Homeowner Story By Jac Mac at LoanSafe.org 

I am hoping that I’ll have better results with Countrywide than I’ve read so I’d like some support and help along the way. I’ve been reading a lot on Moe’s site and he’s offered so much valuable information, I can never thank him enough.

I almost feel smart again.

My story can be found here Worse than a Pimp (Thanks Moe) and it sure did cause a frenzy of nasty replies from what I am guessing are pissed off LOs.

I am a single parent of two children, fifteen months apart, ages 12 and 13 — the 12 year old happens to be autistic.

I refi’d with CW (biggest mistake of my life) into a — let me take a deep breath, 1 mt. 11th District COFI Option Arm, which the broker offered at an initial interest rate of 1.5%.

We went over what the payments would look like and she told me that the deferred interest would never go past $2,000 a year, as long as I paid the minimum and then the full payment alternatively every other month.

Even though I did that, in ten months, the principal had increased a whopping $12,000.

They also got a YSP of $14,000 which wasn’t disclosed on the HUD — it says 3,500 POC ( I just figured out that means Paid outside of closing).

There’s a prepenalty for six months so I can’t refinance w/o being hit with a $27,000 fee.

Now I’m wondering what was the $10,000 origination fee they got as well. Is that in addition to the $14,000?

It seems pretty clear she sold me into a higher rate, option ARM loan to get her fee.

Now I’m losing equity like crazy and I can’t make the principal payments.

I also posted this in response to a thread but would like to put it here so I can update the story as things happen.

after reading about the nightmare everyone else was going through with calling, I’ve decided rather than play phone tag to have my loan modification done in person, at Countrywide’s Financial Center. I am scheduled to go there on Friday and speak to the Loss Mitigation Department so that they can get my financial information.

I popped in there on Monday and spoke with the manager of the center. She was very nice and called the VP of Home Retention right there in front of me, took down my email address to send him a message and told me if I didn’t hear from him by that afternoon I should call her — she gave me her cellphone number.

So, of course, I didn’t hear from him. Tried to call her, but couldn’t get her. Left a message but didn’t hear back. So I called first thing in the morning, and caught her on her cell. She was pleasant, said she’d call me when she got to the office and give me Mr. Durham’s direct number. Supposedly he’s very proactive in Loan Modifications.

When I didn’t hear from her by noon (about four hours later), I took a walk — fifteen minutes, and I was at her office.

She smiled, but I don’t think it reached her eyes. I want her to know if she doesn’t call me back I WILL be at her office and can be there in minutes.

She called the Loss Mitigation Department for me right then and there in her office and had me speak to another woman, Paula Edwards, and she has committed to fax all the documents that need to be sent for me. She’s also offered to look over my loan documents for me. The manager of the office seems sincere but I am jaded.

Ms. Edwards told me that they called in the morning and spoke to a Mister, a bilingual man — I cut her off and told them there WAS NO MISTER and I made it clear to her that I have zero interest in playing phone tag with anyone. I gave her my cell phone number and told her to call me at that number, but told her I’d be doing all of the paper work in office at the center.

Hopefully this will turn out to be a smart decision. I’m keeping my fingers crossed for myself and for all of us struggling to end this nightmare.

Anyone have any suggestions as to exactly what financial information I should bring with me to the meeting on Friday. I am a self employed freelancer who’s suffered a slow period in my market. I own a S Corporation, so I don’t have my 1099s for 2007 yet — only what’s been deposited in my business accounts can be shown by way of bank statements.

I also have two tenants, so I can show the income from the rental units but other than that, I have no pay stubs or anything like that. My mortgage payment has adjusted to 8.0 percent which puts me at a $5,300 full principal payment per month. The minimum is just $2,000 and if I only pay that, you know what that means — negative amortization. If I keep pulling money out of my savings to meet the payments I’ll have nothing left real soon.

I need a fixed mortgage and quickly!