Do You Need a Loan Modification? Are You in an Adjustable Rate Mortgage? Don't Worry Help is Here!
Obtaining a loan modification from your lender can be tricky. Let me teach you how to wrestle the sharks (your lender) and WIN! If you like, you can visit my forum at LoanSafe.org, where it is an interactive community of homeowners and mortgage experts who can help guide you in the right direction.
If you need professional help with your mortgage modification and want to use a lawyer who will look out for your best interests and not any of these fly by night scammers you will find on the internet, then please call Your Bank Connection Toll Free at 888-508-0242 or visit the website at YourBankConnection.com for a FREE consultation with an affiliate of the Loan Modification Legal Network. If you want and can do this yourself, then keep reading and get ready for the good FIGHT! I wish you the best of luck and remember to never give up your American Dream.
2.2 Million homeowners may face foreclosure over the next couple of years. Many borrowers are stuck in these toxic adjustable rate mortgages and they cannot refinance out of them as their payments are going through the roof.
When you become late on your mortgage or you are facing foreclosure, dealing with your lender can be much like dealing with Guido and his band of mobsters that think breaking knees in better than working things out where everyone wins.
So, I thought it would be great to give homeowners some and the tools plus the education to assist them through this rough time. The tools I lay out here will allow you to FIGHT back against these unscrupulous lender loss mitigation departments and WIN!
Learn How to Fight Back Against Your Lender and Save Your Home
Loan Modification Legal Network
A loan modification generally occurs where the parties to a problem loan mutually agree to workout the problem by creating new and better loan terms. The hope is that the new loan will enable to the borrower to meet their obligations.
When applying for a loan modification, make a game plan on how exactly you are going to approach them. These people are trained in minimizing loss for their company and they get paid to by getting the most amount of money out of you as possible or declare that your case is un workable and foreclose on you. That is how they mitigate loss. If you understand this, then you'll know that you have to approach them and all conversations very carefully. Everything can and will be used against you.
Items You Will Need When Applying For a Loan Modification
Document income and expenses. Keep all correspondence (even the envelopes) Before negotiating a deal, gather all the information you need, starting with any correspondence from your lender. That includes anything that you have unopened from the lender. Don't throw away envelopes from the servicer -- postmarks sometimes can make the difference between being eligible or ineligible for relief.
Collect everything that relates to income and expenses. Find your last four pay stubs. They want to see at least one month of income. If your income is very sporadic, the support your story by showing how you're getting paid so we can calculate an average over time. Gather at least three years worth of W2s and tax returns, plus three to six months of bank statements. Find all the mortgage paperwork and add that to the file. Pull together all bills, paid or not, from the times you were falling behind on the house payments until now. Include utilities, auto payments, credit cards, student loans, child support, medical bills. Find the winter and summer heating and cooling bills. You need to also include everything that documents why you fell behind. An employer's notification of reduced hours or a layoff, an invoice for an auto repair or a furnace replacement, a shutoff notice from a utility.
What to Do When You Call Your Lender:
Your lender has two platoons of employees who talk with delinquent borrowers. The first is the collections department, which consists of people who try to pry money out of you and get you current on the payments. The second group consists of the loss mitigation specialists. These departments go by different names, depending on the servicer, including foreclosure prevention, loan resolution and delinquency customer service. We'll use the most common name for the department: loss mitigation, or loss mit. It can be difficult to get through to the loss mitigation department if collection agents are discouraged from transferring calls. This is one of the benefits of having a helper, such as an attorney or a housing counselor. The first will intimidate bill collectors and the second might have contacts within the loss mit department.
The trick with any bank and getting a work out done is learning to navigate their phone system so as to increase your chances of getting a live person. Over the years Ive learned some tricks that help, sometimes you hear options that you know will lead to a person like when it says "to speak to a representative press ___" but sometimes they don't give you these options (cricket wireless is the worst at this) so you have to think, what options WOULD get a live person. For example often anything that involves new clients signing up will get a live representative...cause they always want new business. You have to be a little savvy though, you cant just tell the sales guy you called them so you could get a warm body to answer the phone!
