Mortgage Forum

Mike

Basically, My wife and I have been Countrywide customers since April ’05. When we first got this mortgage we were not well-versed as to how the ARM worked...especially the one we have now. For the past 2 years, we have been trying to get a fixed rate to no avail. Recently, we submitted a request for a loan remodification in December 2007, a process we were told takes 70 business days. I believe my 70 business days ended March 31. I called in January ’08 to get an update from the negotiator and was told that my file changed hands to another negotiator. I spoke with this negotiator once on 3/15 and she told me that they had big delays and if my package was approved, then I would get a UPS package...no promises. One month passes and I send an e-mail on 4/14 and Countrywide still did not respond, only sending me the general message “someone will respond in approximately 48-72 hours”. Long story short. I sent an e-mail on 4/28 which triggered a phone call to my home. I inquired about my status and was denied because my hardship reason was not viable (birth of child, reduced income). I called the hope # on Thursday and was told that I should have requested a LM solely on the basis of the high interest rate. She told me to call loss mitigation and re-request LM. She said that she would send her co’s recommendation for LM on my behalf. After I called them, they denied me AGAIN. I asked for rate reduction too...so that is another waiting game. My former rate was $895.88 @ 8.75%, it reset in April to $1121 at 10 something. Then it will reset in October to $1286. We were trying to get a LM or reduced rate locked in BEFORE 5/1. Countrywide waited THREE days before our payment date to do this. I HATE being on the phone with them it is exhausting. Any help you can provide will be much appreciatedThanks in advance,