This forum has truly been helpfully informative. I wish I would have known about
(or would have known that I needed to hear your stories before being led into a false sense of security with CW negotiators).
What can I do to stop/postpone the sale date of 5/15/2008? I'm a quadriplegic that desperately needs to keep my accessible home. I have nowhere to go and survive off of the income that my property provides with its two rentals. I've been told different things from each negotiator I talk to.
Here's my story:
We were 3-4 months behind in paying the
CW mortgage. When I discovered this, I immediately contacted
CW. Initially, my hardship was that I did not know my mother, who unbeknownst to me at the time was experiencing the onset of Alzheimer's, wasn't paying the mortgage. I did not have an automatic lump sum of $18,000 to give them for the arrears. I told them I could get the money though. I also added that meeting the payment was becoming increasingly harder because of the ARM adjust of $650.00 and the economy's effect on sales from our business.
JANUARY 31, 2008
They forwarded me to a Home Loan Retention group (Lancaster office) that advised me that I could pay apply for the loan modification program. I was told that I would pay $3,000 after the documentation would be completed in approximately 10 days. I was told DO NOT SEND THE MONEY NOW.
Over the course of the last three months, I contacted
CW several times - each time was assured that I didn't have to worry and NOT TO SEND MONEY.
10 days passed and I received nothing, but was advised not to worry because it took a minimum 30 days to process and because of the backlog, more than likely 30-60 days. I was assured NOT TO WORRY.
I contacted
CW anyway during that time because I was getting solicitations from attorneys in the mail telling me I needed their help.
CW told me to ignore them and not waste money on lawyers because I was doing myself what they would be doing - negotiating with the loss mitigation department.
MARCH 12, 2008
Contacted
CW and discovered that negotiator, Lare Bottka, had finally been assigned on March 9.
APRIL 4, 2008
Contacted
CW to find out why negotiator hasn't called me yet. Was informed that our mortgage may have been one of the ones that were mistakenly closed. Within a few days they found it. However, no negotiator had been assigned yet.
APRIL 7, 2008
Contacted
CW to determine status. The person that took my call emailed the negotiator to determine what is happening. He gave her my home phone to contact me. She never did.
APRIL 18, 2008
CW told me that my submission for loan mod. was canceled because we had enough money to pay. If we could have been notified earlier, we may have been able to come up with the money, but mostly we could have avoided all the fees accumulated during that waiting time.
To make matters worse, in the past few months, we fell upon even more hardship. These are, however temporary and as soon as my rental unit is habitable, I'll have an additional $2,000 income.
(1) Countrywide's Insurer, Balboa Insurance, lagged six months on releasing the funds to pay for water damage claim on my apartment rental so I lost six months of tenant income; &
(2) my other property rental violated a zoning code and had to leave. As a result, I had less money to set aside for the money for paying the mortgage in arrears. I was told to resubmit another hardship letter to
CW to see if we could readjust our interest rate.
APRIL 22, 2008
Provided all of my new financial information for the new submission for loan mod.
APRIL 28, 2008
Received SALE NOTICE of 5/15/2008.
What can I do to stop the sale?
1.
CW tells me that I can send in $7,600 by Western Union and that will postpone sale date. Can I trust that they just will apply that so I can get my property out of foreclosure?
2. Can I pay the balance due and stop the sale? It will be difficult, but I think I can find somebody who can borrow me the $$ I need.
3. Can I refinance to a better loan? My property has a lot of equity. The balance due is $382K and a lowball appraisal of my property is $850K. When I've called banks they've told me I cant, because I'm in foreclosure.
4. Balboa Insurance has not released the 2nd property damage claim amount of $7,500. I have a choice of using it to pay the contractor to finish the repairs on my rental unit and make it rentable and income providing OR applying it to my mortgage balance. If I apply it to my mortgage balance, how can I be assured
CW would receive it in time so I
CW could release the sale date?
5.
CW has increased the amount due with extra fees - if I would have been advised that I should pay four months ago, I could have done that instead of holding off sending them the money. I offered to pay and felt that I should at least try to keep up with payments, but was told not to send any money in.
What can I do in the next few days to save my house?