Help Coming For Countrywide Mortgage Holders

This is the most depressing thing I've ever heard. My husband and I have a Countrywide Mortgage we aquired in 2003. We boght a modest home that we could afford and have faithfuly paid our mortgage payments on time for 5 years. Meanwhile people who thought that $30,000 a year could buy them a $300,000 home have enjoyed their lovely homes and now they get bailed out. What is wrong with this country??? Where has the sense of personal responsiblity gone!!??

My husband and I just closed a refinance loan with Quicken Loans that is one of these misleading loans. Today we found out that Countrywide will be handling our loan. I went over the loan papers and did not want to obtain the loan in the first place. They made my husband afraid not to get it. It takes up 35% now and in two years it will be 52.30% of our income and we are on a fixed income from my husband's disability. In two years when our daughter leaves we will not be able to make the payments and will probably wind up losing everything. We have lived here for thirty-one years. Can anyone out there give me some advice?

michelle wrote:

This is the most depressing thing I've ever heard. My husband and I have a Countrywide Mortgage we aquired in 2003. We boght a modest home that we could afford and have faithfuly paid our mortgage payments on time for 5 years. Meanwhile people who thought that $30,000 a year could buy them a $300,000 home have enjoyed their lovely homes and now they get bailed out. What is wrong with this country??? Where has the sense of personal responsiblity gone!!??

I hear you Michelle!! My husband & I refinanced our mortgage a few years ago. Even though our re-fi was through East/West Mortgage, they sold it off to Countrywide. At the time of the re-fi, we had been in this house for 16 years. We had plenty of equity built up, but knowing our financial situation, we didn't take anywhere near the max amount we were allowed. In the 19 years we've owned this house we've never been late with a payment, even with 2+ years of my husband being unemployed! It feels as though those of us who have been responsible mortgagees are being punished as the irresponsible are being rewarded.

Rocci - Carol Marzano wrote:

My husband and I just closed a refinance loan with Quicken Loans that is one of these misleading loans. Today we found out that Countrywide will be handling our loan. I went over the loan papers and did not want to obtain the loan in the first place. They made my husband afraid not to get it. It takes up 35% now and in two years it will be 52.30% of our income and we are on a fixed income from my husband's disability. In two years when our daughter leaves we will not be able to make the payments and will probably wind up losing everything. We have lived here for thirty-one years. Can anyone out there give me some advice?

You took a loan knowing that in 2 years you wouldn't be able to pay it?
Why not sell your home? You must have equity in it if you lived in it for 35 years. Sell it, take the money, and live on the money. If your husband is disabled you should try to live as cheaply as possible for as long as possible. Or depending on your age you could look into a reverse mortgage.

Good Lord already ... when you take a loan you cannot pay, no matter what the circumstances .... you lose your house period .. when did people get so darn stupid ???? And when do the mortgage companies just take these houses instead of appeasing the whining homeowners who borrowed more than they could afford. This whole thing is crazy !!!

I am calling them and asking for a lower rate. If the dumb ones can get it why can't I.

Joe from Hartford wrote:

I am calling them and asking for a lower rate. If the dumb ones can get it why can't I.

It looks like you already meet the requirements Joe.

Spitz wrote:

<quoted text>It looks like you already meet the requirements Joe.

Wow soooo funny, just yet another example of your BS trash posting that is pointless and ignorant.

A-Person wrote:

<quoted text>
Wow soooo funny, just yet another example of your BS trash posting that is pointless and ignorant.

Take a deep breath....calm down. Try drinking some Chamomile Tea or something! You are going to have a heart attack or mental breakdown if you aren't careful! Best Wishes...

I agree with Michelle. We have been in our house for 7 years have not been late on a payment and have a second mortgage that I have not been late on. Why should irresponsible people get to have a company pay their mortgage when they could not afford the mortgage in the first place.

If people were so unintellegent to think that making $30,000 to $50,000 could buy you a home between $300,000 and $500,000 then they should get their home repossessed. If I am in the market and take a risk and lose everything does someone pay me back the money I lose.

These so called resky loans were nothing mroe than betting on the future value of homes. When those values crumbled, and interest rates spiked, people could not afford it. that is their own fault.

I will also call countrywide to see about getting my interest rate lowered. I guess if they say no, I can tell them I won't pay my mortgage until they have to do it. It does not make any sense.