Once you get a live person, you want to be working your way up to a decision maker. This is sometimes harder to do for a homeowner than a 3rd party. Often with the homeowner they get stonewalled at the first level, and sadly the first tier in Loss Mitigation is really a glorified collections department. They are paid hourly employee's who have very little if not zero motivation to go the extra mile and help you get some needed comfort and relief while resolving your problem. Often they just compound the problem by being rude and demanding, telling people things like "just pay your bills". So its essential that you get beyond these people and to a specialist.
Sometimes to get to this point you have to put up with the hourly employee's through a process of filling out their forms and information. Providing them with items such as pay stubs, tax returns and a whole host of financial information. Once everything is provided, then some lenders will assign the file to someone higher up in the loss mitigation department.
The MOST crucial element to this whole process is your Budget and if you have dome your due dillegence, you'll be ready . They will ask you for a detailed list of your monthly expenses. If its too tight, you may not get approved, if you have too much extra income you are going to have an outrageous payment plan. Don't agree to it!
The 2nd MOST important thing you can do is DO NOT SPEND YOUR HOUSE PAYMENTS. Often people stop making their payment because they are falling behind on other bills, or they cant quite make the whole house payment. Over the years more often than not, the people I met with still have an income coming in each month, they just cant meet all their obligations, so while the house is falling behind they take advantage of the fact that they aren't paying the house payment in order to catch up on other debts. THIS IS NOT WISE AT ALL. Sock away as much of that money each month as you can. Its crucial, heres why;
If you don't pay your mortgage for 3-4 months and your lender decides to negotiate a repaymenyt plan or a loan modification, then they will want what is called "good faith" money for you to come to the table with. Typically this is from 30-75% and sometimes 100% of what you owe in delinquent fees and attorney fees. Often I speak with homeowners who spend all their money and have nothing to work with. If that is the case, then don't expect them to work with you or you better have a REAAAALLLY god explanation and proof as to why you have no money to bring to the table.
We all know life throws curve balls at us, its the nature of the game, you'd better just expect it, cause its coming in one form or another. Whether it be a car breaking down, an illness, injury or death. An accident in a car, you just don't ever know and its ALWAYS a good idea to have a rainy day fund. The crazy thing about going into foreclosure is that you can actually come out of it better off than you went in sometimes.
Is it Better to Just Walk Away and Start Over?
Many homeowners are just in over their heads. Many they love their home and their family does too. But what good is it when you are so stressed out that you cannot enjoy your home. Your maxed out and you don't have a dime to take the kids for an ice cream or the movies. That's no way to live. This is a serious time to really sit down and see if it's all really worth the stress and heart ache. If it's not then maybe it's time to just thorw in the towel and down size. Get something you can afford and enjoy. Just close the door on this time in your life and move on. Sure, it will affect you for years, but place your health and well being before making a house payment. If this is you, you're not alone. Think about it. Is it all really worth the pain and stress? You're already down, maybe it's time to just move on and take that money and get a nice little place to rent and regroup.
By saving up your payment for 2-3 months or more depending on the foreclosure time line in your state, you can not only have enough to put together a really nice plan with your lender, but also have some in the bank for a rainy day or worse case scenario, a rental. Often payment plans with the bank can be pricey and very short terms, like 6 months total to repay what you fell behind on. The people iI have worked with who took my advice to save up and keep some funds in the bank, were successful most of the time at keeping their home. Because they were prepared for life's curve balls. Even though they had fallen behind in the past, if they had an expense one month, they just pulled a little from the slush fund in the bank to help supplement their house payment that month.
The Lender Has Made You a Deal, What Now?
