another victim

[shaung]

I have an 80/20 loan.the 80 is with cw and 20 with gmac.My wife and I make 125k a year and always early with morgage.i payed 430k and its probobly woorth 275(guess)my 3 year fix will adjust oct of 09.I work const.and with the winter coming and the horrible econory I am worried I may fall behind.Even if I dont now,I wont be able to afford it after it adjusts.my morgage is current so im not sure if they will mod my loan do i need to fall behind fist?

[shaung]

(great website)Whats the point in loan modification if the principal isn't lowered to the fair market value? After all, didnt these bad loans cause the market to sky rocket in the first place?Why fix only half the problem?I mean if our houses have dropped 25% then shouldn't they reduce our balance accordingly?Only seams fair.I mean at the end of the day we are all still upside down 100k or more and will be for a long time to come.Thanks for reading any want to hear feedback and opinions

[UncleTono]

Your right, Washington bailed the banks out. But, we failed to realize it wasn’t meant to help us, and never was suppose to. I received a modification loan back in July. It’s only good for 5 years, and I still lost all my homes equality. I must be crazy for still being here, I guess. Currently, I am 200,000 upside down and still dropping. I am really surprised the American citizens haven’t marched on Washington and held a revolt. All this because of greed. And the best they can do is fix half the problem, and the banks continue to hand out lavish bonuses to thier VP's from what I have been reading.fficeffice" />>>

[Moe Bedard]

Hi Shaung,

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

If you have not called CW to see if you qualify for the progam that begain on Dec. 1st..........call and see............you don't have to be in default for a loan modfication.

1-800-669-6650

[shaung]

Thanks for the reply ***.But wont I get a better rate if I was behind and maybe more desperate?What about my 20%loan?Are they gonna but that form gmac and give me a 100%loan fixed for 30 or 40 years?I have been trieng to research as much as possible this week but I am affraid of getting mis informed but this site as been very helpful.My brother in las was behind 4 months they told him to pay 2 months and they will call it even now he is current as was told they would modifiy him on monday.(not sure if its true)thanks again guys

[Moe Bedard]

you would need to work on the 20% separately..............
The modifications are approved by the investor on your loan.........being in default doesn't always make for a better workout...........and if you were to do that........it would be a decision that only you would be able to make.........you would need to do what is best for you and your situation.

[shaung]

Does anyone have any supervisors phone numbers or emails so that I can speed up the modification process or skip a step or two?Everytime I call the regular number they always give me the run around saying that My income is fine and payments are on time so I dont need the home mod. Thanks great site by the way

[Moe Bedard]

they will not even let customers speak to supervisors let alone have their direct numbers..........they are a bit backlogged due to the 400,000 borrowers that are being looked at for the program that just began..................
Here is another number to try.......
1-800-262-4218


unless your financial situation changes and you can submit new financials.......they might not see a hardship situation..........and currently they don't consider property values dropping as a hardship.......whether the will in the future is anyones guess........


Here is an example list of hardships that lenders consider during the loan workout process:

Adjustable Rate Mortgage Reset- Payment S****
Illness
Loss of Job
Reduced Income
Failed Business
Job Relocation
Death of Spouse or C0-Borrower
Death
Incarceration
Divorce
Marital Separation
Military Duty
Reduced Income
Medical Bills
Damage to Property (natural disaster or unnatural)

[ravengotu]

Here is what I have been told... This is like the emergency room, you are not behind (bleeding) you will live or continue paying the greedy Bast$#@s. If you have missed a payment the doctor will see you soon, if missed a couple now you may bleed out, we cant have this money going down the toilet. emergency here.

My take is this, if everyone who was upside down quit paying there mortgage Washington would have to scramble to keep all thier rich buddies making millions off of the regular folks. Sheepels we are

[shaung]

Thanks *** and Ravengotu for the reply.

[Moe Bedard]

Unless it is either NACA or HOPE..............you would have to email me the info first.......

