Loan Modification Forum - LoanSafe.org - View Single Post

lugson · 02-15-2009, 10:47 AM

Here's our long-story short. We have a first and second mortgage with CW and back on 10/30/08 we submitted a request for loan modification due to financial hardship. In the letter I stated that due to medical bills and unforeseen big expenses (like roof repair, car repair, etc.) we got behind were struggling to catch up. Currently we are behind three months on the first mortgage (M1) and five months on the second (M2). Additionally, we originally requested a loan mod a year previous and accepted a modification agreement in July of 2008 (with CW) on M1. In this agreement the loan length was extended and the interest rate dropped, which saved us about $600 a month (not complaining about that).

In the 10/25 letter to CW, we asked them to look at M2 since we heard nothing regarding this loan in the previous mod. The original mod helped, but out of fear of being foreclosed and NO COMMUNICATION from CW as to mod status, we cashed out our 401k and came current on everything. 3 days later, we received our mod. This 401k money could have wiped out all other debt we had - so we are now asking for our M2 to be modified. Needless to say, we would not even be asking for M2 (although a predatory loan) to be modified if they would have communicated with us as to a positive status of the original mod. Truthfully we feel a little like we were royally and purposefully screwed by CW - as throughout the original mod we were told they could foreclose any day.

Currently, both M1 and M2 are being considered for modification, and CW has told us that both loan requests are "referred for final documentation". Anybody heard that one before? We haven't seen a reference to that particular term on this site before.

Additionally, we were totally confused as to who we are talking to when we dial a 1-800 number - from reading these strings I now think that we are being helped by the Heart team, although when I ask the CW representative, they have repeatedly told me that Hope and Heart and Home retention are all branches of CW.

I'm also told that I can't talk to my negotiator (Roxie Hollingsworth, anybody work with her?) directly as negotiators don't take calls. However I see several of you have managed to sneak through. Any advice in this area would be greatly appreciated.

My wife and I both have steady income - no layoffs in site (luckily). We can afford our mortgage if the M2 could be modified.

02-15-2009, 10:47 AM	#1 (permalink)
lugson Senior Member Join Date: Feb 2009 Posts: 33 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	still on the hamster wheel Here's our long-story short. We have a first and second mortgage with CW and back on 10/30/08 we submitted a request for loan modification due to financial hardship. In the letter I stated that due to medical bills and unforeseen big expenses (like roof repair, car repair, etc.) we got behind were struggling to catch up. Currently we are behind three months on the first mortgage (M1) and five months on the second (M2). Additionally, we originally requested a loan mod a year previous and accepted a modification agreement in July of 2008 (with CW) on M1. In this agreement the loan length was extended and the interest rate dropped, which saved us about $600 a month (not complaining about that). In the 10/25 letter to CW, we asked them to look at M2 since we heard nothing regarding this loan in the previous mod. The original mod helped, but out of fear of being foreclosed and NO COMMUNICATION from CW as to mod status, we cashed out our 401k and came current on everything. 3 days later, we received our mod. This 401k money could have wiped out all other debt we had - so we are now asking for our M2 to be modified. Needless to say, we would not even be asking for M2 (although a predatory loan) to be modified if they would have communicated with us as to a positive status of the original mod. Truthfully we feel a little like we were royally and purposefully screwed by CW - as throughout the original mod we were told they could foreclose any day. Currently, both M1 and M2 are being considered for modification, and CW has told us that both loan requests are "referred for final documentation". Anybody heard that one before? We haven't seen a reference to that particular term on this site before. Additionally, we were totally confused as to who we are talking to when we dial a 1-800 number - from reading these strings I now think that we are being helped by the Heart team, although when I ask the CW representative, they have repeatedly told me that Hope and Heart and Home retention are all branches of CW. I'm also told that I can't talk to my negotiator (Roxie Hollingsworth, anybody work with her?) directly as negotiators don't take calls. However I see several of you have managed to sneak through. Any advice in this area would be greatly appreciated. My wife and I both have steady income - no layoffs in site (luckily). We can afford our mortgage if the M2 could be modified.