Complaint Review: Greenpoint Mortgage Funding

To Whom It May Concern:

Before July 2003, we had never been late on a mortgage payment with Greenpoint Mortgage Company. However, due to a slowdown in the automotive industry in the summer of 2003, my husband's employer required a mandatory, temporary layoff during the month of July 2003. Normal work conditions resumed as of August 4, 2003, but the temporary layoff left the us in a financially difficult situationcausing them to then become 2 months behind on their mortgage with Greenpoint.

(So, this should have been reported as a maximum of 60 days late in September of 2003.)

On July 9 of 2003, we submitted a workout package to the loss mitigation department of Greenpoint Mortgage. After almost 6 weeks that paperwork was then forwarded to Loan Servicing, Inc. for processing. Then, after another 6-8 weeks it was then sent back to Greenpoint for more processing. During which time, we resumed and maintained our monthly payments, although 2 months behind.

(Again, acceptable reporting should have been only 60 days late through December 2003.)

A forbearance agreement was finalized and entered into with Greenpoint in December 2003. (Please notice that it took 5 months to process this workout packet!) This agreement added an extra sum per month to the our monthly payment in order to make an attempt at getting caught up. In May of 2004 they found out, however, that this agreement was extensively damaging their credit report. (Showing rolling 90 days late for over 5 months!!!!)

We would have not agreed to this forbearance had we known how it would appear on our credit report as such!! It would have been less damaging on our credit report to just leave the 60 days late reports and repay the back due when we were able to do so on our own terms!! But no one at Greenpoint told us this when we entered into the agreement.

SO, the situation has actually disabled us from getting our home loan refinanced to a lower interest rate and lower monthly payment through another mortgage company in May of 2004. We did the responsible thing in entering the forbearance agreement with Greenpoint, and met the conditions of that agreement throughout the process. But, because we followed Greenpoint's instructionsit has actually cost us more money and our reputation on our credit report!

After being declined for a refinance in mid May 2004, we then submitted another workout packet to Greenpoint in which we requested the MODIFICATION that we had wanted in July 2003. After all that was settled, we checked our credit report again, November 8,2004, only to find that Greenpoint had then actually reported us 120 days late while we were dealing with them on that plan. We were never 90 or 120 days late on our payments! We were simply following the instructions that were given to us on how to handle payments during the first workout packet processing in 2003, and then again during the processing of the second workout packet in summer 2004.

Our only hope during all of this was to stay on the up and up with Greenpoint, make our payments and meet the agreements, which we did.

To think this all started with a simple layoff situation and has s****.> J
Farwell, Michigan
U.S.A.