted 1/08 from 6.83% @ $1,820/mo. to 9.5% @$2,350/mo. 2/09!.. I’ve tried Refi, and loan mods 4 times and never received an appropriate response. Last was thru HUD 10/08!
Out of the blue, 2/15/09, they sent me 3 different modification by overnight mail with rather theatening ultimatums in them. The best they could do was to hold my interest rate at 9.5% and my payment to $2,279. For this generosity they are charging me a $4,250 fee.
4 days ago I learned these fees are determined from the financial docs you send in when you apply or better yet from the remaining money you have at the end of the month. For some applicants $250 remaining at the end of the month wouldn’t be enough to qualify for the modification and for others it would be too much. They don’t rely on a criterea to make decisions but mainly MUMBOJUMBO from from the top. NOW, I’ve received no less than 10 phone calls from the Hopeless Now Dept on my answering machine, but I,m afraid to call them back. If I give up this chance my loan will adjust to 13% abut if I take it……………..??????
Any suggestions??
I received several letters from Countrywide offering a loan modification. After submitting all my documentation, the “used car salesman” I spoke to at countrywide processed my modifcation and had it approved w/o ever contacting me about the rate or terms. He even made false statements on the appliction he took over the phone, and then stated that is what I said. After being told I could get a lower rate than what I currently had my modifcation came back at my current rate. When I questioned why would I want to do a modification at the same rate I already have. This guy went to his manager and they cancelled the modifcation and have stated they refuse to deal w/ me ever again. I have made many calls to the manager and none have ever been returned.
“Can someone post where to serve Country wide with a small claims lawsuit papers.”
Call Bank of America, they own Countrywide! Bank of America is taking their time to show losses on their books and get more money from the Government! They are not going to help us they are purging us out!
I”m the same as everybody else.But after reading this, and 7months and over 400 phone calls.I”m done waiting on unicorns.And I’m walking AWAY!! Countrywide take this house and shove it!!!
include me in the Class Action suit against Countrywide! They care less about home retention.I’m a Registered
Nurse with a Masters,unable to work full time because i have an autistic
son to care for. my now 10% adjustable rate which adjusts every
6mos.is a nightmare. They rejected my
loan modification X 3,first because they said i had $75.00 left after bills,secondly, they said the investor didn’t approve,with no explanations,thirdly on dec 2,2008,they lied and said they didn’t receive requested documents,which i faxed and have confirmation. After a year into the house CW sold 20% of loan to Litton Loan Servicing(their sister,their rate is 12.5%. I finally
retained a firm to assist me. Let’s see what happens now. They are the most rudest and inconsiderate people I’ve encountered.
Okay, enough of countrywide. We all need to put the pressure on our senators! Yes the senators! They can force this crap company to do something. Take countrywide to a full senate investigation and let them explain it to congress!
You can find your senators number in the yellow pages online. It is time our elected officalls work for their pay!
Same boat since April of 2008. They finally sent loan modification papers in Dec.’08 which I signed and sent back. Got a call this week saying it was denied in Feb. ‘09, but this was after we received a rate reduction. Starting over, but this time if they can’t figure it out within a couple days, they can have the house. India people don’t know what’s going on or how to contact any other departments.
Well, here I thought we were the only ones experiencing this situation! Is anybody out there from the state of Delaware? Countywide is scewing around with us over here in this part of the country too. I have decided to email copies of everyone’s comments over to my senator. Hopefully, he’ll realiz ehtat there is a serious problem and begin to do what needs to be done. I will also be forwarding copies of this to my state attorney general as well.
We purchased our first home back in Jan. of 2007. Our interest rate is 5.69%, but wait one second, our monthly payments are a total of $1,300 monthly for a small row home townhouse! I recently lost my job so now ther is oonly one income in the house! We both contacted Countyrwide several times to ask them for their Fiancnail Hardship Assistance plan. ever since last year, they have told us we are not eligible for a modification. Their recent excuse is that we don’t make enough income! How stupid is that! That’s why we were contacting them in the first place. If we had more income coming in, then why in the world would we need their assistance to begin with? I have been looking for work constantly, daily. But it is very depressing. I feel like I spent money attending college for nothing! Delware is a small state and the job market around here stinks. I honestly wish there was some way we all could get our loans transfered over to a different much more trustworthy, reputable mortgage company!
By the way, we are down for the class action law suit too. Seriously, we all should get togther via email and begin this course of action. If you all like to, you can send me your emails and I could get the ball rolling somehow!
Same story for me except our loan is an FHA loan. My husband and I are self employed and have taken a substanial income loss due to the economy. We fellbehind on our mortgage, called CW and they were suppose to be mailing a packet to fill out and send back, this was in Dec, 08. We have not received anything yet except some papers froman attorney that we hav eto respond to within 60 days. The same thing happened to us in 2003 when my husband lost his corporate job and I was a stay at home mom. They gave us the run around until it was too late to do anything but come up with the money that was owed. We borrowed money from my mother in law and paid the 5500.00 to save our house. We dont have that option now. Ive heard of people getting help through hud where they had to pay a very small payment every month for a year to help them get back up on their feet. Then after the year their payments resumed at the normal payment amount. Anyone heard of that? I dont know what we are going to do. We have 4 children, limited income, and losing our home. Hope is HOPELESS, they did not help one bit. What are our options now does anyone know?
If anyone has any info that can help please email me at stakleen@sbcglobal.net
What would we all do if we didn’t have countrywide on our side? Possibly be in a position that we didn’t feel as if we had to hire an attorney to deal with our loyal sidekicks?????
Thanks Countrywide for the sleepless nights, the tears I’ve tried so hard to hide from my children, the fear of what will happen to my ssi little boy if we have to take him from his enviornment, the heartbreak I feel for my husband when he leaves for work at sun up and does not return home till sundown only to hear we still can not pay everything, the innocence that has been stolen from my ten year old daughter through my not so hidden tears as she offers up all the money in her piggy bank to help pay for our home. (She now asks regularly if we will lose our house even if daddy is still working.) Thanks for being on our side. Thanks for using the help from our gov to benefit us the homeowners. I am terrified for my family!!!!
I thought I was going crazy!!! It is no relief but I now know that I am not alone. Although I still have my job for the time being, I have requested a modification only to have my mortgage increase. Then, in January 2009, I was told that I will hear something about another Loan modification program. Well it is now mid March and no word on anything. I have called time and time again with no response other than please allow 30 – 60 business days to find out if I qualify. Meanwhile, I am paying what I can and hopeing they do not forclose on me. It seems that many of us need time to regroup and try to get back on the path we where once on but CW is not making that happen. I am very close to leaving my keys and walking away and starting over again because I really can’t take it anymore. If anyone has any other suggestions for any of us please let us know.
I also have a home loan through CW and have received so many letters asking me to contact them about refinancing at a lower rate and lowering my house payments. Although we have a fixed rate mortgage and have only been one day late on one payment due to medical bills. I talked with my husband about it and was about to get on their website to check into refinancing. I AM SO GLAD I FOUND THIS FIRST!! I’ve read all of the stories here and my heart goes out to all of you. Just a suggestion..what about contacting 20-20 or one of those investigating shows? Wouldn’t this put a spotlight on this problem with CW? Not sure it would help but it certainly wouldn’t hurt. Good luck to all of you and God Bless.
Gald you found us CAROL.
That is exaclty what we all need to do in regards to media. SHINE THE SPOTLIGHT!!!!
We also have a great forum at http://www.LoanSafe.org with open q&a’s.
Maybe look into the Attorney General setlement and see if you state is one of the 20 or so who have settled with CW adn then see if your loan would qualify. If it does, send a pkg via fed ex and copy everything you can about the AG settlement and cc the AG and your senator. Then keep calling till you get help.
KC, the best thing you can do is have 2-4 back up plans for you and your family. Hope for the best and plan for the worst. It will give you hope and soon you will realize that you will be OK and those tears will dry up fast!
Keep your head up and keep up the fight on a few fronts and not just the Countrywide one. I wish you the best!
I’m in the same boat as all of you. Except my loan is only in my ex-husband’s name, and I’m currently the only one the deed. My husband an I divorced in 2007. My ex, a native of Turkey, is not a US citizen, just a resident alien of the US. He has since fled the country and left all his financial obligations behind (nice guy, huh!). The upside is that I am not financially obligated since I did not sign the mortgage note, but this has been my home since the inception of the loan in 2005, so I was willing to do whatever I could to assume the loan.
Left alone with the home and a negative amorization loan for the past two years, I had attempted on several occasions to obtain a loan modification and assumption, and each time I was told either I make too much or too little money to qualify (It depends on which way the wind blows).
The bottom line is that the reps at CW are all unscrupulous, incompetent, and blatantly unwilling to help! They are attempting to buy time from all of us for some unknown reason! I Was advised by a RE atty that in order to retain what little sanity I have left as a result of dealing with these loan shark SOB’s, is to just stop paying my mortgage and let it slip into foreclosure. The entire process will take at least one year for CW to repossess the home, in which time I could save the money each month that I would have put towards my loan paymments. At the end of one year, I could save enough money for a down payment on a home in my own name. Not sure if this will help others in a similar situation, as this is probably a very unique case.
I am a loan modification specialist, and while I have had very good results with working with CW and modifications, at the same time I have came into the exact same situations that many of you have. My own mortgage is with CW and my mother passed and Probate isn’t clear and they are taking me through the same thing. However in my situation I can’t do anything even with a Will saying I am the administrative representative of my property. Yet CW is still adjusting every 6months, and my mother passed in 05, and I have been sending themt he same documents like death certs., and harship letters, and financials and so on and they never go anything. THe catch is that now the letter and bill that come from CW is now in the name of the ESTATE of my mother instead of her name. But as far as CW, they never received anything every time I call. Another situation with working with a client of mines with CW, they included the balance old with the payments behind, and gave them the same interest rate they already had and called is a modification! Please let me know what the class action is so that I an be a part of this.
DITTO!!!!!! We have been going through this since October 2008…much like everyone else! Everyone is talking about a class action suit. I think we should stop talking and start acting on it. I am calling my state reps today to see what needs to be done. I’m in on the suit! Anyone else?????
Frustrated in Tennessee
let me know about the class action suit.
hello, everybody my stories is the same as everyone else except this my loans is 18 months in rears here is how we got there #1 loss of income 50% in 2007 exactly 1 year after purchasing the property we had a huge savings that suplemented the income for about 6-8 months contacted CW 3 months before mortgage trouble they said ” we can not help until you are behind” you guys already know that song and dance we continued looking for other income and scraping together monthly payments everything was behind and our vehichle was repossed – we filed chp 13 to retrieve car only to find out we were now facing foreclosure luckliy we had started chp 13 great now we have attorneys right? WRONG HERES WERE YOU NEED TO HOLD ON TO YOUR SEAT BELTS- WE ARE NOW TOLD BY OUR ATTORNEYS NOT TO MAKE MORTGAGE PAYMENTS UNTIL THEY SAY SAVE YOUR MONEY YOU ARE IN A LOAN MODIFICATION THROUGH THIS CHP 13 WE WILL NOTIFY YOU WHEN TO RESUME PAYMENTS NOW WE ARE ALRAEDY 4 MONTHS BEHIND NOW WE ARE HOLDING PAYMENTS WAITING ON ATTORNEY GUIDANCE. FINALLY DEC 2007 WE MAKE OUR FIRST RESUMED PAYMENT IN 5 MONTHS NOW WE LOOSE INCOME A 2ND TIME DUE TO MEDICAL CONDITION THAT TOOK ME OUT OF WORK WHICH IS ALSO DOCUMENTED AND FORWARDED TO ATTORNEY- AT THIS POINT WHY ARE PAYMENTS WERE NOT SUSPENDED AND A MODIFICATION DONE TO LOWER MONTHLY PAYMENT AND FIX THIS ARM I HAVE NO CLUE BUT I AM NOT THE ATTORNEY. NEXT IT TAKES ANOTHER 12 MONTHS JUST TO GET EVERYTHING CAUGHT UP TO INCLUDE FINDING EMPLOYMENT TO COVER ALL THIS AT THIS POINT WE ARE TELLING OUR ATTORNEYS WHAT TO DO BECAUSE THEY HONESTLY HAVE NO IDEAS TO HELP US AT ALL. WE ARE GOING TO THE OFFICE WEEKLY WITH PAPERS WE DOWNLOADED FROM THE INTERNET IT IS SO CRAZY. LET ME SPEED THINGS UP A BIT OUR HOUSE IS WORTH 135K IT WAS APPRAISED WHEN WE BOUGHT IT 3YEARS AGO FOR 240K WE WERE APPROVED OFF OUR COMBINED INCOME FOR 300K WE MAKE NO MORE THAN 70K COMBINED NO REAL CREDIT CARD DEBT NO CAR LOANS AT TIME OF BUYING AND ZERO DOWN THE LOAN WAS A SUBPRIME LOAN AND WE HAD BROKER FEES NOTHING REALLY WEIRD OR RED FLAG FOR FIRST TIME HOME BUYERS AND WE WERE ONLY IN OUR 20′S NOT THAT THAT HAS ANYTHING TO DO WITH IT JUST THAT WE WERE NEW TO THIS AS FAR AS THE PAYMENTS THEY WERE AFFORDABLE THAT FIRST YEAR AND WE HAD A SAVINGS AS I STATED AND BOTH WORKING ALSO WE WERE REPEADETLY TOLD WE COULD REFINACE AFTER A COUPLE OF YEARS SO WE REALLY DIDNT FORESEE ANY OF THIS COMING. OK ANY HOO WE DID NOT START OFF WITH 18 MONTHS BEHIND ACTUALLY WAY LESS THROUGH DIRECTION OF OUR ATTORNEYS ALOT OF THIS HAS GOTTEN WORSE WE CAN SUE THE ATTORNEYS WE ARE BEING TOLD AS WELL AS FILE AGAINST PREDATORY LENDING AS WE FALL UNDER THESE CATEGORIES HOWEVER WE ONLY WANT TO REDUCE OUR 3100 MONTHLY MORTGAGE RATE ON A 130K PROPERTY I WOULD LIKE A FIXED RATE AND HAVE THE OUTSTANDING PUT INTO THE LIFE OF THE LOAN I DONT CARE ABOUT PAYING EVERY CENT I OWE I JUST WANT WHAT IS FAIR I DID NOT TAKE OUT A LOAN ABOVE MY MEANS NOR DID I BUY AN ELABORATE MANSION MY HOME IS VERY MODEST NO BELLS OR WHISTLE I DID NOT HAVE A REALESTAE ATTORNEY AT SETTLEMENT AS MY STATE DOESNT REQUIRE YOU TO HAVE ONE I HAVE LEARNED A VERY COSTLY AND EMOTIONALLY DRAINING EXPERIENCE THE AMERICAN DREAM IS A NIGHTMARE FOR US AND WE REAALY DONT SEE THE BENEFIT IN BEING HOME OWNERS AT ALL. I AM SO SICKENED BY ALL THIS NOT SO MUCH MY CASE BUT ALL THE CASES HERE I READ EVERYDAY ALL OUR STORIES ARE FUNDAMENTALLY THE SAME AND I FEEL THAT IF WE ALL MADE THESE MISTAKES WHY IS IT SO MANY OF US SAYING THE SAME STUFF ABOUT THE SAME LENDER? I AM CONFUSED BUT, WHO CARES ABOUT ALL THIS REALLY IF WE ALL WALK AWAY FROM OUR HOMES YES IT WILL TARNISH OUR RECORDS BREIFLY BUT WE WILL BOUNCE BACK AND BUY AGAIN ACTUALLY BENEFIT FROM A BRUISED ECONOMY I HAVE NOTHING INVESTED IN MY PROPERTY SO REALLY NOTHING TO LOOSE THE MONEY SAVED OVER 1 YEAR FOR ME TO RENT SOMEWHERE GIVES ME A SAVINGS OF OVER 36K THAT IS 1 PERSONS INCOME IN MY HOUSEHOLD CURRENTLY AND I CAN MOVE ON – WE ARE NOT TRYING TO GO THAT ROUTE WE WANT TO PAY OUR BILLS BUT WHEN WE HAVE CIRCUMSTANCES BEYOND OUR CONTROL WE WOULD LIKE ASSISTANCE AS NON WORKING PEOPLE ARE PROVIDED GOVERNMENTAL AID WERE IS THE AID FOR ALL OF US WHO PAID INTO IT FOR MANY YEARS WE LOOSE OUR HOMES AND GO INTO FORECLOSURE WE ARE PUNISHED FOR CIRCUMSTANCE I WOULD BE DOING WAY BETTER IF I WAS UNEMPLOYED ON WELFARE GETTING SECTION8 AND FOOD STAMPS AND HAVING A BUNCH OF BABIES WERE IS THIS WORLD GOING? SORRY SOO LONG AND JUMBLED I REALLY NEEDED TO VENT.
