Loan Modification Forum - LoanSafe.org - View Single Post

hntrjmpr · 03-05-2009, 08:22 PM

I was so relieved to find this site a month ago while looking for others with similar situations dealing with CW. I'm in the thick of it and need some advice. Long story shortened:

I bought my Northern California home Dec 2005 in a 2 week "speedy deal" through the lender (seller wanted tax benefits), neg-amort, var APR 1st and 2nd (first time buyer, good job, never educated about what neg-amort was by the lender). Realtor error cost me a successful sale in June 2007. Jan 2008 hired a lawyer to pursue loan mod due to maturing loan in October of 2008 and dropping home value. CW told me I didn't qualify as I had never missed a payment (wouldn't even let me talk to work-out dept). Called them every 3 weeks to pursue, reviewed financials each time, either made too much, or not enough. Finally missed a pmt in June 08 due to financial harship, and an interest rate over 10%! Work-out dept was only interested in bringing me current, told me to call back in October after the loan matured and deal with it then. Nov I received a letter of intent to accelerate. Dec I was told to submit paperwork for national housing alliance through CW to see if I qualified for a modification. Dec 26th would have approval or denial. Never heard anything from them, called repeatedly - they "couldn't give me a timeline as they're too busy." In the meantime, credit has sunk because CW hasn't actually recorded anything official, so I'm getting 7 months of missed payments on my credit report. Jan 2009, still no answer from CW. Feb contacted 4 attorneys, no one of any help.

All paperwork is ready to go, but I'm still hesitating... Do I really proceed this way? Are there ANY other options? Who is this "Teresa" gal you lucky people found at CW? I'm now past the 12 month anniversary of starting all of this. Would be happy to foreclose at this point, but CW can't even get that done! The home is worth 50% of its purchase price. Does it make ANY sense to stay if one cannot get a reduced principle balance?

Best wishes to all of you who are going through this same struggle.

03-05-2009, 08:22 PM	#1 (permalink)
hntrjmpr Junior Member Join Date: Mar 2009 Posts: 2 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Please help! 12 mos of nowhere with CW! I was so relieved to find this site a month ago while looking for others with similar situations dealing with CW. I'm in the thick of it and need some advice. Long story shortened: I bought my Northern California home Dec 2005 in a 2 week "speedy deal" through the lender (seller wanted tax benefits), neg-amort, var APR 1st and 2nd (first time buyer, good job, never educated about what neg-amort was by the lender). Realtor error cost me a successful sale in June 2007. Jan 2008 hired a lawyer to pursue loan mod due to maturing loan in October of 2008 and dropping home value. CW told me I didn't qualify as I had never missed a payment (wouldn't even let me talk to work-out dept). Called them every 3 weeks to pursue, reviewed financials each time, either made too much, or not enough. Finally missed a pmt in June 08 due to financial harship, and an interest rate over 10%! Work-out dept was only interested in bringing me current, told me to call back in October after the loan matured and deal with it then. Nov I received a letter of intent to accelerate. Dec I was told to submit paperwork for national housing alliance through CW to see if I qualified for a modification. Dec 26th would have approval or denial. Never heard anything from them, called repeatedly - they "couldn't give me a timeline as they're too busy." In the meantime, credit has sunk because CW hasn't actually recorded anything official, so I'm getting 7 months of missed payments on my credit report. Jan 2009, still no answer from CW. Feb contacted 4 attorneys, no one of any help. All paperwork is ready to go, but I'm still hesitating... Do I really proceed this way? Are there ANY other options? Who is this "Teresa" gal you lucky people found at CW? I'm now past the 12 month anniversary of starting all of this. Would be happy to foreclose at this point, but CW can't even get that done! The home is worth 50% of its purchase price. Does it make ANY sense to stay if one cannot get a reduced principle balance? Best wishes to all of you who are going through this same struggle.