CW Mod on Underwater Property - Strategy - Loan Modification Forum

bluefelix · 05-11-2009, 05:31 PM

Hello Forum.

I have been reading through some of the threads on here, and like most of you, I think I have a unique situation.
I am not facing forclosure, nor have I missed a payment. I am however looking to modify the loan(s) on my significantly underwater home.

Loan info

Home is worth approx. 195k

1st Mortgage has balance of 288k. 30 yr. fixed at about 7.5%. 10 year interest only.

2nd Mortgage has balance of 70k. This is 30yr. fixed at about 8%. This one is due in 15 years, which is weird because it has a 30 yr. fixed rate.

As you can see, I am underwater in a big way.

Our income situation has changed and we are now paying at least 50% of our income towards the mortgages. With the housing market the way it is, it is not looking like a good investment, and the payment amounts are looking to be unsustainable.

I have called CW to talk with them about a Mod serveral times, and of course, I get nowhere and they are not interested since I am current. The last time I spoke to someone I said that my only option now is to just stop paying. At that point, they transferred me to the retention department. In the process of transferring (I tried several times) I would input my account # in the phone tree and get transferred right back to where I started with regular customer service. I was told by customer service that this is because I am current. It was really frustrating.
So now, I am going to stop paying. My feeling is that it is in the interest of CW to keep me in this house, making some sort of payments on the property. I do not think they want this house.

So I am wondering what you all think will happen as I am concerned about doing this, since this is my home we are talking about here. I am aware of the credit implications, but think that is a good trade off if I can get a significant mod.
We have no employment issues and have good credit. Please give me your opinions on this situation and predicted CW action. It seems like a you all have been through a lot with CW, so you have some insight into their operations that I deem valuable.

Thanks!

sarge · 05-11-2009, 05:39 PM

I think you came to the right place for opinions. There are lots of those here LOL. Lots of us here have turned to NACA for help due to financial hardships. You can test the waters with them if this is the only property you own. You don't have to be behind and their services are free.

bluefelix · 05-11-2009, 06:01 PM

I would rather just deal with them myself. I hear a lot on this forum about the free service you mention (NACA), but I know little about it. If someone could add a little info on what they could do for someone like me, that would be great.

Also, has anyone had a decent experience with CW? I mean, has anyone gotten a mod that went smoothly?

sarge · 05-11-2009, 06:20 PM

I hope you have luck with them. My modification offer from them tacked my arrears to the end of my loan with the same rate and made my payments go up. I said no thanks as did others here. I do hope you can get somewhere with them. Here is a link to the Home Save program with Naca. They are a HUD approved agency by the way.

https://www.naca.com/refinance/refinanceTenStep.jsp

Here is also a link to the about Naca page

https://www.naca.com/about_naca/naca...?language=null

sarge · 05-11-2009, 06:30 PM

By the way, many people here were told by CW they couldn't work with them because they were current. They suggested to miss a payment or 2 and then call back.

sandyg · 05-11-2009, 07:02 PM

Quote:

Originally Posted by bluefelix

I would rather just deal with them myself. I hear a lot on this forum about the free service you mention (NACA), but I know little about it. If someone could add a little info on what they could do for someone like me, that would be great.

Also, has anyone had a decent experience with CW? I mean, has anyone gotten a mod that went smoothly?

My situation with CW was my payment went up $100 a month with their mod. Our income had been reduced by 35% when we applied with CW and our income to payment ratio was about 65% (no kidding) and they wanted to increase our payment $100 a mo. Ridiculious!!!!!!!!!!!!! We did not accept it.

Went went NACA and their mod was at 31% of income. The payment will be almost $1000 a month less and we will be able to afford the loan.

Have not gotten doc's yet on the NACA mod. but will soon. Bluefelix save yourself heartburn and many nights sleep and alot of aggrevation and go with NACA. Fill out the paperwork and send doc's to them and set up a phone counseling appointment ASAP! That's my advice, good luck!

I understand if you accept a CW mod.....you cannot accept another mod for 1 yr.

bluefelix · 05-11-2009, 07:12 PM

Quote:

Originally Posted by sandyg

My situation with CW was my payment went up $100 a month with their mod. Our income had been reduced by 35% when we applied with CW and our income to payment ratio was about 65% (no kidding) and they wanted to increase our payment $100 a mo. Ridiculious!!!!!!!!!!!!! We did not accept it.

