Settlement Agreement with Countrywide Means More Loan Modifications for Virginians
- Image via Wikipedia
The State of Virginia has joined a nationwide settlement agreement with Countrywide that spells good news for the state’s distressed homeowners. In total, the settlement will provide more than $8 billion in loan modifications and foreclosure relief to as many as 397,000 homeowners across the United States, including projected relief of $210 million for nearly 9,000 homeowners in Virginia. (Countrywide was acquired by Bank of America Corporation in July 2008.)
Under terms of the settlement, Countrywide and its affiliates have agreed to offer loan modifications for eligible borrowers, allowing hundreds of thousands of Americans to keep their homes. According to the settlement agreement, borrowers eligible for loan modifications are those who received either a qualifying sub-prime adjustable rate mortgage or a Pay Option adjustable rate mortgage prior to Dec. 31, 2007, and who meet other specific requirements.
Depending on the type of loan, Countrywide’s loan modifications may include an automatic freeze or reduction in interest rates, conversion to fixed-rate loans, or refinancing or reduction of the principal owed. Under the company’s proposed loan modifications, first-year payments of principal, interest, taxes and insurance will be targeted to equal 34 percent of the borrower’s income.
In addition, as part of the settlement, Countrywide has agreed to pay a total of $150 million nationwide under a Foreclosure Relief Payment program for particular borrowers who either already have lost their homes or are at least 120 days delinquent. Virginia’s share of this amount is approximately $2.5 million. Countrywide will also pay up to $70 million nationwide for relocation assistance to borrowers who do not qualify for a loan modification and who subsequently face foreclosure. Virginia’s projected portion of these payments is estimated at $2.3 million.
On December 1, 2008, Countrywide began sending mailings to eligible Countrywide borrowers notifying them of the loan modifications that may be available under the terms of the settlement. Countrywide customers who have questions about their eligibility for a loan modification are encouraged to call Countrywide toll-free at 1-800-669-6607.
![Reblog this post [with Zemanta]](http://img.zemanta.com/reblog_e.png?x-id=5b9d6d92-e570-4456-9971-efb848c22f87)
 |
Ralph R. Roberts, GRI, CRS |
Hi!
I found your email address online while searching for Countrywide loan modification information. I submitted our forms and documents in the beginning of November. Each month, they tell me I will have an answer by the end of the month. Every time I call they tell me to call back. Here is a little bit about my situation (probably the same as you hear all the tiem):
Bought my home for $625,000. Value at $450,00 and I owe $550,000. My 1% minimum is $3,000 a month and we owe $30,000 in credit card debt. Our combined income is $120,000 a year.
We are currently 30 days behind and soon to be 60.
Do you know of anything that we can do to expedite this? Do you have any ideas?
Dear Emily,
There are lots of homeowners that are experiencing the same frustrations with Countrywide that you describe. You’re not the first to share with me that CW doesn’t seem willing to move forward. Unfortunately there’s not a lot I can tell you that will make CW get off their hands and modify your loan. Angelo Mozilo (founder and former CEO) told Congress that CW was making it a priority to modify loans and help people stay in their homes. I’m not so sure that CW’s actions are supporting Mr. Mozilo’s words. I think the absolute best advice I can give you is keep on calling. Call them every week. Call them twice a week. If you still can’t get answers call them every day if you can. What you can’t do is stop trying. If you’re still not getting results, consider employing a loan modification professional who might have established relationships with CW and can get your loan modified. Without knowing your whole situation, you seem like a good candidate.
The next thing I’m going to tell you is to do a Google search with these words “Countrywide” and “mere commercial puffery”. I don’t want to scare you but what you’re describing has happened to a couple in N.H. I wouldn’t be surprised to see these situations turn into a massive class action lawsuit against Countrywide. I hope you DON’T find yourself a member of that class. I wish you luck.
Ralph R. Roberts
Finally, it’s good to see the state stepping up to support these home owners who have been “had” by banks. I still can’t believe our state and federal goverments allow these forclosures to happen knowing that banks gave loans to people who could never afford them.
We too are experiencing the same run around. I call and ask to have it put on record that I called. When I began to see we were starting to struggle I contacted them and said we were having trouble meeting our second mortgage payment. They said we were obligated by our mortgage agreement whether or not our first was on time. They have our 1st and 2nd mortgage. They said we weren’t behind yet. That was in August. By December with everything financially hitting us we became 30 days behind and they said to fax them all particulars, pay stub, etc. which I did. Now we are coming down to Feb 1 and that will make us 60 days to almost 90 days before we get any information of what is going to be done. We have lost so much equity in our home, that now we owe as much as our house is worth. We love our home, lived in it for 30 years. We’ve remodeled, added to it and planned on dying here. We are at their mercy or is it just a waste of time and energy to stay here. Maybe we should just walk away and let them have it? Thank you for helping so many people.