I also have a Countrywide loan. I got into one of the ARM loans back around 4 years ago when the brokers came sweeping through promising a "better situation" Now my mortgage is what they consider a "negative loan". In other words my payments will never pay into the balance & after it reaches 115% they will be changing the whole loan over to who knows what. They are liars when they say, "Countrywide is here to help you". I had to use the money my mom gave me (my inheritance) to bring my loan up to date. Around 30K later. I told them my income hasn't gone up but rather down but they said, and wrote me, that they couldn't do anything about it. The phone calls are maddening. I can't afford the large payments & can't refinance because the new payment will be more than what I'm paying now. They threaten to forclose if I'm a month late...Are they crazy? I've done everything I could to not get behind but what can we do when everything is going up on us & our paychecks stay the same. Hopefully, this is true & that BOA really is going to help us to stay in our homes. At the time I could afford my house because my daughter/husband helped but their circumstances changed & their bills(oil, gas, food) became more than what they made. It's not like we took out our loan knowing we couldn't pay for it. That's not the situation. People out there think everyone that took out loans were those that couldn't pay for it at the outset. How about the prices going sky high so much that the money you had to spend on bills now isn't available because its now being spent on high oil prices, gas prices, food, clothing. To the point that you are forced to use your credit cards to purchase food for your family! I'm 65 & this is no picnic. I should be thinking of sitting on my front porch sipping tea & watching my grandchildren grow instead of putting in 10 hours a day at my business to keep my payroll down. Anyway, let's hope for all of this that it does help us because we need it.

Diane wrote:

I also have a Countrywide loan. I got into one of the ARM loans back around 4 years ago when the brokers came sweeping through promising a "better situation" Now my mortgage is what they consider a "negative loan". In other words my payments will never pay into the balance & after it reaches 115% they will be changing the whole loan over to who knows what. They are liars when they say, "Countrywide is here to help you". I had to use the money my mom gave me (my inheritance) to bring my loan up to date. Around 30K later. I told them my income hasn't gone up but rather down but they said, and wrote me, that they couldn't do anything about it. The phone calls are maddening. I can't afford the large payments & can't refinance because the new payment will be more than what I'm paying now. They threaten to forclose if I'm a month late...Are they crazy? I've done everything I could to not get behind but what can we do when everything is going up on us & our paychecks stay the same. Hopefully, this is true & that BOA really is going to help us to stay in our homes. At the time I could afford my house because my daughter/husband helped but their circumstances changed & their bills(oil, gas, food) became more than what they made. It's not like we took out our loan knowing we couldn't pay for it. That's not the situation. People out there think everyone that took out loans were those that couldn't pay for it at the outset. How about the prices going sky high so much that the money you had to spend on bills now isn't available because its now being spent on high oil prices, gas prices, food, clothing. To the point that you are forced to use your credit cards to purchase food for your family! I'm 65 & this is no picnic. I should be thinking of sitting on my front porch sipping tea & watching my grandchildren grow instead of putting in 10 hours a day at my business to keep my payroll down. Anyway, let's hope for all of this that it does help us because we need it.

How are the rest of us who are able to pay our mortgages doing it? We didn't believe everything a mortgage person told us. These people are loan SALESPEOPLE. They just want to sell you a product to make themselves money.

My winter oil has gone from $700 a year to $3500 in 4 years yet we don't owe anyone any money. We have adjusted our budget to accept the changes that have happened.

Take responsibilty for yourself. Why would you buy a house at 65 years old? Why would you rely on your daughter to help you pay your bills?
Everyone need to learn to live within your means. No one is entitled to 2 new cars, a boat, fancy vacations, and a large, beautiful home. Sometimes you have to compromise something to get the other.

To all of you who purchased these homes and could not pay for them. First of all, the lender is responsible for approving or denying a loan. It can be no other way. The purchaser does not tell the lender what to do. Having said that, all of you appear to have a case against Countrywide or the broker who took the loan to Countrywide as clearly these were loans that were made up for the sole purpose of producing loans so that Wall Street would have loans they could sell. Well, they got the home buyer's signature, funded the loan, sold it to Wall Street who in turn sold them to foreign investors, etc. and now we have a 1.3 trillion dollar debt which can be directly contributed to the mortgage loan fiasco. If you lose your home, so be it. I have seen hundreds move into an apartment and start their lives all over again which is basically what they have to do. However, having said that, B of A, needs to step up to the plate since they are now the owners of Countrywide, and modify those loans for a five year period until the homeowners can resolve their particular financial demise. They wll have an opportunity, with a lower payment, to refinance through the FHA PROGRAM (IF THE LENDER AGREES TO WRITE A PORTION OF THE DEBT OFF), RE-ESTABLISH YOUR CREDIT,(this is a long shot but it can work) or sell the property with a short sale or better yet, and I do not encourage it, if the homeowner has not already been included in the deceptive practices lawsuit against Countrywide, then they may want to file their own. This would indeed tie up the home in most states for a period of years until disposition one way or the other can be worked out. There may be some provision of the purchase of Countrywide by B of A that relieves them of being responsible for the Countrywide's lawsuits, that will need to be looked into. If you still need some help, I am a homeowner's advocate, at no charge, that defends homeowners to the death and we do it without causing any taxpayer any grief or monies which by the way, the feds have already done to the American taxpayer. I know this sounds confusing, but I have been on the phone 24/7 counseling with the homeowners. If you need help, let me know. There are hundreds of third party companies out there right now charging large fees to help you and of course millions of taxpayer dollars have been paid to DO NOTHING NON PROFITS. THAT NEEDS TO STOP AND STOP NOW. mY ASSESSEMENT OF THE MCCAIN/OBAMA RACE IS - OBAME DOESN'T HAVE A CLUE, BUT I KNOW THAT HE WILL TAKE THE WHITE HOUSE ONE WAY OR THE OTHER. That is a bit scary.