Went went NACA and their mod was at 31% of income. The payment will be almost $1000 a month less and we will be able to afford the loan.

Have not gotten doc's yet on the NACA mod. but will soon. Bluefelix save yourself heartburn and many nights sleep and alot of aggrevation and go with NACA. Fill out the paperwork and send doc's to them and set up a phone counseling appointment ASAP! That's my advice, good luck!

I understand if you accept a CW mod.....you cannot accept another mod for 1 yr.

Do you wait for a 2nd CW offer, or did you go directly to NACA after that and work with them?
Also, were you current all this time? Thanks for the info!

sandyg · 05-11-2009, 07:17 PM

felix,
I did not know about this site at loansafe until I was devistated by CW's offer. I then went to NACA and never attempted another mod with CW!!!!! Like most on this site have done.
No we were not current and still are not current. Do the NACAthing and get a counseling appt. after your paperwork is done. I have seen people on this site that are current and are working with NACA. NACA wants to help you get an affordable loan for the life of your loan. Go for it!

bluefelix · 05-11-2009, 08:18 PM

Do you think CW would have offered you something else? How soon after you became deliquent did you hear from CW, and did they attempt to help you?

Rumor · 05-11-2009, 08:23 PM

Bluefelix,

I think you'll most likely have an extremely hard time getting any decent loan modification from CW. Just based on experience after trying to deal with them myself for 4 months, I couldn't take anymore and went with Naca. I think almost everyone on this site has a similiar story.

Good luck!

sandyg · 05-11-2009, 09:08 PM

Quote:

Originally Posted by bluefelix

Do you think CW would have offered you something else? How soon after you became deliquent did you hear from CW, and did they attempt to help you?

There is no doubt in my mind that CW would have done nothing in a second offer for my family. They are so screwed up and they don't care.
We had paid off 3 loans with them over the past 25 years and we were never late until last year. So they don't care if you were a good customer or a bad one.
Go thru NACA they have a success rate and they don't have a dog in this race.

sandyg · 05-11-2009, 09:11 PM

Felix,
By the way we are about 35% underwater maybe 40% here in Az. But, with a lower percentage rate hopefully it won't take forever to make up for it.

bluefelix · 05-11-2009, 09:24 PM

What did CW do when you first became late on payments? How did they respond to this situation?
A friend of mine missed a payment with his bank, Indymac, and they contacted him right away with a Life Line program, which was to pay 50% of the mortgage while they negotiated. He ended up getting a great mod. I was hoping that CW may handle things in a similar way when people go late in this economy.

bluefelix · 05-11-2009, 10:14 PM

Hello All. I am seriously looking to get a mod from CW on my home. Here are my details -

I am not facing forclosure, nor have I missed a payment. I am however looking to modify the loan(s) on my significantly underwater home.

Loan info

Home is worth approx. 195k

1st Mortgage has balance of 288k. 30 yr. fixed at about 7.5%. 10 year interest only. I was told by CW that this one was held by FM.

2nd Mortgage has balance of 70k. This is 30yr. fixed at about 8%. This one is due in 15 years, which is weird because it has a 30 yr. fixed rate.

As you can see, I am underwater in a big way. Over 150K!!

Our income situation has changed and we are now paying at least 50% of our income towards the mortgages. With the housing market the way it is, it is not looking like a good investment, and the payment amounts are looking to be unsustainable.

I have called CW to talk with them about a Mod serveral times, and of course, I get nowhere and they are not interested since I am current. The last time I spoke to someone I said that my only option now is to just stop paying. At that point, they transferred me to the retention department. In the process of transferring (I tried several times) I would input my account # in the phone tree and get transferred right back to where I started with regular customer service. I was told by customer service that this is because I am current. It was really frustrating.
So now, I am thinking that I should stop paying. My feeling is that it is in the interest of CW to keep me in this house, making some sort of payments on the property. I do not think they want this house and the big loss that comes along with it. I am looking at this like a business matter and I want to bring them back to the table.

Does anyone have advice on this situation? Does it help me at all that the first is held by FM? I cannot refi under the Obama plan since FM has taken out some extra insurace on the loan. I guess loans like this are not included in the plan.