Respond to your lender, but don't be rushed into making a promise that you can't keep. Before making a deal with your lender, describe your situation to an attorney, accountant or a knowledgable mortgage person. You need to make sure that it is reasonable and not an agreemnet that will stop foreclosure for a month or two.
Many lenders are likely to offer a forbearance. Theses are only good for a short term band aid and not for the long term. Most commonly, this entails adding a set amount to each month's payment. A forbearance plan can go as long as 36 months. But many are set to fail and are completely unreasonable for borrwers to pay back. Usually this will require palcing the delinquent amount on top of your monthly mortgage payment. If you had troub
Loss Mitigation Lender Phone Numbers
Fix Your Broken Loan Today
This is the most complete list of lender loss mitigation contact information on the internet. It is sorted in alphabetical order. If you have some information on your lender or different contact info that I am not privy too or I have a wrong number or web address then please let me know so we can all help each other.
The first step to stop foreclosure is to contact your lender and try and obtain a reasonable loan workout or repayment plan. The quicker you get the ball rolling, the better chance you have of striking a deal with your lender, so you can save your home and your credit Please start making calls, get educated and have all your ducks in a row. The hardest call is the first. It only gets easier after that.
More than 50% of foreclosures would be avoided if people contacted their lender. So be proactive and aggressively pursue all options you have because you do have quite a few tools you can utilize to mitigate as much loss to you, your credit and your family. If your are short on time and you cannot do it on your own, then please seek help from a Non-Profit HUD approved Housing Counselor, an attorney or a legit for profit that can handle the calls and paperwork for you.
Time is ticking and it goes by fast when you're behind the infamous 8 ball. As Nike would say, "Just Do It!"
This post will be a work in progress and I plan to make it the most complete FREE list on the internet. Please feel free to post this on your website or blog but you must have a link with the anchor text stop foreclosure. Just email me and let me know where it will be on your website.
Lender/Servicer Loss Mitigation Phone Numbers & Contact Information
ABM AMRO Mortgage (800) 783-8900
Web: https://www.mortgage.com/C3/application.bus
Accredited Home Lenders(877) 683-4466
AMC Mortgage Services (Also handles loans originated by Ameriquest and Argent) (800) 211-6926
1600 McConnor Parkway
Schaumburg, IL 60173
Web: https://www.myamcloan.com/malwebapp/begin.do
American Home Mortgage Corp.(877) 304-3100*
Ameriquest Mortgage (Debt collection -- see AMC Mortgage Services) (800) 211-6926
Aurora Loan Services (Debt collection) (800) 550-0508
By Overnight Mail:
601 5th Avenue
Scottsbluff, NE 69361
Attn: Customer Service
By Regular Mail:
P.O. Box 1706
Scottsbluff, NE 69363
E-mail: ccnmail@alservices.com
Web: https://www.alservices.com/Consumer/UI/SSL/Authentication/Login.aspx?ReturnUrl=%2fConsumer%2fUI%2fSSL%2fServ icing%2fDefault.aspx
