CW loan modification going no where, help??

[shelleyhuff]

We have a 5 yr adjustable , adjusting soon. I havent made pmt since january 09, I have called CW and asked for help , 1st call was told we did not qualify for any help, because we hadnt missed any pmts. , my husband lost part of his income, Im a full time nursing student, and our pmt is 2500.00 a mo interest only, have paid every time on time, until jan, after getting behind asked for another loan mod and they sent me a letter stating didnt qualify for several reasons, 1. made too much money, which we do not, in the same letter stated we did not make enough money to pay on the loan, I fiallly got a call and a offer for a fixed loan a 6 % and had to make up all missed pmts first, then our pmt would be 2900 a month, I told them no that will not work, we owe 402,000 original price 502,000 , put down 100,000, our home is worth approx 250,000. we filed BK about 2 months ago and again tried a mod, they wanted a letter from my attorney giving permission and hardship letter, statements all the normal stuff, its been 2 months and i call once a week to see if any thing is being done, they reply with we do not no anything yet,
im afraid its going to be to late and loan will go into foreclosure, we really want to keep our home and I do know what else to do, I know we qualify for some kind of help by reading all the qualifications, any suggestions this is stressing me out ,its all I so everyday

[mgallant]

Originally Posted by shelleyhuff

We have a 5 yr adjustable , adjusting soon. I havent made pmt since january 09, I have called CW and asked for help , 1st call was told we did not qualify for any help, because we hadnt missed any pmts. , my husband lost part of his income, Im a full time nursing student, and our pmt is 2500.00 a mo interest only, have paid every time on time, until jan, after getting behind asked for another loan mod and they sent me a letter stating didnt qualify for several reasons, 1. made too much money, which we do not, in the same letter stated we did not make enough money to pay on the loan, I fiallly got a call and a offer for a fixed loan a 6 % and had to make up all missed pmts first, then our pmt would be 2900 a month, I told them no that will not work, we owe 402,000 original price 502,000 , put down 100,000, our home is worth approx 250,000. we filed BK about 2 months ago and again tried a mod, they wanted a letter from my attorney giving permission and hardship letter, statements all the normal stuff, its been 2 months and i call once a week to see if any thing is being done, they reply with we do not no anything yet,
im afraid its going to be to late and loan will go into foreclosure, we really want to keep our home and I do know what else to do, I know we qualify for some kind of help by reading all the qualifications, any suggestions this is stressing me out ,its all I so everyday

Take a deep breath and spend a bunch of time reading here! You will learn so much from what others have been through. Next go to the NACA website and start the process with them. They will work out an affordable loan for you based on your needs. Lastly, hang in there your journey has only just begun. There are many here that have been waiting for help FAR longer and still have no answers.

Good Luck!

[lostinlife]

shelley, I have been there, can I ask what kind of banc. you filed? We filed 13 in 06 and our file was coded as bancruptcy at countrywide they get the bancruptcy released in january as we had missed some payments, it took till the beg of april to get the code off our cw file, I had started end of Jan faxing in stuff for a loan mod, nothing ever showed up until the end of april right as the banc code was coming off our file. we got a negotiator on april1 and on april 17th cw got a sale date for us. I have since gone to naca as cw was screwing with us. Naca sent file a week and a half ago, yesterday I get a call from our neg. he has an offer, 5k down and payments from 747.90 to 997.90 how the heck is that gonna help us? I called naca and they said that is not an offer to their proposal, cw is trying to get us to sign and get naca out of the picture. I can only tell you if you want to keep your house, fight, fight like hell.

[shelleyhuff]

we filed a chp 7 and I noticed they always refer us to the bk dept at CW, I was waiting for the bill hr 1106 to pass so we could convert to chp 13 and modify loan in court, does anyone know if or about that bill?? and I will keep trying everthing and contacting everone, this is a good place to learn
thanx

[shelleyhuff]

they need to hurry up and get that into law so we can convert our chp 7 to 13 and modify our loan in court , I have a feeling that would be the only way to get a mod, also if anyone else does know about 1106 please reply

[j-nice]

shellyhuff, the bill was shot down in the Senate last week...it did not pass and appears in all likelihood to be dead.

[dthom]

It seems Senator Dodd called the bill a "dead letter". Of course he wouldn't care, he got a real sweetheart of a loan from Countrywide, He is indebted to them and the rest of the banks for the great deal he received, while the rest of us got the junk and are still paying for it.
Business as usual in Washington.

[mgallant]

Originally Posted by dthom

It seems Senator Dodd called the bill a "dead letter". Of course he wouldn't care, he got a real sweetheart of a loan from Countrywide, He is indebted to them and the rest of the banks for the great deal he received, while the rest of us got the junk and are still paying for it.
Business as usual in Washington.

Don't get me started on this one! These SOB senators who are suppose to be watching over these banks are in bed with them! If you look inot this deep enough you will find Dodd, the senator from R.I. (Reed) and others who are on the banking committee all have received millions in campaign donations from the very banks they are suppose to be watching over! Alot of this mess is because of them and now they are just turning there back on the whole mess when they should be punishing these banks!