Loan Modification Forum - LoanSafe.org - View Single Post

gl227 · 12-01-2008, 03:20 PM

I own a home in northern VA. I had to relocate last year due to my job. I was unable to sell the home and rented it out at a loss. Nearly 16 months later the savings is running low and I am running out of options. Here is a brief snapshot of my loans

Purchase price $725k in 2005
1st: $555k @ 5.875% fixed 30 yr with CW
2nd: $70k 6% fixed 30 yr
HEL: $70k 6.4% fixed 5 yr
Current market value of home $475-$500k

The HEL is causing the biggest problem due to the amortization but I am working with the lender on that issue.

I spoke with CW last month and they told me not to make my Dec payment and call back on Dec 1. Today I called and spoke with the home retention team. They stated that I was not eligible for any program. That they did not modify loans by changing the interest rate, term, or principle amount. They suggested that I list my home for a short sale.

I have heard of people on the forum that have had 30 yr fixed mortgages modified with lower rates and 40yr amortizations. Who do I need to speak to to be considered for that type of program?

Also, I am hearing about Hope for Homeowners, should I be pursuing that option instead? Do I do it through CW or another lender?

If I short sell the home CW is going to lose $50-75k, which according to them is more economically feasible than working towards a solution.

12-01-2008, 03:20 PM	#1 (permalink)
gl227 Junior Member Join Date: Dec 2008 Posts: 4 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	How to modify the 30 yr fixed? I own a home in northern VA. I had to relocate last year due to my job. I was unable to sell the home and rented it out at a loss. Nearly 16 months later the savings is running low and I am running out of options. Here is a brief snapshot of my loans Purchase price $725k in 2005 1st: $555k @ 5.875% fixed 30 yr with CW 2nd: $70k 6% fixed 30 yr HEL: $70k 6.4% fixed 5 yr Current market value of home $475-$500k The HEL is causing the biggest problem due to the amortization but I am working with the lender on that issue. I spoke with CW last month and they told me not to make my Dec payment and call back on Dec 1. Today I called and spoke with the home retention team. They stated that I was not eligible for any program. That they did not modify loans by changing the interest rate, term, or principle amount. They suggested that I list my home for a short sale. I have heard of people on the forum that have had 30 yr fixed mortgages modified with lower rates and 40yr amortizations. Who do I need to speak to to be considered for that type of program? Also, I am hearing about Hope for Homeowners, should I be pursuing that option instead? Do I do it through CW or another lender? If I short sell the home CW is going to lose $50-75k, which according to them is more economically feasible than working towards a solution.