ProfessorShays and ***, I apologize but I wanted this to be a new thread and it fell under my last one so I am trying to post again.
Please give me your advice! This website has been a blessing for me to become better educated regarding our situation but I have a very short timeframe to make a decision that has been put in front of me!!
I have been working on a modification with
CW since mid-March. I received a call this past Friday from a representative, not the negotiator, asking me if I was still interested in working out a modification? I told him I was if it was at an interest rate and payment I could afford. Duetchse Bank holds the loan.
This person told me in order to move forward for consideration of the modification I needed to either wire transfer or overnight a payment of$5324.45 to them by next Tuesday, 4/29 to remain eligible for the modification. I was taken aback. They have been telling me all along to set aside some money but I didn't get very many questions answered by this person and now I'm wondering if this is just a tactic to apply my money to some of my past due and tell me later I didn't get the loan modification.
I asked what my chances were of this working out and he told me that they wouldn't be making this call unless there was a good chance I would qualify for the mod., but he wouldn't guarantee it. I asked what the interest rate and terms would be. He said that typically I would get the introductory rate, 6.44 for a period of 3-5 years in order to get reestablished and then refinance with another company (I tought that was strange). Currently I am at 9.45%. I asked what my monthly payment would be then and he couldn't answer that. I asked for this in writing, email and he couldn't do that.
This is a
CW number and address to send the money to, I think. I am afraid I'm being scammed here or I depart with $5K and find out I didn't qualify. We are considering bankruptcy and not sure what to do here.
Please give me your thoughts/advice!
Jim