Fell Behind w/ CW

[debdog]

I am on a repayment plan with CW. This month (Feb) I fell short to pay the full amount due to unexpected car repairs (2 transmissions), increase fuel costs, city taxes, medical bills, 1st year son in college. I called them yesterday to see what I can do..well they can raise the amount each month by $300 more! I couldn't afford to do that.

So they said, I could go for a loan modification, it could take 4-8 weeks, send the hardship letter, proof of income..etc.

I asked them if I should still make monthly payments, they said yes. I will be making a payment in Feb..I was short $1000.00, in March I will pay another $2000.00. I plan on catching up when my income tax refund comes in. My repayment plan was $3488.00 a month. I never had any trouble before.

Is this a good idea to keep paying? I don't want to NOT pay a month. Will they just send me back the money? Will they credit it to my loan? Will they look at that as "well she is trying?"

If I pay everything I owe, can I cancel the Loan Modification process?

Please advice. I don't want to loose my house :-(

Posted reply on member's thread.

[debdog]

I'm new here, so I'm not sure where to find replies :-)

[debdog]

Hi Poppy..

Just read your post to me.

Thank you for your information. I will still go through with the loan modification, even if it takes a few months. My payment is $3071.00 a month!! So if I could get it down just a few hundred dollars a month, that would be a big relief.

I just feel like a heel to not be able to pay the full amount...but I know there are alot of other people out there too.

The only other loan I am behind is my car, since I have not had my car since November! I did make a payment yesterday, I'm two months behind, I told them my story..2 transmissions put in a 2005 van..and they are willing to work with me to get back on track with that.

Thanks again!

[Andrew]

Yes you really have to stay on top of CW if you want a mod.

[debdog]

Hi,

I have a fixed rate of 7.55% but we still can't make the $3100 mortgage payment.

My husband just found out he is getting a 25% pay cut this week. His paychecks each week does not cover the mortgage. I am on disability.

I faxed all my information to NACA, expecting a 3rd call today. I haven't told CW yet. CW gave us a modification but just added the back payments to the principal and the monthly payment went up by $100.

Should I call CW and let them know the status of my husbands pay decrease?

My husband is too nervous to wait for increased missed payments we are 4 months behind.

[Dan Bailey]

debdog,
Let NACA know during your scheduled call today. If you are in the process with them, there is no need to contact CW as well. Naca is 'representing you" at this point (hhelping you) and contacting CW yourself will muddy the waters. If NACA telles you to contact CW, by all means follow their advice.

[debdog]

Our note says our lender is America's Wholesale Lender. Does anyone else have them?

I would like to send them modification information also.

Does anyone have any contact information for them. I turned down the first modification as it was higher than our payment????

I'm waiting for NACA.

[Moe Bedard]

that wouldn't be your investor if that is what you are trying to find out.............that is who the loan originated with when you first got it........which would mean that your loan originated with Countrywide...........that is a DBA name for them.

[FLgata]

Hi Debdog!

I did my refinance through "America's Wholesale Lender". As I go through my docs, I notice that on page 1 of 24 on the CLOSING INSTRUCTIONS, it says at the bottom:

Wiring Instructions (except for any portion of an unwanted HELOC draw):
The Bank of New York
48 Wall Street
New York, NY

That is who my investor is. CW told me this during one of several phone conversations. Honestly, I never knew it was written in my actual documents (all three thousand pages of them, lol) Maybe you can go through your docs and look for a similar page. You might see your investor's name/contact listed. Just a thought.

[FLgata]

WOW!!! As I read further into my docs, I realized that my monthly income is exaggerated by almost $4000.00 a month. Geesh! If I made that kind of money, I wouldn't have needed a loan modification, lol!