FLgata · 05-12-2009, 02:48 AM

Good Morning Blue,

CW will more than likely NOT work with you until you are behind on payments. Then, the roller coaster ride begins! They will take your financial information...lose it...ask for it again...say they never received it...then request it once more. By the time they get everything in order, you will probably be two or three months behind on payments (assuming you stopped paying during this time). If you continue to pay, you will probably be denied for any program they say you "may/do qualify" for. The way they look at it...If you have been able to pay on time, then you must be able to afford it. When they do offer you something (because of missed payments), it will probably be a "step-up rate" modification adding the arrears to the balance of the loan, causing your new monthly payment to be higher than what you are paying now. Depending on your investor, they may or may not offer you a second modification. The whole process is a nightmare! If you are serious about keeping your home and you don't want the headaches and aggrevation caused from dealing with CW/BOA, go directly to the NACA! They can assist you if this is the only property you own. I tried to battle CW myself. It was a waste of time. I wish I would have involved the NACA sooner.

I hate to seem so pessimistic, but what I wrote above is based upon my personal experience with them. As you read through the threads here, you will see that it is very difficult to achieve a decent loan modification through them. I'm sure it is possible, but it won't come easily!

Good luck to you and keep us posted on your progress.

dthom · 05-12-2009, 04:23 AM

CW would not work with us either because we were current. Went with NACA, now one month behind, and CW has never contacted us at all because we are with NACA I think. I have heard the same thing about loans with PMI on them. Even on BOA website they state they are not working with loans that have PMI at this time, but will be a later date. I didn't and still don't have time to wait for their "later date". I even expressed to CW that they were not working with me because of the PMI since that would take care of the deficiency should we default of course they deny it.
Good luck and don't give up.

bluefelix · 05-12-2009, 02:05 PM

Did you stop paying on advice from NACA, to get their attention, or just because you could not make the payment? Just curious as why you stopped paying now. Also, do you know that NACA is actually communicating with them?

Who funds NACA anyway?

Cassietw · 05-12-2009, 02:44 PM

Bluefelix,

I am another person who has tried for months to get help from CW before it was too late. I am working with NACA and wished I would have found them sooner.

NACA has always advised me to make my payment if I can. I have never been late before, but this month I just don't have it. NACA told me to try and pay what I can if CW would accept it. CW says make a full payment when I can. It is always better to pay. The only person who has ever told me to stop payments was CW customer service and loan mod scam companies who wanted me to pay them instead of my lender. Go with NACA if it is the only property you own. Make your payments if you can. You don't have to be behind to get help!

Good Luck!

Cassie

rozuki · 05-12-2009, 03:33 PM

Bluefelix,

I figured I would chime in also about my experience. I contacted CW four months before I knew I was going to have trouble paying the mortgage amt. That was in Oct 08. I was initially told that there was a new program being unveiled on 12/1/08 that I was eligible for. I then faxed the backup paperwork. When I called the first week of December, I was told they never received my faxes. I faxed again. When I called later in the week, I was told my request was "denied". Because I was current. WTF?????

After many phone calls to every dept in CW (Hope, Home Retention, Loss Mitigation, Customer Service) many, many times...I finally got them to rescind the "denial" and acknowledge that they received my faxed information.

By now, it's January 09. I keep calling CW. No information can be given, other than the reps in the Indian call centers telling me I won't get a decent loan mod until I am at least 60 days late.

Lo and behold, in mid-February, I get a Fedex from CW with a loan odification. It was a joke. Totally unacceptable. I called and turned it down. Then I received two more within 1 week from CW. Also ridiculous. I then found out about NACA, thanks to this website. NACA submitted my request on 4/17/09 and right now I am 3 months behind no thanks to the idiots at CW. My credit is already being affected. Yet I have heard nothing from CW, ever. Not a phone call or a letter since I started this journey.

Start with NACA now...don't wait until you are behind in your payments.

bluefelix · 05-12-2009, 03:50 PM

You say you did not hear from CW, but you say that they did give you a few offers. Do you mind giving a little more detail on the offers and how that process started?

bluefelix · 05-12-2009, 03:56 PM

I am wondering that their typical process is for dealing with situations like mine. I am totally underwater, and they would stand to lose money if I walk. I stop paying. What do they do at this point?

