I am new here and would like to say we have also been put off by
CW. We also started a Mod back Dec 15th. on a 2nd Mortgage. !st Mortgage with
CW too, is on time. All docs sent. I called every week, no one knew what was going on, computers down, negotiator not in, etc. Feb. 12th received mod papers and the loan is still at the 9.625% interest rate and the late payments put at the end of the loan. Then add $30.00 more to the $ 930.00 a month payment we had before. Now this upsets me because the negotiator told me not to worry about the payment I was behind in Dec. to let the late payments be put into the mod. and I told him we needed something that 6 mo. down the road we won't be at these crossroads again. Lower interest rate, extend the loan from the 15 year we have to to maybe a 20 or so. Our problem is with the high 2nd Mortgage. Our 1st is being kept up which is $1428. We've gone from a home value of about $319000.00 in 2007, to a value of $230000.00 and we owe $236000.00. Someone gave me the advise that because we are not in default on our 1st, there is no way
CW could foreclose on our house because it is the 2nd in default and
CW Investors on the 1st have the lien. Does anyone know anything about this?
We have been given a deadline to sign this Mod before they proceed to forclose, they said. Should I just go ahead and scrounge up the past due payments and pay them and then look for someone to refinance the 1st and 2nd into one, ( if there is any chance of that, considering) with a payment comfortable to pay?
Thanks to everyone spilling out all these things about
CW. I am learning that their practices have been hurting more people in worse shape than we, and will they ever be held accountable.
Mary