My husband & I bought our home in right at the Real Estate's all time high. This was are first home together, and the foundation of which we would build our family. (We have 3 biological and 2 foster children)
When Countrywide financed our home they set us up on a "NEG-AM" loan, which you pay a minimum monthly payment and the Negative balance goes on the back end of your loan. They assured us that we would be able to refinance our loan in 6 months and get a 30 yr fixed. However, this was not the case. After six months we tried to re-fi. Our home already had deprecieated 15,000. We decided that since we could afford to make our minimum payments that we would continue on, in hopes that the housing market would go back up. Haha... IT only got worse.
In July of after never missing a payment, I contacted Countrywide to ask about a loan modification. They asked questions and we began the process. They said they would call us in 3 to 5 working days with an answer. That never happend. I called back about a week later and spoke to someone in India. I explained the situation and they said they never recieved any information about the first call I had made. Once agian We started the process again. I called back about a week after faxing all documents to them and The representative told me that they could not help us because we had never missed a payment. She also stated that we do not make enough money to afford our home.
In October I recieved a fedex letter from Countrywide. This was the answer to my Prayers. So i thought. I opened the docs and read very carefully. It was an interest modification until 2015. My new rate was now to be 4.25% instead of 6.25. This would bandaid the problem temporarily. Here is the catch - it states " Please be advised that your monthly payment WILL increase significantly when the interest-only term expires and you are required to make principal and interest payments for the remaining term of the loan." This is known as a "SHOCK" loan.
At the end of October, I sent Countrywide another HARDSHIP letter along with fincacial statements, certified mail. I told thiem in my letter that I appreciated their offer, however in no shape or form would that help us. Once again, I am fighting the fight and not giving in. I followed up on that and guess what? We don't qualify. How is that so? They said they already gave us help, which we denied the offer. At this point, I had intetionaly missed 3 months payments, assuming this was the only way they would help. They also advised my husband not pay our credit card companies.
Febuary 2009 rolls around and Countrywide Collections calls for the mortgage payment. We explain the situation to the lady and she asked if we want to try again? OK, sure-why not! I get all the info together once more and fax it to the Home Retention Department. I called back about 4 days later and The lady says they never recieved the fax. She assured me that she would note my file that I would re-fax the paper work (so they don't close the case) and gave me by the end of the working day to do so. So I did. I felt HOPEFULL with the BAILOUT President Obama had just passed.
On March 17 the Home Retention Department called my husband. The Man he spoke with told him that we do not qualify and there was nothing more they could do for us. They referred us to the HUD counseling agency.
I am dumbfounded by what Countrywide is doing to millions of Americans. They tell us that they can not help us because we have not missed payments, so we do (which severley damaged My credit - now cant get a loan even if I tried) and then they Turn us down. They constatnly play mind games with you. Nobody at Countrywide has a clue about what the hell they're doing. They are a cold & deceptive Company and they should be done away with forever. I feel like anyone who is in the same predictament as Myself, should join forces to take these bastards down. They Are a Company that destroys famlies and they should be punished!!! PLEASE HELP WITH THE FIGHT!
Broken
GILROY, California
U.S.A.
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