Loan Modification Forum - LoanSafe.org - View Single Post

rjatl · 05-13-2009, 02:50 PM

I'll save you all from a long story since it isn't that different from anyone else, but looking for some guidance here.
Since last year after going back to work, I've struggling to keep current on my mortage with CW. I'm currently at 7.5% at close to 2800.00 per month. I would fall behind a month or 2, get caught up, fall behind etc., just never made to the point where I was current, but kept myself out of trouble I suppose. Well that came to a head this past Saturday when I called CW to schedule 2 payments and was informed that I was in "pre-foreclosure", but there was no sale date. I was shocked, as I had not received any notification of such (not sure if they are required to or not). I spoke with a gentlemen (wish I got his name), who said he would take current financials over the phone, he then came back on the line and stated that since I have about -250.00 left each month, he thought I qualified for the Home Affordable Modification Program. He explained everything I need to gather including the hardship letter, and told me to fax it to a number but it would take about 30 days for a decision.
Yesterday I went to fax all the info, but didn't have my loan number handy. I called CW and of course a different rep answered who seemed to have no idea of what I was talking about. She informed me that if I did qualify for that program I would have already gotten a letter but said(and I quote) "I guess go ahead and fax it in and see what happens". She did state that they would hold off on a foreclosure sale date at this point (but not sure I trust much of what she said...as she sounded like I was bothering her). She said she could request a "reinstatement letter" in the meantime as that's what I should do to "forget this mess" as she called it. She instructed me to call back in 72 hours for the letter. I'm not sure how long they give you in those letters to come up with the funds....but we'll see.
On the way home, I decided to call again and see what other alternatives I have availble to me should this not work out, as I do want to stay in the home and really want to work this out. She stated I needed to wait to see if I was approved and it could take awhile, but perhaps I could do a forebearance...but not a standard loan modification since I'm in a negative each month. I'm in the process of scaling down some of those monthly expenses now...hopefully to make up that difference, but due to my damaged credit when I needed a car last year, I bought a used one and am at 15% interest with a 786 dollar car note...wish I could get rid of that!
So I guess I'm looking for some advice...as I'm not that comfortable that CW/BOA is giving my request any creedance....is there any other organizations that can assist someone who now has the income to pay the mortgage get current, or renegotiate for a lower rate or anything at this point...even give me a grace period of a few months and tack the deliquencies on the end. I now owe January through March....so I'm just worried the longer I wait, the more I owe...and that one Tuesday in a coming month my house will be at the auction block! A reduction of my monthly payment would help SO much. My mortgage right now is at about 38% of my monthly gross (as I took a salary reduction when I went back to work)
Any ideas or past experiences or advice would help...I'm so upset and embarassed about this situation, but really want to work this out and keep my house.
Thank you.
RJ
Atlanta, GA.

05-13-2009, 02:50 PM	#4 (permalink)
rjatl Senior Member Join Date: May 2008 Posts: 40 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	CW/Bank of America Frustrations?! I'll save you all from a long story since it isn't that different from anyone else, but looking for some guidance here. Since last year after going back to work, I've struggling to keep current on my mortage with CW. I'm currently at 7.5% at close to 2800.00 per month. I would fall behind a month or 2, get caught up, fall behind etc., just never made to the point where I was current, but kept myself out of trouble I suppose. Well that came to a head this past Saturday when I called CW to schedule 2 payments and was informed that I was in "pre-foreclosure", but there was no sale date. I was shocked, as I had not received any notification of such (not sure if they are required to or not). I spoke with a gentlemen (wish I got his name), who said he would take current financials over the phone, he then came back on the line and stated that since I have about -250.00 left each month, he thought I qualified for the Home Affordable Modification Program. He explained everything I need to gather including the hardship letter, and told me to fax it to a number but it would take about 30 days for a decision. Yesterday I went to fax all the info, but didn't have my loan number handy. I called CW and of course a different rep answered who seemed to have no idea of what I was talking about. She informed me that if I did qualify for that program I would have already gotten a letter but said(and I quote) "I guess go ahead and fax it in and see what happens". She did state that they would hold off on a foreclosure sale date at this point (but not sure I trust much of what she said...as she sounded like I was bothering her). She said she could request a "reinstatement letter" in the meantime as that's what I should do to "forget this mess" as she called it. She instructed me to call back in 72 hours for the letter. I'm not sure how long they give you in those letters to come up with the funds....but we'll see. On the way home, I decided to call again and see what other alternatives I have availble to me should this not work out, as I do want to stay in the home and really want to work this out. She stated I needed to wait to see if I was approved and it could take awhile, but perhaps I could do a forebearance...but not a standard loan modification since I'm in a negative each month. I'm in the process of scaling down some of those monthly expenses now...hopefully to make up that difference, but due to my damaged credit when I needed a car last year, I bought a used one and am at 15% interest with a 786 dollar car note...wish I could get rid of that! So I guess I'm looking for some advice...as I'm not that comfortable that CW/BOA is giving my request any creedance....is there any other organizations that can assist someone who now has the income to pay the mortgage get current, or renegotiate for a lower rate or anything at this point...even give me a grace period of a few months and tack the deliquencies on the end. I now owe January through March....so I'm just worried the longer I wait, the more I owe...and that one Tuesday in a coming month my house will be at the auction block! A reduction of my monthly payment would help SO much. My mortgage right now is at about 38% of my monthly gross (as I took a salary reduction when I went back to work) Any ideas or past experiences or advice would help...I'm so upset and embarassed about this situation, but really want to work this out and keep my house. Thank you. RJ Atlanta, GA.