Loan Modification Forum - LoanSafe.org - View Single Post - Please take a look at my letter...I need help with a DIL

dontwantthehouse · 11-11-2008, 12:28 PM

My negotiator called me today. She said a cash contribution of $3k was needed because the investor would lose too much money if I didn't provide the money.

She said it would cost them more money to do a DIL than a foreclosure! I asked her why $3k b/c that seems much lower of an expense for them than to go through a foreclosure.

I also asked what the terms were for this contribution and if I would get the DIL approved and be done, but she said it was not an official offer yet because the bank was waiting to hear from me first if I can do $3k and then they would present the terms. That doesn't sit well with me.

I told her we don't have the additional money sitting around to provide a lump sum and reminded her that we had already spent over $17k to fix the house up and she said that yes she knows and mentioned that to the investor but they still would lose money doing the DIL.

I also asked her about our last conversation in which she mentioned that I had done a cash out refi and that I had taken out about 3k and some dollars--which I didn't and never requested or knew I had a cash refi done I thought it was a straight refi. I asked her if the bank was trying to get that money back since the amount of cash contribution was for a similar amount. She said no and that it was just what the bank came up with when looking at the numbers to make the DIL work for them.

She also mentioned that she had told me at the last conversation that I could also do an installment plan of $167/mo for 10 years to pay back $10k but the bank will now consider the lump sump of $3k as the contribution.

So she said it was either or for me which I think is a rather odd set of choices given. Of course I do not want to pay back $10k and have it drag out for another 10 years. We can probably borrow the $3k from someone but she also said it was negotiable amount. I asked her how about $500 she said they are looking for at least $2500.

If this is a legitimate procedure conducted by CW then we will do our best to provide the $3k but I don't feel right about agreeing to that without seeing the terms--learning my lesson through all of this.

I told her I would call her back.

11-11-2008, 12:28 PM	#19 (permalink)
dontwantthehouse Senior Member Join Date: Aug 2008 Posts: 34 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Please take a look at my letter...I need help with a DIL My negotiator called me today. She said a cash contribution of $3k was needed because the investor would lose too much money if I didn't provide the money. She said it would cost them more money to do a DIL than a foreclosure! I asked her why $3k b/c that seems much lower of an expense for them than to go through a foreclosure. I also asked what the terms were for this contribution and if I would get the DIL approved and be done, but she said it was not an official offer yet because the bank was waiting to hear from me first if I can do $3k and then they would present the terms. That doesn't sit well with me. I told her we don't have the additional money sitting around to provide a lump sum and reminded her that we had already spent over $17k to fix the house up and she said that yes she knows and mentioned that to the investor but they still would lose money doing the DIL. I also asked her about our last conversation in which she mentioned that I had done a cash out refi and that I had taken out about 3k and some dollars--which I didn't and never requested or knew I had a cash refi done I thought it was a straight refi. I asked her if the bank was trying to get that money back since the amount of cash contribution was for a similar amount. She said no and that it was just what the bank came up with when looking at the numbers to make the DIL work for them. She also mentioned that she had told me at the last conversation that I could also do an installment plan of $167/mo for 10 years to pay back $10k but the bank will now consider the lump sump of $3k as the contribution. So she said it was either or for me which I think is a rather odd set of choices given. Of course I do not want to pay back $10k and have it drag out for another 10 years. We can probably borrow the $3k from someone but she also said it was negotiable amount. I asked her how about $500 she said they are looking for at least $2500. If this is a legitimate procedure conducted by CW then we will do our best to provide the $3k but I don't feel right about agreeing to that without seeing the terms--learning my lesson through all of this. I told her I would call her back.