After 1 year, Loan Modification Approved!!

[Jenn85]

WOW..It's a complete chaotic nightmare trying to get any type of contact from CW regarding ANY help with our Mortgage.. As I see on these threads, there may be little help available. My Husband lost his job in December, finally went back to work on May 1st. Of course, we cleaned out our savings and juggled what we would pay each month. We were current on our house payments through March. At that time, I called CW to be proactive and weight our options. No help. Called a few more times, no help. Until we were delinquent, they wouldn't talk to us. Now we are 2 months behind and they still will not work with us. The last call a few weeks back, they said a counselor would call with in 30 days. No call. We then contacted the Acorn Organization, no reply from them either. I'm at my wits end now. I would just like to see if we can get the Loan Modification but I can't even get the return call. Most importantly, I need to know what papers I may need and possible options. HELP!! Thanks!!

[Moe Bedard]

Hi Jenn,

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

What state are you in?
What is the interest rate at now?
Is it fixed or adjustable?
If adjustable when does it adjust?
What is the loan amount?
Are your taxes and insurance escrowed in your payments and paid up to date?


When you do your household income versus your household expenses do you have a surplus of $100-$250 left at the end of the month?

If you can please answer these questions I will see if I can help......

[Jenn85]

***,
Thnaks for he quick reply. We are in California, 6.99 adj in 12/09 ( that being another issue all together), we owe 378,000 (would sell at about 220,000), out taxes and escrow are included in our monthly payment and they too are just now at the 2 month behind mark. I can make 1 payment now foregoing paying my car loan and credit card. In an average month and If my bills were current, we would have approximately 400.00 extra at the end of the month. Thanks! As I am a bit frazzled, hopefully this makes sense...

[Moe Bedard]

Jenn,

Your interest rate right now might be considered to low for a workout........but given the hardship situation I would still try.............

Also do your household income/expenses to show $100-$250.........$400 is a little bit high...........and with the cost of gas, groceries, and necessities going up all the time......you might have missed some expenses.....


What you would need to do at this point is to put your hardship letter, and an explanation of the runaround you have been given when you tried to be proactive, into the body of an email along with you loan number, property address, and contact info...........and send it to each of the email addresses below..........you should receive a response within 48 hours getting you to the correct dept. to work on the modification in a more streamlined manner....

Hope this helps to get you on your way........

Please keep us posted on your progress......

[Jenn85]

***,
Bless your heart for taking the time to offer guidence to those of us in need. Finally, a direction to place our efforts. I do understand what is needed and I will get the letter written and e-mailed to all the listed addresses tomorrow. Once I get a reply, I will keep you informed of their response. Thank you!

Jenn

[Moe Bedard]

That would be great Jenn.........please do keep us posted......

I just do what I can to help...............just go to the Success Section and read some of the CW success stories for an idea of what was going on before those members found LoanSafe and then after they found us they found Success..............and we love the feeling knowing we had a hand in helping that member achieve that result.......
The advice given here works........and you can get there too.......

[Jenn85]

As I have never gone through this process and am unsure of what to expect, it does seem to be a lengthy and stressful experience. I sent off my e-mail to the lisfrom *** to CW's president and managers fully expecting to be ignored. Although nothing has been accomplished to date, I am pleasantly surprised to say Lisa Riordan replied to my email to ask if I had received any respone yet. Other than that, I haven't. I am holding out hope my e-mail will be addressed. I hope, there will be more to follow...

[Moe Bedard]

Jenn,

It is a lengthy process.........but hopefully with the help of us here at LoanSafe your experience will not be a stressful one.........

[Jenn85]

I am starting this new thread as my other one was compromised by the hackers. I sent the e-mails to the CW list as advised, next day got a 1 liner from Lisa Riordan, "Has anyone gotten back to you?" I thanked her for answering and answered her, No, No one had gotten back to me yet. Today, my Husband got a voice message from a Tricia Jones in the Escalation Dept. He returned her call, only to have to leave a voice message. Now we get to play phone tag. Is this the Loan Modification Department? If not, now what do we do?? Help....