Avelo Mortgage LLC (866) 992-8356*
Bank of America(800) 846-2222
BB&T Mortgage (800) 827-3722*
AmTrust Bank (fka Ohio Savings Bank) (888) 696-4444
Beneficial (800) 333-5848
Central Pacific Bank (800) 342-8422*
Charter One (800) 234-6002
Chase (800) 446-8939
Chase Home Finance (800) 848-9136 (customer service) (858) 605-2181 (delinquency customer service)
Chase Home Finance-New Jersey(800) 446-8939*Chevy Chase Bank(800) 933-9100*
Web: https://chaseonline.chase.com/chaseonline/logon/sso_logon.jsp?fromLoc=ALL&LOB=COLLogon
Chase Manhattan Mortgage
(800) 446-8939 (Ohio Servicing Center)
(800) 526-0072 (Florida Servicing Center)
(800) 527-3040 x533 (Florida Servicing Center)
Chevy Chase Bank (800) 933-9100
Web: https://www.chevychasebank.com/htm/payment.html (Payment Addresses)
Citi Financial Mortgage (800) 753-3673
Citimortgage (800) 283-7918
Countrywide (800) 262-4218
https://customers.countrywide.com/se...t_login254.asp
Ditech (800) 852-0656 (800) 449-8582
Downey Financial Corp.(800) 824-6902, ext. 6696
Deutsche Bank National Call Number on Mortgage Statement
EMC 800-723-3004
P.O. Box 141358
Irving, TX 75014-1358
Web: https://www.emcmortgageservicing.com/ccn/ccnsecurity.asp
EverBank (800) 669-7724 ext. 4730
Equity One (Debt collection) (866) 361-3460
First Horizon Home Loans (800) 489-2966*
Fifth Third Bank (800) 375-1745 Option 3
First Merit Bank (888) 728-9931
Flagstar Bank (800) 968-7700, ext. 9780
Fremont Investment & Loan (866) 484-0291
GMAC Mortgage (800) 850-4622
GreenPoint Mortgage Funding (800) 784-5566, ext. 5383*
Green Tree (877) 816-9125
Homecomings Financial (800) 850-4622*
HomeEq Mortgage Servicing ( Debt collection) (866) 822-1471
Household Finance (A HSBC Co.) (800) 333-5848
Household Mortgage (800) 333-4489
HSBC Mortgage (800) 338-6441
Default Resolution Team (if long term problem)
2929 Walden Avenue
Depew, NY 14043
(888) 648-3124 Loss Mit
(732) 352-7519 Fax
Web:http://us.hsbc.com/personal/mortgage/existing/difficulties.asp
Huntington National Bank (800) 323-4695
Indymac Bank (877) 736-5556
C/O Loan Resolution Department
P.O Box 7014
Pasadena, CA 91107
(Monday - Friday 6:15am-7:15pm. (Pacific Time))
Web: https://www.indymacbank.com/contactus/loanResolution.asp
Irwin Mortgage (888) 218-1988
P.O Box 7014
Pasadena, CA 91107
Web: https://www.irwinmortgage.com/wps/portal/!ut/p/cxml/04_Sj9SPykssy0xPLMnMz0vM0Y_QjzKLN4g3sdAvyHZUBAAqwx 9c
E-mail: deliquency.prevention@irwinmortgage.com
James B. Nutter & Company (800) 315-7334
Key Bank (800) 422-2442
LaSalle National Bank (800) 783-8900
Litton Loan Servicing (800) 999-8501 or (800) 548-8665
Fax (713) 966-8820
4828 Loop Central Drive
Houston, Texas 77081-2226
Web: https://www.littonloan.com/index.asp
Loss Mitigation Department Hours:
Monday Eastern: 9 a.m. - 7 p.m. Central:8 a.m. - 6 p.m. Mountain:7 a.m. - 5 p.m. Pacific:6 a.m. - 4 p.m.
Tuesday-Thursday Eastern:9 a.m. - 9 p.m. Central:8 a.m. - 8 p.m. Mountain:7 a.m. - 7 p.m. Pacific:6 a.m. - 6 p.m.
Friday Eastern:10 a.m. - 6 p.m. Central:9 a.m. - 5 p.m. Mountain:8 a.m. - 4 p.m. Pacific:7 a.m. - 3 p.m.
Default Counseling Department representatives are also available most weekends on Saturday from 8 a.m. to 12 p.m. and Sunday from 10 a.m. to 2 p.m. (CST).