The only example of a situation like this I have is from a friend of mine who got his load modified, but he was with Indymac. He got an offer, turned it down, got another offer (better), and he took it. I was easy as that. FRom reading the posts on this site it seems like CW is notoriously difficult to deal with. Is this case? Does anyone know of Indymac to be an easier lender to deal with?

sandyg · 05-12-2009, 03:57 PM

Almost everyones story is the same as the above listed stories. I have not heard of anyone getting an interest reduction with CW! Including me! Only a higher payment from CW!

rozuki · 05-12-2009, 04:13 PM

I was persistent in calling them. First they will tell you you qualify for one of the "programs". Then they will "deny" you. Then you will be bounced around to the different "departments". Then after a few months, if you are lucky - they will come up with a "loan mod" which they Fedex to you. In my case, it lowered the payment slightly, yet tacked many thousands onto the principal and this was before I was even 1 month late with a payment. It was unacceptable. I have posted my saga here - click on my username and you can find that first post.

During this whole process, I was the one calling and faxing them. I never received any phone calls or letters alerting me to the fact that I was eligible for any of the modification programs announced by the government and advertised on CW's own website!

I am now heading into 3 months late, and I still have yet to hear anything from CW or BofA about anything. No wait, I did get the welcome packet from BofA, which thanked me for being such a great customer and hoping to continue to meet my banking needs and letting me know that nothing would change with their taking over the CW company! Yes, that was certainly re-assuring!!!

From what I have read here, no one gets a "good" modification directly from CW. They will offer something that's only a percent or 2 lower than your current rate, or a step rate, and only for 5 yrs and then you are right back where you started.

I wish I had known about NACA before I wasted time dealing with CW on my own.

Good luck if you try to battle CW on your own, you will need it!

bluefelix · 05-12-2009, 04:44 PM

I read that one of the biggest partners of NACA is BofA. Does it concern anyone that these two may collude with one another to not give you the mod you deserve? Also, that upon sending your info to NACA, then forward an alert to their partner, BofA?

FLgata · 05-12-2009, 04:47 PM

I believe that this was beneficial. I highly doubt that CW alone would have given me a 2% fixed for the life of the loan.

05-11-2009, 05:31 PM	#1 (permalink)
bluefelix Member Join Date: May 2009 Posts: 23 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	CW Mod on Underwater Property - Strategy Hello Forum. I have been reading through some of the threads on here, and like most of you, I think I have a unique situation. I am not facing forclosure, nor have I missed a payment. I am however looking to modify the loan(s) on my significantly underwater home. Loan info Home is worth approx. 195k 1st Mortgage has balance of 288k. 30 yr. fixed at about 7.5%. 10 year interest only. 2nd Mortgage has balance of 70k. This is 30yr. fixed at about 8%. This one is due in 15 years, which is weird because it has a 30 yr. fixed rate. As you can see, I am underwater in a big way. Our income situation has changed and we are now paying at least 50% of our income towards the mortgages. With the housing market the way it is, it is not looking like a good investment, and the payment amounts are looking to be unsustainable. I have called CW to talk with them about a Mod serveral times, and of course, I get nowhere and they are not interested since I am current. The last time I spoke to someone I said that my only option now is to just stop paying. At that point, they transferred me to the retention department. In the process of transferring (I tried several times) I would input my account # in the phone tree and get transferred right back to where I started with regular customer service. I was told by customer service that this is because I am current. It was really frustrating. So now, I am going to stop paying. My feeling is that it is in the interest of CW to keep me in this house, making some sort of payments on the property. I do not think they want this house. So I am wondering what you all think will happen as I am concerned about doing this, since this is my home we are talking about here. I am aware of the credit implications, but think that is a good trade off if I can get a significant mod. We have no employment issues and have good credit. Please give me your opinions on this situation and predicted CW action. It seems like a you all have been through a lot with CW, so you have some insight into their operations that I deem valuable. Thanks!

05-11-2009, 05:39 PM	#2 (permalink)
sarge Senior Member Join Date: Mar 2009 Location: Coastal NC Posts: 307 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My CW Situation - Your Opinions I think you came to the right place for opinions. There are lots of those here LOL. Lots of us here have turned to NACA for help due to financial hardships. You can test the waters with them if this is the only property you own. You don't have to be behind and their services are free.

