CW has me on hold and will not apply my payment - Loan Modification Forum

renee16 · 05-03-2009, 07:02 AM

I am a homeowner that has been in my home for 14 years. I work and right now I have 2 jobs. My husband is a early retiree. But since this situation has occured he has returned to work. We have been with CW for 3 years. Refinced, got some cash, got a second and realized we couldn't afford the two payments. Went back to CW refinaced both loans and now have one big mortage. we are in a 40 year fixed. No body in their right mind would do this, but we did. 7.65 interest rate. Long story short, we missed Feburary payment. Called immediately , signed up for repayment plan. replayment plan was unofficial, so CW said we may qualify for Loan Mod. Started that process. I called daily checking, checking. I faxed, hardship letter, bank statements, paystubs.

I wired a payment March 31 to cover February. it was applied. They payed taxes, $2400. Didn't realize we had a water and sewer lein. They paid it. I wired a full payment on April 30th to cover March. Its sitting in unapplied funds. I wired $495 to cover late fees, thye fefused to apply. Its sitting there. They sent out a statment that says we owe, March, april and May. I have tried to reach the negotiator over 100 times. they refuse to put me through. I tried to reach the negoiator's supervisor, someone gave me his name, they refuse to put me thorugh. I have literally spoken to 200 customer serice reps, some nice, some nasty, some given advice. some making it up as they hear my story.

We are in a hurry up in wait game. I can send another payment on May 15th. Should I. I know i have to wire.

I got the NOI for April 4th. It is now May 3rd. I am scared we may loose our home. We have th income now that we are both working. any chance that they will lower our interest rate so that the payments will be more managable. Have we run out of time. I cannot trust what I am being told.

renee16 · 05-03-2009, 09:56 AM

This is my first time posting on any page. So i am really nervous that I am not doing this right. I told the most imprtant part of my story with Countrywide. I do not want to lose my home. Would someone please respond and let me know if i am on the right track.

CW California · 05-03-2009, 01:59 PM

Renee
I'm sure someone will be along to respond. Sunday is a pretty slow day on this forum.

That being said I have read that many times when you are in work out mode that the payments you make are placed in a holding account until the mod is finalized.

Moe Bedard · 05-03-2009, 03:29 PM

Hi renee16,

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

If this is the only property that you own, you may want to try going through NACA instead for some help in dealing with CW...........they are a HUD approved counseling agency and the services for their Home Save modification are free, they have been able to help many members with affordable modifications..........they will work with the investor on your loan through the Advocacy Team on a low, fixed rate modification........here is the link for the info.............
https://www.naca.com/refinance/refinanceTenStep.jsp

renee16 · 05-04-2009, 06:57 AM

Thank you so much for a response. My patience is not where it needs to be right now. I will follow-up with NACA in my area.

05-03-2009, 07:02 AM	#1 (permalink)
renee16 Junior Member Join Date: May 2009 Location: MA Posts: 3	CW has me on hold and will not apply my payment I am a homeowner that has been in my home for 14 years. I work and right now I have 2 jobs. My husband is a early retiree. But since this situation has occured he has returned to work. We have been with CW for 3 years. Refinced, got some cash, got a second and realized we couldn't afford the two payments. Went back to CW refinaced both loans and now have one big mortage. we are in a 40 year fixed. No body in their right mind would do this, but we did. 7.65 interest rate. Long story short, we missed Feburary payment. Called immediately , signed up for repayment plan. replayment plan was unofficial, so CW said we may qualify for Loan Mod. Started that process. I called daily checking, checking. I faxed, hardship letter, bank statements, paystubs. I wired a payment March 31 to cover February. it was applied. They payed taxes, $2400. Didn't realize we had a water and sewer lein. They paid it. I wired a full payment on April 30th to cover March. Its sitting in unapplied funds. I wired $495 to cover late fees, thye fefused to apply. Its sitting there. They sent out a statment that says we owe, March, april and May. I have tried to reach the negotiator over 100 times. they refuse to put me through. I tried to reach the negoiator's supervisor, someone gave me his name, they refuse to put me thorugh. I have literally spoken to 200 customer serice reps, some nice, some nasty, some given advice. some making it up as they hear my story. We are in a hurry up in wait game. I can send another payment on May 15th. Should I. I know i have to wire. I got the NOI for April 4th. It is now May 3rd. I am scared we may loose our home. We have th income now that we are both working. any chance that they will lower our interest rate so that the payments will be more managable. Have we run out of time. I cannot trust what I am being told.

05-03-2009, 09:56 AM	#2 (permalink)
renee16 Junior Member Join Date: May 2009 Location: MA Posts: 3	Re: CW has me on hold and will not apply my payment This is my first time posting on any page. So i am really nervous that I am not doing this right. I told the most imprtant part of my story with Countrywide. I do not want to lose my home. Would someone please respond and let me know if i am on the right track.

05-03-2009, 01:59 PM	#3 (permalink)
CW California Senior Member Join Date: Feb 2009 Location: SoCal Posts: 1,124	Re: CW has me on hold and will not apply my payment Renee I'm sure someone will be along to respond. Sunday is a pretty slow day on this forum. That being said I have read that many times when you are in work out mode that the payments you make are placed in a holding account until the mod is finalized.

05-03-2009, 03:29 PM	#4 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,685	Re: CW has me on hold and will not apply my payment Hi renee16, Welcome to the forum and thank you for joining............... If this is the only property that you own, you may want to try going through NACA instead for some help in dealing with CW...........they are a HUD approved counseling agency and the services for their Home Save modification are free, they have been able to help many members with affordable modifications..........they will work with the investor on your loan through the Advocacy Team on a low, fixed rate modification........here is the link for the info............. https://www.naca.com/refinance/refinanceTenStep.jsp __________________ 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.

05-04-2009, 06:57 AM	#5 (permalink)
renee16 Junior Member Join Date: May 2009 Location: MA Posts: 3	Re: CW has me on hold and will not apply my payment Thank you so much for a response. My patience is not where it needs to be right now. I will follow-up with NACA in my area.

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