I currently have a mortgage with countrywide. I have a fixed rate of 7.5%. I called them on 1/23/09 and asked for help because I’m finding it hard to maintain my monthly mortgage payment. My mortgage is $3800 including taxes and insurance. They told me that they cant help me until April 09 when a another type a program will become available to homeowners. What am I suppose to do until April? How do I know that I will qualify for the program? Can anyone help me?
Dear Keema,
There are chapters worth of explanation needed to fully answer your question, but what I’m going to do is try to put all that information into a nutshell.
First, without knowing more about your financial situation, my guess is that Countrywide assessed your financial situation and determined that there was no affordability. That means that they could not justify the expense they would have to outlay to modify your loan. They anticipate you defaulting on the loan modification agreement, so it’s better for them to save the time, money and hassle of modifying your loan when ultimately it’s not going to matter and you’ll be in the same situation (i.e. no reason to prolong the inevitable is probably what they’re thinking).
If you’re delinquent already, Countrywide might place your foreclosure on hold while they investigate other options, but if the house is simply more than you can afford, the options available to you are going to require you to move.
Second, Countrywide and other lenders are testing new programs all the time. Right now one they’re looking at is a Fannie and Freddie modification program. The current “pilot program” is a streamline modification program (SMP). The test period is up in April 09. That means that the program will be reassessed for success and either kept in use or scrapped in April. That may be what the Countrywide representative was referring to.
The SMP involves a multiple step process that is designed to result in a successful loan modification for those that qualify. First the lender runs a query on their system to identify all potential candidates. Next the lender sends out a letter to the candidate and proposes a new payment. Third, the homeowner is asked to send in the new payment amount along with the borrowers financial information.
The lender then calculates whether the new proposed payment can be supported by the financials the borrower provided. If the financials support the payment, and the borrower makes 3 more payments on time, the lender will modify to the new payment permanently.
If the financials don’t support the payment or the borrower misses one of the Trial Period payments, the lender cancels the program.
The lender then “reclasifies” the loan and places them into pools of similar loans with similar borrower circumstances. This is sometimes called a “holding pool” or “special holding.” The lender might try to approach the Investor with a workout solution that can be applied to the whole pool, or the lender might classify the pool as foreclosure bound, meaning they don’t see a way to work anything out for this class of borrower.
It is really important that you have an attorney or a modification professional review your current situation, assess your level of affordability and help you structure a payment with your lender.
The truth is that there are new workout programs being created every week. Another truth is that lenders are very concerned about borrowers, who can afford the payment they agreed to make, trying to take advantage of the system and the current loan modification environment. A third truth is that the workout programs, although they can help the borrower reduce the monthly payment, they are really designed to reduce the Lender/Investors losses. They are loss mitigation tools, so if a plan isn’t going to reduce the lender’s losses, generally the plans don’t get approved.
This is why it’s important to work with a workout professional that understands the process from the lender’s perspective. Knowing what a lender can approve, or why they can’t approve what’s being proposed can make all the difference in the success of any workout solution. Talk to a professional and see if there are other workout programs that might work for you. A loan modification isn’t always the answer, there may be other ways to keep you in your house.
wow this is great news…. my relatives live in Virginia and already having probs with their mortgages…. hope they will be benefited with this kind of program…
I started the process in May. I have gone through 3 loan modification requests and each time they have either; lost the paper work, dropped it without notification or reason, or removed the loan modification request because of non-payment of mortgage. I have struggled for 8 months trying to get my interest rate frozen but they have never been able to offer me anything but excuses. In the meantime my interest rate went up to 9% in November and my home has dropped from $721k to $450k.
I’m sorry but Countrywide is lying. On December 1st they contact me as part of this program and said I would get a modification. On February 3rd a notice posted on their website said i was turned down as not qualified for modification and no one will return my calls to tell me why.
I have been working with HUD on this and they are stunned. They cannot understand why Countrywide won’t modify my loan and funny enough they won’t call my housing counselor back either. Countrywide pays lips service to wanting to keep people in their homes but they seem determined to kick me out of mine.
Hello,
My husband and I refianced our home about 3 years ago. I am unable to work, but am not eligible for social security disability. We also are now paying an extra $500.00 child support. My husband is in the military and works a part time job, but we are still unable to keep up with our bills. We have put all of our credit card debt with a debt management group. Our situation about our mortgage is this. We do not have a mortgage with countrywide funding, but with Beneficial.
They would not refiance our loan at a lower interest rate, we are currently paying 8% for our first and 14% for our second. We were at least 2 months behind, but do to the fact that I was applying for disability, they let us do a six month hardship plan. We paid our mortgage payment but not any interest or finance charges. This program is about to expire and we will have to go back to our original mortgage payment. My fear is that we will get behind again.
Trying to do a modification with some other company hasn’t worked either because most of them want anywhere from $1200.00 to $3000.00 for a fee. Now if I had that kind of money we wouldn’t be where we are. Would you have any suggestions as to what to do.
