I initially could only get approved for an ARM loan. When I signed my loan documents, I was assured that my payments would only go up so high. I discussed this with the loan officer when I signed for the loan, explaining that I could only afford the payments I was agreeing to. Countrywide also assured me that if I made all my payments as scheduled and my credit remained the same or improved, I could refinance. Of course, I could not sell or refinance for two years without paying a penalty.
I then took out a second mortgage to pay off debt and for college loans for my family....I still have over 10,000 in equity but doesn't seem to matter to anyone and at this time, my credit score is still in the "good rating". However, I have lost several points for Countrywide running multiple checks on my reports. In addition, the company I signed my second loan with, sold my loan to Countrywide and they immediately jacked my interest rate through the roof!
Then, once the two years was up, I could NOT get refinancing done. No one would refinance. In the meantime, my payments started going up and up and up. I have received offers in the mail and online from Countrywide that I qualify to refinance but when I contact them, they would even discuss it with me! They tell me that if I stop making payments and my home goes into foreclosure, then they can help! So I am being punished for being responsible and making my payments as scheduled! I also suspect that they have every intention of helping me right out of my home and into the shelter for HOMELESS if I miss any payments!
I am trying to contact other companies now to look at refinancing or help with modification due to the new stuff coming out on the assistance that I SHOULD qualify for, but I am still getting the run around and Countrywide won't even really respond to my requests anymore....I am now paying 11% interest on BOTH loans and my orginial loan is scheduled to raise again in JUNE...oh, yeah, one employee told me I could request a modification, but ONLY if it was approximately 90 days before my loan was due to raise again!
Rapid City, South Dakota