Loan Modification Forum - LoanSafe.org - View Single Post - Pay-Option Jumbo ARM

chriskeeler · 03-16-2009, 02:39 PM

My mom is old and she wants me to handle her account to try and get a modification, since she can not continue down the path she is on with her loan. My family & I moved into the house to help her pay the utility bills and part of the mortgage ($1300), but it is not enough.

She has a CW Pay-Option ARM and can only afford the minimum payment:

Loan Amount: $1,400,000.00
Balance: $1,527,834.67 (115% max limit set on deferred interest)
APR: 5.5% (this month)
Monthly Payments:
Option 1: (Amortized Payment) $9,262.30
Option 2: (15 year amortized) $14,385.61
Option 3: (Minimum) $5,463.92 (1,958.00 deferred)
Option 4: (Interest Only) $7271.74

I contacted NACA, but because she "holds" more than one property (even though she is letting them go) they can't help us and recommended we go to Countrywide directly. She was told back in December that she was "on the list" for the Homeowner Retention Program since the property was in the state of Florida and it was a Pay-Option ARM. We sent in all of her financial info to CW, several weeks went by, then we got a letter saying she did not qualify for the program because her account was currently current. WTF? She was alluded to by a CW rep that she needed to be 60 days late in order to qualify (which is different info than what they even have posted on their website: HRPFactSheet )

So, she stopped paying and put the money into a savings account. Today she is past the "60 days" so supposedly eligible, but we are having a difficult time even contacting CW to see about the program. I called the regular customer service number and the machine wanted a promised payment agreement or something...no rep. I also called the Home Retention Program number, but they now have that routed to the same automated system as the above. Does anyone have any ideas? I don't think one hand knows what the other is doing over at CW.

The property is also now WAY underwater. The county tax records show a taxable value of $1,047,606. She really wants to keep this house!

Any advice is appreciated.
Thank you.
-Chris

03-16-2009, 02:39 PM	#1 (permalink)
chriskeeler Member Join Date: Mar 2009 Posts: 20 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Pay-Option Jumbo ARM My mom is old and she wants me to handle her account to try and get a modification, since she can not continue down the path she is on with her loan. My family & I moved into the house to help her pay the utility bills and part of the mortgage ($1300), but it is not enough. She has a CW Pay-Option ARM and can only afford the minimum payment: Loan Amount: $1,400,000.00 Balance: $1,527,834.67 (115% max limit set on deferred interest) APR: 5.5% (this month) Monthly Payments: Option 1: (Amortized Payment) $9,262.30 Option 2: (15 year amortized) $14,385.61 Option 3: (Minimum) $5,463.92 (1,958.00 deferred) Option 4: (Interest Only) $7271.74 I contacted NACA, but because she "holds" more than one property (even though she is letting them go) they can't help us and recommended we go to Countrywide directly. She was told back in December that she was "on the list" for the Homeowner Retention Program since the property was in the state of Florida and it was a Pay-Option ARM. We sent in all of her financial info to CW, several weeks went by, then we got a letter saying she did not qualify for the program because her account was currently current. WTF? She was alluded to by a CW rep that she needed to be 60 days late in order to qualify (which is different info than what they even have posted on their website: HRPFactSheet ) So, she stopped paying and put the money into a savings account. Today she is past the "60 days" so supposedly eligible, but we are having a difficult time even contacting CW to see about the program. I called the regular customer service number and the machine wanted a promised payment agreement or something...no rep. I also called the Home Retention Program number, but they now have that routed to the same automated system as the above. Does anyone have any ideas? I don't think one hand knows what the other is doing over at CW. The property is also now WAY underwater. The county tax records show a taxable value of $1,047,606. She really wants to keep this house! Any advice is appreciated. Thank you. -Chris