05-11-2009, 06:01 PM	#3 (permalink)
bluefelix Member Join Date: May 2009 Posts: 23 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My CW Situation - Your Opinions I would rather just deal with them myself. I hear a lot on this forum about the free service you mention (NACA), but I know little about it. If someone could add a little info on what they could do for someone like me, that would be great. Also, has anyone had a decent experience with CW? I mean, has anyone gotten a mod that went smoothly?

05-11-2009, 06:20 PM	#4 (permalink)
sarge Senior Member Join Date: Mar 2009 Location: Coastal NC Posts: 307 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My CW Situation - Your Opinions I hope you have luck with them. My modification offer from them tacked my arrears to the end of my loan with the same rate and made my payments go up. I said no thanks as did others here. I do hope you can get somewhere with them. Here is a link to the Home Save program with Naca. They are a HUD approved agency by the way. https://www.naca.com/refinance/refinanceTenStep.jsp Here is also a link to the about Naca page https://www.naca.com/about_naca/naca...?language=null

05-11-2009, 06:30 PM	#5 (permalink)
sarge Senior Member Join Date: Mar 2009 Location: Coastal NC Posts: 307 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My CW Situation - Your Opinions By the way, many people here were told by CW they couldn't work with them because they were current. They suggested to miss a payment or 2 and then call back.

05-11-2009, 07:17 PM	#8 (permalink)
sandyg Senior Member Join Date: Feb 2009 Location: ARIZONA Posts: 330 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My CW Situation - Your Opinions felix, I did not know about this site at loansafe until I was devistated by CW's offer. I then went to NACA and never attempted another mod with CW!!!!! Like most on this site have done. No we were not current and still are not current. Do the NACAthing and get a counseling appt. after your paperwork is done. I have seen people on this site that are current and are working with NACA. NACA wants to help you get an affordable loan for the life of your loan. Go for it!

05-11-2009, 08:18 PM	#9 (permalink)
bluefelix Member Join Date: May 2009 Posts: 23 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My CW Situation - Your Opinions Do you think CW would have offered you something else? How soon after you became deliquent did you hear from CW, and did they attempt to help you?

05-11-2009, 08:23 PM	#10 (permalink)
Rumor Senior Member Join Date: Feb 2009 Posts: 442 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My CW Situation - Your Opinions Bluefelix, I think you'll most likely have an extremely hard time getting any decent loan modification from CW. Just based on experience after trying to deal with them myself for 4 months, I couldn't take anymore and went with Naca. I think almost everyone on this site has a similiar story. Good luck!

05-11-2009, 09:11 PM	#12 (permalink)
sandyg Senior Member Join Date: Feb 2009 Location: ARIZONA Posts: 330 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My CW Situation - Your Opinions Felix, By the way we are about 35% underwater maybe 40% here in Az. But, with a lower percentage rate hopefully it won't take forever to make up for it.

05-11-2009, 09:24 PM	#13 (permalink)
bluefelix Member Join Date: May 2009 Posts: 23 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My CW Situation - Your Opinions What did CW do when you first became late on payments? How did they respond to this situation? A friend of mine missed a payment with his bank, Indymac, and they contacted him right away with a Life Line program, which was to pay 50% of the mortgage while they negotiated. He ended up getting a great mod. I was hoping that CW may handle things in a similar way when people go late in this economy.

05-11-2009, 10:14 PM	#14 (permalink)
bluefelix Member Join Date: May 2009 Posts: 23 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	CW Mod on Underwater Property - Strategy Hello All. I am seriously looking to get a mod from CW on my home. Here are my details - I am not facing forclosure, nor have I missed a payment. I am however looking to modify the loan(s) on my significantly underwater home. Loan info Home is worth approx. 195k 1st Mortgage has balance of 288k. 30 yr. fixed at about 7.5%. 10 year interest only. I was told by CW that this one was held by FM. 2nd Mortgage has balance of 70k. This is 30yr. fixed at about 8%. This one is due in 15 years, which is weird because it has a 30 yr. fixed rate. As you can see, I am underwater in a big way. Over 150K!! Our income situation has changed and we are now paying at least 50% of our income towards the mortgages. With the housing market the way it is, it is not looking like a good investment, and the payment amounts are looking to be unsustainable. I have called CW to talk with them about a Mod serveral times, and of course, I get nowhere and they are not interested since I am current. The last time I spoke to someone I said that my only option now is to just stop paying. At that point, they transferred me to the retention department. In the process of transferring (I tried several times) I would input my account # in the phone tree and get transferred right back to where I started with regular customer service. I was told by customer service that this is because I am current. It was really frustrating. So now, I am thinking that I should stop paying. My feeling is that it is in the interest of CW to keep me in this house, making some sort of payments on the property. I do not think they want this house and the big loss that comes along with it. I am looking at this like a business matter and I want to bring them back to the table. Does anyone have advice on this situation? Does it help me at all that the first is held by FM? I cannot refi under the Obama plan since FM has taken out some extra insurace on the loan. I guess loans like this are not included in the plan.

