Loan Modification Forum - LoanSafe.org - View Single Post - 2 mortgages with CW, both investment, both 30 year fixed

Scari · 02-17-2009, 09:30 AM

I have two mortgages with CW. Both investment properties, ironically, side by side. I lived in one for over 5 years, then bought the one I live in now. I have had both houses destroyed by bad tenants and no money from sleezy insurance companies, who sold me policies that are useless. Both properties are standing empty for the last two months. I have had to evict. I have put the time and a little bit of money into the properties, trying my best to get them rented out. Rents have come down as well, so it won’t even cover the mortgages if I do get them rented out.
The economy has come down to my industry and now, I have been out of work since November. I’m more concerned about paying the mortgage on the house I live in, of course (mortgage with Chase, whole other story.) I have called CW to tell them of this situation, because I see not being able to pay next months mortgages. They say, because I have paid the mortgages (and since drained all accounts I have) for the last few months, and they are not owner occupied and 30 year fixed, I don’t qualify for a modification. They suggested refinance. I don’t qualify for that either, as I got these loans on a No-doc, which they don’t do anymore. I then asked them if I need to be 90 days late in order to get any help, because this is the policy for Chase. (I called them too) They had no answer for me either. I don’t want to ruin my credit, because of a bad tenants, who seem to think I’m the bank and can live in my house for free. It makes sense to walk away from the houses, because they are not worth what the loans are.
If 30-50% of foreclosures are investment properties, wouldn’t it make sense to use some of those billions they are getting to help these people out as well? They are only willing to help out 50% of the people who have bad investments, just because they live in those investments? I can’t even modify the one I live in, because I was responsible and got a 30 year fixed loan. Somethings gotta give. Does anyone know of a way for CW or someone to help me with these loans? Any advice would be appreciated. I know there are others in similar situations.

02-17-2009, 09:30 AM	#1 (permalink)
Scari Junior Member Join Date: Feb 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	2 mortgages with CW, both investment, both 30 year fixed I have two mortgages with CW. Both investment properties, ironically, side by side. I lived in one for over 5 years, then bought the one I live in now. I have had both houses destroyed by bad tenants and no money from sleezy insurance companies, who sold me policies that are useless. Both properties are standing empty for the last two months. I have had to evict. I have put the time and a little bit of money into the properties, trying my best to get them rented out. Rents have come down as well, so it won’t even cover the mortgages if I do get them rented out. The economy has come down to my industry and now, I have been out of work since November. I’m more concerned about paying the mortgage on the house I live in, of course (mortgage with Chase, whole other story.) I have called CW to tell them of this situation, because I see not being able to pay next months mortgages. They say, because I have paid the mortgages (and since drained all accounts I have) for the last few months, and they are not owner occupied and 30 year fixed, I don’t qualify for a modification. They suggested refinance. I don’t qualify for that either, as I got these loans on a No-doc, which they don’t do anymore. I then asked them if I need to be 90 days late in order to get any help, because this is the policy for Chase. (I called them too) They had no answer for me either. I don’t want to ruin my credit, because of a bad tenants, who seem to think I’m the bank and can live in my house for free. It makes sense to walk away from the houses, because they are not worth what the loans are. If 30-50% of foreclosures are investment properties, wouldn’t it make sense to use some of those billions they are getting to help these people out as well? They are only willing to help out 50% of the people who have bad investments, just because they live in those investments? I can’t even modify the one I live in, because I was responsible and got a 30 year fixed loan. Somethings gotta give. Does anyone know of a way for CW or someone to help me with these loans? Any advice would be appreciated. I know there are others in similar situations.