How long will Countrywide take?

[tools2teach]

My wife and I are filing for chapter 7 and surrending the house back to Countrywide. We live in California and our plan is to stay in the house as long as possilbe without making mortgage payments. I have heard 6 months guaranteed, but I have also heard Countywide is so backup in forclosure filings that it could take anywhre from 8-12 months. Does any have any experience with Countywide and how long were you able to stay in you house.

[BK2008]

Not sure about CA, but in TX:

Missed July-October payment (4 months so far)
Default letters & acceleration of loan: October
Sale date: December 2nd.

So for TX, it's 5 months.

[Intoodeep80]

Ive heard the same thing that the OP said - 6 months but usually more like 8-12. Im in Michigan, am filing in December and under my bk lawyers advice havent made any payments to Countrywide since July. I just keep getting reminder letters. No nasty letters.... yet.

[r.m]

Depending on your situation, you may be able to work something out AFTER your discharge.

Of course, that depends on whether or not you'd want to stay.

I've been getting some outrageous results with CW/BOA lately.

[BK2008]

Depending on your situation, you may be able to work something out AFTER your discharge.

Of course, that depends on whether or not you'd want to stay.

I've been getting some outrageous results with CW/BOA lately.

What kind of results?? Please do tell.

I found CW impossible to do a workout, so I told them to take the keys. Add one more house to their inventory.

[Intoodeep80]

What kind of results?? Please do tell.
I found CW impossible to do a workout, so I told them to take the keys. Add one more house to their inventory.

Ditto! In my case, Im not interested in "working" anything out with CW. I just want to stay here as long as I can post bk so I can get back on my feet.

And thats too bad for them to not do a workout with people seeking that route. Another reason they are in the situation they are in

[BK2008]

Ditto! In my case, Im not interested in "working" anything out with CW. I just want to stay here as long as I can post bk so I can get back on my feet.

And thats too bad for them to not do a workout with people seeking that route. Another reason they are in the situation they are in

Yeah, and my proposal was simple: Drop the mandatory escrow, use the funds to clear up 2 months worth of past due, I'd come in with 2 months right now, and in November, that payment would get me current. I don't need a 'reduction in rate. Just need some time for the catch up. And they didn't want to hear it. I'd much rather be late on my prop taxes and catch that up.

[r.m]

What kind of results?? Please do tell.

I found CW impossible to do a workout, so I told them to take the keys. Add one more house to their inventory.

Here's one example...

http://foreclosureresolutioncenter.com/take-a-look/

Yeah, and my proposal was simple: Drop the mandatory escrow, use the funds to clear up 2 months worth of past due, I'd come in with 2 months right now, and in November, that payment would get me current. I don't need a 'reduction in rate.

You could have done better than that, without having to take a hardline stance.

I see lots of complaints about how "the mortgage company won't work with me," and I am just not seeing any problems whatsoever.

Over 79% of my clients have already tried to work directly with their lender (or through a non-profit like "Hope" now), and they couldn't get the results they needed, yet I've only had ONE client in the last 12 months who didn't get a mod.

It seems to me that the best thing for most homeowners to do is get out of the loss mitigation business and get someone else to handle it for them.

[BK2008]

You could have done better than that, without having to take a hardline stance.
This was a hardline stance?? This was the ONLY way I could see to make up the payments, considering I am NOT working and doing this would allow me to make the payments using my UI. It wasn't like the geniuses at CW had a workout suggestion, other than 'pay up'

I see lots of complaints about how "the mortgage company won't work with me," and I am just not seeing any problems whatsoever.
Must be nice to have the magic touch, I guess all the other folks having problems with the mortgage companies are idiots, like me! Believing all the propaganda that the mortgage companies don't want your property. Riiight, that's why it's damn near impossible to get through loss mitigation, or get a hold of your negotiator, which I heard through the grapevine I have one. Or better yet, having them drop your 'workout program' because they couldn't get a hold of you because your phone doesn't allow blocked phone numbers?? True story.

Over 79% of my clients have already tried to work directly with their lender (or through a non-profit like "Hope" now), and they couldn't get the results they needed, yet I've only had ONE client in the last 12 months who didn't get a mod.

And just exactly how much do you charge for this service??
Hope Now is useless.They do absolutely nothing I didn't already know or try. And if I can't make the payments on the house now, I can't imagine paying someone a commission for getting a workout through. Rock & hard spot, y'know?

