In pre-foreclosure with CW, is loan mod. really possible?

[mojo65]

For about one year my family has struggled to make CW payments on time. We also have a adjustable rate second with HSBC. The second is really what put us over the edge. I have tried for one year now to consolidate with CW. But they never would. Their solution was to pay extra $1,000 a month to get caught up. There was not way. My husbands wages were cut about $1,000 per month also. Communicating with reps. in India was hard! Couldn't understand them, bad connections. Drove me crazy. Now I guess they say I am about 4 months behind. I think I am 2. But would not have been if they would of not sent my check back. Would of only been 1 month behind.

So I was shocked when I got the foreclosure papers by certified mail. Called them right away and they acted like they wanted to help. Loan modification or home retention plan. I might qualify for home modification. Not home retention. My husbands salary has came back up. And things are looking better financially. CW said they would try loan mod. I sent in all the paperwork. They said I would hear back by Nov. 5th. Which I had to call them. I also called in the mean time to check if the received my fax of fiancials. They had. Oh, when ever I called recording said foreclosure temp. suspended. Then when I called them on the Nov. 5th no recording. So I guess what I am wondering is... am I doomed? I have talked with several reps. different answers everytime. Never the same. Now they are saying 30 days....

[Cat Damiano]

Hi mojo65,

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

If you had received a sale date you can check with the county to see if it has been postponed.................also call the Countrywide dept that is qualifying for the Dec. 1st program.........to see if your loan is elligible......

1-800-669-6607

[mojo65]

How do you get to talk to a neg. ?

[Cat Damiano]

try calling the number above and see if you qualify for the new program

[mojo65]

So do not believe cw when the say that everything is on hold.

[mojo65]

I have called and the say that I do. But it doesn't add up to me.

[mojo65]

This waiting game makes me crazy. I have another question. My papers state New century as mortage holder not CW. New Century sold it over 2 yrs ago. Does that make a difference.

[Cat Damiano]

If New Century was who you originally got the mortgage through most don't retain the servicing of their loans..............they sell them.

[mojo65]

I know that most mortgages don't retain. But why do my foreclosure say New Century on them instead of CW. Also when I asked CW they said that because they service the loan for New Century. New Century is out of business. Does this help me at all in stalling foreclosure process? Or does it hinder me?

[Cat Damiano]

If you qualify for the new program you have just three weeks for the start date and they have put foreclosures on hold during this time.............

[mojo65]

I thought you can only qualify if you have an adjustable rate. Mine is fixed.

[Cat Damiano]

I thought you called and they already told you that you do.

[mojo65]

Yes I did... but I am sceptical about the requirements.

[mojo65]

I have a loan modify from cw. Now I need to work on my 2nd with HSBC. Does anyone have any info on HSBC. Or can I be sucessful to refi both loans with CW.

[Cat Damiano]

HSBC Default Resolution
1-888-648-3124

for a refinance you would need to check with CW's refi dept. and see if you qualify....