[Moe Bedard]

Jenn,

The escalation dept. is out of the Office of the President........and this is a result of the emails.......and they are exactly who you want to deal with..........

Keep us updated....

[faith]

Hello,
Peace be with you.
You need to email Lisa Riordan again, tell her your story, your financial hardship everything
she's the only one whom I took chances emailing and she is quick to respond. And I got a call from 3 different people and that's because of Lisa Riordan, she is the Executive Vice President and an Investor of CW, and finally a negotiator was assigned to me. And every time I email my negotiator I sent copy to Lisa Riordan, Mark Elbaum, Andrew Gissinger and other big names in CW lists that *** listed in this site. And my agent always receive a call from my negotiator and my negotiator emailed me. My case is different from yours, you're asking for Loan Modification, mine is short sale but still Lisa Riordan always responded to me.

Just don't lose hope be persistent and stay cool.

God bless you
Faith

[Jenn85]

Ok, the lady from the Escalation Dept did call my husband back. She asked for the same things we previously faxed (they evidently need new information every 30 days) so the fact they "misplaced" them, makes no difference, we faxed them again. She asked him our monthly budget, he told her he was in the car and did not have it with him and that it was in the e-mail she had but she said she needed a verbal as well. Once she had that budget and the faxed papers, she would give the info to someone in negotiations. He reluctantly gave her the budget in which she assured him it did not need to be exact and she would look for the fax and then forward on to the negotiator. He informed her that we did not need a forebarence where we make a larger payment for six months and then back to regular payments as our loan will readjust in 12/09, are about 100,000 (equity) in the hole and even if we could sell, we have a rather large pre-payment penalty. She told him no, we are going to try to get an affordable rate and payment.

Is this real? I have read others nightmares regarding being handed off to the next person only to either not hear from them again or find themselves in a forebarence situation. Was she just ignoring his comment? Thanks for any input as we are just trying to get some semblance of what to expect, and where to turn if they drop the ball of send us off in the wrong direction.......

[Moe Bedard]

Jenn,

In the Office of the President they don't drop the ball..........here on the forum the nightmares are happening before members find LoanSafe and get the advice that gets them to the right dept. We have many successes that show what the advice here has done........when dealing with this office it is a good experience and the only other person that gets involved would be from the loan workout dept. and that is all........

CW Office of the President works very hard to get the best modification the investor will allow on your loan.....

Please keep us posted...........

[Jenn85]

Thank you for the reassurance. As you know, in this situation as well as everyone's else's on this forum, there has been so much inconsistent information from CW that you don't know who to trust. If this continues on to a successful conclusion, I will do my best to direct anyone in this situation to this site. There are no words to express our gratitude for your information and support.

[Moe Bedard]

You will get to Success too.........as I said you are dealing with the top dept......so you should be taken care of.....

Please let us know when you hear from them........

[Jenn85]

Well, I am still holding out hope this will resolve. On the advise of others on this forum that are in a similar situation, I have not heard back after the 1st round of e-mails I sent to the office of the President. So today, I sent a follow up message to Lisa Riordan (the only one to respond to the 1st message sent) requesting an update. I informed her we had 1 call from Tarena Jones who was to have a negotiator call us within 48 hours. Within 10 minutes, my husband got a call from Tarena saying the same thing, a negotiator will be assigned and call us within 48 hours. Is it safe to say that the pay stubs, bank statements etc. are enough for them to at least have a clue if a Loan Modifictaion is an option for us or would they at least have told us they couldn't help us? Ugh.......

[Jenn85]

So my husband and I had heard nothing fro CW so on Tuesday I e-mailed Lisa Riordan (my only contact Within in 10 minutes Tarena Jones, the loan modification person was on the phone to my Husband stating she was turning our papers over to the negotiator and if we did not hear back in the next 72 hours, call her back. Today is 72 hours, no call so we call Tarena. Tarena proceeds to tell my husband the modification is approved and she had just Fed Ex'd the packet to us overnight and we will have it tomorrow. Not that we aren't hopeful, but what is in the packet. We never got a call, nothing. Is this typical? Put together a loan mod, not inform the customer it was approved and Fed Ex it with no call, email or anything? All the while the customer service people from India keep calling about the late payments, clearly no clue the Loan Mod is going on. We don't know what to expect. Has anyone else had it go this way?

