So Glad I found this Board...... and my GW Letter Example

[Anonymous]

A summary of negative items on my CR are......8 lates (4 with Countrywide; 4 with Ford Motor Credit, 11/2001, 8/2002, 10/2003) and 1 collection ($152.00 from Union Bank of Calif, 2005).

Thanks to the absolutely wonderful info I've gotten from this forum I'm drafting GW letters right now. I love this site! No one is judgemental and everyone is so helpful. What a relief to have "REAL" people to discuss things with. I hope to be able to contribute something of help to someone and not be here only to recieve.

Anyway here's a samlpe of my GW letter.....

July 17, 2007

To: Countrywide Home Loans

Re:       Account # xxxxxxxx

I've been a customer with your company since 19XX. Throughout divorce, refinances, and HELOCs, I have only financed my home with one other lender besides Countrywide. During this time, Countrywide has provided me with excellent service, helpful and knowledgeable loan consultants, and low cost financing. I have paid off several past loans with you and currently my 1st mortgage is with you. In any event, I have not always paid on time and this is why I’m writing to you. I have the following lates on my credit report: Oct 2001, Sept 2001, Aug 2001, and June 2004. I am writing to see if you would be willing to make a "goodwill" adjustment and remove these late payment reports with the three credit agencies.

Since the date of these lates I have paid my mortgage on time. I realize that the 2001 lates are scheduled to drop from my report in 2008. At this time I am ready to refinance again with Countrywide to combine my 1st and HELOC. Going into the refinance process I’d like to see my FICO score improved. One way to achieve this would be to have my number of late payments reduced.

The reason for these lates is a divorce and having to assume responsibility for all our joint debts. Some of the lates were as a result of me not making the last required payment with the anticipation of my new refinanced loan closing and funding sooner. Very bad idea on my part. I have learned a great deal in Real Estate Finance Classes that I’ve attended, and I know I'll be able to prevent this from ever happening again.

Because of my exceptional payment history over the last two years, I would like you to consider removing the late payments from my credit reports. I know more, earn more money now, and generally have a good handle on my debt load. I look forward to your reply. 

Sound OKAY? Too much info?

 I will fill in the xxxxx's before mailing. I need to dig a little deeper in my file cabinet for dates and nos.

[Anonymous]

Hey WBW,  here is my letter that I sent to Countrywide with the help of Moderator Tuscani and some of my own touches.  I think you are explaining too much IMO to them because they already know that you have been late.  This letter is good, but the one I used from Tuscani was great, I told my story and explained why I had the lates and that I was looking for their goodwill in deleting those late payments.

Countrywide Home Loans

400 Countrywide Way

Simi Valley, CA93065

July 11, 2007

Re:  Account #:  

We have been customers with your company since 2006 and during that time, have enjoyed my experience with Countrywide Home Loans, greatly. We are writing to see if you would be willing to make a "goodwill" adjustment to your reporting to the three credit agencies. We have three late payments on the above referenced account that date back to 2006. Since that time we have been  exceptional customers paying every month on time and never 30 days late.

Because of our exceptional payment history over the last year, we would like you to consider removing the negative payments from our credit reports. At the time of the late payments, we had just moved into our new home in January 2006 and with me being self-employed really affected our finances as with the move many of my clients decided to take their children to other facilities because we had moved.  This caused an immediate hardship for us as I was trying to rebuild my daycare business and get new clients as well as find a job to help with costs, but it was a very slow process. We say that not to justify why the payments were late, but rather to show that the late payments are not a good indicator of my actual credit worthiness. We hope that Countrywide Home Loans is willing to work with us on erasing this mark from our credit reports.

We have been very happy customers in the past and hope to continue a long relationship with Countrywide Home Loans.. With today’s credit industry so competitive, we know how important it is to maintain good relationships with customers. Countrywide Home Loans has been exceptional in my book so far and we highly recommend it to all our friends and relatives. We hope that you will deeply consider our request and prove once again, why Countrywide Home Loans is heads above the rest.  We look forward to your reply. 

Sincerely,