Countrywide Problems 16 days to foreclosure process.

[Mike]

This might be a little long winded but here we go.

I was laid off last September due to my position being outsourced to Mexico. We have been in our house for 2 years and 4 months and during this time I have not been late on a payment until January of this year when my unemployment compensation was exhausted. I called Countrywide every time I had an issue and was able to hammer out an agreement about my situation.

I slowly fell behind, 2 weeks at the time, until I was 30 days down. I spoke with 2 different individuals on 2 separate occasions and told them that I would be 30 days behind for the next several months until I obtained another job and I would pay, along with any late fees, January in February, march in April, and so on until such time as I could catch it up. They were agreeable and said that it would be fine but that every month I would be reported to the credit agency's about being delinquent. I asked them for their names each time and requested they send an email, a fax, or a letter stating this is what has been agreed upon. Each time I was refused stating "It is company policy, but don't worry everything is in the notes here on the computer". I have stood by what I told them I would do every month and have done it.

I have received a foreclosure letter every month since January stating they would proceed if I did not pay full arrears, 4280.00. by the 15th of the next month. Each time I have called and discussed this on the phone and had it cleared up. Last Monday (4/21) I picked up a registered letter, dated 4/16, saying I had until 5/16 to cure the default of they are going to move on the house. I called (for the 4th time in 4 months) and spoke with another individual in customer service about what had transpired, what had been agreed upon in the past, that it was all in the case notes, and how it was in both our interests to allow me to carry on as I had been doing thus far. He told me he was sorry it was out of his hands but to help he was pre-qualifying" me for a "loan modification".

I told him to look in the notes and I wanted to continue on instead of changing the structure of my loan because I knew after all of this BS, everything I have read about Countrywide, I would really end up getting screwed up and take forever getting straightened out. I finally got it across that I had been keeping my word and fully intended to here on out. I told him I was making the next payment, the March payment, on April 30th. Well this was hinging on a car I had sold and cashing in some assets we had been saving. I rolled the dice and lost as this individual of course backed out this past Sunday. (insert "don’t count your chickens..." here) On Tuesday, 4/29 I called and talked to a totally different person once again. I explained that I would not be able to supply payment on the 30th as I had promised and I needed some help, another few days, something.

He told me there was only one thing they could do for me because I was unemployed and that was to allow me to skip 3 months worth of payments to give me some time until I found a job and then I could pay it back, along with my arrears "over 3, 6, or 12 months" along with my regular payment. This person said I had to write a hardship letter, fax it to the attention of "Workout" RE: Forbearance" and a person would contact me and I would be "approved in 30 days". I said ok let me ask some questions.

1. If I start this in motion does all action against me at this time cease? His response "Don’t worry it takes 90-120 days for the process to complete which gives you plenty of time to do something before anything happens."

2. What happens if for some reason I am late on one of those 2900-3000.00 payments which would place a hardship on us once again, to get caught up on other bills, acts of god, etc. job or no job? "If you are late on one payment Countrywide will immediately move to foreclose on your property."

3. What other options are there to get some assistance from Countrywide? "There are no other options for someone who is unemployed. This is the only one we can offer."

4. Explain to me once again how this works. "Countrywide is required to offer homeowners options to help them out of these situations. We are offering this option to help keep you in your home. etc. etc. etc. Ask for 90 days and that should get you back on track"

5. Can you send me a letter, fax, or email stating we have talked and what was put in the "notes" on the computer. "No we are not allowed to do that. Everything is in the notes on the computer" I wasn’t feeling too cool and groovy after this conversation and the more I asked the more anxious he seemed to get off the phone. I really don't want or can afford 3 free months with no payments and then paying back 10K plus over the next year on top of my regular payment. That will only put me back on the chopping block if just one thing out of the ordinary hits us. It seems that people who take this route are being set up for a fall and Countrywide sits back and says "well we gave them an option and they blew it" With all that above what can I do? Do I write them a hardship letter and fax it off to see what they say? What happens if I say not I can't afford that option what else can you offer me? Is there anyway to get confirmation as to what was discussed and agreed upon besides their notes and mine?

Is "Forbearance" plan a generic name for different options or is it exactly what he said it is a repayment plan? I have a single Fixed Rate 30 year conventional loan of 274,000 Interest rate is 6.75 The house is appraised at 290,000 and home values here where I live seem to be fine right now. Property taxes, mortgage and home owners insurance, are escrowed at this time. Last year the plan was to have all this out of escrow by this fall. and get our payment down. We started out in 2005 with two separate loans As our credit got better we refinanced several times to get to where we are now. I know trying to get a refinance or restructuring is next to impossible being unemployed but I do have some equity in the house. Can this help me out? I know there are people out there that are a whole lot worse off than our family and I cannot imagine what it must feel like when your payment doubles or triples.

On top of it all my wife has to have a cervical fusion done on her neck soon to repair damage from a car wreck 25 years ago. She is in constant nerve pain some days which is causing her lapse into depression. So the sooner the better for her. We are both in school and took out student loans last year to further our education and get different/better jobs. Our credit that we both spent years building back up is in the cellar once again. We were so depressed Sunday night because we thought our whole world was falling apart around us and there was nothing we could do about it.

Then I got really scared about only having 15 days to come up with the total arrears to stop this runaway train and knew there was no way to do it. Then I found this site after I talked to this guy Monday night and decided to hold off on hardship letter and the "payment plan" until I had more information. I want to keep my home. I grew up with my father in the military and never had anywhere I could call home until now.

I don't know what I would do if I lost it.