Hello!
Here's my story....
Bought home 12/22/04 @ 325,000 in Palmdale,CA (The onetime foreclosure capital of the US in the 90's) on its way back to its former glory!
Wasn't too bright and signed into a 80/20. 1st @ 5.7, 3yr ARM w/6mos prepay pen. 2nd fixed 15yr ballon @ 9.875 also with prepay.
Well that prepay was a blessing and a curse. We were tempted at the idea of a cash out refi when our value had rose to $440G in little over a year. But the thought of losing over $10G didn't sit well. So we decided to just wait til Prepay expired to refi....big mistake...kinda. Had we refied the we most likely would have taken every penny possible and blew thru it on frivoulous things and most likely have gotten ourselves into another ARM. So there is the blessing. The curse is that we couldn't refi until 12/07....
8/07- Value now at 380! We were getting scared and decided to forget about prepay and refi into fixed. Ooops LO doesn't show up for appt. Back to original plan.
11/07- rolls around and we start the FHA process with the Aug appraisal....smooth sailing...until ICEBERG!!!! FHA requests field review of home and comparables. Value dropped by 50G! Now at 330,000.
I cant refi fha or conv. I have a 99.99999 LTV. Don't have 10G+ cash for closing costs. Loan starts adjusting 2/1/08 (up $600) then again in 6 mos.
Now I start the loan mod process. I have not 1 late on payment on Mortgage or bills.
676 mid fico
90G yearly income
Lots of foreclosers in area, tons of inventory, fast dropping market.
I called
CW, they said that my loan was not originated with
CW, therefore I would not qualify for a loan Mod. But sent me to the Home Retention Dept.
I sent in my hardship letter on 1/18/08.
My question is this....I know countywide is my servicer. But the loan modification dept said that
CW was not the loan originator, but on further review in my note, Americas Wholesale Lender is my lender ...which is a name that
CW "does business as" I am confused. Do I have a leg to stand on with this?
Sorry to ramble on,
Shannon