Any information would be extremely gratefull.
Thank you for your time,
Elizabeth Codding
I totally relate to what Michelle and Stacy are going through. Our interest rate when up by 2% in July 2008. We weren’t able to pay that and started in March 2008 to work something out. We constantly get the run around with them, and not to sound prejudice, but hardly ever get an American that understands English on the phone. They just read from their computers. We have been in contact with them 3-6 times a month since March 2008! Finally in December they did a loan modification, which was only a savings of $98 a month! But we accepted it, to avoid foreclosure. Last month we got our first new statement and it was $200 MORE than what was agreed upon! We just don’t know where to turn anymore. If we foreclose, that is a huge mark on your credit and it will be virtually impossible to ever buy a house again, causing a family of 4 to rent forever. What can be done about CW?
Hello:
First, I want to thank Ralph for his opinions. They are very helpful. I am not yet on this situation but I have had to take a pay cut in my job and I don’t know how long I am going to be able to afford my mortage. I have been trying to get information through my bank (IndyMAc) about getting my loan modified. They tell me to go online and punch my SSN and loan # to see if I qualify and the answer is always no. I have a sister who just had her loan modified but she was already in foreclosure. After talking with I her a learned that you have to be at least two months late to really be considered for a loan modification. At least that is what she was told. Is that correct? Thanks.
you are all correct i contact WAG regarding countrywide they are rude and forgot there is a settlement BAO we should start a class action on other blogger sight c/w is out of control.
You are all living in my shoes!! I think Countrywide should be looked into by President Obama alittle more since he has a loan with them also. The only difference is that he got a huge discount on his loan. Maybe this needs to be focused on alittle more in the news.
Also, I can be 5 days past my due date and I get a call from Countrywide. I have not missed a payment yet but I will be 30 days past due this month for the first time ever. I have lost my job also from USBank. Termination for my work being unsatisfacury after a year but they will not be hiring anyone for my position because the next day they had a bank wide 5% cut. Sounds like all the big banks will be hurting by 2010. I’m thinking that something needs done with the banking industry before we give out anymore money to greedy CEO’s. The US Government thinks that they can solve everything by throwing money at the problems. Haven’t they figured out that it isn’t working. Maybe all banks need to modify their home loan status. I think it was the governments fault for allowing this to happen.
Why is just a few states getting help with Countrywide when it is in every state. It is just a matter of time before all states are in the same boat. Help everyone! We are all US voters.
Dear Elizabeth,
As I will say to any military family: Thanks you for your service to our country. Your husband may be actively serving, but the whole family bears the burden. Thank you from this humble civilian.
The first thing you should look into is whether you qualify for the Servicemember Civil Relief Act. This used to be known as the Soldiers’ and Sailors’ Civil Relief Act of 1940. Your husband can contact a unit judge advocate or installation legal assistance officer. Dependents of servicemembers can also contact or visit local military legal assistance offices where they reside. A military legal assistance office locator for each branch of the armed forces is available at: http://legalassistance.law.af.mil/content/locator.php.
The long and the short of the SCRA is that lenders can not foreclose on an active military servicemember’s home while he or she is on active military duty or within 90 days following. During the time of active service, upon written request, the lender is required to drop the mortgage interest rate to 6% and recalculate the monthly payments. The loan has to predate the active service and documentation is required, but if you qualify it can relieve the burden of high mortgage payments. This is only a temporary rate reduction however, and to understand all the requirements you need to contact military legal assistance, but the SCRA protections may be an option for you.
It sounds like your lender is willing to work with you already. Many lenders are, especially with military families. Even if you don’t qualify for protection from the SCRA you should re-contact your lender. Just because you had a hardship plan already does not automatically mean that you do not qualify for another one or a more permanent solution to your family’s hardship. There are new home retention programs being created all the time that are designed to help struggling borrowers. President Obama’s newest plan reportedly includes billions for loan modification and home retention. Don’t think you don’t qualify just because you already had some help. It sounds like you need to contact your lender explain that the hardship has not subsided and see if they can provide a more permanent or longer term solution that will keep you in your house and make payments affordable.
Because the cost of retaining a loan modification company or law firm is a problem for you, maybe you can first make a contact with your lender. You should understand though, that a company or a law firm that focuses in this area may be able to get you qualified for a better plan than you might get on your own. I say this because they often times have a relationship with your lender that allows them to be familiar with the lender’s programs and what it takes to qualify for them. Also they know what to ask for and how to approach the lender in a way that demonstrates the benefit to the lender, not just the payment relief to the borrower/homeowner. The decision is obviously yours, but I would not rule out third party assistance just because of the cost. Many modification companies are willing to work out a payment plan and many of them offer at least a partial refund of your money if they are unable to obtain a workout solution for you. If you do decide to use a third party’s assistance, make sure you spend some time and look into the company. Not all companies who claim to be loan modification specialists are. Check the company out and make an informed decision, they’re not all created equal.