05-12-2009, 02:48 AM	#15 (permalink)
FLgata Senior Member Join Date: Oct 2008 Location: Bonita Springs, Florida Posts: 322 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW Mod on Underwater Property - Strategy Good Morning Blue, CW will more than likely NOT work with you until you are behind on payments. Then, the roller coaster ride begins! They will take your financial information...lose it...ask for it again...say they never received it...then request it once more. By the time they get everything in order, you will probably be two or three months behind on payments (assuming you stopped paying during this time). If you continue to pay, you will probably be denied for any program they say you "may/do qualify" for. The way they look at it...If you have been able to pay on time, then you must be able to afford it. When they do offer you something (because of missed payments), it will probably be a "step-up rate" modification adding the arrears to the balance of the loan, causing your new monthly payment to be higher than what you are paying now. Depending on your investor, they may or may not offer you a second modification. The whole process is a nightmare! If you are serious about keeping your home and you don't want the headaches and aggrevation caused from dealing with CW/BOA, go directly to the NACA! They can assist you if this is the only property you own. I tried to battle CW myself. It was a waste of time. I wish I would have involved the NACA sooner. I hate to seem so pessimistic, but what I wrote above is based upon my personal experience with them. As you read through the threads here, you will see that it is very difficult to achieve a decent loan modification through them. I'm sure it is possible, but it won't come easily! Good luck to you and keep us posted on your progress.

05-12-2009, 04:23 AM	#16 (permalink)
dthom Senior Member Join Date: Oct 2008 Location: St.Clair Shores,Michigan Posts: 699 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW Mod on Underwater Property - Strategy CW would not work with us either because we were current. Went with NACA, now one month behind, and CW has never contacted us at all because we are with NACA I think. I have heard the same thing about loans with PMI on them. Even on BOA website they state they are not working with loans that have PMI at this time, but will be a later date. I didn't and still don't have time to wait for their "later date". I even expressed to CW that they were not working with me because of the PMI since that would take care of the deficiency should we default of course they deny it. Good luck and don't give up.

05-12-2009, 02:05 PM	#17 (permalink)
bluefelix Member Join Date: May 2009 Posts: 23 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW Mod on Underwater Property - Strategy Did you stop paying on advice from NACA, to get their attention, or just because you could not make the payment? Just curious as why you stopped paying now. Also, do you know that NACA is actually communicating with them? Who funds NACA anyway?

05-12-2009, 02:44 PM	#18 (permalink)
Cassietw Senior Member Join Date: Feb 2009 Location: Foothills-Los Angeles Posts: 486 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW Mod on Underwater Property - Strategy Bluefelix, I am another person who has tried for months to get help from CW before it was too late. I am working with NACA and wished I would have found them sooner. NACA has always advised me to make my payment if I can. I have never been late before, but this month I just don't have it. NACA told me to try and pay what I can if CW would accept it. CW says make a full payment when I can. It is always better to pay. The only person who has ever told me to stop payments was CW customer service and loan mod scam companies who wanted me to pay them instead of my lender. Go with NACA if it is the only property you own. Make your payments if you can. You don't have to be behind to get help! Good Luck! Cassie

