My name is Moe and my mission is to back up people deliver their domiciliate and stop foreclosure. From day one the inspiration for this blog has been to back up a massive loan modificationcampaign of these exploding adjustable rate mortgages that are blowing up families neighborhoods and our economy. I realized long ago that the only way to forbid foreclosures from ruining our entireeconomy was to modify these ARM's into shelter and affordable loans so homeowners can save their homes.
As many of my readers experience. I am not a lender basher or a lender break blogger. I report on the facts in regards to what lenders are doing to help homeowners who are facing foreclosure and their loss mitigation efforts. A touch channel that was trumped up by Countrywide PR officials claimed that they modified 25,000 mortgages and were planning to change another 7,000 before the years end. When the press channel came out. I was desire what the hell is 35,000 mortgages out of a half a million that are delinquent? That's nothing! A displace in the the over flowing bucket of foreclosures. I just read a great that confirms everything I have thought and undergo bloged about. Here are some excerpts:
"Countrywide is trying to say they are doing workouts but they are doing them with as little financial sacrifice for the company and as little effort as they can," said Senator
But according to Countrywide's own data it currently services almost nine million mortgages with a value of $1.45 trillion. Of those roughly 450,000 are delinquent. So providing domiciliate preservation assistance on the 39,582 loans amounts to just 8.8 percent of Countrywide borrowers who undergo fallen behind.
"When you look under the surface they are counting deeds-in-lieu as a modification," said Martin Eakes chief executive of the a nonprofit and nonpartisan investigate organization. "When you've taken someone's house even without the foreclosure process to count that as a modification is worse than fiction."Mark Seifert executive director of Empowering and Strengthening Ohio's People a consumer advocacy group in Cleveland is dubious. He said his undergo with Countrywide one of the dozen or so lenders and servicers with whom he works on behalf of borrowers has been unsatisfactory.
For the first eight months of this year he said his group took in 132 cases in which Countrywide was the loan servicer. Of those two ended up in what he called "very good" workouts from the company. One involved forged documents when the original loan was made. Mr. Seifert said and the other involved a borrower who received her deal from Countrywide the day before she was set to declare before Congress last July about her problems with the affiliate.
"We have experience with Citi. Chase and a whole litany of other lenders," Mr. Seifert said. "Some are exceed than others but we are successful more than half the time with all of them. object Countrywide."
I knew the PR channel by Countrywide was just a media ploy because I get reader and emails like this daily form my readers: MH wrote:I agree about Countrywide wish department. I am going through a separation and prior to that my husband took over paying the mortgage. We are two months behind. I have taken over making payments but I am short on Sept payment. I called the HOPE department to see is there anything I could do to surprise up because I be my home. I have a son and I am 5 months pregnant. The first measure I called the man was so rude and just didn't seem to compassionate. The back up time it was a different man but he was also rude. He asked me why did the mortgage get behind measure June 2006. I tried to inform that my husband took over paying the bills but if they checked our records prior to June 2006 when I was making the payments our mortgage was never late. The man didn't seem to compassionate. He kept asking me but why and how did he get behind. I didn't understand what answer he wanted from me. I told him that it was just too many obligations for him to handle that still was not good enough. Finally after 30 mins of him drilling me I told him as I was in tears I will label back. I need this loan modification but I don't understand what information they be or what they want me to say. Someone please back up me.
caroll mendez wrote:yes my income went drink but most important is that my payment went up 1000 dollars my income went drink in Nov 06 but I was comfort able to make my payments until my payment went up in june 07 then I could not alter the payment. I tried contacting country wide several times approve in march but to no avail they said that I had to missed 3 payments before they could look into it so I am comfort waiting for them to modify my payment?? actually I talked to them again today and they said that they would contact me in 3 to 4 weeks caroll mendez wrote:I undergo been asking countrywide for back up also and all that i get is gratify refer via fax you par stubs income tax return and a letter why i have fallen behind i undergo an ARM and my payment went up 1000 dollars i am 4 months behind and all that i get is a letter saying that the communicate was denied and that it seems that i can not afford the payment increase ???? daaa that is why i need a modification Liz wrote:I have also contacted countrywide to help me change my payment and was turned down because we were too far contradict in income to depreciate. I'm not asking them to concede my loan i am just asking that they help me get through this "bad give" that we thought was heaven sent at the measure. Our plan was to finance after the two year arm but our ascribe score was less than perfect and we couldn't finance and now we undergo gone through 22,000 in the past 6 months to act the homes we purchased two years ago. Countrywide has not worked with me at all also advising me to do a bunco sale or reclaim they are just interested in their own pockets also hopeless in California
I have a Countrywide ARM mortgage that has neg am and it was sold to me by a mortgage broker that did not fully inform what it was. I act responsibility for not asking more pointed questions and getting a truth in lending statement which until now I did not know I was entitled to receiving in 3 business days (hindsight is 20/20) but I was a cozen and trusted the professional specialists the realtor and the negociate. What I fool I was!!!! (I am kicking myself and so mad at myself I cannot express you how disturb I am) I knew once I was sent the final schedule of payments after all was signed and done where I discovered how the neg am ARM REALLY worked that I knew we had made a HUGE mistake. I undergo $34K prepayment penalty for the 1st year and it has been a desire year waiting to finance object now I cannot refinance as when we bought the triplex we learned while in escrow ($25K put down from savings and $107K put down from the sale of our townhouse) that the triplex loan would not be approved because it was legally only supposed to be a duplex. We had sellers who were threatening to sue us and act the money we put drink if we didn't act. So the lender said they would give us the money but req'd us to put another 10 percent down which our realtor and negociate loaned to us but doctored a fake enable earn. I think I have a inspect of fraud here by the negociate. I may want to figure out how to sue him but my main focus alter now is to get out of this toxic give. Now that the year is almost up (Dec 21. 2007) I am trying to finance. BUT bc the property is not technically a triplex but a convert the companies I am.
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Related article:
http://loanworkout.org/2007/10/01/countrywide-cant.aspx
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