It seems to me that the best thing for most homeowners to do is get out of the loss mitigation business and get someone else to handle it for them.[/QUOTE] Like whom?? Sort of like those people that advertise they can settle my IRS debt for pennies on a dollar?
OK, I'll bite. PM me and we'll see what you can do regarding my situation.

[truckerswife]

We filed chapter 13 in 9/07. We included past due countrywide. with interest we were making payments to them totaling a little over $14,000. We only made 2 regular mortgage payments after that. This September they filed and received a relief of stay. At that point we had paid them $7000.58. The National Data Center now shows that we owe them $0 . That means this time next year we will be done with the bankruptcy. We moved into our wonderful and cheap apartment in October. I wanted to make sure we moved when we were ready vs them saying we had 30 days to figure something out. I went on our County Sheriffs website and they list auctions through Jan 9 ours is still not on there. So that is so far a total of 13 months of no payments (not including what was in the bankruptcy) and still no auction date. So it seems to me like they are in no big hurry. Maybe they go after the homes with more equity first. We were upside down on our loan due to the falling value of our home, which has started increasing lately. I am in Ohio.

[Sequoia]

I am a foreclosure survivor and have some feedback. I am now helping homeowners online as best as I can. I have/had an Indymac 1st and 2nd mortgage on a severly upside house in Southern California. I stopped making my payments in 9/07 because I just couldn't do it anymore and my spouse was laid off. I received my Notice of Default in 2/08 and consulted my BK attorney. My intentions from the begininng were to stay in the home for my family and weather the storm until we were in a better position. I filed my Chapter 7 BK in 3/08 after my attorney advised me to maybe give up the house. I kept my cars, BK'd all my debt that was killing me and decided that I would let the house go. Indymac could not call me or collect from me so I had 3 months of peace. During that time, things were changing and I thought to myself about trying to keep the house again. So I contacted Indymac and inquired about a loan modification. They told me they couldn't negotiate a loan mod until after the discharge. Bear in mind, this is before the FDIC takeover of Indymac Bank. The stay was eventually removed and Indymac continued the foreclosure process in late May. They processed my sale date and sent out the NTS. While they were preparing to sell my home, they completely wrote off my second trust deed for 58K. I no longer have a second. I was discharged 7/2 and my sale date was 7/10. I contacted all the higher ups in Indymac including the CEO at the time, Michael Perry. I emailed them my hardship and a packet of information pleading my case. I received a call within 2 hours from his assistant and my sale was immediately postponed until 9/10. Within that time I was able to secure a loan modification and stay in my home. I have now since began working for a consulting firm that focuses on loan modifications. If you need advice, please do not hesitate to email or call. You can also check us out on the web. I am here to help anyone who needs it. I am just an average American trying to help homeowners and their families save their homes. So it can happen. You can find hope after a discharge.

[bulletproof77]

I have tried to work with Countrywide, but they will do absolutely nothing if you do not have a sub-prime loan and are not behind. In my case in a nutshell, un-expected divorce followed by Chapter 7 to discharge cc debt incurred during marriage. 180K first, with Countrywide, 29K second with Mid-First. Home upside down by 25K (Southern California-High Desert-where every 3rd house is abandoned). Tried to remain in home and NOT get behind after wife leaves, but CW will not even extend the term temporarily. "Hope for Homeowners" is a complete farce. CW doesn't participate and as I stated above it's only for sub-prime loans. There seems to be no hope for the average debtor....So CW will ultimately have another empty house on their books to add to the many they already have.

[fltoo]

Stopped paying CW in Florida Sept. 07, that's 07 not 08. lol

They still call me and ask what I plan to do. I have told them umpteen times to foreclose. They said they still want to negotiate with me, have offered to lower the rate and modify the loan. Have a fixed rate at 6% now. I told them no at least 100,000 times.

When I ask why they have not put a sale date on it, they told me that it is up to the county court. I really have no idea if this is true.

My friend's house was sold 8 months after she made the last payment, so I have no idea what is going on. I just hope it forecloses in the same time as my BK.

Next time they call, I think I will ask to speak to someone who knows what's going on.

[relief13035]

Hey bulletproof - I'm in High Desert too. Empty houses everywhere.

[bulletproof77]

Hi "Relief13035" !! In Hesperia, by the golf course....Of course for how long, who knows ? Using Alderson, Koppel and Assoc. (Victorville) for my BK..so far, so good, file my Chapter 7 Monday. On my block (orange) every third house is in foreclosure or empty. Lived here 30 years, it's sad...commute to La Puente every day and it's just not working anymore...