I was one of those “in process” victims waiting on the loan modification for 6 months. (I began asking for help months before that when my income decreased but was ignored for several months) You can’t make a payment during that time because they tell you it will “delay the process”. I met every qualification that was listed on Countrywide’s website for their workout program – yet last week I received a letter telling me that my loan modification was not approved because I “did not qualify” and that now I need to bring my account current and collection attempts will resume. My new payment is more because of the new rate on my ARM mortgage that they claim “doesn’t qualify”. Is everyone getting the same runaround from Countrywide? I’ve written my Atty. General, HUD, Sen. Dodd, CNN, FOX News, and several others but I can’t seem to get any help!! If a suit will keep me in my home and force Countrywide to make good on what is promised on their website – then I’m all for it!!!
Frustrated and Determined NOT to be another homeless victim in Alabama
Do I ever feel blessed that I have stumbled onto this sight. I am absolutely apauled at what everyone has had happen to them!! I just put a call into CW this morning for some help and I think after reading everybodies whoa’s I am going to stay with what I have. I don’t know if I will be able to keep it but I am going to try. I really whole heartedly agree this needs to be investigated to the fullest!! If Obama can get on the band wagon with what is going on with the AIG executives bonuses then he ought to be able to have this investigated. I hear him saying he wants to help us then we need to be responsible citizens and get our story in front of him. I think we all need to start pulling together here and researching who and where we need to report this to and then get the word out to everyone to do it. I don’t know that our state representative is the one to do it. Open for suggestions of what I can do to help.
I am a countrywide homeowner, my husband and I filed CH13 in 10/07 to keep our home since CW refused to allow us to repay a past due balance from when I was out of work for a few months, the repayment plan they proposed left us nothing at the end of each month, since then they have reported us delinquent even though we are in CH13 and we have requested the credit bureau to fix this, all to no avail. Our mortgage was one of the ones eligible for a loan mod, based under the guidelines from the settlement of the lawsuit. We are adjusting and are currently at a rate of 12.375%. On 12-1 we contacted CW and were told we would be receiving a letter since we were eligible for a loan mod. I called every week until Jan 12 inly to be told I needed to send in 2 years tax returns, 2 months wage stubs, 2 months bank statements, letter from our attorney allowing them to mod our loan, budgets to reflect our monthly expenditures. They received this and advised they would assign a negotiator to handle this. On March 3rd they finally assigned a negoatiator, On March 6th a letter was sent to us advising they were happy to modify my loan by adding my past due balance to the end of my loan and that was it, also my new monthly payment would be 3000.00 per month and the loan would continue to adjust!!!! When I called I was told I did not have a negotiator but that my file was fast-tracked, so listen really carefully, THIS IS WHAT THEY DONT WANT YOU TO KNOW.. If you default and your house is foreclosed on, CW can sell your house for whatever it chooses and the FEDERAL GOVERNMENT will given them the difference. They dont care if they modify your loan, they are not LOSING any money on the deal…. Also there are several attorneys I have spoken with who have been able to obtain loan mods, you have to pay the fee upfront to them but they have been getting these done. 3000.oo upfront and if the loan mod doesnt take place, the attorney refunds the money… cant beat the deal. NC Mortgage Group attn Vonda Hardee is one of them I have been dealing with. Also there is a law firl out of CAL which has been having luck.. Sad day when people who can make a payment of $1500-$1800 a month for a house and just need the interest loan reduced cant get help. Good Luck
I recently received a loan midification from countrywide that violated the terms of an October 2008 settlement with the state of florida. I have informed the attorney general on this matter. I also received 2 other modification offers in 2008 that raised my payments and did not modify my interest rate. I turned them both down. My apartment i florida has been up for sale since March of 2008 as a short sale. I got an offer in April 2008 but countrywide dragged its feet for 3 months and the buyer backed out. All this is just a major lawsuit just waiting to happen. If anyone has any information about a lawsuit dealing with countrywide’s loan modification scams, please let me know.
im in the same shoe. i was told by cw i was approve for modification, than later was cancell because they said they never got the paperwork back. bull sht…they never send it to me. than they told me to resupmit again which i did. january i fax to them again and cw message center said i was approve in feb so cw said they send me new paperwork again i call back 3/15 and they told me is cancell they never received the paperwork. the point is they never send out any doc to me. all it is just a computer game.now im 6 month behind because they said suspend collection while in modification.now 3/16 they told me to resupmit again…and now they told me to call hope line which is countrywide modification dept and i call and they said they dont even have my record of modification. the bottom line is ,,,, cw will post what u want to see… approve mean your paperwork is in the garbage… keep living in your home and save your money dont pay them a dime.
I have read each and every situation,and I have information that
can possibly help you.I will tell you one thing Countrywide need to be sued.I will not go into detail. If you want a way to save your home,email me at geebee61@gmail.com
Keep The Faith!!!!
GeeBee
Unbelievable…..I just read all 61 postings. We received a loan modification agreement in December, but this was after we were told not too make a mortgage payment, because if we made a payment and we were current we would not qualify. They agreed to a loan modification adding the delinquint payments to the back of the loan. They did not change the amount of the mortgage payment, and they did not adjust our interest rate. The first payment on the loan modification was due Feb 1, 09. Since O’Bama was initiating a plan to assist troubled mortgages, I did not make this payment. My credit was already @#$%$%. I have called CW and I just keep getting the run around. We qualify for a loan modification according to the governments web site….but I like the rest of you need to come together as ONE UNITED FRONT and tackle this head on. I am up for the task if anyone wants to get ahold of me. We can get a signed petition and gather as many names as possible of people with loans with CW who have had no results and forward this to congress. Lets get going and save our homes. If you have a level head and are up to the task of setting this up on line then lets talk. We have nothing to loose and everything to gain in light of the circumstances that we all face.
I’ve been getting the run around from countrywide for months now. Back in Nov I spent over an hour on the phone with them updating ALL of my finances with them….when we were finished they said we are approved for a loan modification and will hear something by Jan since that’s when they want everyones new payments to start. WEll, I waited and nothing. I called again and was told it’s delayed and it’ll be two weeks…..again I called and again it’s been delayed. Now i get a letter in the mail saying to call them to see if I QUALIFY for a modification…what the heck happened to the approval I got in NOV??!!!!! I called again today. I was on the phone with a guy for 30 minutes explaining everything to him….just for him to say ” I don’t handle this, let me transfer to who does.” The transfer goes to another person who asks me why I’m calling. I tell him why I’m calling…..just to hear again” oh I don’t handle this, let me transfer you to who does.” Once again I get transfered. I sit on hold for 10 just to get hung up on!!!! I call the office and now I’m pissed off. I get a lady on the phone who tell me that location doesn’t handle ANY modifications at all!!!! Why didn’t the ppl I just spent an hour with tell me this????? She gives me a number for customer service….where I once get transfered…this time to the National Home owners retention program….I was told to fax over a ton of things….and at best they will lower my interest rate….but it will take at least 5 weeks before I know if we are approved……I asked him about everything the news is saying about the modifies, and what is stated on the website….it was then he informed me that he isn’t apart of countrywide….he’s with a gorernment program……So much for talking to counrtywide…….We need to get together and sue!!!! This is BS!!!!! God help us!!
To all, if a Countrywide rep. tells you that you need to be behind on your payments for them to help you, get the reps name and don’t do it. It’s the oldest trick in the book and they use it to get you in a compromising position. They are not interested in helping you only getting more money from you.
im in for a class action lawsuit
i have been talking to reps since last august and keep getting different stories with the same ending dont make enough money
We here in St. Louis, Missouri would love to be apart of the lawsuit against CW. How do we make this happen? Ready and willing to join each of you in fighting CW.
I have talked to Country Wide on MANY different occasions. EVERYTIME I or my husband have talked with the “collectors”, they have so many horribly conflicting statements. One of the collectors said he was going to send “forebearance” paperwork in the mail..NEVER received! Called them back & THEN they say we do not “qualify”. A “loan officer” said because my credit score dropped 100 points (their fault! too long of story!) that they cold not “modify”. I get a letter dated Feb. 18th for a “reinstatement calculation” & IT was received on Feb. 26th which that SAME day (as I was in the hospital)a letter from attorneys saying they are starting foreclosure proceedings. While in hospital I had spoken with someone who said “wait” until March 4th to see what was going to happen with the “new” plan… They started advertising my home for foreclosure on March 2nd.. I have been trying to get hold of this person at CW since then yet NO response! I am getting 3 to 4 “different” amounts as to “how much” to catch up and the balance remaining. Now? I spoke with a woman at CW who said that a “sale date” was NOT specified or “pending?… According to the foreclosure statement from the “attorneys”, it says April 3rd! She said she would mail me the actual catch up and remaining balance within 48 to 72 hours… After ALL the conversations and attorney letter? I STILL had one of the collectors call and ask me “Well why don’t you “rent out” some of your bedrooms”…?!!! I am totally disabled. Our greatroom IS OUR BEDROOM!! As I cannot get back and forth very well anymore. I am home/bedbound! I even asked if they could even “swap” houses and “redo” as I NEED a much smaller home… I cannot get ANY straight answers from CW…They say that THEY MAY record “conversations?.. I WISH I had of! But I DID THIS time!.. They record I’m sure but I am POSITIVE that they discard ANYTHING of their conflicting statements which has really caused me so much stress that it is horribly affecting my health even more… I am so sick of CW’s LIES! I don’t know how much more of this stress from CW I can take anymore. They are going to be the “death” of me… I want my husband to hold them responsible! Stress worsens my symptoms and I am going downhill on a daily basis.. CW’s BS is NOT helping AT ALL!… Where do these people come from? A communist nation? They DO NOT WANT TO HELP! I’ve had it… I think a class action suit would be a perfect ending to them… they are not helping me with my “ending”… I hate “feeling” SO helpless and already “physically” I AM that way! HELP! SOMEONE?!
I am so upset with CW. This is the 3rd time I have faxed in paperwork to start the process. The first time the work was lost, the 2nd time they closed the file because they couldn’t contact me (they were calling a number in a different state than where I am located). They have told me that they have sent letters. I have received 2 since this started (and it has taken at least a week after the letter is typed to even get it).
Hey Folks,
I’ll try to answer some questions and give some insight into the modification process, and who is an ideal candidate and who is not. My perspective is different from yours. I work for a loan modification company and we deal with Countrywide daily.
First, who really qualifies? The person that has a real shot at modification is someone who is upside down in their home (by a large margin, too. I talk to people everyday who are $150K upside down in their homes). However, that is not enough. They must also be able to prove financial hardship that has either caused them to miss payments in the past, or will soon cause them to miss payments in the near future. In other words, if they don’t get a modification, the house will end up in foreclosure for sure. The third criteria is that the person wants to remain in the home. The fourth is that if an affordable payment can be arranged, the borrowers can continue to make that payment. [if both borrowers are unemployed, then the answer would be no].
Those borrowers should get a modification 100% of the time. But most of them will fall through the cracks and be foreclosed on before every getting through the modification process. Why? Because the loss mitigation departments at the mortgage servicers simply don’t have the manpower to handle all the nonperforming loans that are piling up on their desks, nor do they have the expertise. The lowest level loss mitigation agent doesn’t know how to modify a loan, certanly doesn’t know the rules regarding the service agreement with the investor or pool of investors, couldn’t calculate NPV if his/her life depended on it, has no contact whatsoever with the investor who makes the end decision, and will likely not know how to put together a modification package or how to even evaluate it properly.
