WAMU success helping friend with CW mod - need input

[tracercbd1]

Hi everyone,

I am actually a WAMU success story thanks to this site, but am now trying to help a friend with a CW loan mod who is in a different situation than many here - current on the loan, but due to divorce, cannot afford to make payments on her own income.

Purchased the house 10 years ago, but did a refi several years ago to get cash out, and was placed in ARM/neg am. in a stated income loan (lost most of the income of husband due to divorce).

Same story as most of us - lost value on new note due to falling property values, has only 1 loan on the property.

She has been making the payments with help from her family, so is still current. Has contacted CW/BofA many times asking for a mod, but they will not help, as she's still "current." Also, when she tries to refi, she cannot because she doesn't have enough income to qualify for a refi (and cannot really afford the house on her income alone - needs family members to make up the shortfall).

I did tell her that many people are missing a payment to get lender attention, but she does not want to do that and "wreck" her credit rating. CW/BofA also will not tell her who the investor is, but it is NOT Fannie May or Freddie Mac.

Is there anything else she can do? I noticed in a prior CW thread there is a program with CW that is NOT part of the refi package, but is specifically for homeowners who are current and cannot specifically refi but is very, very hard to get (Natethegreat posted about this I think?).

Seems to me she would like to have her cake and eat it too - odd position to be in, since many here would love to be in her position, but I am actually assisting the family member who doesn't want to keep making the mortgage payments on this house, and nobody wants to sell the house either.

Any and all thoughts and insights appreciated.

[sarge]

tracercbd1,
There are lots of folks on here using NACA to help them get an affordable payment/ They are HUD approved and their services are free. Check and see if they can help. Here is a link to the Home Save Program.

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

[tracercbd1]

Thanks, Sarge.

I have thought about NACA, but the problem this gal has is that she probably won't qualify for a mod (unless she has consistent help from her family) because her income is VERY low. She really can't afford the house with the new cash out/refi payment, but she doesn't want to hear that.

I was just wondering if there was anyone out there in the same sort of situation who was successful, even with little (personal) income who is not yet delinquent.

As I mentioned, I am doing this research for the family member who is getting tired and tapped out by having to make the majority of the mortgage payment for this person each month. I think I may have to break the news to both of them that unless the family members get on title, and continue to pay a portion of the monthly payment (and at least get some sort of tax benefit from it, if possible) they will either have to continue to prop the homeowner up, or short sale the house.