We purchased our home May of '07. Immediately after moving in, everything broke. The utilities were hundreds more than the previous owners stated they were and we were already facing a much larger house payment than we were paying prior to this purchase. After about 2 months, we were afraid of getting behind. I called Countrywide to see if we could get some reprieve for the one month. The instructed me that no help could be offered until we were 3 months behind. There was no other alternative. We were assured that we could get assistance, just not until we were 3 months behind. Reluctantly, we waited the 3 months, called back and were assigned a negotiator. We provided him with all necessary information and were assured that he would take care of everything. Probably just add the 3 months onto the end of the loan.
We were instructed on more than one occasion NOT to pay our house note because that would disqualify us from the work out program and we would face immediate foreclosure. We were also instructed that many people were in the same situation as us so don't be alarmed if this takes several weeks to resolve.
We tried to get in touch with our negotiator for months. Often, we wouldn't be able to reach him for several weeks at a time. Finally, in January, we spoke to him again and were told he was working on it and it was going to take only a few more weeks. We are now about 5 months behind on our note. We heard back from him at the end of March and he told us that our loan was too new to qualify for a work out but to start paying our note again with a certified check immediately - which translated into the next day -April 1st.
We sent a certified check as instructed and when May was coming around, we were about to make the next payment, only to find our April payment sent back to us. When calling Earnest, our negotiator, no one knew who he was. We were assigned a new negotiator who told us we had to make a payment by the next day for $4800 and agree to pay $4800 every month for the next 8 months to catch up the loan or proceed into foreclosure. This was impossible for us.
I spoke to a manager, Brian Miller who assured me that everything was under control. He reviewed our debt to income and told me he could easily renegotiate this loan in the next few days. That was 4 weeks ago. Since then, I have totaled my car and cannot get financed for anything because, although we are not in foreclosure, my credit report has been hit every month for the last 12 months.
I filed a complaint with the Better Business Bureau and haven't heard anything back as of yet. My husband and I are both professionals with perfect credit before all of this happened.
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