Need advice on CW JUMBO Loan Mod - Loan Modification Forum

tony.t · 03-17-2009, 07:58 PM

We have a JUMBO fixed rate at 7.65%. It is scheduled to convert to LIBOR plus 2.25 in 2016. We would like to convert rate now in order to reduce our payment by $2,600 a month. We are current.

Does anyone have experience with this? Will we have to provide all the financial info that they outline on their Homeowners Retention webpage? Do they have any authority to do anything without the Financial info?

Moe Bedard · 03-17-2009, 09:39 PM

tony.t,

Welcome to the forum and thank you for joining..............

Any modification that is done is going to be up to the investor on your loan...........you would need to contact CW and ask what the options are.........modifications are given in hardship situations.........so they will want to look at financials...........in order to look at a workout.

These are what most lenders consider to be generally acceptable hardships....

1. Loss of job or reduction in income
2. Death of the homeowner, spouse or family member
3. Illness of homeowner or family member
4. Divorce or separation
5. Forced job relocation by employer
6. Adjustable rate reset-payment shock

CW Home Retention

1-800-669-0102

03-17-2009, 07:58 PM	#1 (permalink)
tony.t Junior Member Join Date: Mar 2009 Posts: 1 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Need advice on CW JUMBO Loan Mod We have a JUMBO fixed rate at 7.65%. It is scheduled to convert to LIBOR plus 2.25 in 2016. We would like to convert rate now in order to reduce our payment by $2,600 a month. We are current. Does anyone have experience with this? Will we have to provide all the financial info that they outline on their Homeowners Retention webpage? Do they have any authority to do anything without the Financial info?

03-17-2009, 09:39 PM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Need advice on CW JUMBO Loan Mod tony.t, Welcome to the forum and thank you for joining.............. Any modification that is done is going to be up to the investor on your loan...........you would need to contact CW and ask what the options are.........modifications are given in hardship situations.........so they will want to look at financials...........in order to look at a workout. These are what most lenders consider to be generally acceptable hardships.... 1. Loss of job or reduction in income 2. Death of the homeowner, spouse or family member 3. Illness of homeowner or family member 4. Divorce or separation 5. Forced job relocation by employer 6. Adjustable rate reset-payment shock CW Home Retention 1-800-669-0102 __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

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