I hope this helps?
Ralph R. Roberts
Dear Lynn,
I understand your frustration and it makes a difficult situation a nightmare. The first thing you should do is TRY to contact Countrywide again and let them know that the modification you agreed to has not been input properly into their computer or there is some other mistake with the payment calculation. If you can solve the problem with a phone call, then great. If the modified payment isn’t truly affordable, but you just accepted it to avoid foreclosure, you’re going to find yourself in that same boat again. I hope not, but if you can’t afford the new payment, it’s only a matter of time.
President Obama presented a plan that funds billions toward “loan modifications.” The big bail-out banks will be the first to receive the money and will have an obligation to work for affordable payments. (If I understand the plan correctly). Countrywide was acquired by Bank of America. Bank of America has accepted billions in TARP funds already and is positioned to receive billions more. Federal money almost always comes with strings attached, so my guess will be that Bank of America and Countrywide will become more willing to modify loans to true affordability in the very near future.
If you can’t get any satisfaction you should consider filing a complaint with your state Attorney General’s office. Believe me you are not the first to make these nearly identical allegations…at some point someone has to listen and more importantly take action! But the AG can’t act if they don’t know about the problem. Filing legal action is not what you want to do, I know. You just want to keep your house and afford your payments, but keep your eyes and ears open. You might find yourself a member of a class action suit against Countrywide. I have to believe they’ll be coming soon. There are just too many people making the same claims against Countrywide for there not to be attempts at class certification for some of them.
I hope this helps?
Ralph R. Roberts
Mr. Roberts,
I was watching CNN this evening and I had a chance to hear you speak. I am glad I was listening and I thank you so much for your advice. I am a teacher and my position was just eliminated. I am being reassigned to a position from 4 years ago at a $15,000 pay cut. I as many others on the site have a C/W loan, I actually have 2. They have stated that they cannot help me because I have a conventional loan. Should I just wait for the assistance that should be presented in the near future.
Is there any help for residents in GA?
We have been trying to get our loan modified by CW since October 2008. Initially they told us that we would hear something form them within 45 days of submitting all of the required paperwork. Whenever we called back they would tell us our case was still under review.
On Friday February 20, 2009 we spoke to someone who was so frustrating that we asked for another agent only to be told that we needed to “… calm down and not be so emotional!” We told him it was becoming increasingly difficult not to be emotional because of all of the DOUBLE TALK & OUTRIGHT LIES that he and his co workers have been telling us.
On Saturday February 21, 2009 we were told that we needed to resubmit ALL of our paperwork because our paperwork was disgarded. Why?!?
BECAUSE WE DIDN’T PUT OUR ACCOUNT NUMBER AT THE TOP OF EVERY PAGE!
Not only that but we had to do the entire telephone screening process over as well. So I guess the 45-60 process will start over again once all of the paperwork gets back to CW again.
I was channel surfing and stopped on CNN and saw the panel discussing the Stimulus package. That is how I came to this website. My wife and I would gladly participate in a Class Action Lawsuit against CW. In the mean time we will attempt to locate a modification specialist in our area.
We have a 30 year ARM serviced by Countrywide. We found out that Wells Fargo is the investor. In September 2008, we applied for a modification through Countrywide’s Home Retention Program only to find out in late January that Wells Fargo does not do modifications. Not to mention, as soon as we found out that we did not qualify for the modification, our house went into foreclosure. Do you know anything about Wells Fargo (the investment side) that could lead us to believe that if we could somehow become current on our mortgage, they would be willing to work with us on a modification. Thank you for your comments.
