Don't confuse collections with home retention

[rperry101]

There are two totally seperate departments at CW, as with most mortgage cos/servicers. There are collections and home retention or loss mitigation. At CW collections have no knowledge of what home retention is doing; home retention has no knowledge of what collection is doing. They are like two trains traveling on parallel tracks with no way of communicating. Calls received from CW are almost always from collections. They call, get information and then tell the borrower that there are no programs that can assist them. They don't explain that there will be programs when the borrower goes over 90 days late. They just say, "sorry, no program." The borrower goes into a panic and, as intended by CW, gives up on any workout request. There are programs available at CW, but the borrower must be 90 days or more late. It isn't logical, but that is the way it is. Don't give up just because you get a call from collections saying there are no programs. Be persistent, be late, and you will get results. And remember, you are under no obligation to talk to anybody in collections. If you can't pay, just politely tell them so and hang up.

[Moe Bedard]

Great advice rperry!

This is like a game of phone poker on steroids while trying to figure out who holds the ace. Collections wants the money and can't do anything to decision your case. They make money by collecting money and sometimes will say they can help, "Yes, we'll get you a loan modification, please just send in $5,000 and we will modify after the check clears." Knowing all the while that they do not have the power to offer such deals.

[FloridaGirl]

Yes, I know. And if you do get a loan modification make sure you let Collections know. Just b/c your loan is modified doesn't mean the Collections dept will stop calling, they might not know about it!