Anyone have a successful Loan Mod with Countrywide recently?

[sajecw]

Has anyone on here successfully completed a loan modification on a fixed rate mortgage with Countrywide?

They are the worst servicer by far.

I called my investor, Freddie Mac directly and they said I qualify for a 40 yr term with a reduced interest rate that would lower my payment by $650 a month. They were going to notify Countrywide, and they did, and a package was coming in the mail.

Countrywide said I didnt make enough money to qualify and squashed it.

I recently stopped making my credit card payments, I am still short by $900 month for all of my bills, then they said I made too much money.

This has gone back and forth for 3 months now.

I finally got someone from Freddie Mac that works AT Countrywide to contact me and they are putting me in for the Affordable Home Loan Mod. All foreclosure efforts are put on hold during this time.

My feeling is that Countrywide as the servicers just wants the payments or foreclosure, EVEN THOUGH Freddie Mac is instructing their servicers to work with all of us.

I am not asking for a principle reduction, just a rate modification and to put the priniciple on the back of the loan so I can at least catch up on my house.

I asked Freddie Mac to change servicers to a more borrower friendly servicer and they said they can't.

I have personally seen a HUGE disconnect between the investor and servicer.

They are also crazy, because in NY, I can stay in my home for about 18 months before the auction starts! I want to catch up...

Its sad, but if they don't modify my loan, my home will be another statistic.

[BK2008]

I tried, they wanted blood, I told them to take the house and stick it. I think they give a lot of lip service to 'modification', but they don't follow through.

[sajecw]

At this point, they are making me throw up my arms and surrender. Really dumb. They are going to lose over 100k on this house if it forecloses instead of still making money on me with a lower interest rate.

I am betting on the fact that house values will be the same or lower over the next 3 years and losing a house I am $45k under water with is not the worst thing in the world AFTER you get past the emotional attachment.

[BK2008]

It took me a long time to get past the emotional thing...right down to changing my BK filing to 'surrender' 5 days before my discharge. I intended to keep the house, then I lost my job, couldn't make payments, etc.

Looking back, it is probably for the best. I would have saved my house..l.and still not be working, or working for wages lower than I was making that the house payment would be a struggle.

I am renting now, and rather enjoy (most) parts of it. No mowing, worrying about why the dishwasher doesn't work...just pick up the phone and call mgmt!

[sajecw]

Renting here on Long Island is pretty expensive. I need 3 bedrooms as I have a son and I work out of my home now. It is just as expensive as the mortgage would be if they modified it.

Freddie Mac told me I would know in 30 days. I am hoping it works out and I can get one thing off of my back.

[Ifonly]

Countrywide is in a mess, IMO. We have our first and second mortgages with them - $1550/monthly for the first and $1,300 for the second - and taxes are NOT escrowed in that.

The first was current always; the second went over 60 once I lost work in August of last year. They kicked us out of their loan "workout" department when they determined (same as pp) that we would still be somewhat negative monthly. Same thing as pp - I didn't want a principal reduction - I wanted them to take a 10 year mortgage with a 9.75% rate and turn it into a longer term with a lower interest rate. With the extended term, they would probably have made MORE interest off of us over the life of the mortgage.

They said, "we can't hep you" and I have now stopped paying the first mortgage as well. No sense in throwing the $ away.

I would be willing to do a short sale if they would foot the bill - better than them shelling out for the foreclosure right? I guess common sense eludes them.

Proof positive that they don't know which end is up? Usually they ask for proof of payment for the taxes every year. They haven't asked in two and I didn't pay 2008 property taxes. They'll stay with the property.

[bulletproof77]

The Obama program and "hope4homeowners" thing is all crap. What they DON'T tell you (and this after having my paperwork for 4 months) is that if you are in BK you DO NOT qualify for any programs-period. And Countrywide can catch on fire for all I care. I tried and just recently told them to take back their house and it can join the other 10 on the block that have been sitting vacant for 2 years. Countrywide and my second mortgage holder (Mid-First Bank of Oklahoma) REFUSE to do anything, not even extend the term (Mid-first and I quote: "Oh, we don't modify ANY loans in California" (I asked to extend the term from 5 years to 10, that's it) So they can all KMA and join the great abandoned High Desert home band-wagon. You all were right, it's all just a bunch of lip-service. And Countrywide is the WORST..26 years of faithful payments means nothing, so I no longer care. The emotion is gone, it's just now a very bad investment. Enjoy Countrywide ! Here's to your early Bankruptcy !

[Ifonly]

Oh, I knew going into the BK that almost any other program would probably not be available to me. It was Countrywide's "too bad" attitude that led us to the BK decision. We figured that if it were impossible to keep the house, we should REALLY start over and not be saddled with the debt. I think that if you're in the upper middle class and making six figures, that there are very few programs you would qualify for regardless. We initially filed for assistance from the PHFA but that would have been another loan. Just what I would need, to owe someone else money!

[Gerry]

This is timely, as I'm going to call them today to ask for load modification. Doesn't seem to warrant much hope, does it? ~sigh~

[bulletproof77]

Nope...they'll shunt you around from one idiot to the next, none of them with the power to actually DO anything..On your first call, they'll tell you how there here to help, then offer you a payment that is actually HIGHER than your current one. When you tell them thats ridiculous, then the real "shuck and jive" begins. I have a good friend that works at Countrywide's main office in Simi Valley, CA. She says that Bank of America has TOLD them to modify loans when possible, but that it is just not possible given Countrywide's corporate culture of NOT helping. She knows their days are numbered. When you do find someone there to help, the request goes straight to their legal dept. and the answer is always NO. "homeowner retention department" is just a joke..I moved and I don't give a damn

[bulletproof77]

Countrywide really thinks there is going to be another "real estate boom" and it's worth it to just take back the houses...fortunately by that time they will cease to exist as a company...Isn't it odd that BofA, Countrywide's parent company, takes billions of YOUR tax dollars in bail-out money, yet they will not help the very people they are taking money from ????

[thefiredevil]

yeah... my uncle have to ask a professional and expert's help for a countrywide loan mod... hmmm I think he went to this company and really helped him a lot http://www.loanmodifyexpress.com (just want to specify this one that really helped my uncle)

[techguy74]

I am in a similar situation with CountryWide. I have gone back and forth with them for several months now with no luck. I have called and faxed to every number that they have given to me but they ALWAYS seem to lose the documentation that has been sent.

I now realize that my wife needs to get over the idea of losing our first home and move on.

The home loan modification program is a joke at best. We are still in our home and yes it is in foreclosure. I keep calling in hopes that they will work out a mod but I have pretty much lost hope.

I will contact a lawyer very soon and see what advice I am given regarding bankruptcy.

Also I want to add that the property has lost over ONE HUNDRED THOUSAND DOLLARS in value since the collapse of the housing market. I am definitely not married to this house since it is our first home.

I am at my wits end and it may be time to file for BK.