This is the person you are dealing with, I’m afraid. Unless you can get your modification package up to the person who can get it in front of the investor(s), then you’re likely to fail in your quest for a modification. Unless your modification package is complete, it will never get to the investor. It will sit in a pile or find its way into the shredder. Since you will never be able to call in and speak to the same person twice, you will have to rely on faxing your documents to your lenders fax machine and hope someone puts them in ‘your file.’ All during this process the foreclosure process is happening, and it is much easier to foreclose than to modify. If by some small miracle your modification package finds its way to the investor for approval (you’re just as likely to have been rejected out of hand or had your file tossed because it was missing a required document), then the decision to modify will typically rest on a Net Present Value calculation comparing the cost of foreclose vs. the cost of a pre-determined “affordable” payment. If that payment is the less expensive option, then modification will be chosen. If it’s less expensive to foreclose, then the servicer will deny your modification and foreclose because he is required to act in the best interests of the investor, not you.
If you’re wondering exactly who decides what an affordable payment is, the answer is your servicer. How they decide is a little tougher to answer. No one method has been agreed upon, but it’s not uncommon to use a debt to income ratio (anywhere from 35% to 38%) or compare monthly income to monthly expenses and determine a number from there. However, the servicer gets to choose this number.
In some cases, the servicer will disqualify you because the numbers you show don’t make sense. Maybe you don’t show financial hardship at all – you have positive income each month (more money coming in than going out), or your expenses are so high that your payment can’t be reduced enough to make a difference. In those cases (I’ll guess over 50%), there will be no modification. Period.
Sadly, a lot of these borrowers would qualify for a modification but they didn’t fill out the financial worksheet properly. [We require potential clients who are already pre-qualified to send in their financial worksheet so we can determine if they truly qualify or not. Most would be disqualified if they sent in this same document to their lender. Unless you know everything that the servicer/lender looks for in determing an 'affordable payment' you're going into this whole thing completely blind. And if you don't know what expenses you can include (most people forget basic allowable expenses or use conservative number that reflects hardship times, not normal times (your Ramon noodle food budget vs. your typical food budget when you're not pinching pennies for example).
Virtually none of our clients send back a 'perfect set of financials' the first time (we always help them identify things that will improve their modification that they overlooked), so feel sorry for the guy doing this on their own. It's so rigged against them, they'll never get the modification they deserve, if they get one at all, because the servicer isn't obligated to help them. The servicer is obligated act in their best interests. The servicer is obligated to act in the investor's best interests.
Hope this makes sense. If you meet the criteria I spelled out and it is cheaper for the lender to modify, that's what they will do. I'm assuming you can get it through the whole, tangled modification process in time, though.
By the way, if you have an ARM, especially one set to adjust soon, that can be grounds for impending hardship just like loss of income, so Countrywide should modify the loan if it's the cheaper than foreclosure.
Payments are typically modified by reducing the rate, though principal reductions are possible as well. The lower the payment needs to be, the more the rate will be reduced. [We've seen lenders go as low as 2% fixed for the term before.] It all depends on the borrower’s circumstances.
One last thing. Countrywide requires you to be late on payments before they will modify your loan, as does Indymac and Wachovia. We work with lenders that do not require delinquency, though it’s more difficult to get done. And you had better be able to document impending financial hardship (otherwise how are you making your payments on time?) or you can forget it.
Hope this helps. Hang in there with Countrywide, I know for a fact they modify, and they will knock down some of those high rate ARM’s to low fixed rates (I’ve seen a 7.25% pay option get taken to a 3% fixed for the rest of the term)if your situation merits it.
Good luck, guys. And sorry for the sloppy grammar. I’m beat.
[P.S. please don't ask for my email. I am not soliciting. I'm just trying to share some knowledge.]
I am having no luck with the reps at CW. They keep giving me conflicting info.Please help with any info on mods or a class action suit.
Countrywide is awful! I want people to start speaking out about them!
Last year my husband and I started the loan modification process with Countrywide, what a joke! We have been through the process with them twice. The first time we were declined because the said they couldn’t reach us though we have no record of them calling. When they called on November 12th 2008, we were quick to call them back and get them the paperwork they needed. After that we called every other week to check on our status. We kept getting told it was under review and we had to wait up to 60 days for an answer. We still kept calling. Right before the holidays we decided to concentrate on our family and get back to the calling after the new year. It was about January 11th or 12th 2009 we called them again. At that time we were told we were declined and that they had made their decision on December 31st though we were never told nor did we receive a letter. We were told the reason for this was because the “negotiator” tried to contact us and could not. I was furious as we had called them, checked our caller ID and voicemail consistently because we were expecting them to call. I asked what the next step would be and they said that we would need to reapply for the loan modification so we agreed. We faxed over the paperwork and got the process started, again. At the beginning of March, I am not sure of the exact date but I have it on my fax transmittal, we were asked to fax further paperwork. I did and then called consistently for a week to make sure they received. They kept telling me it was not listed in their system yet but that I needed to give it 72 hours. So I did and called again and kept calling and they kept telling me it wasn’t updated. I know the fax went through, I listed the loan number and name on every paper and I still have it all including the fax log that shows it went through. On March 11th at 7:30 pm we received a phone call from a gentleman named Bruce. We were out to dinner and did not receive the message until later that evening. The very next morning, March 12th, on my way to work I called in to them to return Bruce’s call. I was told that they needed further paperwork and when they described to me what they needed I realized it was the same paperwork I had already faxed the week prior. So, I told them I would fax it again. The woman, Daphne, told me that I would need to add February’s income information too so I did that as well so they would have everything they needed. It was so much paper that it kept jamming the fax machine. So, I called again that same morning and asked if I could overnight the paperwork to them and the person I spoke, this time I did get a name, said yes and gave me an address. I paid for the paperwork to be overnight to them and it arrived there and was signed for the very next morning morning of the 13th at 9:30 am. On Monday, March 16, we received a letter stating they had declined our loan modification and the letter was dated March 12th!! It was dated same day I had spoken to two different people and was told to send in the paperwork, which I did! The reasons listed on the letter were all very contradictory so I called and asked why we were declined. The person I spoke with told me that in the notes it said that we were declined because we did not get our paperwork in with in 24 hrs. I can not believe they are doing this to us! We would not even be behind if they did not advise us to enter into the loan modification and not send any payments in until it was approved or denied! Now they want to foreclose on us because we followed their advice! We have the money to pay the back months but now we are being hit with late and foreclosure fees that are not even our fault!
This is so frustrating. Based on a lawsuit that settled in October 2008, they’re supposed to be helping people. I’ve tried to have my mortgage modified and was told I need to be late on my payments. I’m so glad I didn’t follow their (bad) advice. I’m just cutting expenses to the bone to keep paying on my 80/20 7.125/10.85 mortgages.
Here’s a link to an interesting article that describes what kind of mortgage aid will be available.
Looks like the joke is on us for believing a company will actually follow through with what it promises to do.
http://www.cbsnews.com/stories/2008/10/06/business/main4503045.shtml
I’m actually in tears reading all of your comments . . . makes me so sad . . . for all of you, and for my family as well.
I’m not going to make this long, it’s the same story replayed over and over again . . .
Due to financial hardships we tried to advise CW that our situation was changing, and asked for their help. They told us they couldn’t do anything unless we were at least a couple of months behind on our mortgage payment. So feeling that we had no other choice, we stopped making our mortgage payments. Then we called CW requesting a loan modification. They told us they would send the paperwork. We never received any paperwork. We called again, they told us that we had been denied the loan modification because they didn’t receive the paperwork back from us. We went around in circles with this for several months. Each time being told something completely different. So we eventually hired an attorney. Now just yesterday we received paperwork from CW via FedEx stating that we have been “pre-approved” for a loan modification. The thing is, the modification is the exact same rate our mortgage is now. We contacted the attorney asking if this was of their doing – they said no. They said that they know nothing about it, and that this has happened to several of their clients who has a mortgage through CW.
I don’t know what will happen next. I’m just praying that something can be done, and we can save our home. As all of you know living like this is so stressful. It can’t be good for your health. I hate that we ever got involved with CW.
If there is a class action lawsuit – I’m all in!!!
Greg wrote that CW only will modify people who are upside down 150K or more. Well sure those are the houses they are scared to death to have the people walk away from especially when they are employed and can make some kind of payment. Again!!! they are only interested in whats best for them.
Countrywide mortgage needs to be thoroughly investigated for the things they have put me and my family through. Just as others have submitted paperwork over and over again, got denied, never a phone call or letter until months later. Would not help unless three months behind, then they want to foreclose. Have a loss mitigation firm working for us to help us in this matter. Received calls from collection, tell them account is in the hands of loss firm. They want money and ignores correspondence from our represenative. Then they act like firm has never contacted them. I would like to know who have they helped. Once upon a time I was given them an extra $200.00 on my payments, until our financial situation change due to loss of income in the home. They are no good with helping their customers. I have an interest rate of 12.75%. I am trying to cut in half. I hope the government look at the many comments that are being made regarding countrywide. They are liars and cannot be trusted. All I want to do make new arrangements to pay them off at a lower rate, therefore with lower payment, I can accomplish my goal. Countrywide why don’t you step up to the plate and help us out and stop playing the cat and mice game with your customers. All you have to do is look at the past payment records and you should be ever to determine whether or not this person is going to do the right thing once the modification is done.
I understand. I was just told yesterday when I called that it would take 10 to 20 days before we know if we even qualify but that a sell date has been set for our home. We had reduction in income last year and I have tried since October to work with CW. I was also told that I needed to be not only late but that my budget had to be in the negative to qualify.
Am I missing something?
My original 5/1 ARM reset to a lower rate (from 4.75% to 4.25%) in March 2009 for the April payment. I did not ask for a loan modification but got several unsolicited email offers and 2 offer by mail (delivered UPS 2 day express) from Countrywide for a loan modification. Out of curiosity, I called to see what they were offering. CW offered 4.625% which was available as 5/1 interest only. Although the rate was higher than the new rate I just got, it was still lower than my initial rate and the interest only feature meant I could lower my monthly payments. More importantly, it meant I could lock in for 5 years instead of just 1. The rep wanted my decision that day to lock the rate. I chose to think about it first because 1. it could be scam and 2. I was not sure why CW offered the modification at all. I have never been delinquent with payments. To make sure it’s not a scam, I called CW’s line on the website and asked if the number was legit. I was put thru to rep#1’s extension but only got to voicemail. Then, I called CW again via the phone number on the letter to see if the offer still stands. I spoke to a different rep (same phone but with diff ext so very likely legit) who says the offer is now at 4.375% 5/1 interest only. I said ok. He checked my credit score and I sent in the 2 pay stubs they requested. Rep#1 called me back that same day and confirmed it’s ok to work with Rep#2 if we’ve started things already. A week later the papers came from CW via Fedex with a prepaid return Fedex pouch. Someone from CW called me the same day to schedule an appt. She is coming by the house tomorrow for the signing. There is no cost whatsoever for the modification.
I’ve read all the horror stories and feel bad with how CW has been treating people in need. I still do not understand though why I got a loan modification when I didn’t ask for one. Also, I don’t understand why the service I get from CW is so different from everyone else’s. I’m not connected or wealthy, just your regular homeowner.
Am I missing something? I’m almost tempted to cancel my meeting with the notary tomorrow for fear things will get screwed up. I’d appreciate any comments or suggestions. Thanks.
I’m right in there with the rest of you. I want to say I’m sorry to each and everyone of you because I have no solution to our problem. Yes we could all sue them but you all know how that goes, We will all be without a home and the GOOD lawyer will be setting in his big home with a hand full of money. I’m not very educated at all but I am smart enough to know that. I wish I knew what to do to help us all. I have been working with Countrywide for about five months trying to get a loan mod. and all I get is indians the don’t know anything to tell me but its in the process or that they need more info., or that they cancelled my mod. due to not enough info. that they never asked for. I don’t know about you but I know that everytime I call they give me a run around and won’t let me talk to the dept.I want to speak with. I have had times were they would leave the phone and honestly come back with a new name in the dept. I asked for but it was the same person and I know it was. Have you ever saw a indian with the name George LOL? Please give me a break I’m ignorant but not stupid. Also be aware of all the loan Mod. specialist out there that want to help. HA Ha. All they want is your money and lots of it or your home.I’ve had them ask me for as much as $3,500.00 If I had that much money I would’nt be in this mess.Countrywide did tell me yesterday that they would take my late payments and put them at the end of my loan, But guess what, My payment was going to go up and they were going to charge me between $9,000.00 – $10,000.00 to due so. How stupid do they think we are? They also told me that they cancelled my Mod. but could’nt tell me exactly why. I don’t know who to talk to that we can all trust to help us but maybe if we all contacted Bank of america that bought them out and let them know,maybe they could help. It might be a good idea if we all spoke to the same person. I will be trying my best to find that particular person but please at the same time please help me. Maybe if we all contact the same person and continue aggrevating them they will help. If I was bank of America I know I would’nt want all my customers calling and telling me about all the bad experiences we have all be getting.It would be great to get the email address of the CEO at Bank of America. It might not be as hard as you think so lets all try. If I can find it out I’m going to send all our comments to them as well. PLEASE help me with our goal.
Your friend Danny
I don’t know for sure but i think I found the CEO’s Email address it is
ken.d.lewis@bankofamerica.com I sent him a email as I think everyone should do. Bank of America has been around for many years and I do believe there honest or they would’nt have been here so long. I don’t think they would know how CW is handling their services and business.If anyone comes up with anything else please post it soon. We all need help !!!!!
Danny
I back. I found more info that may help us all. Who knows? The office of the president of CW. You can Direct all your complaints to Victoria Haven’s ( executive Research Specialist, Office of the president. Also you can Email Julie L. Martin in the same office at julie_l_martin@countrywide.com. I hope this helps each and everyone of us.
Danny
I sent an email to both. It may not help, but it can’t hurt.
I sent an email to both and the one to Julie Martin returned saying that the user was unknown.
