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brunok · 01-06-2009, 01:42 PM

After dealing with CW for 8 months and being told to call back every 2 because they were supposedly rolling out new programs, CW finally told me my options were -

* Continue paying the interest only payment which is the majority of my income on a home that has lost %25 of it's value.

* Stop paying and go through foreclosure.

* Contact a different lender who I could refinance with and negotiate a short sale with CW.

I laughed when they mentioned the last option, I just can't imagine another business working with CW successfully. I even asked the person if they had heard of this working before and said they had not.

Has anyone heard of that option working?

Also, because I pay PMI are CW less likely to come up with a workout plan for me because they have insurance to cover if I foreclose? The way I see it, CW doesn't really lose anything. The insurance companies pay for the lose, get assistance from the government and CW goes on. I think I'm the only one who will actually lose money and take a credit hit.

01-06-2009, 01:42 PM	#1 (permalink)
brunok Member Join Date: Jan 2009 Posts: 7 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	CW recommends short sale After dealing with CW for 8 months and being told to call back every 2 because they were supposedly rolling out new programs, CW finally told me my options were - * Continue paying the interest only payment which is the majority of my income on a home that has lost %25 of it's value. * Stop paying and go through foreclosure. * Contact a different lender who I could refinance with and negotiate a short sale with CW. I laughed when they mentioned the last option, I just can't imagine another business working with CW successfully. I even asked the person if they had heard of this working before and said they had not. Has anyone heard of that option working? Also, because I pay PMI are CW less likely to come up with a workout plan for me because they have insurance to cover if I foreclose? The way I see it, CW doesn't really lose anything. The insurance companies pay for the lose, get assistance from the government and CW goes on. I think I'm the only one who will actually lose money and take a credit hit.