Dear Mr. Roberts, I would first like to thank you for all of your FREE and helpful DETAILED and WORKABLE advice that I have read that you have given to many. My husband and I, like it sounds like many hard working families, have been swept up in this Countrywide world wind. We purchased our home May of 2006 with no intent of ever defaulting on our loan. One week later I unexpectedly found out that I had become pregnant with our second child. One year later to the date I surprisingly gave birth to our third child who came two months earlier than expected. With the first delivery I was out of work for one month and a half, and did not get paid. We notified C’wide and paid the past due amount of some $2400 up front (which we borrowed from family and had to pay back) and were given a loan modification that increased our mortgage by $125. We becme current (so we were told) within a few months of these payments until one day we called to make a payment and were told that we still owed pass due late fees plus an additional payment along with our regular payment. With the delivery of our third child due to the fact that she was premature,we both had to stay in the hospital with complications keeping me out of work for 2 months this time. Once again we notified C’wide immediately knowing that we were already behind from what we had been previously told. Our third child was diagnosed with an extremely rare condition known as Tyrosinemia and is on a strict no protein diet that cause her to have to have specially made baby formula which cost a $68 a can. We at first tried to continuosly make our payments, but under the circumstances had not been able to. We felt more like we were sinking in bills trying to catch up on this bill and that bill juggling two new additions to our family, one which required special care. In August 2008 we notified C’wide when we had fallen 30 close to 60 days past due. We did the song and dance which they had told us previously to do of writing a hardship letter (which we did each time)and waiting for their notification of what to do next. In September 2008 I and our two youngest children were in a terrible car accident, no fault of my own, and our only car was totaled. I ended up having to do physical therapy and am currently under the care of two pain specialist. C’wide had not yet contacted me so I called them to inform them of our most current mishap. Long story short, they increased our mortgage payment by $600, told me that’s all they could do and just wait until December because with the loan type we had (subprime) we surely qualified for the new Nationwide Homeowner Retention Program brought to you by Bank Of America. We were told that they would be sending us info via FedEx with all the details and instructions on what to do. We did not here from C’wide December at all. I phoned them in January 2009 and was told that I had to be referred for the program and that Ineeded to send them all income info for my husband and myself(pay stubs, w2-forms, Bank statements), and that once they received my info. our account would go into review for the program. I did as they asked within 3 days and confirmed that they had received the info by phone through one of their home retention depart. reps. I phoned them in February and we were told that we had been declined for the program because they did not have any info. on our financials at all. We are now 7 months past due and we are ready to walk. I talk to someone at C’wide the other day and she said, “Your loans not up for foreclosure review at all!” She then told me that the president of the company said that he had put a halt on foreclosures until March 6,2009 and just to once more wait to see what happens. My husband and I are both currently working and are just asking C’wide to work something out with us because we still want our home, if that’s still an option, but with a bigger family we no longer can afford our mortgage like it is. We don’t know what to do. Do you have any advice? Tiffany
This has been a nightmare! When times were good we purchased a second home with my parents in Florida. This was for retirement purpose only, and for my parents to enjoy warm winters away. My parents had to sell their primary home at a loss this year to move to a condo because they both are sick. This buying a second home was not done stupidly we had a plan. People think because you bought a second home you were irrisponsible. Like were scum bags! My husband has taking a huge cut in pay. I am also in sales and never imagined to be in this position. Countrywide has both our Mortgages. They have been promising us since August we would receive help on our primary home. Our mortgage rate has gone up twice on our first mortgage. Every month they told us we qualified and would be receiving a call for a work out. Lies- Lies, month after month. We have to have 50 min. calls in. March 5 still no call. We now have to file bankrupcy which will force them to help us with the first home.(Hopefully!) The thousands we put in second will be gone. My children do not know as I sit here waiting for someone to pull up to take our home. This has been very stressfull and humbling. I cannot believe they would rather ignore than to workout a plan seeing the house isn’t worth what is owed? We want to do the right thing but they have made it impossible!! Our credit is now ruined that we worked so hard for! If they had been honest from the start we could have planned. We are now four months behind! I can’t understand how they can misslead us and get away with it?
In regard to Countrywide I heard on the news that ex-Countrywide officers had started up an investment company and were buying up all of these foreclosed homes for pennies on the dollar. It seems to me that it should be totally illegal for them to have any involvement in real estate at all. The company itself is corrupt and it seems that they aren’t trying to work with anyone because they are working to remain wealthy beyond reason and are not helping out anyone.
Countrywide SUCKS! And so does Bank of America!!!
Like many other homeowners, my house value has declined -$70,000 dollars. With mounting credit card debt and other bills I am not able to use and money from my home, since I am upside down. Even after 5 years of never missing a payment Countrywide still denies me any loan modification. I like many others have been through the endless phone calls with no results and only rude customer service reps! My loan was a VA loan. I do have a number for individuals like myself who are getting ever so close to foreclosure and have a FHA, HUD or VA loan. 877-827-3702 VA loan specialist who help get the ball rolling for our VETS who deserve better than Countrywide!!!!!
Fred, What is the number that you have listed go to. Do they help people that is behind on there payments to try and refinance. Could you give me the name of the company. I wrote down the number, but I would like the name. We also have Countrywide and they will not help us either. I sent our paper work in a fax three times and they still did not get them. Then I had to scan and e-mail them so they did get them and then they said that we could not get any help.
Brenda
WOW, I am glad I found this site. I guess i am not the only one out there frustrated with Countrywide! I started my process since Oct 08′ and in Jan recruited an attorney for assistance in hopes it would help and speed things up. Well as of today NOTHING has happened! I am definatley calling my attorney general today to complain! But i agree in that a another lawsuit should be filed!
I attempted to refinance my ARM Mortgage with Countrywide in 2006/2007. They received all the requested documents and charged my credit card $350.00 for an appraisal that I never received a copy of after repeated requests. After months of attempting to contact Countrywide I was never sent a loan approval or denial. They need to be held financially responsible for unnecessary hardships they & so many other companies like them have caused working families.