The email address to Ms Martin is not a valid address. There is probably no hope for me, but I hope it works out for the rest of you with CW.
Sorry about the email not working, I’m trying everything I can to find the info. that we all need. I have sent emails to my governor, congressman,state rep.,HUD,state attorny general. If would all do these things maybe we can get some help from someone if not help for us maybe someone else. I even sent the Whitehouse a letter. Haven’t heard anything back from anyone but HUD and they didn’t really help. They did give me number for a counsler but there not worth a dime if you can’t get Countrywide to give you the dept. and info. you need. Please don’t give up. Someone will finally listen.
Danny
Same story sort of. I was a victim of predatory lending but I didn’t get an adjustable rate, and I’m FHA. I was dx with an illness 2 months after I bought the home, one I bought under some “pushy” under handed tactics, and was told I could refi 6 months after, that was when the bottom fell out of the home market. I got in touch with them, setup and arrangment to pay my mtg plus the arrearages. They said I defaulted, they didn’t take my payment out? We fought and my home went to foreclosure. I stopped the Sheriffs sale 1 week before and told them I needed to and was able to work out something to save the home.
I faxed all the paperwork showing my hardships and the fact I was now ABLE to pay the full mortgage and I needed to be able to do something to pay some back on the back payments and perhaps something added to the end, but I never asked for a loan modification to lower anything? All the while my bankruptcy attorney has been sitting and waiting, paid in full just waiting to push the button on as case # . That was April of 2008 when it all began. I chased them for 2 months. Calls, faxes, emails, nothing. Told the same thing everyone else was. I had 7,000 ready in savings to pay back what was then 10k in back payments. Well I finally got fed up, ended up having to spend most of my money, and wondered what happened to them? I know Bank of America bought them out. Lost in the shuffle?
Wednesday of last week ( March 18th 2009) almost a full year later, I get a letter stating I don’t qualify for a loan modification? Why Finances? Yes I actually have 600 extra per month I was short? And another income NOW? That is why I didn’t ask for a loan modification ? I asked for some type of Forbearence, or reinstatement or something? I am able to pay now? I don’t understand the issue here? I mean they can sell if it they want to, where I’m at in Ohio there are 4 others on my street alone? Can’t kick a dead squirrel in our area and not hit a Foreclosure, For Sale or Rent sign? It’s ridiculous. This is a bittersweet site. I am sad to see you all going through the same thing, some folks worse off and my heart goes out to you, but in the same token I am happy to know I am not insane and I am not the only one who is going through this? A year to answer me and then answer for something I never asked for and never spoke to anyone one about directly, except the person who asked for the paperwork, I never even got a representative assigned? Wow thanks for the year free living but geez you don’t want my money now? I guess some landlord gets is and he can fix my leaking roof? What a bunch of goof balls.
I am game for a class action too, but apparently they don’t care about court orders either?
I meet 4 out of the 5 qualifications under the new Obama plan….however I am sure my house will be gone to Sheriffs sale before I ever get a call back! perhaps my neighbor can buy it for me at a reduced rate?
I wish you all the best, I am off visit my bankruptcy attorney and let him fight with them!
Another victim here. This was a little different because I don’t have an ARM loan, I do have a fixed rate and it’s FHA. However I was dx with Bipolar two months after I bought this house and a car the same month, after realizing I must be nuts thinking I could afford it all….and being talked into a loan I told them I could afford, watching them “fix” things to get me apprved and telling me no problem you can always refi in 6 months and take care of it. Then the bottom fell out of the lending / home loan market! Lost equity and ruined my credit and well….
My journey of default starting quickly. I leveled out got help, and stablized, and setup a repayment plan that was really over budget for me. I got trappe in the payday loan thing as well. They called and told me I defaulted after they didn’t take out a payment on time, and it all went down hill from there.
They filed the foreclosure, I hired a bankruptcy atty and I was ready to pull the plug when I emailed them one more time to see if they would work it out before he got involved.
I too faxed paperwork to show my orig hardship and new income, which was over 600 more than it was before….and they said we will call you, after we sent to Mitigation you appear to be a candidate to work this out!
I chased them for months. After 3 I gave up. So I sat, spent the 7k I had in savings to catch everything else up I could and feed my 3 kids.
Last week I get a letter stating I didn’t qualify for a Loan Mod due to finances? First off I never asked for a modification. I can pay my mtg now as it stands? I just needed help with the past due? Second I never even talked to a live body in mitigation, NEVER?????? Keeping in mind I stopped this process 1 week before the Sheriff’s sale I am befuddled? What idiots. So off I go to my atty who has been paid in full for over a year just waiting to post the case #.
Good luck Country Wide, there are 5 houses this street alone and they aren’t going to crap over here. Hey maybe my neighbor will by it for a 70k loss and I will just give him the money? What idiots.
I am sorry for a lot of the situations and it’s heartbreaking to hear. I wish the best for all effected but I have the means to pay now and they still don’t wnat my money or even care to listen?
Class actions sounds good, but didn’t we get that here in Ohio already? They sure weren’t willing to help me?
I meet a lot of the guidelines too….
If only I was a huge corporation like them, someone would come bail me out!
Have no idea what to do now but file the stupid bankruptcy and see what happens in 10 years …..or go down the street and buy some other victims home for 10% of the value and own it outright…what a *&%@ shame!
I too have had problems with countrywide. I own my own bussiness and as we all know retail sales have fallen- i can no longer take my pay out of my business- luckily i have income from a trust and some rental property. I called about the loan mod and was told what docs to send in. I gathered them and called back for the fax number. The rep pulled up my account and said i probably didnt qualify– how did she know without reviewing the paperwork? I qualified based on a loss of income.
I faxed the paperwork in and waited……for 10 days. I finally called them back today and was told I was never placed in processing because i could not give a resolution date to my financial hardship. If I got another job or a room mate showing more income i would qualify.-
IF I HAD THE EXTRA INCOME I WOULD NoT BE ASKING FOR A MODIFICATION YOU IDIOT!!!! Get this- they also told me my loan was bought by Bank of New York- and they dont allow loan modifications!!
No luck – can’t help me, cant offer any advise, solution or assistance. I will say they did not recommend missing a payment- bless their soles.
So I called a loan mod company- i was ready to take the money out of my IRA to pay up front- I decided to research the company a little more and came across an article from a news station about the scams loan mod companies are pulling– so now i am in a dilemma- do i risk losing money to a scam or do i continue to scrape buy hoping someone will start a class action suit that i can be apart of…
I guess i’m a lucky one- at least I am not close to losing my house yet- although the thought of saving 2700.00a month is temping. Maybe we should let them foreclose on us all- that would hit them in their wallet and they would fold up faster than a cheap lawn chair. Just think – thousands of mortgages not being paid on- millions of dollars in revenue lost– not enough reps to deal with the forclosures- it would be utter chaos- and the death of countrywide.
I want to tell you all- I pray for us each night, I pray for strength for us all to get through this injustice, and i pray our voices will be heard.
god bless you all- except countrywide.
Hi every body, Brooke Dupont, had the same story that we have been dealing with and now we are 6 months behind and they told us they would not reject any kind of payment, but we sent them a payment that they requested to be done by money gram and 10 days later they send it back 2 days after i called to verify that they did recieve it and then they told us that it takes 72 hours to post it, liars!!!! and greedy thieves that dont know what its like to work for a living, we have been in our home for 16 years and now we dont know where we are going, i work for a dairy in co. and between the FEDS, AND THE STATE, the dairy business is at a loss and dairys are going broke and it looks like that will all shut down in april,theres no help out there for the dairy people in america either. Good Luck Everybody and if anybody has any info that they can pass on please email us and we will do the same. Thank You
Keith & Tonnette
I have been dealing with Countrywide since October. I have been turned down for Modification twice, even though I have been told I qualify. I called everyday for 78 days until I was denied the first time. I was told to try again. Then I was told I was $28.00 short a month to qualify. But I was told I could go on a repayment plan that would increase my monthly payment by $3200.00 a month for 7 months. I have been in my house for 12 years and don’t want to loose it now. PLEASE INCLUDE ME IN ANY HELP ANYONE FINDS. I feel so violated. The Gov’t is giving top executives billions of dollars and I can’t get help with anything. I have been working since I have been 14 years old – working 3 and 4 jobs at a time – trying to go to college to get a degree to get a better paying job – now in my masters program and now the economy is sooooo bad, you can’t get a better job with any type of degree. I AM PRAYING EVERY NIGHT THAT THE NEW PRESIDENT WILL HELPPPPPPPP ……. Thanks for listening.
This situation that we all now face reminds me of a biblical incident about the people who were in bondage in Eygpt and their prayers went up to God and he heard them. I have read the comments of everyone on the page and it saddens me and causes me to forget my own situation and my heart goes out to each of you. While praying for the president to help fix things, lets not forget to pray to God, whose name is Jehovah,- the father of Jesus and ask him to help us all in our current situations being very specific about what we’re facing in prayer- man alone can’t save us…
I to have had problems with countrywide. I applied back in Novemeber. Finally got approval in Feburary. Signed and sent in certified documents. I went online to find that they cancelled because they claim that they didn’t received my documents. So I called countrywide. The representative said that they did receive the signed documents on Feb 24th. So why did they cancel. This is very frustrating. My company has reduced my salary by 5%. And for the month of April it will be an additional 10%. What do you do. People are getting new loans for 4.5% and you can’t modify and exsisting customer who had a great payment history until the market with sour and other health problems. I am very disappointed in Countrywide. They market on they’re site how they’re helping people and they have things aval. for customers. But all you get is the run around.
The 20/20 or Nightline suggestions are our best options. Nobody at CW or BofA will listen to individual complains until the media brings it out, and I’m sure either program would be interested in doing the story. They would actually be able to talk to the top people at CW or B of A and government officials to find out why this is happening.
Richie #27 – do you guarantee loan mod? Can you guarantee that working with you can stop foreclosure with CW and modify loans down to 2% int. rate?
HUD does not advise hoemowners to pay any upfront fees, because it is not a guarantee anyway to do loan mod with any lenders. please advise.
Hello,
I just want to say that reading all of these comments about what is going on with Countrywide Loans makes me very mad!!
I have also tried calling to see if my loans could be modified and of course they will get back to you once you submit your paperwork.
To me they are killing time and I really do not know why? Many and most families need help now and increasing rates and payments is not the way to assist home owners.
I wish everyone here the best in doing what they can to maintain their home but the best way is to write to President Obama and let him know that more than most of us with countrywide loans do not qualify for this program he has implemented now because your loan/loans need to be with Freddie Mac or Fannie Mae.
This issues with Countrywide need to be bought to light where something can be done about it!!!
Good Luck all and God bless you all for sharing your comments for others to read and be aware of the abuse taking place by Countrywide.
I feel like the Erin Brockovich of the Countrywide world. With over 30 years paralegal experience, and searching everywhere for an atty. who would help with our problem, only to have 2 agree to help–1 died of cancer and the other committed suicide before either of them could help. Hope it wasn’t over OUR case. We bought our house in 1987 with a Veterans Administration loan at the going interest rate at the time of 10 3/4. My husband retired in 1993 and our son was shot in a hunting accident in 2000 Then the IRS decided we should have attended an audit we never knew about and began garnishing husband’s pension to the tune of $795 per month making it impossible for us to pay bills and eat. The V.A. offered us a loan modification in the form of refunding our original $64K loan and we worked out a deal in Federal Court with the IRS. So far so good, you say? Hardly. Our mortgage servicer at the time went defunct and oh Halleluhia we were assigned to Countrywide as oour servicer in Jan. 2001. Then we got picked up by the IRS village idiot again and were back at being garnished. Our only recourse was bankruptcy and FAST. Called a lawyer advertising specialty in stopping IRS collection efforts, etc., met with the dude, paid him the initial retainer of $800. Paperwork was drafted to place husband only into Chapt.13 and he signed the docs which were immediately filed. Did not find out until the First Meeting of Creditors amongst all kinds of errors in the bankruptcy paperwork that the dude who created all this mess was actually the real atty’s paralegal. One of the errors was that husband’s name was listed last name as first name and required a Modified Plan to correct errors. Countrywide’s atty. entered the mix, filed a completely ridiculous Proof of Claim and his fee clock started to tick. Our atty. file not 1 but 2 subsequent Modified Plans to get the case going. Also, the paralegal who initially started the mess (we thought was atty.)had told us not to pay the Sept. 2001 payment because it would be included in the Chapt. 13. WRONG. Just prior to discharge of the case, Countrywide atty (same one) filed a motion to file a late proof of claim for the Sept. 2001 payment and the court allowed it. Discharge was given in Oct., 2004. May, 2005 Countrywide sends us notice of default for 6 payments? We mailed letters of dispute to everyone we could obtain a name for at Countrywide from pres. right down to the janitor but got NO Response. Threat of foreclosure sent me to an atty. who filed a Chapter 7 bankruptcy case for me, followed by ANOTHER erroneous Proof of Claim filed by same atty. for Countrywide. We objected and supposed errors were corrected. Regular payments were continued all along and Nov. 2005 the Nov. payment we sent in was returned to us for an arrearage of nearly $11,000 (after discharge in Oct. and all payments made). Dispute letters flew out again to everyone in Countrywide, its same atty., telephone calls to a huge list of people, again WITH NO RESPONSE. Our Dec. 2005 and Jan. 2006 payments were sent but never credited nor returned. Never received any contact by anyone at Countrywide nor same atty. until April 2005 when same atty. filed for foreclosure sale on May 10, 2006. Dispute letters and demand for amount of arrearage to same atty. and Countrywide were ignored. On May 6, 2006 another Chapter 13 bankruptcy case was filed in behalf of husband. Another erroneous Proof of Claim and another objection did produce a HUGE reduction in the amount claimed. We continued to make trustee payments and regular monthly payments to Countrywide. HERE’S THE KICKER. For failure to provide required monies necessary to stop foreclosure proceedings, we filed a suit in Small Claims Court (without a atty. due to lack of funds to hire one) against the same atty./law firm for Countrywide. The judge awarded us a $300 fine plus our court costs and ordered payment IMMEDIATLY (meaning before the 2 attys. left the court). They squirmed and whined and like a dummy, I allowed them to send the payment the following Mon. which they did. Back in bankruptcy court, same atty. filed notice of hearing for husband in one courtroom under the current case and ANOTHER hearing at the SAME TIME in A DIFFERENT courtroom for alleged payment arrearage. Never reopened my Chapt. 7 case which is required. I filed my objection to the hearing and he withdrew it, stating it was a mistake. The arrearage claimed by Countrywide includes a payment which went back to June, 2006 and 2 others along the way which must have slipped thru the crack or something, but we cannot provide proof of payment. Also, Countrywide stated we owed an escrow shortage of $399 for 2006 and upped our payment amount from $694 to $754. WE HAVE NOT RECEIVED AN ANNUAL ESCROW ANALYSIS as required, since May 2006, yet our payment is still required to be $754. Gee, you think Countrywide will come back AGAIN and claim a greater escrow shortage from 2007, 2008 and now 2009? I have attempted to contact attys., governmental agencies, including our state attorney general about all this but no help. The attys. will take on the case, but want $5,000 retainer and charge approx. $300 per hour. So, as Co-Debtor on the mortgage and as Interested Party, I have filed an objection to the alleged arrearage and a formal complaint against Countrywide’s same atty. for malicious and predatory actions, plus a Motion for the atty./law firm to recuse (withdraw) itself entirely in this case. I guess I have reached the limit of my scope of legal expertise in fighting the Countrywide dragon. But I’ll keep pressing on. Hearing is tomorrow. Pray for us.
