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!

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

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?

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.

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?

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.

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.