Midland Mortgage (800) 552-3000 or (800) 654-4566
Web: https://www.mymidlandmortgage.com/MyMortgage/Login/Login.asp
Mortgage Lenders Network (800) 691-0129
E-mail: customerservice@mlnusa.com
Web: http://www.mlnusa.com/customers/info_credithelp.asp
Mortgage Electronic Registration Systems (888) 679-6377
National City (800) 367-9305, Ext. 53221 or (800) 523-8654
Attention: Homeowner's Assistance
3232 Newmark Dr.
Miamisburg, Ohio 45342
(8AM-10:30PM ET, Monday - Thursday)
(8AM-5PM ET, Friday)
(8AM-Noon, Saturday)
Web: http://www.nationalcitymortgage.com/service_assistance.asp
Nationwide Advantage Mortgage Company (800) 356-3442, ext. 6002*
NationStar Mortgage (888) 850-9398* Press 0 for operator
New Century Financial Now Carrington Mortgage Services (800) 790-9502 or (877) 206-9904
(6:00 a.m. to 7:00 p.m. Pacific Time, Monday - Thursday)
(6:00 a.m. to 6:00 p.m. Pacific Time, Friday)
Web: https://myloan.newcentury.com/webapps/servicing/myloans/index.do
NovaStar Mortgage Loan Resolution Department (888) 743-0774 Non-English: (888) 743-0774, ext. 4523
Ocwen Federal Bank (800) 746-2936 or (877) 596-8560
Web: http://www.ocwencustomers.com/csc_fa.cfm
Attention: Financial Information
12650 Ingenuity Drive
Orlando, Florida 32826
or
Ocwen Financial Corporation
1661 Worthington Rd., Suite 100
West Palm Beach, Florida 33409
Phone: 877-226-2936
For serving Ocwen with legal process, please send to their registered agent:
Corporation Service Company
2711 Centerville Road, Suite 400
Wilmington, DE 19808
Phone: 561-682-8000, x8386
Option One (866) 711-1962 or (888) 275-2648
Web: http://www.oomc.com/servicing/servicing_baifaqs.asp
PHH Mortgage (Formerly Cendant) (800) 257-0460
For borrowers facing possible delinquency: (800) 330-0423*
For borrowers in the foreclosure process: (800) 750-2518
Web:https://www.phhmortgage.com/sso/mq/login.jsp?TYPE=33554433&REALMOID=06-9153316d-cf4d-4425-a5d7-c0b20a7b098d&GUID=&SMAUTHREASON=0&METHOD=GET&SMAGE NTNAME=phhmort-stb&TARGET=$SM$https%3a%2f%2fwww%2ephhmortgage%2ec om%2fhome%2flandscape%3fjpid%3dLogIn%26loginmode%3 dregistered&SMSESSION=NO
ResMae Mortgage Corp.(877) 473-7623, ext. 5944
Saxon (800) 665-7367
Select Portfolio Servicing (888) 818-6032
Fax: (801) 293-3936
Loan Resolution Department
P.O. Box 65250
Salt Lake City, UT 84165-0250
(Monday - Thursday 10:00 a.m. - 10:00 p.m. EST)
(Friday 10:00 a.m. - 7:00 p.m. EST)
(Saturday 9:00 a.m. - 1:00 p.m. EST)
Web: http://www.spservicing.com/services/customer/loanresolution.htm
SkyBank (800) 290-3359
Sun Trust Mortgage (800) 634-7928
PO Box 26149
Richmond, VA 23260-6149
Mail Code RVW 3003Web: https://www.suntrustmortgage.com/generalquestions.asp#
Third Federal Savings (888) 844-7333
US Bank (800) 365-7900
Wachovia Bank of Delaware (866) 642-8608
Washington Mutual (866) 926-8937 or (888) 453-3102 or (800) 478-0036 or (800) 254-3677
Waterfirld Mortgage (800) 957-7245
Fax: (260) 459-5390
c/o Loss Mitigation Dept.