I am also an FHA loan holder with CountryWide. I lost my job back in October, and my husband’s hours were cut by 14 hours a week. We have 2 children in a small 2 bedroom home. I called CountryWide and they told me straight out they can’t help me. They told me I needed to get up and find a job, or they’d come in and forclose me. Very rude. I asked about home modifications, and other programs, and they kept cutting me off saying,”No, No, No we won’t help you! Find a job, or tell your husband to find a second job!”
Hire an attorney!! I did and went to court yesterday, the judge ruled in my favor. Countrywide has 30 days to uphold the loan modification that I signed. They will send your house to foreclosure!!!! You all must get an attorney to help you.
i am intrested in suing countrywide, lets all get a top law firm that will represent us. Contribute money to pay the attorneys and take CW to court, personally, i am sick and tired of this prison called morgage.
A march with appropriate banners in front of the White House might get the media involved. Trouble is, folks with our financial problems can’t afford the trip!
What about Lou Dobbs, try sending your letters to him.
Yesterday CW told me I was conditionally approved for an HSA loan to bring my loan current. (Loan is in foreclosure awaiting assignment of auction date.) Person on the phone didn’t know much. Said she would just plug my numbers into the software and get back any programs I qualified for. The documents should be here in 2 weeks (cross my fingers) according to her.
I did some research and think I have found an explanation of the program (Home Savers Advance) on one of the Fannie Mae sites. This program provides a 15 year unsecured loan at a fixed 5% with no payments for 6 months. The loan amount is the amount needed to bring the 1st mortgage current. The original loan payment stays the same. And, the loan is made by a 3rd party, not CW. In my case this is a godsend. I pray that it really happens because my additional payment would be less than $100 a month.
https://www.efanniemae.com/sf/servicing/homesaveradvance.jsp#
I think this is the site for loan servicer’s and lenders, so you all might enjoy poking around on it.
One post I read on another site said the poster had to sign a doc waiving his right to sue Countrywide as part of his HSA loan documents. Funny, I don’t see that requirement on the Fannie Mae program description. If sued on that issue, CW would probably drop the requirement, but they probably know no one will sue them. Most folks would probably be so glad to find an affordable way to save their homes, they wouldn’t want to rock the boat, especially after reading all of the comments here about incomplete loan packages.
I also talked to CW about my rental property. The only program they offered me, is to pay back arrears over 9 months. If I pay the arrears today the amount due is $9500. If I take the 9 month plan, the amount is .. get this … $15,500. That is an unbelievable $6000 profit for them.
God protect us from these robbers!
I im in the same senario everybody is i sent my hardship letter with my pay stubs, bank statments, in September 12 2008 i called today and they said i had to re apply for a loan modification because they didnt have my information in the system my house is in foreclouser without a selling date due to the lack of personal intrest CW puts in there work. They also told me to print a form from the IRS website called 4506-T i think this is the new Obama program to help us out not know much but i will find out.
An individual homeowner can NEVER successfully negotiate their own loan modification. Period. Get it into your heads and pay for a professional. Lenders try to scare you off of using a loan mod company. Why? Because they don’t want to deal with someone who knows what the hell they’re doing and who knows all their scams. If you go cheap, you waste months and months and lose your house. Hire a pro and do it right the first time. It might surprise all of you Countrywide customers to know that Countrywide is considered, by loan mod companies, to be one of the easiest lenders to deal with.
Our Scenario is the same with Countrywide as with 1000’s of others here. Countrywide told us nothing but lies and took our Home from us! They seemed to be clueless in handling anything. IN THE END, THEY NEVER DID A THING! We were approved for Deed-in-Lieu by the Assistant in the President’s Office confirmed to us by a Counselor at Project HOPE. We worked with this Counselor through Novadebt and Countrywide for almost a year!!! They would tell us one thing, turn around, and do something totally different then what we were told. Countrywide told and promised us that we were approved for Deed-in-Lieu of foreclosure. We completed a massive file. They had the file….they lost the file….they found the file again….they lost the file again etc., etc., etc. Well, in the end, we just had to walk away from the property AND LOST OUR HOME!!! We now have a full-blown foreclosure on our records. Our perfect credit score of 805 fell 200 points. This whole process has been a MAJOR nightmare! It is criminal what they did and get away with it. It is just another name on the process of Bernie Madoff. We were treated very badly. We personally think Countrywide is going to hold the property until the market turns around, write off the loss, and then pocket a H-U-G-E equity position on our Property. In other words, double dipping with the financial assistance from the U.S. Government. I think there is a HUGE problem here!!!
I just want to let all readers know about our forum. http://www.LoanSafe.org/forum
Join our forum with over 250 homes saved and counting. Please join today!
http://www.naca.com
non profit agency
no down payment,
no closing costs,
no fees,
no requirement for perfect credit,
and at a below-market interest rate.
i went to a workshop where thousands showed up and many received interest rate as low as 3%. The lenders, including Countrywide, were there to speak with us face to face.
Try NACA
Count me in on the class action suit. I’m in the same boat, lost about $50k a year in income and behind 5 months on my mortgage. e-mail me and let me know realtor2007@sbcglobal.net. Lets get something going!
What is the phone number for countrywide modification department
Count me in on the class action law suit. I have been turned down twice. I was not behind in my mortgage payments yet. I am now two months behind. Countrywide has offered me a streamlined graduated loan modification starting @ 5.25% fixed for 1 year and grauduating up to 8.0% by 2016. I am considering taking it as my current rate is @ 9.7%. I know of someone who got much lower by not accepting the first offer on the table. If I turn this offer down and try to hold out I could possibly end up with NOTHING! HEELLLPPPP!!!!!!!
Count me in too. My story is close but different. As a State of CA worker and loosing 10% of my pay per month I have sent 5 letters as of last month in with my payment when my loan was sold to CW. To date I have never received anything from Countrywide regarding my loan after asking for something in writing and asking to have my Loan Modified 4 times now.
What a joke I have also called them Unprofessional and Uncooperative and still nothing from them.
Like you all I do not want to loose my house
i have just received my new loan modificaation, after waiting over 6 months for help they offer me 80 d ollars less per month at 7.99 percent, how is this going to help me at all. i wonder if anyone can tell me who to contact. thanks frances massachusetts
Good luck to all who have to deal with Countrywide. I recently lost my battle with them. They got the house. After almost 2 years and 4 times going to Sheriff auction. They proved they won’t work with you. I was just wondering if anyone has been locked out of their homes. I was given 3 weeks on monday 3-30-09 to move all items out of the home. I have already moved, but still had items in the house. On Tuesday 3-31-09 they showed up and changed the locks on the house while I was at work. I contacted the Sheriffs office, which is who gave me 3 weeks the day before, for advice. They contacted the attorney for Countrywide and advised them to restore access to the property. Which was supposed to be done immediately today, 4-1-09. That never happened. I was just curious if they do this to alot of people? Hopefully they haven’t taken any of my items. If this has happened to you, please e-mail me cheeseman@nelsonvilletv.com Good luck to you all. Hopefully you beat them. God bless you all. At least the CEO got his bonus before leaving. You can be sure of that.
I was told my CW that they had good news for me! They told me that I qualified for a loan mod. This was in Oct 08. They told me to sit tight and that they would send me the paper work by Nov of Dec 08. I called them in Dec and they said to be patient and to give it another 30-45 days. Well I waited and I called them again on March 26th, and they said that I was no longer eligible for the loan mod. I asked why and they said that they never received some documents. I told them that they never asked for anything from me, but that I would be speaking a law firm who specialized with CW. The agent then said that she would take my case to her supervisor and that I would need to fax over my two most recent pay stubs and a letter of financial hardship. I did fax over the papers. I called them in two days and they said that they didn’t receive any faxes from. They are giving me the run around and just waiting for me to do nothing so they can proceed with a foreclosure and kick me out. I asked them why they were teasing me by saying that I did qualified for loan mod that included a principle reduction and a fixed rate. I told them I was not going down with out a fight. I also reminded them that I was a victim of predatory lending practices and had one of those option loan payments. And most importantly, they were sued by the state of California and that they were bound to help people like myself. I have since then spoken to a firm that specializes in CW. I spoke to them today. Let’s see what happens. I won’t accept anything less that a principle reduction to current market value. My house was worth 560k and is now worth about 320k. Wish me luck and good luck to you too. Health is most important to me, so screw it.
Class Action Lawsuit being taken under serious consideration against Countrywide Home Loans, all branches (home retention, hope team and corporate in particular).
Our story is just like yours. We feel behind a few payments. One day literally, a modification package showed up at our door. Offered to extend loan term to 40 years, lower payments to just over $817 per month with a 4.25% interest rate. We were elated. So we had the papers notoized as requested and sent back in the provided fedex envelope. Sound familiar? It gets better. We called to get the Western Union address to make payment, thats what customer service advised us to do since “our info wouldnt be updated in the system for a few months”. Shoulda seen the writing on the wall right? My husband is then told during that call that something was wrong with the paperwork, and they are resending it. Now this began in SEPTEMBER 08! The new package finally showed up JANUARY 09! In the meantime we were told to only make 1 yes, 1 payment otherwise it could harm modification chances. So the new mod paperwork is signed again, and resent in their envelope via fedex again. My husband called 2 weeks ago, and low and behold the paperwork is in and fully accepted. He was even put on hold by the rep so the rep can get a supervisor to verify. Yes indeed. Accepted, with the new lower payment, rate of interest and to boot they said our first payment is only due on April 1, 2009. YIPEEE RIGHT? WRONGGGGG! He called on 03-31-2009 to get the western union address yet again because it changes each day (hahaha) and was told, “modification denied”. Reason? His income was less then the new house payment? How the hell they came up with that we still dont know. He has made and still makes over 2k per month post taxes. New payment on house was set at $817. Even the rep at Countrywide had no clue how it came to that reason. She (Victoria in the retention team) even commented that there is no reason we shouldnt have gotten a call from them. She also said there was a note in the system that we “failed to send requested documentation of income and hardship”. Okya seriously????? Now mind you, NEVER EVER EVER did these jerks tell us during any calls, or even by mail to send any kind of supporting income documents. One rep was so ugly with us that he tried to tell us the wording to send the documents was a part of the language in the modification itself. Mind you I made a copy and thank god I did because I asked him to tell me just where it stated that in the modification and of course he had no answer. We are in possible foreclosure and in the meantime, none of those jerks will even talk to us.
Now here is the kicker, remember the rep Victoria? We she apparently forgot to disconnect the call on her end with us on 3-31-2009. We sat there in silence listening to her go off about how her company (Countrywide) dropped the ball on us, how they screwed with us and how we will probably get forclosed on before we even know it. How Countrywide totally lied to us. Then she must have realized she didnt hang up and then she hung up. Never realizing what we had heard. Amazing. They know we are getting screwed!
We are in Michigan. Who wants in on the suit? We have talked to several lawyers who said we have a strong case especially with verbal (recorded) confirmation 2 weeks ago that it was all accepted and when our payment should be made. Respond to this or to our email: musiclvr143@yahoo.com and we will get back to you.
Thanks
WOW! I thought for sure I was the only one CW was giving the run around. 5 months behind on my loan and been trying to get a mod since day one and I’ve been stuck in a loop with them. Having read most of your posts, I now know for sure that I will be loosing my house. Everything that’s been said here in this forum has happened to me. CW is not trying to help anyone. My loan is through FANNIE and they’ve been bailed out and CW got their bailout through BofA which now owns them. So I guess there’s no incentive for them to help hard working people stay in their homes through mods cause they got theirs. I’m no longer hopeful about getting help from CW after what I’ve just read. Now my focus will be to ride it out save as much as i can until they come get their house which by the way will probably be auctioned off for an amount that even at 15% rate i could afford. Makes no sense. Oh well…. life goes on!
CHANGE IS CERTAIN
GROWTH IS OPTIONAL
I am in same boat as everybody above,
please give me a lawyer in the Boston MA
area that I can use to sue. If you know of
a Class Action Law suit in Massachusettes,
count me in and e-mail me as soon as possible, or if you have an attorney in
Massachusestts, please let me know,.
thank you.
