To Whom It May Concern:
Before July we had never been late on a mortgage payment with Greenpoint Mortgage Company. However, due to a slowdown in the automotive industry in the summer of my husband's employer required a mandatory, temporary layoff during the month of July. Normal work conditions resumed as of August 4, but the temporary layoff left the us in a financially difficult situationcausing them to then become 2 months behind on their mortgage with Greenpoint.
(So, this should have been reported as a maximum of 60 days late in September.)
On July 9 of we submitted a workout package to the loss mitigation department of Greenpoint Mortgage. After almost 6 weeks that paperwork was then forwarded to Loan Servicing, Inc. For processing. Then, after another 6-8 weeks it was then sent back to Greenpoint for more processing. During which time, we resumed and maintained our monthly payments, although 2 months behind.
(Again, acceptable reporting should have been only 60 days late through December.)
A forbearance agreement was finalized and entered into with Greenpoint in December. (Please notice that it took 5 months to process this workout packet!) This agreement added an extra sum per month to the our monthly payment in order to make an attempt at getting caught up.in May they found out, however, that this agreement was extensively damaging their credit report. (Showing rolling 90 days late for over 5 months!!!)
We would have not agreed to this forbearance had we known how it would appear on our credit report as such! It would have been less damaging on our credit report to just leave the 60 days late reports and repay the back due when we were able to do so on our own terms! But no one at Greenpoint told us this when we entered into the agreement.
SO, the situation has actually disabled us from getting our home loan refinanced to a lower interest rate and lower monthly payment through another mortgage company in May. We did the responsible thing in entering the forbearance agreement with Greenpoint, and met the conditions of that agreement throughout the process. But, because we followed Greenpoint's instructionsit has actually cost us more money and our reputation on our credit report!
After being declined for a refinance in mid May we then submitted another workout packet to Greenpoint in which we requested the MODIFICATION that we had wanted in July. After all that was settled, we checked our credit report again, November 8, only to find that Greenpoint had then actually reported us 120 days late while we were dealing with them on that plan. We were never 90 or 120 days late on our payments! We were simply following the instructions that were given to us on how to handle payments during the first workout packet processing in and then again during the processing of the second workout packet in summer 2004.
Our only hope during all of this was to stay on the up and up with Greenpoint, make our payments and meet the agreements, which we did.
To think this all started with a simple layoff situation and has snowballed into such a huge mess on our credit report! Again, had we known the damage it would cause to our credit, we would have never entered into the first agreement with Greenpoint. A few 60 days late reports are within reasonable and acceptable tolerance for our situation, but NO MORE! We did everything they asked to work things out, and our credit is still damaged.
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