05-12-2009, 03:33 PM	#19 (permalink)
rozuki Senior Member Join Date: Mar 2009 Location: Long Island NY Posts: 356 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW Mod on Underwater Property - Strategy Bluefelix, I figured I would chime in also about my experience. I contacted CW four months before I knew I was going to have trouble paying the mortgage amt. That was in Oct 08. I was initially told that there was a new program being unveiled on 12/1/08 that I was eligible for. I then faxed the backup paperwork. When I called the first week of December, I was told they never received my faxes. I faxed again. When I called later in the week, I was told my request was "denied". Because I was current. WTF????? After many phone calls to every dept in CW (Hope, Home Retention, Loss Mitigation, Customer Service) many, many times...I finally got them to rescind the "denial" and acknowledge that they received my faxed information. By now, it's January 09. I keep calling CW. No information can be given, other than the reps in the Indian call centers telling me I won't get a decent loan mod until I am at least 60 days late. Lo and behold, in mid-February, I get a Fedex from CW with a loan odification. It was a joke. Totally unacceptable. I called and turned it down. Then I received two more within 1 week from CW. Also ridiculous. I then found out about NACA, thanks to this website. NACA submitted my request on 4/17/09 and right now I am 3 months behind no thanks to the idiots at CW. My credit is already being affected. Yet I have heard nothing from CW, ever. Not a phone call or a letter since I started this journey. Start with NACA now...don't wait until you are behind in your payments.

05-12-2009, 03:50 PM	#20 (permalink)
bluefelix Member Join Date: May 2009 Posts: 23 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW Mod on Underwater Property - Strategy You say you did not hear from CW, but you say that they did give you a few offers. Do you mind giving a little more detail on the offers and how that process started?

05-12-2009, 03:56 PM	#21 (permalink)
bluefelix Member Join Date: May 2009 Posts: 23 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW Mod on Underwater Property - Strategy I am wondering that their typical process is for dealing with situations like mine. I am totally underwater, and they would stand to lose money if I walk. I stop paying. What do they do at this point? The only example of a situation like this I have is from a friend of mine who got his load modified, but he was with Indymac. He got an offer, turned it down, got another offer (better), and he took it. I was easy as that. FRom reading the posts on this site it seems like CW is notoriously difficult to deal with. Is this case? Does anyone know of Indymac to be an easier lender to deal with?

05-12-2009, 03:57 PM	#22 (permalink)
sandyg Senior Member Join Date: Feb 2009 Location: ARIZONA Posts: 330 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW Mod on Underwater Property - Strategy Almost everyones story is the same as the above listed stories. I have not heard of anyone getting an interest reduction with CW! Including me! Only a higher payment from CW!

05-12-2009, 04:13 PM	#23 (permalink)
rozuki Senior Member Join Date: Mar 2009 Location: Long Island NY Posts: 356 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW Mod on Underwater Property - Strategy I was persistent in calling them. First they will tell you you qualify for one of the "programs". Then they will "deny" you. Then you will be bounced around to the different "departments". Then after a few months, if you are lucky - they will come up with a "loan mod" which they Fedex to you. In my case, it lowered the payment slightly, yet tacked many thousands onto the principal and this was before I was even 1 month late with a payment. It was unacceptable. I have posted my saga here - click on my username and you can find that first post. During this whole process, I was the one calling and faxing them. I never received any phone calls or letters alerting me to the fact that I was eligible for any of the modification programs announced by the government and advertised on CW's own website! I am now heading into 3 months late, and I still have yet to hear anything from CW or BofA about anything. No wait, I did get the welcome packet from BofA, which thanked me for being such a great customer and hoping to continue to meet my banking needs and letting me know that nothing would change with their taking over the CW company! Yes, that was certainly re-assuring!!! From what I have read here, no one gets a "good" modification directly from CW. They will offer something that's only a percent or 2 lower than your current rate, or a step rate, and only for 5 yrs and then you are right back where you started. I wish I had known about NACA before I wasted time dealing with CW on my own. Good luck if you try to battle CW on your own, you will need it!

05-12-2009, 04:44 PM	#24 (permalink)
bluefelix Member Join Date: May 2009 Posts: 23 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW Mod on Underwater Property - Strategy I read that one of the biggest partners of NACA is BofA. Does it concern anyone that these two may collude with one another to not give you the mod you deserve? Also, that upon sending your info to NACA, then forward an alert to their partner, BofA?

05-12-2009, 04:47 PM	#25 (permalink)
FLgata Senior Member Join Date: Oct 2008 Location: Bonita Springs, Florida Posts: 322 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW Mod on Underwater Property - Strategy I believe that this was beneficial. I highly doubt that CW alone would have given me a 2% fixed for the life of the loan.

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