I am so sickened like the rest of you. My husband and I have been experiencing the same runaround with CW for 6 months now. When we finally received our modification package in the mail we were disgusted as our monthly payments went up and we were still stuck with the same 8.7 interest rate. When my husband finally spoke to a “supervisor” she denied all of the things we were originally promised by another rep such as a lower interest rate and the delinquent payments added to the back of the loan. She pretty much said that my husband was lying that he was told that and that CW doesn’t offer that as an option to anyone. We live in Buffalo NY and also tried hiring a lawyer out of California who supposedly specializes in this sort of thing since we cannot find a lawyer in our area that can help us. Well that “lawyer” turned out to be a scam and thank god we figured it out before we sent money. We also tried going through NACA and that was a huge waste of time and faxing. They didn’t do anything but give us budgeting advise that didn’t make any sense. I’m at my wits end with CW!We never signed their joke of a modification and instead have contacted HUDD and as a result when we called CW today the recording said the modification has been cancelled and foreclosure proceedoings will be resuming. Part of me just wants to give up and just let them take the house and the other part of me thinks we have put way too much work and money into this house to let those scumbags make a profit on it someday. If anyone knows of a lawyer that knows what he’s doing me let me know. Also I’m all for a class action suit and don’t care what it costs at this point I just want countrywide to suffer.
I received great news on 3/27/09 that my modification was approved and that I would get my documents sent to me before 4/30/09. I also would be contacted by a representative before 4/30/09. I checked on my status today and it said my modification was cancelled since I did not respond to their request for more info. I have never been contacted! I have phone records to proof it! this feels so illegal and I know they are just giving us the runaround knowing we cant sue because we do not have money. I thought that after Obama signed the housing plan everything would get better. But not if your loan is with CW. What do I need to do? Contact my congress man?
I’m hesitate to even call to ask for a home affordable refinance application… after reading all of these recent posts… this needs to be sent up to someone who can fix CW’s bad habits and poor customer service
I have read every single one of these postings and it’s exactly the same experience we’ve had with Countrywide. We just won’t give up our home but we’re a year behind in payments. Have been trying to work with Countrywide for well over a year…long before the modification program was talked about. We’ve asked them to help us stay in our home. It is a family home which has been in our family for 70 years. The fourth generation of family is now living here. I’m 70 and my husband is 78. It’s too long a story to tell everything, but we have someone helping us (not a lawyer), but it looks as though they’re not going to do anything but put the back payments we owe onto the mortgage. We’re paying almost 12%, interest only on what we consider a fraudulent loan. Apparently they don’t care about that. My husband is in bankruptcy but the judge can’t do anything about the mortgage unless the Senate passes the new bill (the House has already passed it). We have felt so helpless. It’s nice to know that at least we’re not the only ones. I just pray this somehow works out for all of us. How can we get help? Hard to pay a lawyer very much when we’re struggling already. Countrywide doesn’t even own most of these loans….they’ve sold them to investors and it’s almost impossible to find out who owns your loan. That just can’t be right.
We will continue to struggle and not give up. We know some pretty important people but so far that has not helped us. It’s almost as if there’s no one to help us.
God bless everyone out there struggling with this.
Contact the home retention progran, at CW: 1 800 604 8630.
They have been very helpful to me.
Give them your loan #.
They will do the rest.
I am heartbroken after reading all of these comments. We are in the same boat as everyone else. I am comforted a little by knowing we’re not the only ones. I can’t understand why someone can’t do something about Countrywide and their complete lack of sensitivity to what people are going through.
Our situation is long and complicated, but basically, I’m 70 and my husband is 78. Our home has been in the family for 70 years; the 4th generation of our family is living here now. We have a terrible loan which we took out two years ago when my husband was sick. We got taken in by a smooth talker who promised everything and then withheld information. He didn’t even tell us that our loan was interest only and that we would be paying almost 12% interest. The whole thing has been so awful and we’ve talked to Countrywide for over a year…..there is no way to ever get anywhere with them. No one seems to be in control.
We are fighting the good fight and continue to hope that something will be done to help us. We don’t want to leave our beloved home which holds so many memories for our family. Countrywide doesn’t care what happens to any of us…..they don’t want to forgive any back payments owed or come down on the principle in any way.
This has been extremely stressful on us. I know everyone out there feels the same. You just wait every day for bad news. I really thought with all the things President Obama has been doing that we would be helped in some way. But since we won’t have a Freddie Mac or Fannie Mae backed loan, we’re in trouble.
I will hold a good thought for everyone out there who has to work with this company. Let’s hope there’s something we can do.
I am going through all of the same things. My husband and I have been blind-sided by what CW has done to us. We have been waiting since October 2008 as well to hear about our loan in review! I guess we are in foreclosure now! I have been informed about a company company called Pre-Paid Legal. Anyone heard of it???? I am gona try since the fees are good. We live in Ohio. Does anyone have any problems with CW in Ohio? Are there any other suggestions about what to do??
I will continue to pray because I know God has a great plan for all of us in this situation!
dont rely on countrywide to do loan modifications seek legal counseling they mostly dont charge for the first office visit. see more information on chapter 7 and chapter 13.
I also received a “congratulations” approval for a loan modification document a month ago which I filled out, notarized and fedexed back. Now Countrywide says I have been un-approved. This can not be legal?
I am contacting the California Attorney General.
In 2 weeks time Countrywide will no longer exist but be fully absorbed into Bank of America….is this an end game strategy to collect bailout money and not help anyone?
Ps by the way the Countrywide CEO Mozilo made $100 million last year: let’s see him in court!! lol!
http://mhutch.blogspot.com/2008/01/countrywide-ceo-angelo-mozilos-100.html
I’m ready for class action against BofA / Countrywide…You can run but you can’t hide!
Please post any info on a class action case and how to join in…
Same story here. Is there a law suit? Has anyone found anything? I’m ready to walk the walk…
Wow. I can’t believe how many people are fighting the same fight as me with Countrywide. I have been holding on for about 5 months now and as a result of income hardship only have a couple months left to make my payments. I have been contemplating playing the hold my payment game, but sounds like it is not working for those who tried it.
My only question is… will working with B of A actually give hope to us homeowners just barely hanging on? The worst part is, I only need about a 25% loan adjustment and a roomate to make the finances work out, yet if I can’t get help foreclosure is emminant.
Good luck to all you hard working honest people getting screwed out there!
get some brains people there is no incentive
for a lender to modify a loan when tarp funds will reinburse them for any bad loan loss on a foreclosure. the gov. has set this up for the big shots to win while the
little guy gets screwed. Get a clue people politicans have been doing this for decades but you dummies keep voting them back in.
I can’t believe how many people are going through the same ordeal. I was on modification and had to fax in papers, Countrywide cancelled it saying they did not get my papers. I had documention with the date and time they received it, but they still cancelled it. I am now in Home saver advantage, It was all approved and the only step left was to update my account witht he new payment amount and to show current. Well to my suprise, it was cancelled. Do you think anyone can tell me why. NO No one. I am sick to my stomach. I was asked if I want to apply for something else. I am not letting this go.
Our fight with Country Wide has been going
on since October 08. The company I have worked with for the last 29 years shut their doors. My income went from $80,000. to a job I finally found after 3 month to
$24,000. The housing industry had already
taken a nose dive and the 2 1/2 year old town home we bought for $185,000. was now
selling for $150,000. so, refinance was next
to impossible. I submitted my grievence letter, tax returns, check stubs and bank
statements as requested. We were also told
to be patient it would take from 60 to 90 days. To date we are still being asked to
be patient and it has now been 7 months.
We have been told we qualify and then we don’t, then they need more information faxed that we have already faxed.
I’m fed up with them and just want to know
what I can do. I am 60 years old and want
to keep my wife’s and I home
Lary Sady
Colorado Springs, CO.
My name is Maria, and I’m 5 payments behind. I applied for a modification like the rest of you and was told to wait. My current loan is 5.875 five year fixed. Countrywide offered me a variable at 5.875 with my past due amount being added to the princepal my loan payment went up not down. I asked to reapply they flat out told me “Ms. Maria ______ you won’t be offered a second chance, we suggest you sell your home in a short sale. I can’t believe that this company that is the cause of so many bad loans is not willing to work with someone to help repay their debt. I’ve never been late before and now that my business is slow they won’t do anything to help me.
Where can I join the “Class Action Lawsuit”?
I told the CW rep on the phone that I was in contact with my State Atty Generals Fraud division. When you ask to speak to a supervisor at CW just ask the customer service agent if they want to be reported as the last one from CW I spoke to before taking action? I got three levels up and even got phone calls from them!!!
I had been offered an unsollicited loan mod by CW in Oct 08. It was cancelled due to a “discrepancy”. So I sent in another set of documents. Turns out my paerwork went to Pittsburg via the Fed Ex envelope CW sent me. I was told my papers arrived a day late. Oh yeah, well I have the routing number that say’s my papers were recieved a day early. CW tried to get me to reapply for the mod. I never applied in the first place and I fully expect to get the 3.625% rate for 40 years as promised. I’m six months behind on payments and they won’t accept any partial payments. This will not end well I fear.
I, too, am a victim of Countrywide’s SCAM on loan modification. To date, I am writing my Senator, Congressman, etc. etc.., however, Fannie Mae told me to contact the Federal Trade Commission, which I have done. Apparently, the Federal Trade Commission only addresses problems if many people call about the same company, so get on the phone and contact them. If you haven’t already done so, please do. Also, if you get into a class action suit, count me in. Countrywide was bailed out, with taxpayers money, OUR MONEY! Then Countrywide was bought out by BANK OF AMERICA, and they too, have taxpayers money, OUR MONEY! These 2 corporations are nothing short of white collar extortion and it’s time for the government to step in. I think it’s time for Congress to investigate the deceitful practices of CW & Bank of America, nobody is above the law!
We too have been on the merry-go-round with Countrywide. They have YET to request any financials from us and everytime we call we get different answers – yes we qualify – no we don’t qualify blah, blah, blah. We’ve been hung up on, transferred all over the place, told to get better JOBS, transferred to India, cut off, told the Obama plan means essentially CW will refi for MORE than our present mortgage (huh??) at a lower rate but we have to come up with over $10,000 (WTH for??). My God, it’s INSANITY!!
We have a 30 year fixed, never late on payments. Husband laid off, I care full time for an elderly parent, and we still have kids at home. we had to dip into what was left of our retirement 401K after Wall St decimated THAT, just to stay afloat the last few months and I have to say, I’m ready to just walk away from this house because CW sure isn’t going to help. They want your $$ AND your property.
I would like to organize a million homeowner MARCH on Washington. Maybe if we set up a tent city in front of the Capitol for a few weeks, SOMEONE who actually DO something.
Just grasping for straws but maybe if we found out who our lenders were and called them and told them what was going on with CW and how they were taking care of their money they might do something about CW. You can find out who your lender is by calling your local county court clerk. It is public record so they have to tell you.
Good luck and GOD Bless everyone of you !!!!!!
Dr. Linda!?
How was CW helpful to you? We would certainly like that information so that we can persue an outcome like yours.
I too am in the same boat dealing with Countrywide since Nov 2008. I am done being upset and now I am mad. CW tells me that my investor, which is not fannie or freddie, can not offer may any assistance. I asked if CW had any authority to suggest to an investor to assist an owner and they said no. So I asked for the name of my investor. I feel like I should be able to talk to the people that hold my life in their hands. It took passing me around to 3 people before they would give it to me. Why is it such a big secret? It sent them into a tail spin when I asked for their number too. I wanted to call them see why they can’t think out of their box to help. I am not asking for a principal reduction or a huge interest rate reduction. If they would just reduce my rate by 1% that makes the payments affordable for me. It puts me in the positive. What is so hard to understand hear? And the manager in the home retention department told me yes when I asked, the bank would rather take a $130,000 loss in a foreclosure than reduce my rate by 1%. That’s criminal. I am convinced they string us along to spread their losses, get their bad debt off the books and at the same time take our tax dollars to “help” owners stay in their homes. These banks are already on the hook for whatever the loan balances are. Why is so inconceivable for them to do streamline refi’s and not consider appraised values to lower rates when a hardship warrants it. It’s all about politics and tax deductions. They could care less about home ownership retention!
WOW!!! The stories about CW are absolutely incredulous. I called CW yesterday, as I was told when I called them in March that I needed to be behind on my mortgage to qualify for a modification. So guess what, I called yesterday, and got some idiot on the phone, who did not have a clue what he was doing. I simply asked that I wanted to know what type of modifications programs CW was offering and if they could send that information to me. The answer I got was that he needed to know my current circumstances so he could fit me into a program that would work. OK…what about the O’Bama program….do you have any info on that? He said that they are not involved with the mortgage stimulus package, and the best that they could do was to put my late payments on the end of the loan, thus increasing my mortgage by $200.00 per month. I asked why CW is not participating in the O’Bama program and he really could not give me an answer. CW has millions of homeowners that are currently facing extremely difficult financial times, and they are not in a position to help? Something is fundamentally wrong with this picture. I have now sought out the Chapter 13 bankruptcy option, as the equity loan that we have on our home that is at 12% will get wiped out, and the bankruptcy judge has the judicial authority to lesson the principle amount of our principle mortgage to the tune of what we are capable of paying. He also has the ability to lesson the interest rate to 2% and will base the mortgage payment on a debt to income ratio of not any more than 38%. So the only requirement is that you need to have taken all measures to get the mortgage issues resolved with your current lender. CW is leaving no option for my family, and quite frankly, I do not see any other solution, but to file a chapter 13 to save my home, which I put 150k down on and the home is worth less that what we paid for it!!!
Shame on you CW for failing to work with so many homeowners who you helped get into these unfortunate circumstances with your GREED.
Countrywide is the worst mortgage company there is out there. I was hopeful when BOA bought them out… They are just as bad. They are changing the name from CW to BOA only because of the bad name attached to CW. I have been trying to work with CW for 2 years and my income has changed several times as my 30yr fixed payment has went up due to escrow. The house was 300k now worth about 133k. The mortgage payment is well over 2000k a month and if I were to rent it, I could get about 1300k. How do you actually tell someone that they dont make enough money for a ‘lower’ payment. The bank has accepted bail out money. CW itself went into forclosure (bought out by BOA) how dare them not help the homeowners that need it. If anyone wants to start up a lawsuit count me in. Even a letter signed by all the millions of homeowners unhappy with CW and get it to Washington.. YOU HAVE MY SUPPORT!!
Hello Everyone.
