another CW modification ?

[spalishus]

ok .. so im trying to help my mom.... her loan with CW is due to adjust in October.. her rate is amazing.. with P&I ..4.5% .. since my father passed about 8 months ago, she doesnt have the additional income .. if the mtg goes up she is screwed.. she has had that house 32 years... she would be devasted....

should we start the process with them.. she has never been late in the 5 years she has been with them... will they make us wait until she is late??

she gets offers and calls all the time from them to refinance... she cant afford to do that .. i know her rate will go up along with her payments... if she can get it locked in for a few more years.. it will good for until she retires and will want to sell anyway... suggestions please????

ps i know i wrote months ago.. but ive been crazy with work and havent been in months .....
pss everyone on here is amazingly helpful and im grateful i found this site and send so many people to it!!!

[Moe]

This is a tough situation for anyone with the same scenario because it is hard to get help if you are not late. That goes for any lender or servicer because you are not really a loss risk at the moment and there are literally millions that are late and significant loss risks to the lenders.

OK, with that said, that does not mean you cannot start the process and does not mean you cannot get help, because you can and there are many success stories of homeowners who have done just what you are about to do.

It takes hope, will and sheer determination, but it can be done. Just be prepared for a good and long fight. As long as you know what you are up against, then it is not so scary. People have sailed these waters before you and they have made it to calm seas.

Thanks for the nice comments about Loan Safe. These comments are the fuel that keeps us going.

[Andrew]

What you may be able to do is get a freeze of 5yrs on that current loan. You should contact them and inquire about that.