I purchased a new home in 2001. My home mortgage was sold to Countrywide. Boy, I didn't realize what I was in for!
I opted not to put the total amount down (20%) so I had mortgage insurance added to my mortgage... An additional $200-$300 a month. After a year Countrywide called me and offered a "great" way to lower my payment. They offered me HELOC, adjustible rate. I was told the total amount I needed to cover the mortgage insurance and closing costs would be $10,000. I was at the closing company over 2 hours and when I got ready to sign the papers, the amount had been changed to $16,000. They lied about the closing costs and there were hidden fees. Against my better judgement, and I deeply regret this... I signed. The payment has gone from $75/mo to $130/mo. This is only the interest rate.
I couldn no longer afford the house so I decided to sell. After months of losing buyers to new homes in my subdivision I decided to rent. I found a rental management company to handle the property. They put 2 renters in and both had to be evicted for non payment. Upon eviction notice, each tenant filed bankruptcy. It took me 8 months to get the last tenant out.
I recently wrote Countrywide a letter asking for special forebearence regarding my mortgage.
Hoping they would help me until I could sell the house or my lawsuit with the leasing management company and the last tenant is settled. I spoke with someone on the phone... The number I got from Countywide's website... For financial hardship assistance. He advised me to ask for this special forebearance. I gathered all my documentation as instructed and faxed 30 pages to Countrywide. I was told I could expect to hear form them in 15 to 30 days. One week later I received a letter stating they "received my corespondence requesting assistance because of the hardship I am experiencing. Unfortunately, your request for assistance with Countrywide cannot be fulfilled at this time. If your loan is in forclosure, a scheduled foreclosure sale will be conducted by Countrywide unless Countrywide specifically agrees in writing to suspend or cancel the foreclosure sale, or unless your loan is fully reinstated or paid off in accordance with your loan documents and applicable law prior to the scheduled foreclosure.
If your loan is deliquent, Countrywide will continue to report all delinquencies to the credit reporting agencies until your loan is brought fully current."
Wow... I was stupid enough to think I could get some help here. I AM NOT deliquent on my loan. I paid every payment on time, even while the court MADE me support someone who signed a legal agreement to rent my home and then didn't pay. This person has 2 times the income I have! In order to keep the payment current I had to take $25,000 out of my retirement account.
I asked for help from Countrywide BEFORE I got behind on any payments. I am current on all my bills. I have a very good credit rating.
It appears I am being bullied. I can expect NO HELP from Countrywide and furthermore... If I fall behind, they've threatened to ruin my credit and or foreclose on my home. What is their financial hardship assistance hot line number for? So they can draw a bead on you as soon as possible and shoot you down quicker?
If anyone knows how I can get some help here... Please tell me. I'm at the end of my rope!
0 comments