I gave countrywide allmy information and they told me that I would be in a loan modifaction and would know in 60 days now it has been over 90 days and now I am afraid of them wanting to foreclose on me. This is what I get on the web site “Your request for assistance is under review. During the review process, a thorough examination and analysis of your loan will be completed. During this time, we may or may not need additional information from you. It is common that you will not hear anything from us during the review period, but please be advised that all collections activities have been temporarily suspended during this review period. We expect more information to be available on 12/04/2008. If your status remains unchanged after the 12/04/2008, please call and speak to a customer service representative. Please do not call back before 12/04/2008 as that will delay the process. Please respond promptly to any calls or requests that you may receive from us during this period. Lack of response will cause your workout to be delayed or cancelled. Thank you.
Information as of: 11/13/2008
Workout Stage: Processing
Phase/Sub-Phase: Active Processing
it is now march 26. They still don’t know. I will soon have to file bankruptcy or file law suit with others. They are keeping many hostage.
I have 2 loans with countrywide. One is an 11.5% second and oone is an arm. I had got the mortgage when i first bought the house in 2005. it was a fixed , we needed to refi. because we needed to pay off some bills. the broker form a another brokerage firm put me into a 2-1 arm it came current in dec. 2008 by 1.5% so i went from 1500. amonth to 1784then my second mortgage wich im sure is all pmi is 467. and the first resets again in may . i only make 2000 amonth . with daycare, car payments, utility bills , gas, . my wife gets paid every two weeks. im currently in a modification with countrywide. first they sent me letter declining my second mortgage. ok thats fair . but i started this proccess goin in november . i faxed all my financials 45 pages. when i called them they told me i qualified for a rate reduction in november and they sent the paperwork to be signed.i never recieved it. i told them that i never recieved the documents. they said they would send them a again. never got them . i called , then another person tells me they dont send rate reduction paperwork out to be signed but you do qualify for your back payments to be put to the back of you loan and your term extended.still waitin. i said ok wheres the paperwork. we dont send it out sir .. i finally said you guys are ***** with peoples lives here . c’mon .. i called hope, i spoke with a nice guy who categorized my budget and said you should definetly qualify for a modification. when i talked to them in january they said my loan is still being examined im still waiting. look here, i need to know the right answer. i hope the transition to b of a will be alot better.
henry i get the same thing . but they told me my second mortgage modification has been denied. then for my first it says we have no documents. but when i talked to a person on the phone they said it s still being examined. lets face it there is no american dream of owning your own home anymore . i’d rather rent .. less headaches. better yet no headaches heres your rent thank you. no taxes , no house ins. no bullshit .. lets face it ya never eally own your own home even when its paid off. who’s payin off there houses lately. if i have to file chapter 13 i will the loan we got was real bad . ya know i have a friend who works for bank of america, and she says they can modify your loan . there gettin money to do this from the gov. countrywide should be ordered to modify all existing arms from 2005 to present that are delinquent. arms were a sure refi for countrywide thats why they sold em to everybody and told there people to push em hard . it backfired on them and now they need to fix it
We also have our mortgage through CW we applied for a loan modifications and after months it was appproved. We were so excited with the new payment and lower interest rate. We signed and had notarized all the documents and sent them back. Now 6 months after this we have been making our new payment every month, to come to find out they never have modified our loan in their computers. So now our credit report shows 120 days late every month, when we have been making the payments and have no late fees. We have been calling now for a month this last two weeks we have been calling everyday and get no help at all. Don’t know where to go from here? This is reunioning our lives and credit.
i’m glad I have found this website. I also have tried two loan modifications through Countrywide to be turned down twice. We have a company that is representing us but i’m not sure its much help. They say there speaking with the V.P. Has anyone had any luck with working with the vp or what my next steps should be. Any input would be greatly appreciated. Thank you.
My Husband lost his job in Janurary so we had to take what we had in his 401K. It was not much because I finally got him to. It did not help but for house payments but it kept our utilities on. He finally got a job in March Thank God!!! We have racked up enough money for one payment. It has kept us out of 90 days late but they are not cashing the check they say they are putting a hold on it untill March!!! I have been reading the website and I see lots of people in the same situation. We have gave them all our new income. He is making about 15,000.00 less a year now.We have always made our payment each month. Even if it was late that month we payed the late charges. We wre strugling to make the payments because after the five years the payments wre always going up so much every few months.We gave 124,000.00 for our home and sometimes our payments went up to 1,740.00 (somewhere around that amount). I am diaablied and after I have my taxes, isurance taken out I get about 500.00 to pay my doctors and get my meds,We live in Southaven, MS. do we have help in this state. Thankyou for any help you can give us. My medical bills have really messed up our credit because of so many medical problems I have. Ie has put alot of stress on my marriage and now our home. Sincerly, Connie
Everyone on this board should send a copy of it to the congress or the office of the president so he can see that Countrywide is not assisting anyone and just taking the money that is given to them in this new housing program. Also, write your Attorney General.
Make some noise, Noise always works.