7500 W. Jefferson Blvd.
Fort Wayne, IN 46804
(7 am - 10 pm EST Monday - Thursday)
(7 am - 9 pm EST Fridays)
(8 am - 2 pm EST Saturdays)
E-Mail: saveyourhome@waterfield.com
Web: http://www.waterfield.com/scripts/cgiip.exe/WService=wfg/pub/borrowerservices/delqasst
Wells Fargo (877) 216-8448 or (866) 261-5642 or (800)766-0987 or (800) 678-7986 for payment assistance
Borrower Counseling Services
Monday - Friday 8:00 a.m. - 9:00 p.m., CT
Saturday 9:00 a.m. - 2:00 p.m., CT
Web: https://www.wellsfargo.com/mortgage/account/
Wendover Financial Services Corporation (800) 934-1081 or (800) 436-1022
Web: http://www.wendover.com/borrowers.html
Wilshire Credit Corporation (888) 502-0100
P.O. Box 8517
Portland, OR 97207-8517
From 6 a.m. to 5 p.m. (Pacific time) Monday through Friday
Web: http://www.wfsg.com/borrower/borrower.aspx
*No direct line to the loss mitigation or loan modification department. But I am working on it
New Guestbook
Lensmaster
shauna wrote
My husband lost his job 16 months ago, and we have worked out butts off to make ends meet. Recently we have realized that we will no longer have the full payment amount, especially with the holidays coming up which makes side work even harder to get. So we called Suntrust mortgage to see if they could help in any way (explaining the loss of job), and we were told until we miss 2 payments they won't even talk to us about helping! I thought it may have been a fluke, but I have found 3 other people with Suntrust who were told the same thing. Has anyone come up against this, and found a way to arrange for remodification WITHOUT missing payments?
Lensmaster
Tim wrote
Hello! I have a mortgage with EMC. My wife and I bought our home 5 years ago and did pretty well in being prompt with our monthly payment until she was injured at work but never filed workman's comp because she was afraid of losing her job. Finally, the pain became so bad she had to stop working. The income loss cause me to fall begind in my mortgage payment. I am in loss mit paying a reduced payment for 3 months. At the end of the modification period, they said they will possibly allow a fixed loan modification, but they want me to pay nearly $10,000.00 in fines, fees and legal cost which is impossible. Any advice? Thank you.
Lensmaster
Loula wrote
Wow, thanks for all your comments. Now, I am in a critical position. I was approved for a loan modication from Chase. They gave me a fix of 7%, montly payment of 1490 and my total loan has grown to $217,000. My original was an adjustable rate after 3 yrs with $1200 a month until it adjusted. Well before it got adjusted, I had some unforseen event that I have to leave the country. I notify them and asked for help, but they didn't do anything until now. Well, the modification that they are offering is still to high realistically for my income. I called and the rep told me that they gave me that amount because they feel based on my income I can pay it. Well, I asked him, exactly what were they looking at because I sent themy budget sheet with all my expenses. I couldn't get an answer. So, I need some advice, whether to take it or walk away. I have another loan with a 2nd bank, and they have sent my account to a collection agency. I really don't know what to do anymore. Please help. thanks
Lensmaster
Tracy wrote
in reply to sharon I was wondering if I could apply for a loan modification since I am not behind in my mortgage. (Although I am struggling) Your post gives me hope and I will be contacting my lender asap.
Lensmaster
Julie wrote
I am 4 months behind on my mortgage. I have tried without sucess to talk to Washington Mutual Mititgation department and Countrywide. I was told by Countrywide they couldn't help me. So my thoughts on this is to let the property go. I think the things we hear on the news about the banks helping people keep their homes is a bunch of bunk. The lenders are not willing to help you. they will find ways not to help you. So why even try. I would think the lender would help people avoid foreclosure because of the cost. If they help the borrower it would be a win win sitution.
