Countrywide Home Loans Foreclosure threat now mod SUCCESS!!

[Mike]

HelloI am new to this forum. I have read a huge amount of the unfortunate situations along with the responses; especially from CAT. Thanks! In the midst of this extreme turmoil, it make it easier to endure to have some possible options to get through to Countrywide Home Loans. I hate to be long-winded but here is our story: Our loan is currently in 6 months default...it has not yet gone into foreclosure and these are the details: I have been working on this since the end of 2006 and still not resolved. The original monthly mortgage payment was $2,078. Due to a prior loss in my husband's job, we fell behind a couple of payments as well as not being able to make our tax payments. We never could catch up but never became 90 days behind and the payment was made each month. This state lasted for many months always paying each month, never 90 days. This was hurting our credit so I called CW to ask if they could arrange that we get current and the 2 payments be added on to the end of the loan as well as help with the tax payment in some way. What I thought was a simple request has turning into a horrid nightmare! I was told that I would need to let it go to 3 payments behind and then I could get in the workout program. Because, I had never been in this position before, I was extremely unknowledgeable but reluctantly, I took this advise and let the payments slip into 90 days delinquent, praying that this is the right way to go. If only I had known this forum existed before I did that! I did get into the workout program and was assigned a negotiator after a couple of months of waiting, calling, etc. etc. I entered into an agreement with CW to get the mortgage modified back in October 2006 where I would pay a downpayment of approx. $4,000 and continue to pay $2,780 for 5 months and then the loan would be modified. Also we were told that the back taxes would be taken care of and the escrow as well by CW! We were sooo happy! This was supposed to be a success story and we were on our way! So, per the request, I sent in a hardship letter to CW explaining how we had gotten into arrears which started with job layoff, etc. which I will not detail again in this letter. Since upon the start of the payment plan, my husband had picked up employment again, we truly believed we would be OK going forward. We were able to keep the commitment of the agreement with the last payment on that made in October 2007. After that, I was told to wait until I heard from CW to finalize the modification and they assured us that the loan would be modified in a way that would truly help our family with a fresh start -- although just what that arrangement would be was not disclosed at that time. My husband, in the meantime had suffered yet another layoff! What more could happen?!! This time it was to last for about a year. In January 2008, we were informed that the modification was complete and the payment would now be approx $3,000 per month. My understanding was that the 1st payment was to begin May 1st, 2008 with the stipulation being that if we pay approx $13,000 up front right then, that the payment would go down to approx. $2,500 per month. With my husband not working, this was not a good situation either way. On April 17th, my husband was still out of a job and we did not know when his next job would come. We were pretty concerned that we had this new higher payment coming through but it had not synchronized with a new job/income for my husband. In good faith, I called Countrywide Home Loans and explained everything I have told you above. The thought of starting a new agreement without the income to back it was unreasonable as we could wind up right back where we were when we got into this situation. I asked for some serious guidance from Countrywide Home Loans on exactly how to proceed since that May date was coming up quickly. I was told by CW agent to create another hardship letter explaining what I have said above and faxing it that day. I was told that this would put me back in front of the workout people and they would readdress the situation since the job loss, ie. financials were still not resolved. At that time, the agent told me that she did not see the approved loan modification in the system at all! I did not feel secure but did as she asked and faxed the letter. I asked her if I should send the May payment along because I was anxious to get going with something on the books. She said do not send a payment until I hear back from CW. Nor did she advise me that I had any late payments re the new agreement. In fact, she concurred that the payment was due in May and commended me for calling ahead of time with concern. I received nothing more from Countrywide in May, called once or twice, no information available from any agent still working on it. In June, my husband regained employment finally! At the end of June we received a Default notice in the amount of $14,754 to be cured immediately or foreclosure would occur! It had that we had not made payments since February 2008 making that 6 months of no payments! Again, it was our understanding that the 1st new payment would begin on May 1st! I was also told that the new payment was not $3,000 as first stated but is $2,876.64. We sincerely understood that any outstanding missed payments (ie Feb, March, April) were wrapped up within the modification and that they had fixed us! We feel so stupid having misunderstood what was going on. I immediately called Countrywide and was told that we had breached the other modification! This is not the case, in good faith we entered into the agreement of the new payment thinking that the job loss would be resolved. It was just not resolved quickly enough. Now that my husband is back working, we are able and willing to make the $2,876.64 each month. After getting the intent to foreclose notice June 26th, I called several times. Each time a different agent worked with me. I was told that I was no longer eligible for a workout since the 1st one was breached. This is so frustrating. Then I was told that I would need to come up with 1 payment and make 16months of approx. $3,800 payments. She said that is the only option coming up on her system. She said she would send that one in to request and to call back. I called back several days later and was told that that was not approved; but by then it was the day before July 26th which is the date on the letter where if we didn't have all of the money or a plan in place, foreclosure will be pursued! After delivering the news at this late date that the plan we pursued would not work, she proposed a new plan to pay 2 payments right then and approx. $4,400 for the next 8 months. I told her that I did not have the 2 payments but I could pay the 1 payment at that time and another payment the very next week. She refused to accept. Her supervisor came to phone and said that I should pay the 1 payment by 7-31-08 because starting 8-1 we would show 7 months behind. I assured him that it would be made and that another payment would be made the 1st week in August. We made the 1 payment on 7-29. Before I made it via Western Union, I called and got with a man from India who assured me that I was not in foreclosure and it would *not* proceed if I made the payment and made the other payments up. That took a load off of me! After I made the payment I called to give the control number and the lady told me that that 1 payment would not stop the foreclosure and that the agent from ffice:smarttags" />