Countrywide is a big joke. I have heard that unless you are 2 months behind, they can do nothing to help you. Well now I am going on 3 months behind, and they still wont help me. I lost my job back in June of 2008. I was unemployed for a month, and honestly we are still suffering for that month today (4/13/09). Looking at the bills going out and the money comign in, we are underwater a little over $500.00 every month. We submitted our information to countrywide in hopes that we could get a loan modification after all the hoopla that Obama generated to help struggling homeowners stay afloat and in their homes. Obviously the rest of my bills have suffered due to the lack of finances each month, so now my credit is crap again. How am I going to be able to refinance with bad credt? I’m not. I mean how hard can it be to add what we owe to the back of the mortgage?I can do it with my car payment very easily, why should it be more difficult with the home loan? Well Countrywide came back and told us we do not qualify for a loan modification and told my partner that we could pay back the amount we owe over a 6 month period (adding $500 more a month to our mortgage payment). How can they even think that we would be able to afford an additional $500 when we are already $500 underwater each month. They basically said it was either that or they would have to start the foreclosure process. All I can say is WOW to their blatant disregard and lack of a heart. Why can’t this company help hardworking people like myself who bust their butts to make ends meet, and don’t have a loan with an arm? Why does it seem people with adjustable arms on their loans are the only ones who get help? I think there is more this company can do for us to help us keep our home. It is absolutely ridiculous that this company could think we can afford the 6 month mortgage increase.
I have called CW for 3 days. I have recieved 4 different numbers to call and most of the time it is a computer. I finally talked to someone yesterday and they said ( we cant help you at all). Im in the same place as most of you I owe more than the house is worth, would like to get a better interest rate and work with the bank. I am not late yet but almost. Why cant CW work with us to get thru the tuff times. They are Bank America now and BA got 45 Billion wares our help?
Countrywide has done little to assist homeowners but stall them and yank their chain. No matter what telephone number you call, they will transfer you all over the place and not one person has the same answer. Three months of this run around from them and we’re STILL at square one. We have been given SO much misinformation it’s pitiful.
In doing any sort of loan modification, which they won’t mention (they want you to refi at a higher loan amount than what you owe!!! Craziness!!) they’ll lose money. They’d rather HAVE you house though it may be worth less on the market, AND get TARP $$. It’s been my dealing, and that of many others in the same boat, that Countrywide is doing everything possible to stall enough distressed homeowners to the point they give up and walk.
They’re not really interested in helping IMO, they’re just all talk and NO action. They’re one of the companies who were at the root of the problem in the beginning and it sure looks like they haven’t changed their tune now. Try as they may to polish up their public image, we who are going through all of this garbage with Countrywide, know what they’re REALLY made of.
Once a cheat, always a cheat.
I tried back in october to have cw reduce my fixed rate from 6.75 to a lower rate they said they would have to go through a whole refi process I told them I wouldn’t qualify because I’m 100,000 upside down in home value was trying to lower my payments to ofset the upside down amount because there is no way my home value is going to increase 100,000 in 30 years plus the interest on top of that but I was willing to eat it they said to wait that some loan mod.programs were coming but didn’t have details yet called in jan. Gave all financial info but still no help since iwas in a fixed loan which idid to be responsible at the time I refinanced a 1st and 2nd to one loan with cw but now it seems if u don’t have an arm they won’t work with u now just want to lower principle and interest to afford the house but they say they arnt doing that.it seems it would be good business rework loans to make affordable for people cause they will make there money back on the interest over 30 years also would like to now were all this bailout money went just paid 7000 in fed income tax last year because I’m self employed they tax us up the ass hard to stay in business paying over 30 percent in taxes govt is just wasting are money like allways
We are in the same boat. Last Year end of 2008 CW said they were working with us and would modify our loan. We call them every week. They same the same things you guys say they tell you. We just found out that they were bought out by BOA and now they say we have to wait until the 7th of April. That we haven’t made a payment since August 2008. I don’t know what else to do. We have been through all the same run around answers. They lost our paper work and financials the first time. And, everytime we call they act like we have never called and tell us we haven’t made a payment in almost a year and then we say but you said you were working on a modification and we get another date to wait and see. They told me last time that if they were going to foreclose they would have already done so. I am scared and don’t know what to do. I don’t want to lose my house but we can’t afford the $1600 a month payment anymore either.
im in the same boat, ya just have to wait it out. they are so busy they dont even know where to begin. there are attorneys that all they do is this kinda stuff. if you dont hear from em or there goona ‘blank’ ya, just get an attorney, thats what im gonna do. they tend to listen to attorneys more than they do the customer for some reason. i’ll pray for you. you pray for me ok …
We have been told by an attorney that we will not be able to get a mod because we have rental homes. The rental homes are also underwater, but they are spinning off income due to the neg am loans they are financed with. What are the DTI requirements to be approved for a home that is 200,000 under water? Do they count the rental income? I have heard they do not count credit card payments in DTI as if they assume you will default on them. Our card payments have grown into another house payment, so this is critical as well. We purchased for 580, owe 460, and comps are 220-280 right now. It is an interest only loan that is fixed for 10 years, so CW told me to call back in 2016. That’s fine, but if I don’t make a payment until 2016, I am guessing they will foreclose in the meantime. We have applied 3 times in the last 8 months for modifications - even using a mod service - and just keep hitting dead ends.
