Hi everyone!
After obtaining my loan mod for myself (with the help of this forum of course) I am now helping my father and his loan mod.
He works for a GM auto dealership and is/has experienced reduced income over the past year or so.
His loan is not bad as is--but is struggling to keep up with the payments.
He has a 30yr fixed @6.125% w/ 10 yr interest only.
He has been supplementing his income with credit cards to make the house payments. I just found out about this and told him that I would help him get his loan modified.
His loan servicer is
CW and is backed by Fannie Mae.
I have contacted both
CW and Fannie going back and forth to get some solid answers. Apparently, there are a few programs that they just introduced mid last month. Of the programs, Fannie suggested that we try for the "Early Workout Program" because we are not late. I have approached
CW about this, and ALL 6 REPS have no clue about this program...I, then went back to Fannie and stated that
CW is unaware of the programs that Fannie has introduced and that I need help NOW!!!
The rep was baffled and stated that there are actual Fannie employees at
CW implementing this new program...I dont know how true that may be, but either way, its not helping me.
I need guidance as to what my next steps should be. Can anyone chime in on this...
Thank you in advance.
HDS