Wednesday, May 21, 2008

Part 3 of the Countrywide saga.

Well, it looks like good news for my friend. After doing some tap dancing with the work out department at Countrywide they have agreed to move all missed payments to the back of his loan, and also set up escrows for him. So this changes his payment from over $2,000 a month (not including escrows) down to $1,650 a month including his escrows. He is one happy and relieved camper.
I have to admit that I had my doubts, but I have been pleasantly surprised. Keep us the good work Countrywide!

Pete Temple
National Operations Manager
(866) 418-3472

Monday, May 19, 2008

Mortgage Help may be on the way.

From the Detroit Press :

"WASHINGTON -- The House passed a plan Thursday to provide cheaper, government-backed mortgages for half a million debt-ridden borrowers.

Despite veto threats from President George W. Bush, the measure was approved by a 266-154 vote, with 39 Republicans supporting it -- mostly those from areas suffering worst from housing woes.

All members of the Michigan delegation voted for the bill except Republicans Dave Camp, Peter Hoekstra, Candice Miller and Tim Walberg.

The measure, which awaits Senate action, would let the Federal Housing Administration take on up to $300 billion in new mortgages so that borrowers facing foreclosure could refinance.

The plan by Rep. Barney Frank, D-Mass., is the centerpiece of a package of bills approved Thursday that Democrats say will prevent more foreclosures and help deal with the fallout from the mortgage meltdown.

"We are in a recession, and the major cause of that is the subprime crisis," said Frank, the Financial Services Committee chairman.

"Diminishing the number of foreclosures is in the interest not simply of those who will avoid foreclosure, but people in their neighborhood, the cities in which they are located, and the whole economy."

Proponents say they hope the package will serve as the basis for a bipartisan housing compromise that could satisfy both parties' appetite for delivering election-year aid to constituents.

Under Frank's plan, homeowners considered too risky to qualify could refinance into FHA-backed loans if their lenders agreed to take substantial losses on the original mortgages. Borrowers would have to show they could make payments on the new loans.

They would have to share with FHA at least half of their proceeds if they profited from selling or refinancing again.

The plan is projected to help roughly 500,000 borrowers at a cost of $2.7 billion over five years.

The House also passed, on a 239-188 vote, a bill to send $15 billion to states to buy and fix foreclosed properties. Bush threatened to veto that measure, too, contending it would reward lenders who helped cause the housing chaos."

Thursday, May 15, 2008

New Websites, new services.

It seems these days that everyone needs not one website, but many. Not just a website, but a blog to go with it. Now I don't complain about it that much as my background is computer science and I can whip up a website in a day.
The problems come in with maintaining all thos sites, and building new content for them. For example, here are a few of the new sites we have picked up in the past few months:,, and Creating websites, blogs and content can be a full time job in itself. Add to that providing tech support for our processing company, doing search engine optimization, and creating viedo and annimation for the web sites.
Right now it's 11:45 pm and I'm just getting ready to call it an evening. Oh well, at least I'm not bored. Keep your eye on our main site for updates and new servcies to be announced soon. Hope your all having a steller day!

Pete Temple
National Operations Manager

Monday, May 5, 2008

Countrywide - has a heart and a brain? Part 2.

I told you I would follow up on my last post regarding Countrywide offering to immediately reduce my friends interest rate. The question was "what would they do about the three months back mortgage payments". Well the good news is that they are willing to work with you on the back payments. The bad news is that it has to be done through the "work out department". So now begins the process of faxing and calling the work out department to see if they will grant the modification of the loan to take care of the overdue balance.
If you have a customer near foreclosure they may be getting a similar letter. Only time will tell if this is going to work for the people who need so much help out there. Contact me at if you have any additional information on this program or success stories!