Loan Modification Forum - LoanSafe.org - View Single Post - Getting cw run-a-round too help

judyneedshelp · 01-29-2009, 02:10 PM

I need to put some thoughts in writing--its cathartic. Well it is 01/29/09, and at 9am sharp I called CW for a status check as instructed. Miss Lee said call back in two hours the "system" is down. Two hours later David said call back in two hours the "system" is down. Then Julie said call back in an hour..she was sure by 2pm the system would be restored. Does this BS ever end? I called "Michael" a negotiator one of the other posts said did a good job on a getting right back to him 661-951-5221. His phone answering machine stated he is at the Office of the President! I left him a message stating my account number and my long process of getting nowhere with CW modification since August 08. I told him I was a loansafe member and will be writing a letter to my senetor, congressman, govenor, and President Obama outlining this BS and asking what next? Lastly I stated that I was going to visit each home used for my inflated appraisal comparision to see how my "fixer" ever appraised for a $800,000--imagine that ....an $800K fixer. I lived in another state when I purchased it so I could only rely on a professionals opinion of the value. In hindsight....Where was my brain? Meanwhile, my neighbor just got transferred to TX and their house (basically the same as mine) just went on the market this week for $499K--he will be very lucky to get $450K. I owe CW $678K..... Reason and logic would have CW banging down my door and doing back flips that I would want to stay and work something out that is win win for both of us. I am holding out for principle reduction to 95% LTV and interest only payments at a step rate reduction landing at 5% years 5 -30, no prepay and no equity sharing, waive all payments during the modification period-- is a win win. In 5 years CW will make back every dime of the principle reduction with the interest payments and I will earn back some of my lost 20% down assuming an average 6% appreciation. So the crazy math here has CW and me losing about $200K plus (conservatively) if this goes to foreclosure. Off to write my letters. I'll post them.

01-29-2009, 02:10 PM	#16 (permalink)
judyneedshelp Member Join Date: Jan 2009 Location: Southern California Posts: 21 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Getting cw run-a-round too help I need to put some thoughts in writing--its cathartic. Well it is 01/29/09, and at 9am sharp I called CW for a status check as instructed. Miss Lee said call back in two hours the "system" is down. Two hours later David said call back in two hours the "system" is down. Then Julie said call back in an hour..she was sure by 2pm the system would be restored. Does this BS ever end? I called "Michael" a negotiator one of the other posts said did a good job on a getting right back to him 661-951-5221. His phone answering machine stated he is at the Office of the President! I left him a message stating my account number and my long process of getting nowhere with CW modification since August 08. I told him I was a loansafe member and will be writing a letter to my senetor, congressman, govenor, and President Obama outlining this BS and asking what next? Lastly I stated that I was going to visit each home used for my inflated appraisal comparision to see how my "fixer" ever appraised for a $800,000--imagine that ....an $800K fixer. I lived in another state when I purchased it so I could only rely on a professionals opinion of the value. In hindsight....Where was my brain? Meanwhile, my neighbor just got transferred to TX and their house (basically the same as mine) just went on the market this week for $499K--he will be very lucky to get $450K. I owe CW $678K..... Reason and logic would have CW banging down my door and doing back flips that I would want to stay and work something out that is win win for both of us. I am holding out for principle reduction to 95% LTV and interest only payments at a step rate reduction landing at 5% years 5 -30, no prepay and no equity sharing, waive all payments during the modification period-- is a win win. In 5 years CW will make back every dime of the principle reduction with the interest payments and I will earn back some of my lost 20% down assuming an average 6% appreciation. So the crazy math here has CW and me losing about $200K plus (conservatively) if this goes to foreclosure. Off to write my letters. I'll post them.