DUMP THE RENTALS MAN.. YOU GOT WAY TOO MUCH DEBT BROTHER… JUST GIVE YOUR TENNANTS TIME TO MOVE OUT . TELL EM NOT TO PAY RENT ANYMORE TO SAVE MONEY TO MOVE IF YOU DUMPIN THE PROPERTIES YOU DONT NEED IT ANY WAY.. LETS FACE IT, THE AMERICAN DREAM IS SHOT BRO. YOUR NOT GONNA SEE ANY RETURNS ON HOUSING FOR A LOOOOONG TIME TO COME… DUMP THOSE RENTALS THERE KILLIN YA … KILLIN YA. GOOD LUCK MAN, I GOT INTO A FIGHT WITH MY BROKER WHO WAS MY WIFES FRIEND. WE WERE FIRST TIME HOMEBUYERS AND WERE APPROVED FOR 195,000. WE PUT NOTHING DOWN 6.5 %FIXED BUT THEN WE HAD A SECOND THAT CUNTRYWIDE GAVE US FOR 467.OK AT FIRST NOT GOOD BUT NOT BAD . 2 YEARS LATER WE WANTED TO HAVE A CHILD. WE REFIED OR AS I CALL IT REFRIED INTO AN ARM THAT MY WIFES FRIEND SAID NO PROB TWO YEARS YOU REFI BACK INTO A FIXED , YEAH LEMME TELL YA 80/20 ARM LATER MY MORTGAGE WENT UP THEN I COME TO FIND OUT THAT SHE NEVER EVEN CHECKED TO SEE ABOUT FHA OR CHFA . CHFA WOULD OF GAVE US 35000 TO PUT DOWN. THIS FUCKIN BITCH, GOT PAID ON BOTH MORTGAGES AND THE RATES. DID IT CAUSE SOME WARS .YEAH. I LOOK AT IT LIKE THIS I DIDNT PUT ANYTHING DOWN ON THIS HOUSE , SO IF I SELL IT FOR WHAT I PAID FOR IT I BRAKE EVEN . I AM NOT PAYIN 2500 TO LIVE IN A FUCKIN HOUSE MY FRIEND RANDY. RIGHT NOW THERE IS NO MORE WHITE PICKET FENCE DAY DREAMIN ABOUT OWNING YOUR OWN HOME . IM 38 YEARS OLD HOW MANY PEOPLE DO YOU KNOW THAT ARE PAYIN OFF THERE NMORTGAGES AT MY AGE?,,,,,,,,NONE!!! IF I RENT FOR THREE YEARS IM SAVING 36000 AT THE END OF THREE YEARS. INSTEAD OF THROWIN IT AWAY INTO A HOUSE THAT IM NOT GOIN TO SEE ANY RETURN ON FOR THE NEXT 5 TO 10 YEARS. I WANNA BE HAPPY NOW!!AND NOT WORRYIN ABOUT HOW MY KID IS GONNA EAT BECAUSE MY FUCKIN MORTGAGE IS 2500. IM NOT LIVIN LIKE THAT I’LL SHORT SALE THE MOTHER FUCKIN HOUSE OR I’LL SELL IT FOR WHAT I PAYED . I DID ALOT OF WORK TO IT, BUT IF CUNTRYWIDE WHICH IS BOA DOESNT WANNA MODIFY MY LOAN THEN FUCKEM I PUT NOTHING DOWN.IF I HAVE TO SHORT SALE IT I WILL AND I DONT HAVE TO DECLARE IT AS INCOME LIKE THE YEARS PAST . SOMETIMES YA HAVE TO MAKE BUSINESS DECISIONS. BUT IM NOT GONNA HAVE MY FAMILY LIVIN LIKE A BUNCH A FUCKIN IDIOTS. TO WHERE I HAVE TO SAY NO YA CANT DO THIS YA CANT DO THAT. AINT LIVIN LIKE THAT MAN. IN THREE YEARS AFTER RENTING I’LL HAVE SAVED 36000. SO I MAKE OUT IN THE END..THATS REALITY MY BROTHER RANDY.IF ANY ONE READING THIS BLOG WOULD LIKE T EMAIL ME MY EMAIL IS DPANDERSON2032@SBCGLOBAL.NET I’D LOVE TO HEAR FROM YA ABOUT THIS FUCKED UP SHIT THAT WERE ALL DEALIN WITH ,, WERE ALL FIGHTIN TOGETHER.. FOR ONCE IN YOUR LIFE DONT BE PART OF THE SYSTEM BE THE SYSTEM..EMAIL ME DPANDERSON2032@SBCGLOBAL.NET___