Now remember, whether or not the homeowner knew what he was doing, etc., the lender made the decision and they are ultimately responsible for the whole mess. Fannie and Freddie stepped up and purchased the loans from these mortgage companies and most importantly, Fannie and Freddie dictated the underwriting guidelines to be used to determine eligibility and approval. Fannie representative made a statement - they will feel the pain. Fannie was talking about homeowners who abandoned their homes without calling the servicer. If you were being treated as badly as the servicers have been treating people, would you contact the loan servicer. They offered no real options that would be progressive and positive to help the homeowner get on his feet. Having said that, now who do you think is feeling the pain?

If Bank of America wants other lenders to follow this same path that they are now taking to help homeowners, then I think that is a superb idea. However, our econonmy is in a critical demise and for one reason and one reason only. After the deceptiveness of many, many lenders of which their loans were securitized, can you please tell me now - What is different? Millions have lost their homes because note holders/servicers said the loans could not be modified as a result of securitization and thus, this mortgage fiasco and turn of events. If we find that those lenders have been untruthful about why they would not previously modify the loans, then they should be help accountable throughout this nation for not taking the appropriate action to stop this freight train of diaster. American taxpayers have lost millions in the stock market, not to mention the 1.2 trillion in bailout taxpayer money. We need some answers fellows. On top of that, we were trying to bail out banks because they had no funds to lend, but by the same token are now purchasing other financial institutions: Wells Fargo and/or Citi is in a position to buy Wachovia, B of A purchases Countrywide and Chase purchased Bear Stearns for $287 million after we funded $28 billion to Bear Stearns. Something wrong with this picture. If I am consused, please let me know.

I did not buy outside of my limits. I have always paid my loan on time. It has nearly tripled now and I live on an island and the price of everything has tripled. The house has lost value so I can't refinance. I called CHL multiple times and they tell me they cant do anything for me unless im 3 months behind. Thats alot of bull. I cant even afford to get propane for heating this winter. The work here has slowed. What are the people supposed to do? Not pay there loan for 3 months? 11.25% rate is stealing and it is supposed to go up again. I only bought a 60,000 house and was making 24,000 a year. now the house is worth 38,000 and im only making 17,000 a year. Not Right.

I had a COUNTRYWIDE/BANK OF AMERICA mortgage.
When I called my insurance company after I lost my home to a hurricane in 2004 I was told I didn't have insurance because COUNTRYWIDE forgot to pay my escrow!
COUNTRYWIDES response: "oops we made a mistake"!
I had to use my savings and 401k to rebuild my home! I don't have the maney to sue someone like COUNTRYWIDE. MOZILLO I was told was to good to take calls from commoners. After hundreds of emails to him with no response and over 60 phone calls. COUNTRYWIDE told me they would put me in the WORKOUT department to modify my loan they LIED
they put me in the FORECLOSURE department. I was served within 10 days of my last phone call to them.
So I disassembled my home from the new $17,000 clay tile roof to the $20,000 tile floors the $40,000 code required hurricane windows and doors the sheet rock walls and ceiling and of course all the new code required plumbing and wiring.I even took the foam insulation and the insulation in the walls.
I handed them the keys to the doors I took, and the shell of the house. I took everything I paid for and kissed them goodbye. They stood their
looking at me then looking at the shell our a house and then back at me.
It felt so good to wave goodbye and smile:)

Patty, shame on you if you let them get a way with this. I wish I Had known about your case and I would have defended you, at no charge and a very small administrative fee. I can appreciate however your giving up the fight when there is no other place to turn. You still have an excellent case against them if indeed they did not pay your insurance premium as you stated. I believe B of A has to be taken to task on this one. Some times a third party can get something done. Good luck for now. I am not an attorney but have been defending homeowners for years against the recklessness and negligence of these lenders. Are you not aware B of A is honoring lawsuits due to deceptive acts on the part of Countrywide?

yes my husband and I have a house payment through Countrywide also. if just seems anymore no one cares who you are we will be living from paycheck to another because the economy is so bad and proably going to get worse our monthy payment is outstanding Countrywide needs to work with there customers then treating them like garbage. you only live your life once so maybe people need to start treating people a lot better.

My husband and I are in our late 30's and got carried away with the housing boom. we borrowed from our primary to purchase a second for investment/retirement fund.....Now we are upside down on our primary and can't refinance. We are not late and never have been late but our arm has adjusted and just went up $900 and things are becoming extremely difficult. It is extremely frustrating when I think that we got into this to better our future. We have two mortgages with countrywide (both in good standing) and they won't budge to help us. It is unfortunate that we need to ruin our credit to get help. It is emotionally draining....