Long Story Short: We were on a 2 year fixed. 2 years went by and became an adjustable. Started at 5.99% for 2 years then went up to 8.99%!!! This wasn't the going rate at the time but they somehow get their interest rate from some London Based Index junk I have no idea of. So, payment goes up 700.00 and we cannot afford. So I try and do a "loan modification". Supposively your assigned a "negotiator" (til this day have never received a call from and always had to leave messages with a "customer service rep"... Starting in November and did not receive an actual letter until April stating that my loan would go back to the original terms freezing my 5.99 interest for 5 years. I never signed any documents, received updates, only this letter... So mortgage ends from 1600.00 a month (impounded) to 2,100.00. How is this helping us? So I call to get answers since all I received was a meesley letter. Of course, the "negotiator" was not available, so the "rep" dished it out like this: my new payment does not affect my escrow. Yes the interest is now 5.99% but now they are making it a principal and interest payment (which would be nice if my payment was lower or the same as it was before). Now I am negative in escrow and they want me to pay it on my next mortgage like I have the extra cash! Bottom Line is that we are upset that the process was never explained, I have NOT signed any agreement (the letter says to do nothing), and the fact that I never speak to anyone who understands the type of loan I have (had)... I have been searching all over the internet for some help... How can I possibly get my existing loan modified through someone else??? Countrywide NEVER calls me back and when I send emails, they advise me to call customer service. Is there someone who can relate??
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