I have an ARM due to reset on 1 July which will raise my payment almost $300 per month. Also, Taxes and Insurance are NOT included. I knew this in the beginning, and so did Countrywide, when they bought my mortgage in June. Hindsight is indeed 20/20. I have been current on the T&I, until now. At present, I don't have the means to pay the taxes, and have made Countrywide aware of this on numerous occasions (monthly, starting in February) to no avail. I don't qualify for a Refinance... Not enough equity, I'm told.
I contacted Countrywide in February and asked if any type of modification could be worked out. I was told it was "too early", and to "call next month". I did so in March, April, and again in May. I was told on 1 May that my request (which included all of my income information, bills, Hardship letter, etc.) was forwarded to the "Hope" department, to be assigned to a Negotiator. I was instructed to call again the week of 19 May to check on the status of my request. On 20 May, I was told that "No Action" had been taken, and NO negotiator assigned. I asked why this had happened, and of course, was not given an answer. I was told that my request, and all associated paperwork/info was being re-submitted, due to the fact that my ARM was due to reset in a little over a month. They did, however, state that no action would be taken until 30 DAYS PRIOR TO THE RESET DATE.
I called again today, 9 June. I was told that nothing had been submitted, and again, NO Negotiator had been assigned, with less than 30 days until the ARM reset. I was told to call back "on 15 June to check on the status. I will have approximately 15 days to react to their decision, if one is made by then!
I will not be behind in any payments until 1 July. I have informed Countrywide that the payment, including Taxes and Insurance will NOT be within my budget starting 1 July. They seem to agree, and have stated that they are "working the issue".
The bottom line is: They have been "dragging their feet", so to speak, and are NOT making an effort to help.
I have not taken "NO" for an answer, and again, I have tried many times to inform the company of the situation. It has NOT helped.
I was told that the file is still at the "Workout" department. I was told on 20 May 08 that my file was at the "Hope" department. So, I can only take the first statement (20 May) as a lie.
I was told that the "Workout" department was for prople that were delinquent, which I am not. I stated that I was only trying to be proactive, and have been calling since February. I am 22 days from an ARM reset, and was told that I need to wait "up to 30 days". This is not acceptable.
I wish there was some way to let someone higher up know that Countrywide is NOT taking care of people. They are undoubtedly letting people fall by the wayside, and of course, they will go under, and MANY more people will become statistics. I think Countrywide's days as a company are numbered, and I hope it happens soon.
I've put my faith in Countywide, and been strung along until it's (probably) too late. So much for being "Proactive".
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