Lensmaster
Anne Thomas wrote
Here's the trick to doing a loan mod/rewrite. You want to have your financial stmt to show an 80% DTI (debt to income ratio). If you must pad the expenses. Find the designated decison maker at the bank. I just did one for one of my clients in 4 hours. My client had a $190K neg am loan w/Wachovia and a $117 second w/Sun Trust. What you want to do is tell the bank exactly what payment you can afford. They will rewrite the loan if they have to. We asked for a 30 year fixed loan. Wachovia came back and made a $251K FHA 1st and a $56K 2nd with with ZERO percent for the life of the 2nd. They will defer the payments on the 2nd for 3 years and my client will after that have to make principal payments of $203!. They NEVER once missed a payment. The kicker is you have to tell the bank how much you can afford monthly and the financial stmt has to have an 80% DTI ratio. It is a myth that you have to miss a payment! Escalate to a manager and don't deal with the call centers!
Example Harship Letter
Write a Letter That Will Save Your Home
(Example Harship Letter)
To Whom It May Concern:
I am writing this letter to explain my unfortunate set of circumstances that have caused us to become delinquent on our mortgage. We have done everything in our power to make ends meet but unfortunately we have fallen short and would like you to consider working with us to modify our loan. Our number one goal is to keep our home and we would really appreciate the opportunity to do that.
The main reason that caused us to be late is (insert reason here and don't be too lengthy and long winded) Soon after being late and our income not being nearly enough, we had fallen further and further behind. Now, it's to the point where we cannot afford to pay what is owed to (lender). It is our full intention to pay what we owe. But at this time we have exhausted all of our income and resources so we are turning to you for help.
Our situation has got better because (reason here) and we feel that a loan modification would benefit us both. We would appreciate if you can work with us to lower or delinquent amount owed and or payment so we can keep our home and also afford to make amends with your firm.
We truly hope that you will consider working with us and we are anxious to get this settled so we all can move on.
Sincerely and Respectfully,
Mr. & Mrs. ___________________
Signature_____________________
Loan # ______________________
Address______________________
Phone________________________
Hardship Letter Contributed by a Forum Member
September 7, 2007
To: Countrywide Mortgage account # 058989482
Re: Mortgage modification program
Due to the recent adjustment to the mortgage I currently have with your company, I am finding it very difficult to afford the new payment. I have a 3 year fixed rate which is now adjustable and is schedule to adjust again in Feb. 2008.
Considering my current income, there will be no way I can afford the increased payments come February. Hopefully there is way to renegotiate the terms of my current mortgage to avoid default or foreclosure on my home.
Is it possible to have my current adjustable rate mortgage converted to a fixed rate? If this is not possible can the next rate change be postponed to a future date to allow me to hopefully refinance. Any other solutions you could provide would be greatly appreciated.
I have had no problem making my payments for over three years now and do not want that to change. My mortgage was originally written by another company and bought by Countrywide. The original mortgage terms are terrible but it was the only loan I was qualified for at the time. I was assured that refinancing would be no problem but that turned out not to be true due to the downturn of the housing industry.
The main problem is that my property is now worth about 5-10% less than what I paid for it which is preventing me from being able to refinance. I was researching on the internet and came across the Fannie Mae Announcement #06-18 (Oct. 4th 2006) regarding the servicing of Conventional Mortgage Modifications.
I believe this addresses the situation I currently find myself in along with many other homeowners. Attached are recent pay stubs showing my current income.
thanks you for your time and consideration.
Moe
Founder & Homeowner Advocate
LoanSafe.org
LoanWorkout.org
951-271-6283 Phone
800-734-8819 Fax
Moe at LoanSafe.org Email
Real Life Stories on How to Fight Back Against Your Lender
These People Don't Take No for an Answer When Their Homes are on the Line
Yesterday, 05:27 PM
Loan Modification Story - Countrywide
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This is an evolving story with a hopefully happy ending. I have an 3/27 adjustable 1st mortgage with Countrywide thats recently adjusted from 5.99 % to 7.25% raising my payment by $610 a month. In February it will adjust again to 9.45%. I have contacted the Workout Dept. several times in the past 2 months to try and get my loan modified from an adj. to a fixed.
