CW-runaround

[alwayshope]

Hello all,

I have been reading these threads on and off for the past month. They are very informational but at times confusing. Because everyone's situation seems to be unique I can't seem to find the specific answer(s) to my question(s) so I figured I would post....here's my story. I have been laid off on and off over the past 2-3 years. During this time I have accumalated alot of credit card debt and have almost drained my entire savings. I am working now but had to take a pay cut....but the important thing is that I am employed. April 2009 began calling CW to see about a loan mod. I have a 1st and 2nd and have never been late on either or any of my bills for that matter. They kept giving me the runaround and said to call back in a few weeks as the stability plan was still in the works. I called back and they said I could not get approved for the stability program because of the formula they use (gross income X 31%), they sent me to a loan rep to try to refi but could not do that either because I owe more than what my house is worth. Frustrated I said heck with it. I struggle every month to make this payment so I decided after reading all these threads to start taking control back. I called CW again and they told me the best bet would be to go into a special forebearance. I have excellent credit and am SCARED to what may happen. They also said there was nothing they could do with the 2nd mtg.

Overview---
1st owe $150,000 ARM adjusted in May 09 to 4.375% and pymt went down $70. To adjust every year.

2nd owe $63,900 rate fixed at 7.625%

I bought my house 5 years ago and did an 80/20. The house two doors down was foreclosed and sold for $125,000 and yes it's a comp to mine

Can anyone please direct me where to go from here?

Should I contact an atty or NACA?

Is bankruptcy an option? Any help would be greatly appreciated!!

Thank You so much.

[Moe Bedard]

Glad you decided to join the fun!

Well, if you have been reading the forum you will understand that the homeowners who are yet not late are having the toughest time at getting a loan modification. Yes, the Making Home Affordable plan says that they will help when one is not late, but we have seen much evidence to the contrary. In fact I would say the vast majority are getting denied and getting the same BS excuses you are.

But, with that said, there are people who do get help who are not late. My guess is that they are the most savvy and the most well read on the plan and WILL NOT be pushed around. Maybe you should study that plan, write a qualified written request and fight!

Qualified Written Request | LoanSafe.org

When you contact your servicer in writing, make sure to document and include your account number. You’ll want to clearly explain why you feel your account is incorrect. Make sure that you send this separate from your payment and don’t send it to where you send your monthly mortgage payments. You’ll want to send it certified mail or fed ex to your mortgage servicers customer service address.

Within 20 business days of receiving your letter, your mortgage servicer must send you a written response acknowledging it. Your servicer the has 60 business days, to correct your account or determine that it is accurate. Your servicer must then send you a written response of the action it took and why, along with the name and telephone number of someone you can contact for additional assistance.

I think you should talk to a few attorney just to get advice and then process what you have read, heard and make your educated decision then. Bankruptcy should be a last resort and you can do that much later if needed be. but it sounds like you already are and now it is all about timing, right?

Try NACA and see what they say and also a few attorneys. I would like to hear more about your story and best of luck!

[rkel11]

always.....
Good luck and keep us posted.

[alwayshope]

Thank you for your quick reply and well wishes....I can be persistant so I guess I need to get myself prepared and hope for the best. I will take your advice and seek out an atty and call NACA...is their #1-888-302-naca? Thanks again and I will keep you all posted.

[alwayshope]

One more question....since I have already contacted CW numerous times would it be wise to keep pushing the issue with them....sounds like there are some newer plans out there and people seem to be getting responses from Barb Doesner. By the way I know I saw a contact for her somewhere on this forum but can't seem to locate it.....can anyone be so kind as to forward it to me. Thanks again....so glad I found this site and to know there are good people who are willing to help others out in this world!

[alwayshope]

Originally Posted by Moe Bedard

Glad you decided to join the fun!

Well, if you have been reading the forum you will understand that the homeowners who are yet not late are having the toughest time at getting a loan modification. Yes, the Making Home Affordable plan says that they will help when one is not late, but we have seen much evidence to the contrary. In fact I would say the vast majority are getting denied and getting the same BS excuses you are.

But, with that said, there are people who do get help who are not late. My guess is that they are the most savvy and the most well read on the plan and WILL NOT be pushed around. Maybe you should study that plan, write a qualified written request and fight!

Qualified Written Request | LoanSafe.org



I think you should talk to a few attorney just to get advice and then process what you have read, heard and make your educated decision then. Bankruptcy should be a last resort and you can do that much later if needed be. but it sounds like you already are and now it is all about timing, right?

Try NACA and see what they say and also a few attorneys. I would like to hear more about your story and best of luck!

As I do more digging I seem to confuse myself more....this was my first thread ...still not sure why I should write up a QWR? Can anyone that has been through that part (writting a QWR) give me a little more direction. I know there has been info on here but can not seem to throughly understand it...I need a break, a vacation perhaps....but I know this isn't going to fix itself!