[Moe Bedard]

Jenn,

This does happen quite a bit lately.........they tell you that they are still waiting for approval and the docs show up........because you were taken care of by the office of the president your file would have been escalated through the process and you most likely had one of the investors that already gave CW their modification criteria without having to have them approve......

Please let us know when you receive the docs and if you have any questions on them...........

[Jenn85]

This is what we received: "Your new modified payment (due 8/1/08) will be $2456.76 ($45.00 more than it was). This payment is subject to change if your escrow account is reanalyzed or if you have a step rate loan type or adjustable rate. This includes: Principal & Interest - $2196.70, Escrow Items - $260.06, Optional Insurance (??, I guess this is NOT homeowners) - $0.00 = $2,456.76 Offer contingent on - CW's ability to obtain a lender's title insurance policy or endorsement which insures the Modified Mortgage as a lien in accordance with our requirements. If you have any other encumbrances on the property, then you may be required to obtain agreements by which other secured creditors subordinate their interests to the Modified Mortgage". Then it goes on to say "the borrower promises to pay the United Principal Balance, plus interest, to the order of the Lender. Interest will be charged on the unpaid Principal Balance from the 1st day of July 2008. The borrower promises to make monthly payments of principal and interest of U.S. $2,196.70 beginning on the 1st day of August 2008. The interest rate and monthly payment will ADJUST in accordance with the Note, Adjustable Rate Rider and any other loan document that is affixed to or incorporated into the Note and Rider and provides for, implements or relates to any change or adjustment in the interest rate and monthly payment amount under the Note. If on the 1st day of November 2036 (the "Maturity Date"), the borrower still owes amounts under the Note and Security Instrument, as amended by this agreement, the borrower will pay these amounts in full on the Maturity Date".
In a nutshell, did they just put the past due on the end of my loan and continue on with the original terms? We were clear we needed to fix the rate as it will go up in 1 year AND even if I had equity to sell, I have a big pre-payment penalty. They never even informed us prior to sending it what the Modification included... What does all this mean?

[Moe Bedard]

Jenn,

Unfortunately on the modification they can only do what the investor on your loan is telling them to do...............in your case I had mentioned in one of my first posts that I thought that the 6.99% rate was a bit low to be modified...........and it isn't adjusting for a year and a half............
so it looks like what they did was put the past due payments and fees, and the interest for the June and July payments into the principle balance of the loan therefore starting the payment Aug. 1st to give you a chance to catch up...........

Will this modification help you to get back on your feet?

[Jenn85]

Yes, it will as the immediate issue was my husband losing his job. We did stress to them that the unemployment was the first issue the 2nd being the fact it will adjust in 12/09 so the initial issue would be resolved but we would then be in the same boat in 12/09 if the rate wasn't fixed for at least 3 or more years. Is this the last option then?

[Moe Bedard]

This would be the last option for now...............but you know a year and a half is a while away..........things are changing on the modification fronts.......and more investors are willing to work with people..........

Honestly.............if the modification will help you guys out now........take it........breathe a little and start enjoying life again.........you have been through alot over the last 6 months........you deserve this break........

then sometime next summer............try again for the fixed rate before the adjustment.........I wouldn't be surprised if by then the lenders were working on fixing adjustable rates and might just send you a rate freeze letter by then.......

[Jenn85]

I think you're right. I really wanted to have it all said and done but as you mentioned, a year and a half is quite a ways out and anything can happen in that length of time. I guess we'll send it all in and worry about tomorrow later. I'll let you know when everything is final. For the most part, this went very swiftly once we had the right e-mails/phone numbers to contact CW with. As we had been trying for months to get someone to talk to us, your website/information is invaluable. With much gratitude, thank you!!!

[Moe Bedard]

Please do let us know when your docs are signed and delivered.......

I am happy that we were able to help guide you in the right direction...

[RudyJay]

Congratulations Jen.. like *** said enjoy life.. and love your house..rj