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TankGirlz · 01-07-2009, 10:15 AM

Here is the short version of our progress so far.

We contacted HOPE Now back in sept, in anticipation of our rate adjustment scheduled in Dec.. CW's response to that was to suggest we rent out a room..lol

We became unable to pay the new amount starting in Dec and called CW and began the process with their Home Retention program. Our first offer of modification was more per month than our original payment, so we called back and they said they couldn't help, but alas a week later we received our second offer.. it's pretty good. Fixed AT 4.25% for 5 yrs and then our orig rate of 7.25% OR the THEN current rate for a 30 yr fixed from Fannie Mae... Whichever is HIGHER that rate will be fixed for the remainder of the loan. They don't really specify if CW will then hold the loan or if FM will.

I'm not quite sure what the then current rate part means??! Does anyone know?

I am very tempted to take this offer, but DH wants our two loans combined (we have a small loan that CW doesn't seem to be willing to work with)

Has anyone here had CW willing to combine an 80/20 into a new mod?

I scheduled an app to go over mod with a counselor, so we will see....

01-07-2009, 10:15 AM	#2 (permalink)
TankGirlz Member Join Date: Dec 2008 Posts: 14 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Any Success combining 2 loans? Here is the short version of our progress so far. We contacted HOPE Now back in sept, in anticipation of our rate adjustment scheduled in Dec.. CW's response to that was to suggest we rent out a room..lol We became unable to pay the new amount starting in Dec and called CW and began the process with their Home Retention program. Our first offer of modification was more per month than our original payment, so we called back and they said they couldn't help, but alas a week later we received our second offer.. it's pretty good. Fixed AT 4.25% for 5 yrs and then our orig rate of 7.25% OR the THEN current rate for a 30 yr fixed from Fannie Mae... Whichever is HIGHER that rate will be fixed for the remainder of the loan. They don't really specify if CW will then hold the loan or if FM will. I'm not quite sure what the then current rate part means??! Does anyone know? I am very tempted to take this offer, but DH wants our two loans combined (we have a small loan that CW doesn't seem to be willing to work with) Has anyone here had CW willing to combine an 80/20 into a new mod? I scheduled an app to go over mod with a counselor, so we will see....