Loan Modification Forum - LoanSafe.org - View Single Post

w.davis · 11-17-2008, 12:08 PM

Hello everyone,
Well.....after approximately 4 months of talking to several people and being told different stories we were finally assigned a negotiator. We currently have two loans the first is an interest only loan witha a balance of $379,016 with an interest rate of 6.75% and the second is a 15 year conv. balloon with a balance of $70,731 and an interest rate of 10.375%. According to our negotiator she says she can't touch the first loan because the investor is Fannie Mae and they have to abide by their guidelines which she refuses to tell us what they are. After going back and forth with her on Friday, today my husband calls her and she stated that she spoke with her supervisor and they may be able to offer a repayment plan on the first loan but she won't know until this afternoon. My only concern is we would be able to make minimum payments for 3 or 4 months and she's assured us that we won't be reported to the credit bureau as being delinquent on our payments but when we asked her to provide that to us in writing she stated she couldn't. We don't feel comfortable taking their word for it considering their recent history and we definitely do not want to be reported negatively to the credit bureau. We've never been behind on our mortgage payment and we have really good credit, we don't want to ruin that and we've been asking for assistance from CW for a few months now. More so now since our payment will go up on the first loan because our taxes have increased and apparently they were not taking out enough throughout the year to cover the full amount so now we're under and we need to make that up by increasing our payment.
Our second loan she has offered a rate decrease and she suggested she MAY be able to decrease the rate to between 4% and 5% which would make our payment about $300 less on the second loan. But with our payment going up on the first loan because of our taxes we are still going to end up paying about $300 more so it really still isn't helping us.
Is anyone familiar with Fannie Mae guidelines or in a similar situation and has had success with CW on their loan mod.? We desperately need the help and we've been going back and forth with the negotiator, who is really nice but she won't budge when we inquired about forgiving the second loan, she stated she couldn't do that. I don't understand why if the investor is Fannie Mae on the first loan but not the second. Can anyone offer any advice?

11-17-2008, 12:08 PM	#11 (permalink)
w.davis Senior Member Join Date: Sep 2008 Posts: 33 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Fannie Mae guidelines??? Hello everyone, Well.....after approximately 4 months of talking to several people and being told different stories we were finally assigned a negotiator. We currently have two loans the first is an interest only loan witha a balance of $379,016 with an interest rate of 6.75% and the second is a 15 year conv. balloon with a balance of $70,731 and an interest rate of 10.375%. According to our negotiator she says she can't touch the first loan because the investor is Fannie Mae and they have to abide by their guidelines which she refuses to tell us what they are. After going back and forth with her on Friday, today my husband calls her and she stated that she spoke with her supervisor and they may be able to offer a repayment plan on the first loan but she won't know until this afternoon. My only concern is we would be able to make minimum payments for 3 or 4 months and she's assured us that we won't be reported to the credit bureau as being delinquent on our payments but when we asked her to provide that to us in writing she stated she couldn't. We don't feel comfortable taking their word for it considering their recent history and we definitely do not want to be reported negatively to the credit bureau. We've never been behind on our mortgage payment and we have really good credit, we don't want to ruin that and we've been asking for assistance from CW for a few months now. More so now since our payment will go up on the first loan because our taxes have increased and apparently they were not taking out enough throughout the year to cover the full amount so now we're under and we need to make that up by increasing our payment. Our second loan she has offered a rate decrease and she suggested she MAY be able to decrease the rate to between 4% and 5% which would make our payment about $300 less on the second loan. But with our payment going up on the first loan because of our taxes we are still going to end up paying about $300 more so it really still isn't helping us. Is anyone familiar with Fannie Mae guidelines or in a similar situation and has had success with CW on their loan mod.? We desperately need the help and we've been going back and forth with the negotiator, who is really nice but she won't budge when we inquired about forgiving the second loan, she stated she couldn't do that. I don't understand why if the investor is Fannie Mae on the first loan but not the second. Can anyone offer any advice?