“Stop foreclosure assistance is available,” says Countrywide workout counselor Anna. “Now that we understand they’re wanting to keep their home, we’ll reach out to them. Please allow me to try to help your customer.”
Anna’s words almost fell on deaf ears. I almost interrupted Anna with my own response: “Bullsh*t”. Countrywide wants to help?
You’re kidding, right? Is this some kind of sick joke? This is all I could think as I listened to Anna tell me about the new Countrywide.
I bit my lower lip, restraining myself from making non-productive comments about my past experiences with Countrywide.
COUNTRYWIDE NIGHTMARES CONTINUE
Once again, I’m desperately trying to help a family keep its home. Right now, these parents are not even thinking about their credit or bankruptcy or deficiency judgments or IRS 1099s.
This family is 100% focused on fighting to keep their home…their children’s home.
I have reason…many, many good reasons…not to believe anything coming from Countrywide. To date, Countrywide has not helped me one bit as I have attempted to help many different borrowers in trouble!
Countrywide has been (without exception) the absolute worst mortgage lender with which to work. Countrywide claims it has been overwhelmed with loan modification and short sale requests…that it’s been understaffed to handle the onslaught.
Okay, for all of 2006, I can accept this reason. Not today…not now. They’ve had 2 years to get staffed up and to keep their investors from losing even more money by processing files more quickly.
I call Countrywide repeatedly. I get routed to India, back to the States & then back to India.
Finally, I get to the workout or short sale department and the “gatekeeper” tells me the file is incomplete…or missing paperwork. Or they don’t have the file. Or the file was transferred. Or the negotiator assigned to the file is gone, and I have to re-submit all paperwork…but everything needs to be updated since it’s 60 days old.
While some loan modification programs require borrowers to be behind on their payments before seeking a modification, Countrywide welcomes calls from troubled borrowers even if their payment record is clean.
With many borrowers holding these deadly Option ARM mortgage loans, my customers trying to save their home might be eligible for some relief under an agreement Countrywide reached last month with the California Attorney General’s office.
More importantly, Anna dropped on me the following bombshell:
“Anna assured me Countrywide routinely today is converting Option ARM mortgages into fixed-rate mortgages with payments equal to 34 percent of the borrower’s income. In some cases, Countrywide is willing to reduce the total amount owed to 95 percent of what the home is currently worth to help borrowers who are now underwater.”
Stop foreclosure assistance may or may not come from Countrywide. If they’re feeding me yet another line of crap, my customers will not be any worse off…as I’ve not built up any false hope. I wish I could be more trusting, but in today’s real estate market there are no guarantees as mortgage lenders refuse to work with us realtors who are trying to help them and borrorwers calm this wacked out market.
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