This thread http://www.loansafe.org/forum/showthread.php?t=102 has my hardship letter. I faxed it along with my proof of income back on 08/02/07 after speaking with a loss mitigation worker and was told I was pre qualified for a "Adjust to Fixed Mod". The next day I called to confirm they had received the fax. I was told it would take 24 hours to show up in the "system". I waited 2 days and called back and was told that they had received it and was told it would take 10 - 14 days to process. I waited...and waited.....for 2 weeks.
I then get a letter in the mail saying that if Countrywide did not receive my hardship letter and proof of income within 5 days my case for modification would be closed. I immediately call and tell them I have just faxed over the info again and would like confirmation of them receiving it. I was told it would take 3 days to get into the "system" and to call back. 4 days later I call back and was told that I had a $2000 dollar surplus after my new mortgage increase and there was no reason for a modification. I was losing my patience (on the inside) at this point. I politely assured "Joy" that she was mistaken and I was indeed about negative $200 every month after all expenses. I explained that I was starting to use credit cards to make up the difference. She modified my expense statement to reflect that I was indeed in the negative every month after making my new mortgage payment and told me it would take about 2 weeks for my case to be reviewed.
I called back today...12 days later...to check on the status of my case. The very nice girl from India finally connected me to the workout dept. and I spoke with "Toby". She explained to me that my proof of income and expense info where in the "system" but the actual paperwork I had faxed over 2 times previously where nowhere to be found. 3 deep breaths later I tell her that I had already faxed the info twice and was told both times it was received. My confidence in there "system" was almost gone. She confirmed that my expense to income was about -$200 so at least the last girl did get something done. I again faxed the info and watched as each sheet was sent. No error messages spit out. I put a big note on one of the pages the read "This is the 3rd time I have faxed this information. Can you please call me at xxx-xxx-xxxx to confirm receipt of this transmittal". I again waited...no call....big surprise. I have to say that once you get to talk to someone in the workout dept. they are very nice...so far. i told "Toby" that she had been very helpful...much more than anyone else I had spoken with at Countrywide. She told me that made her day because she was having a bad one. I bet. I wouldn't want that job.
So now I sit and wait again....all weekend...hoping that this time my fax will not be "lost' in the "system".
Hey Moe...I think it is time I break out the big guns. I will give you a call next week if Countrywide doesn't have my faxed info on Monday. I hope you can help.
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Here was my reponse:
Re: Loan Modification Story - Countrywide
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Thanks pbbobkanobi!
What you are going through is oh so typical and it just infuriates me to the point where my blood just boils. Why? Because I experience this same thing when I try and assist people that are not as patient or savvy as you. You strike me as someone who is strong and knows how the system works. Imaging the poor elderly people that call for help or people that are just not as strong as you. Many would have given up after the 1st, 2nd or 3rd call. I have seen people give up and just walk away. It's sad.
Oh and don't get me started on the faxes. I have heard that a million times. Oh, but when people refinance or get a mortgage, they don't lose that paperwork. It's like the fax machine from hell. You fax and fax and mysteriously no faxes shoot at the receiving end.
What really upsets me is that when you go to these lenders for a loan, you are treated with so much kindness and respect. But once you reach for help you get this a big cluster of BS and poor customer service. It's not right and needs to be stopped.
Thanks for sharing this great Countrywide loan modification story. I plan on posting it on my blog also as a learning tool for homeowners on what they need to do when they deal with these calls and faxes.
Here's another Homeowner Response:
10/6/2007 10:13 AM caroll mendez wrote:
you know i am having the same results with countrywide the thing is is that I've been doing it since march and i am still not able to get a modification , and I was sent a foreclosure notice already, I ti'll december to pay or i'll be foreclosed it is all a farseby countrywide, i am tired of this and i am going to get a lawyer and find out if i can sue them or take somekind of legal action because this is a ripoff, busting my as from check to check to pay for this house and know i can't afford the payment because they went up 950 dollras and every 6 months after that it's going to go up and up what a scam this is i am really pissed off at these loan banks they are worse then a terrorist
