Loan Modification Forum - LoanSafe.org - View Single Post

flowride · 05-29-2009, 10:46 PM

In Feb of 2009, I was notified by my CW specialist that I was placed in forbearance-a process I didn't ask for as I was current on my loan-and that a subsequent "step program" would follow, maxing out my interest rate at about 5% over years 5-30.

When I heard this ecstatic news, I asked to please get it all IN WRITING before they changed their minds. I was assured that at the end of the forbearance, all would be well.

Well, it isn't. I received my mod today at 6% over 30 years. You must be kidding! A) That's nothing like the first mod and B) the interest rate is just about a 0.75% drop. That's it.

To me, it was bittersweet because I don't think this is a great mod at all, especially from what was promised beforehand and also because it's NOT EVEN ON PAR WITH TODAY'S INTEREST RATES! It saves me about $190 a month, which I suppose is nothing to sneeze at, but it's not the $300+ the step program would have ultimately saved per month or anywhere near the near $450 the initial part of that step program would have saved in the first 2 years!

I was told that the reasoning for this is because when CW changed hands to BOA, their mod parameters changed. That's all fine and good, but it's just my feeling that if loansafe was a bit more aggressive at the outset of CW's initial verbal agreement, right now I'd be a happy camper instead of a disenfranchised one. Blame Obama and his new plan, blame the CW takeover...blame whatever you want. To me, if you have a verbal agreement, get it done so nothing else can go wrong! Also, communication that this might change would have been welcomed, but communication is the one thing that has been lacking since day one.

Anyway, my question is simple. Can you counter a loan mod offer like this or do you just have to accept something this underwhelming?

05-29-2009, 10:46 PM	#1 (permalink)
flowride Member Join Date: Sep 2008 Posts: 13 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Can you counter a loan mod offer? In Feb of 2009, I was notified by my CW specialist that I was placed in forbearance-a process I didn't ask for as I was current on my loan-and that a subsequent "step program" would follow, maxing out my interest rate at about 5% over years 5-30. When I heard this ecstatic news, I asked to please get it all IN WRITING before they changed their minds. I was assured that at the end of the forbearance, all would be well. Well, it isn't. I received my mod today at 6% over 30 years. You must be kidding! A) That's nothing like the first mod and B) the interest rate is just about a 0.75% drop. That's it. To me, it was bittersweet because I don't think this is a great mod at all, especially from what was promised beforehand and also because it's NOT EVEN ON PAR WITH TODAY'S INTEREST RATES! It saves me about $190 a month, which I suppose is nothing to sneeze at, but it's not the $300+ the step program would have ultimately saved per month or anywhere near the near $450 the initial part of that step program would have saved in the first 2 years! I was told that the reasoning for this is because when CW changed hands to BOA, their mod parameters changed. That's all fine and good, but it's just my feeling that if loansafe was a bit more aggressive at the outset of CW's initial verbal agreement, right now I'd be a happy camper instead of a disenfranchised one. Blame Obama and his new plan, blame the CW takeover...blame whatever you want. To me, if you have a verbal agreement, get it done so nothing else can go wrong! Also, communication that this might change would have been welcomed, but communication is the one thing that has been lacking since day one. Anyway, my question is simple. Can you counter a loan mod offer like this or do you just have to accept something this underwhelming?