[shaung]

I am another victim of cw and not sure how to start the whole process.I always pay on time but Nov.1 2009 my 3 year fix it over and rate will change.They won't help because I am curent.Work has slowed and won't be able to afford the new loan.What do I do to start the process and how long is it taking you guys(ballpark of course).Is it work trieng to keep it?I short sale an option?thanks in advance.

[Evan Bedard]

Hi Shaung,


Have you ever tried going through NACA to help you with your modification? They are a non-profit organization that will be able to help you achieve your goal and also help advise you on a short sale if needed be..

[morainac]

some people received mods in 2-3 months and others one year. There is lack of organization and miscommunication.

[shaung]

I am going to call cw today and give them a list of my expenses so I can get the ball rolling.Should I be forcefull from the beginning so they know I mean business and they can't walk all over me or should I be polite?I know the first impression is important.

[FLgata]

Good Morning Shaung,

First of all, I must fair warn you, they are not going to be so willing to help you because you are current. You can call and inquire about a loan modification, but more than likely, you will be given the run around. They may try to pacify you and ask for financials and at that point, send what they request, but don't hold your breath waiting for any quick results.

Have you considered using the NACA? They have helped other members in the forum who were current.

[FLgata]

OH....and as for your original question about "First Impressions", I was super nice, then I was balling my eyes out and finally I was madder than a hornet. It doesn't matter. They don't see another person on the phone line...just dollar signs.

[shaung]

maybe I am wrong but I look at it like this.They need our money so eather they work with me or I stop paying.They will loose more money in the long run trieng to evict me and trieng to resale the house.Not to mention the balance or neg equity I will forfit on.Screw it,I will take the loss,damage my credit for a little while and start all over.Atleast then I won't be upside down in my house $200,000 and be a slave to cw.Thats my attitude right now.

[shaung]

I called and was told that the only program that they had right now was the making homes affordable and I don't qualify for that eather.So I am screwed.I told her that I can't afford next months morgage payment she pretty much said too bad.Don't know what to do.

[miked2023]

Shaung - I'm in a similar situation to you (upside down 100K+ , loan set to adjust, 80/20) I just stopped paying last month (Both my loans are with CW) and you're right - what's the point of staying currrent when they won't help you otherwise? Also, what's the point of staying at all if there's no principal reduction? You'll be paying all this extra vs. renting (at least I am) plus prop taxes, + maintenance and you're still 200K underwater! It sucks but it is what it is.

Myself? I'm going to try and settle to 2nd for 3-5K and get the 1st fixed. Longshot I know but if not, it's short sale or foreclosure for me. A lot of people reccomend NACA around here and they can be very helpful but again, if they fix your loan, you'll still be upside down and that may or may not be something you can live with. I'd rather get out, take the credit hit and regroup. In the end, you have to decide if that's worth it. For me, it is not as I already had one foot out the door in my current home. Good luck.

[shaung]

theres really one one reason I will consider fighting for my house and thats my 6 year old son.He needs the stability of having a house with his own room and yard.I think if I loose it then I will be a failure in his eyes and my wifes too.I can't have that.It's my job as Dad to provide no matter what.

[sarge]

Shaung,

Let me interject something here, YOU are NOT a failure. No matter what the outcome. Don't let those greedy jerks inside your head. Your son will not see you as a failure, he will see you as DAD no matter if you dig ditches or pick up cans for a living. If you portrait yourself as a failure then others will see you as one. You do the best you can, if that is to fight for your home, then fight and do your best. If you decide to walk, then walk. Pick yourself up and move on holding your head high and provide for your family as best you can. You are not a failure!

[miked2023]

One of the best things you can do is to try to de-emotionalize yourself from the situation. Easy to say, I know, but once I did that, the decision making process became much easier for me. The more emotional people are about their homes, the more bad decisions I've seen people make (emptying out 401ks etc). You are in no way a failure and the best thing you can do IMO is to look at this as a business decision and try your best for an outcome that you and your family can be happy with for a long time. You could always rent a home possibly with a yard for your son, yes? But if you are dead set on trying to save it, NACA is a great place to start. Just know that they are not assisting in principal reductions right now and won't be able to help you in that regard. Good luck.

[shaung]

thanks everyone I will try to fight but we will see.