I’m in the same boat as everyone. I’ve been working with CW since July 08, each and everytime I talk to them no one has any info on our loan. Been trying to acheive this loan modification for months. My home is now 10mos past due and spoke with CW last week and they said it is now in the forclosure stage. I’M pulling my hair out. They have misplaced out paperwork 3 times now since July 08. Re applyed in Jan 09 for another modification and still no answers. ALl they keep saying is it is PENDING. Now, to hire an attorney who can we trust. Please tell me which attorney out there is lagit and can help me through this. They all want money up front and I keep hearing on the new that if an attorney wants money up front it is a scam. Where can we go for help. I want to save my home and I do not know which direction to go. Please, anyone with answers or suggestions, let me know.
Good Luck to all of you too. We need to file something against CW.
STAY CURRENT ON PAYMENTS IF YOU CAN…
I think might be the first person to provide encouraging news… I posted earlier experiencing the same thing everyone else is saying… After 4 months trying to get a jumbo modification and getting absolutley nowhere, I was at wits end only a couple months from walking on my property when I suddenly landed on the right persons desk.
SINCE I REMAINED CURRENT ON MY PAYMENTS THEY WERE ABLE TO HELP ME…
In one conversation, they took my interest only payment from 6.125% to 4.3%. In my case this means about $1200 savings!
My advise to you is:
1. Stay current on payments
2. Remain persistant (they won’t call you)
3. Take meticulous notes and ensure every call you at at least make some form of progress.
Good luck to you all — I am telling you… there is hope. I am proof!
These CW modifications are a SCAM. The modification i was offered increase my monthly mortgage payment, how is this helping me, can someone inteligent in CW explain? I do not consider myself irresponsible, as soon as my husband was out of work, i notified CW and explained that even though we are current, with less income coming in our household that the possibilities of defaulting were high, reps insisted there was nothing they can do and if there isn’t enough income to make the payment i needed to foreclose or do a short sale. Well a couple of months past by, i used up all of my savings & my kids college fund to continue making the mortgage payment, to be responsible and pay on time. Now 3 more months past by and guess what? we are beginning to fall in default, then you get phone calls from CW asking why are you behind on your mortgage, well if you would of helped from the beginning we would have avoided this. This time around i am told that in order for me to be consider for a modification, i needed to sumit several documents to HOPE, which i was so happy because finally maybe someone would help us, let me tell you this help was no help at all, what HOPE proposed was to take my 3 months past due payments, place it at the end of the loan, increasing my principle and increasing my monthly mortgage payment, and then was told by CW that this was a generous offer that not everyone is modified even if it’s increasing there mortgage payment. Well like many homeowners refusing to abandom ship, i went to this bankruptcy lawyer who also works on modifications for advice, I will tell you without any hesitation, worthless waist of time, as soon as i explained my situation his response was sell the property or foreclose and take all your credit cards any debts and go into chapter 13, I thought to myself at that moment “is this a nightmare” are all these banks, investors, lawyers in it together all for the money? is there someone out there looking out for us, the working class, the ones that pay their taxes, those that contribute to society, is this fair?
Well i was not going to leave the lawyer’s office without telling him what i had to say about his brainless proposition. Which was..My thought on this is very simple, math 101 very elementary, if i agree and let go of my home and have it foreclosed, then i wouldn’t need chapter 13 for my credit cards, what for? eventhough you pay on a chapter 13 for 5 years and then you are discharged, you are still unable to obtain credit because of the foreclosure on your credit, so i see it this way, i will discontinue payments on my credit cards from now on…let them go to any collections they want, let the phone calls come in, because in the long run, is no win situation of us, so if i lose, because of heartlessness, then all banks lose.
Well Jim,
Your advice to keep current on your mortgage payment because maybe banks will be generous enough, compassionate enough to make a deal, well i will let you in on this.
I called Country Wide finally got someone on the phone, explain that even though i was current, my husbands decrease in salary will eventually have us defaulting, the rep responded, well i can’t help you because you are current on your mortgage.
Then 2 days passes by and one of my co-workers calls Country Wide, speaks to one of the reps and the rep says, i can’t help you because you are behind on your mortgage payment. So as you see, this is a game, they will tell you, you do not qualify because your current and you do not qualify because you are past due. This is a game, what countrywide does not know is people contact each other and share their stories, so i suggest that countrywide and bank of america start detailing their qualification criteria for a loan payment reduction, yes a payment reduction, because a loan modification as everyone says, even attorneys is a temporary bandade a short term fix.
To Jim of April 30, 2009, 1:27 pm
PROVE IT!
To Jim, if they were able to help you why don’t you give us all the contact name or phone# and how you were able to accomplish the impossible? I am still current and was told by CW they can’t help unless I’m behind and I should just let the house go into foreclousre. What a dumb answer. I’m paying over $3500 on my 2 loans and sinking fast. Our home is now worth at least $100k less than we paid for it in 2006 so refinancing is not an option. So Jim, if you have some magic contact info please share with all of us very unfortunate souls. Thanks.
I am writing this letter in efforts of finding other unit owners who, like me, were coerced by Countrywide Financialin the process of purchasing their Unit at Verano at Miramar(or anyone esle with a similar situation).I am sure many of you were “wooed” as I was by the waiving of builder’s fees upon closing with a “preferred lender.” While I was warned at the time I did not listen and chose to go with Countrywide who had provided me with a good faith estimate of 6.5% on a conventional 30 year mortgage. At the time my median Credit rating was 810. Unfortunately I was a full time medical student living off student loans, a part time job and the mediocre income generated from 2 other properties I owned and rented out. This wasn’t the first time I had been down this road before but much to my dismay I had the hardest time communicating with the loan officer who wouldn’t take my calls despite daily attempts and even at times contacting her manager in order to get updated on the status of the loan. Suddenly at closing time everything had changed. The loan officer said she didn’t want to “get her hands dirty in paperwork.” Now I had a 5 year ARM which was never explained to me and the interest rate jumped to 8.25%. My options …sign or walk away while loosing my $5,000 deposit or paying $100+ per day until I was able to close with another lender and then pay the builders’ fee. Those of you who are familiar with mortgages know it can take 30-90 day to close after starting all over with another loan officer thus accruing an additional $3,000 to $9,000 in fees. What kind of option is that?? It’s a trap that I obviously could not escape. So I closed. Unhappy yes, but I had no other option. Immediately upon closing I found that I could have gone with another loan officer and received a 6.5% interest rate on a 30 year fixed conventional. The cost to refinance would be in excess of $5,000. I was told that if I waited until I graduated made all my payments on time and refinanced with a solid verifiable income my interest rates would be even lower. I looked at overall cost and the best most cost effective way was to wait. I now owe $132,000+ on my property and can not get an appraisal for greater than $50,000. I put over $20,000 of work into the unit. I have paid over $60,000 in interest for this unit that is now valued in the $40ks. I MUST refinance by November or pay an interest rate greater than 12% on an interest only loan. I have been told by multiple entities that what Countrywide did was FRAUD. I am looking for other unit owners that like me were told one thing and given another….unit owners who were not explained anything at closing and had no option but to sign to terms not previously discussed and never explained. We MUST hold Countrywide accountable for what they have done to unit owners in our complex. Even if you do not have Countrywide but were similarly promised one thing and forced to sign to other terms I encourage you to please contact me. uforea21@hotmail.com
Yes I am stuck with CW and can’t get out of my interest only loan that was bad lending practice. The broker ended up being fired due to selling all my personal information (social security, credit info, credit card info, bank info, ect.) I have a 7.5 percent fixed for 10 year interest only. After that it becomes an ARM. I also have a second loan (which was sold to CW) out which is 8.5 fixed 30 year. I can’t do loan mod because I don’t qualify and I cant refi because I can’t prove my income (work for tips) but of course I can pay my mortgage on time. The neighbors house is foreclosed on resulting in my home value to drop over 100k over the last year. Now between the 1st and 2nd loan, i owe more than what it is worth so now CW story is they can’t help me, BofA is saying I have to call a “special number” and that I can’t talk to anyone in person. The principle is slowly going down for the little that I can pay extra but am slowly sinking as my job becomes slower. CW reps are horrible, wont return my calls, and gives me the run around. NACA is a process that takes to long, really doesn’t help people that want to stop a problem before it starts, and honestly I don’t have the time to drive 6 hours away for a workshop. I am stuck. I have read these stories and I am saddened about this. There is enough complaints to start a class action lawsuit and I have been thinking about running the idea by an attorney. The name is Morgan & Morgan that is popular in Orlando, FL and if you are interested in getting a lawsuit started then let me know. There are only 4 factors needed to file a class-action lawsuit:
1. Numerosity – enough plaintiffs to make class action an efficient way to handle the claim.
2. Commonality – common issues of fact and law for each claimant
3. Adequacy of Class Rep – the person who is the class representative needs to have claims that are the same as the class members and that they are capable of serving as the representative.
4. Adequacy of Counsel – that the law firm representing the class has sufficient skill and resources to represent the class.
A certified class action suit is one brought on behalf of a large group of people as plaintiffs who have suffered some similar harm from the same actions of the defendant or defendants. A certified class action suit is one brought on behalf of a large group of people as plaintiffs who have suffered some similar harm from the same actions of the defendant or defendants .
We might have a case….
My e-mail is :
Twlight0@hotmail.com
Thx, Alicia
There are only four things needed to file a lawsuit against CW. I am stuck and can’t even get a person. I am tired of dealing with rude, unprofessional people telling me to default on my loan before they can do anything. So if you are interested in filing these four things must be met:
1. Numerosity – enough plaintiffs to make class action an efficient way to handle the claim.
2. Commonality – common issues of fact and law for each claimant
3. Adequacy of Class Rep – the person who is the class representative needs to have claims that are the same as the class members and that they are capable of serving as the representative.
4. Adequacy of Counsel – that the law firm representing the class has sufficient skill and resources to represent the class.
A certified class action suit is one brought on behalf of a large group of people as plaintiffs who have suffered some similar harm from the same actions of the defendant or defendants. A certified class action suit is one brought on behalf of a large group of people as plaintiffs who have suffered some similar harm from the same actions of the defendant or defendants .
I am thinking of going to Morgan & Morgan here in Orlando, FL. If I get enough responses via e-mail then we might have a case.
I am done with these people with bad lending practices, selling my personal info, lying to me about it, then offer me nothing in return for being a customer….
E-mail me… together we can overcome these corporations.
Twlight0@hotmail.com
Thanks,
Alicia
If and when you sign loan docs Jim then wonderful but until then a lot of us have been down the road of promise only to have CW come up with some lame excuse on why they can’t proceed.
the Countrywide system to deal with home loan modification is just not working. this company’s employees do not even know what kind of program one may qualify for.
they are not patient with you and it seems that they are not qualified for what they were supposed to do.
won
1) Why is Countrywide Home Retention Team keeping Warning code #4 purposely on our account so that no other workouts are offered?
2) Why is Countrywide Home Retention Team keeping Code #2 purposely on our account so that no other workouts are offered?
3) The Home Retention Team keeps telling us they don’t want our house but after what I heard today is there something that I don’t know?
Upon calling Countrywide today the Home Retention Specialist thought she had me on hold and I could hear her talking with someone regarding a Warning Code #4 and code #2 that she didn’t understand. The person that was responding to her was stating that the Warning Code #4 was preventing the computer from making any further work out offers. The person further stated that they were just trying to keep us in the house until May 20, 2009, the foreclosure date and code mad sure the computer couldn’t re-evaluate us for any other offers. Suddenly they realized I wasn’t on hold and they hung up on me.
This time when I called back I spoke with a man in the Home Retention Department after hearing the conversation. He gave me the normal routine that the Countrywide Home Retention Team states. He informed me of our foreclosure date of May 20, 2009, the amount of money we owed, and told me that I should be concerned with the amount of money that we owed and that Countrywide had no intention of doing a modification for us because of the amount of money we owed. I told him that what I was concerned about was the Warning Code #4 that Countrywide had placed on our account and the Code #2. I ask him what the warning code #4 meant and told him my concern was that these codes were preventing the computer from making any other work out offers to us. He was shocked and surprised that I knew the code numbers and told me that no-one should have given me the code numbers that those code numbers were just for Countrywide’s Home Retention use only and that I shouldn’t concern myself with codes. He further stated that the last thing that Countrywide wanted was our home. I told him that I had to be concerned with them because they were stopping the computer from examining the system to see if we qualified for any future work-outs. He stated that an email had been sent to remove the codes and even once the codes were removed that from what he had observed from being a Home Retention Specialist for two years that we definitely wouldn’t receive another work-out. I told him to document on our account that he was stating we wouldn’t receive another work-out. He stated that he wasn’t going to document that but what he would document is that he told me to call back tomorrow to see if the codes were removed. I asked him about the B of A Website and programs on there of extended terms and reductions in interest rate. He told me that we didn’t qualify for those programs and I asked him why. I told him what’s strange is that we don’t qualify for those programs but we do qualify for the increased payment programs. He stated for me to call back tomorrow.
A little background
Our whole world changed in March 2008, when I received a phone call from my husband’s job to get to the emergency room immediately. After a year of test going back and forth to doctors and specialist we found out that he has a growth in his head which has to be surgically removed. The surgery is suppose to take place this month around the same time as the foreclosure. The surgery is risky and death could be a result. My husband does have life insurance that will take care of the kids and I in case something happens. He often jokes with me “he is worth more dead than alive.” I haven’t shared the surgery with our children yet. My inlaw is coming from out of state to help me with the kids when the surgery takes place. Due to my husband’s illness changes in our household occurred instantaneously. I became head of household, care-giver, nurse, and for the first time in our 30 year marriage financial manager. At first my husband’s doctor thought he would recover and return to work; however, we found out after a year of test and specialist that his illness is critical. In addition, we thought we would be covered by the short-term disability and long term disability insurance plan that my husband had paid into; however, he was fired from his job due to being ill and not being able to return to work and our medical insurance was cancelled. Due to our medical insurance being cancelled we were forced to pay for medical out of pocket. The short term disability insurance had told us we were approved sent two payments and told us that we were no longer approved (another fight with insurance companies that collect premiums but don’t want to pay). We scrambled to pay for medical out of pocket and I immediately called Countrywide Mortgage explaining our plight. After struggling for close to a year we finally obtained affordable medical insurance; however, although we would try to pay Countrywide they would just return the payments and we found ourselves behind on our mortgage payments for twelve months.
Results After Calling Countrywide Home Retention for A Year
Through the process of constantly calling Countrywide they sent three mortgage modifications that were all higher then the original mortgage payment that we couldn’t afford. I found out in a phone call in March 2009, that this was supposedly due to a Home Retention Specialist entering our financial information wrong and showing that 1500 dollars left over after all our bills including the mortgage were paid. I informed the Countrywide Home Retention Team Specialists the financials weren’t correct; however, they always managed to get them wrong and send modifications with increased payments.
After finding affordable medical insurance we called Countrywide to inform them that our financial situation had changed. Although we called all year almost bi-weekly, during the month of April 2009, we called Countrywide Mortgage every other day and would call two to three times per day. The Home Retention Specialist would tell me there was a workout code on our account and that until it was removed the computer wouldn’t offer us another work out. The Home Retention Representative told us to call back on April 10,2009, that it would be removed. After calling for two weeks to see that the code hadn’t been removed we finally insisted on speaking with a supervisor in the Home Retention Department.
The supervisor that we spoke with told us that Countrywide had a workout code on our account for a modification that had expired on April 15, 2009, that hadn’t been removed. The Supervisor at Countrywide Home Retention Department, stated that he had sent an email and it would only take 24 to 48 hours to remove it. The Home Retention Supervisor assured me that the codes would be removed and that once the codes were removed he would call me back. The Home Retention Supervisor called me back twice and left messages on my answering machine which we still have.
Following Rules and Guidelines
We have followed every rule and guideline for a year. With all that has been going on in our lives before we realized it, a year had past that we had been calling Countrywide Home Retention Department. We followed all the directives of the Countrywide Home Retention Specialist. We have submitted three files of paperwork of 150 pages or more on three separate occasions substantiating financials and my husband’s illness. We have received modifications from Countrywide Home Retention and the Hope Team increasing our mortgage payments by $800.00 per month. We have called two Hud counselors who told us to walk away and the Hope for Homeowners Counselor who told us to cancel our life insurance and walk away from our home. We called our lender Countrywide for a year and were told since we had income they would send us a modification we could afford. As a result of following the rules and guidelines a code has been placed on our account to make sure we go to foreclosure. The Bank of America Web Site list the following below. It doesn’t say they have helped 400,000 customers it says they began reaching out to customers potentially in need. I have four neighbors who homes have already been foreclosed on by Countrywide and know five other people that Countrywide is going to be foreclosing on I guess we aren’t among that 400,000 that were potentially in need to find the best possible loan solution. I know that we definitely weren’t because I have found out that codes has been put on our account to prevent us from getting a solution. I copied the statement below off B of A’s (use to be Countrywide’s web Site) and I am beginning to wonder is it just illusions, smoke screens and mirrors?
Here’s how we can help.
Our goal is to help keep you in your home. If you think you might fall behind on your payments or have already missed a payment, our specialists will work with you to determine your eligibility for one or more of these potential solutions:
Refinancing
Extending the term of the loan
Interest rate reductions
Temporarily freezing monthly mortgage payments
Extended repayment schedules
Decreasing the principal balance of the loan
If your mortgage is serviced by Countrywide and is either a subprime or pay option type mortgage originated prior to December 31, 2007, then you may qualify for assistance through our Countrywide National Homeownership Retention Program. After December 1, 2008, we began reaching out to more than 400,000 customers potentially in need and work with them to find the best possible home loan solution. For more detailed information about our Countrywide National Homeownership Retention Program, read the Press Release.
Teresa
Countrywide has been giving me the runaround since December 2008. I have called them every 10 days for a status update on my “review” for modification. The blind are leading the blind in the Hope Department. The 3900 minimum wage clowns spew BS responses from their PC screens and are of absolutely no help in shedding any light on present or future “true” review for a modification. Of course, at this point, they won’t accept a payment, and “they don’t work on timelines.” CLASS ACTION SUIT -count me in. Greedy bastards.
Unfortunately it makes me feel a little better to know that I am not the only one who has problems dealing with Countrywide. I am in the RE/Loan business and have been for over 10 years. What I find funny is that Countrywide was one of the biggest sub-prime mortgage companies out there, a leader in the industry funding more loans, having the most offices anywhere. So in a sense they helped create this mess, but will not be held accoutable for it. I too have tried to loan mod, not once, but twice and was told, first I made to much money and the second time when I changed things around, I didn’t make enough and was in the hole. I asked what formula they used to calculate there figures and the rep told me the net income was used. They only way to get a mod from them is to only be about 1-500.00 in debt now, so if they do loan mod you and the difference is that 1-500.00 then it makes sense to them. Now whether they will actually do this is yet to be seen. As a whole they are the worst to deal with in the industry. When we called to ask if they had the BofA guidelines (after they were taken over by then) they said they did not have the new guidelines yet. I am now forced to short sale my house and see if I can get out of this. My home is upside down as eeryones’ is, and don’t want to have a foreclosure on my credit. One last thing to note, and insider came into an office meeting we had. He was a big wig at BofA. He basically said, if you are not Fannie or Freddie and your loan is more than 417K you are not eligible for a loan mod. My question to them is what was the 74 billion Bofa received this week for then, and why do I the tax payer have to pay that money back on your behalf? Class Action suit count me in!
We can help you!!!! Call us NOW!!!
Jerrianne
888-RUN 4 THE HILLS
I would love to say the afore mentioned happenings shock me, but the truth is I talk to homeowners every day with these same stories. I work with a marketing company in California, Home Loan Preservation. We help people connect with a law firm specializing in loss mitigation, including loan modification, which will represent the homeowner to the lender during the lengthy process. The success rate of the law firm (Green Credit Law Center) is 97%. Green Credit has an excellent relationship with Countrywide and has had great successes with the loans they hold. I started working in this business because a few of my friends lost their homes due to bad loans and greedy loan officers. My goal is to stop this from happening to as many people as possible. Please visit my website for more information. Remember, you are not alone.
FOUR VERY IMPORTANT QUESTIONS TO ASK YOUR SEVICER – “WHO OWNS THE NOTE”?
More than likely your note was lost or destryoed, the true “owner in due course” many never be known. Only the holder in due course may modify or foreclose.
The reason why they don’t know who owns your note; it implicated them in SEC fraud, TILA, RESPA, UCC Code, usury, etc.
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Lies a new tool in foreclosure
Lawyers, in rush to regain properties, can exploit judges’ workload
By Todd Ruger
Published: Sunday, May 10, 2009 at 1:00 a.m.
Foreclosure lawyers want to take back property as fast as possible, and sometimes they do not let the facts slow them down. In case after case, lawyers representing banks are giving false statements in court about who owns mortgages, or whether the homeowner is willing to negotiate, or whether they have completed all the legal steps to put a foreclosed house back on the market.
The errors and fabrications in the court files are seldom caught by judges with hundreds of foreclosure cases before them. The judges say they can only hope to catch a few of the offending lawyers in hopes of keeping the rest honest. The courts usually rely on defendants to point out problems in the cases against them. But in foreclosure court, many homeowners make no attempt to defend themselves. Judges cannot step into that role.
Four very important questions to ask;
WHO OWNS THE NOTE?
a majority of notes were lost or destroyed (intentionally) so that the true lender was hidden. If the note holder cannot be produced, they have no legal right to modify the loan yet alone foreclose on it. Do your homework and immediately check out your chain of title in the clerk of courts or register of deeds office. This is the whole reason why AIG existed.
Hold on to your receipts! I was fortunate enough to get a contract for sale at the very last minute, thinking the payoff would be a specific amount. By all accounts, I added and reviewed and I know what the payoff should have been. They quoted me $5,000 HIGH, gave me the runaround, as if I were a complete idiot, NEVER sent the account recorded I requested (and my attorney requested). They handled me, my attorney and the CH 13 policy like idiots.
They would NOT show evidence of where nearly $4,000 in payments went. They collected my monies OUTSIDE the court and STILL claimed the monies were due within the payment plan.
Then quoted the payoff nearly $5,000 high. They do not post the principal and interest in a way that is logical or auditable.
HOLD ON TO EVERY RECEIPT YOU GIVE TO THEM!!!
Does anyone know of a class action lawsuit, so I can put my name on the list. They owe me at least $4,000.
Thank you anyone?
To whom it may concern,
I have a home equity loan with Countrywide and in Aug. 10 2008 I requested a loan modification. I was told that I was approved for a HOPE modification and that I should recieved documents in the mail in ten days. This process took five months and by the time my mod was reviews my debt to income would no longer support the modification. So on Dec. 15 2008 I was approved for another loan modification and this process took until March 2009, at which time my dept to countrywide with fee’s would not support the mod. I am now facing a judicial forclosure. The problem is that each time I called, which I did weekly, the customer service rep. was more interested in telling me that I was behind and needed to make the payments then makeing sure my Mod was being processed. On numerous occasions the customer rep. let me know that my mod. was just sitting there waiting for someone to review, all along Countrywide charged me late fee’s. One one occasion was able to speak to Mike Adams, Vice President of loan and he appoligized and told me that he would personally take care of the problem as well as reverse all fees and negative credit reports. This never happened and now he will not take my calls. I am so made about this and to think that the Texas constitution was drafted to protect the homeowner and in this case the lender has no obligation to conduct business in a timely manor insuring that they do not add to the problem but instead do all they can to protect their clients, me, the borrower. If anyone can assist me I would be so thankful.
Sincerely,
Chase Thalman
Spring Branch, Tx.
Chase.
THEY LIED TO YOU, that is all they do. That is why legal help is needed but the million dollar question is, who is honest?
Crocodile tears from Countrywide
Bank of America AKA countrywide used crocodile tears to get tax payer bailout money and go through the motions of “modifying” loans.
I have been on the phone for literally 100’s of hours Since Dec 2008
My experience has been:
1) Refi package sent by Fed Ex to me: I signed returned it and they refused to honor it. I had to call up to find out that it had been rejected once I had sent back the signed documents.
2)loan modification sent in February with a 5% interest rate and relatively good terms so I could stay afloat and not walk away from my house that is 200k underwater.
They refused to honor this modification when I fed ex’ed it back to them, saying it did not arrive in time (8 hours late on a monday morning instead of Sunday) and my financials were “wrong”: they refused to say if they were too “bad” or too “good”.
3)After 2 1/2 months of more phone calls, plus letters sent to the California Attorney General and my members of congress and senators, I got a much worse modification deal, which I have nevertheless signed and sent back…But watch this SNEAKY TRIXTER move:
The documents must be returned within 10 business days of the documents being prepared:
BofA/Countrywide prepare the modification docs on Friday May 15 (DAY 1), they held the documents till Monday May 18, and FEDEX them via 2 day delivery(DAY 4).
The package arrives May 20 in the afternoon after noon (DAY 5)
I am working and can not get to package until the evening.
They include a return envelope with a 2 day return service. I need to get the documents notarized and sent back by the 25 May: sounds easy huh?
Ok, so I go in on Thursday (DAY 6) first thing and send the notarised package off…but you know what? the 2 day service means the package arrives after the cut off date of 25 May (DAY 10) (which is memorial day) . In other words those creepy jerks gave me less than 6 hours in the middle of a working day to sign, notarise and return a document that can imapact the next 30 years of my life.
I could swear they are doing this on purpose to make it seem like they are helping struggling home owners and not having to follow through. Count me in for the class action suit…Does anyone know of who is generating one?
Thanks
Frank
I am glad to see that I am no the only having this run around with Countrywide. I am on my third in six months what they call modification. I am wainting for approval which I did get all three times and denied as soon as things were in final stages. I check on it daily. I feel like I am being punked. No one has answers. How do they train these people. I get sent extensions and then no one can transfer me to that extension. I have filled out so many papers and faxed or sent overnight. What are they doing with all these papers????
Not to many posting here any more, I guess most have given up or got foreclosed on. Thank you B of A, or should I say B of S, you take the cake for lying scum low life’s.
I just found your site.
I am only trying to do a short sale through Countrywide (I am a mortgage underwriter in CA — job loss, Oct. 07 — The house is in Fresno) . I have not made a payment on the full-doc, A-paper, fixed rate, 80-10 liens since March of 08 (18 MONTHS NOW!!). My broker has sold the home (under contract to a fully-approved borrower, not pre-qualed by some hack) SIX TIMES, and every time, we cannot get Countrywide to move on the transaction and close it. To be fair, we DID get one approval from them, but they let their own short-sale approval expire before they closed it, and then they refused to extend their own approval!! They closed the file, and gave it to yet another case negotiator! Back to square one — Incredible! I have updated my current financials with them 5 times, as they insist they cannot issue a short-sale approval without documentation of my hardship……. an approval that somehow, never arrives.
The first 5 buyers all walked after both agents sent email after email after email and called again and again and again with no response (as did I). Certified letters also garnered no response. The current buyer is under contract at a price that is less than I paid for the house in 2002! It has dropped in value from $275K (03/07) to $145K (08/09) — Huh? Ya, that’s right! I guess they figure that by delaying the transaction even longer, it will go UP in value?
I lost another house too, to Wells, in December of 08. Similiar scenerio. I stopped making payments on it the same month. I paid $295K for it (12/06), and Wells forclosed in 12/08. They resold it for $130K! I only put 5% down on that one, so Radian got bit on that one too. The real kicker on this one? Someone from Wells called me just as it was going to sale and offered to “help me” keep the house, and stop the foreclosure, if I would only sign an unsecured note for the uninsured portion of the loan (making Wells 100% whole) payable at just 6.5% over 15 years, AND they would allow me the opportunity to make up all the missed payments “over and extended period of time — 12 months!” If I was unable to meet the contractual “work-out” terms, and make up all payments during that 12 month period, Wells would then foreclose, AND STICK ME WITH THE UNSECURED NOTE! That was a short conversation!
Oh, and I got a 1099 for their loss. Oh happy day!