Denial #1 for Loan Mod with CW

[EACO3575]

I would definately check on modifying/extinguishing your homecomings loan. I am finding success so far! JUST ASK FOR HELP!

I called their loss mitigation department on 11/12 and told them that I was trying for a loan mod or 12/1 program with my first lien holder (CW) and I told them I needed to modify or settle my second lien holder (ditech) immediately in order to remove their lien so I could proceed with my first lien holder's modification.
He told me to fill out a finanial analysis form and the required docs (on the homecomings website) and to fax it in. I also faxed in a hardship letter.

I did that (AND I email the VP a name I got on here some where, my hardship letter) and within 7 days I have had 1 phone call FROM loss mit and 1 phone call FROM the secretary/assistant to the VP. YES.. THEY CALLED ME! ONLY 7 DAYS LATER!
I OFFERED A SETTLEMENT (partial amount of the balance due) in exchange for an immediate removal of their lien off my propery AND a paid in full on my credit report. Loss Mit said she needed me to fax her my 1st lien holders monthly statement and they might need to order an "indoor appriasal", but other than that she said the settlement looks very favorable.
The phone message from the VP assistant said she eagerly awaits my return call, and she looks forward to working out something out and we have options.
JUST ASK and TAKE A PROACTIVE APPROACH! NOW if I could get CW to get their heads out of the sand!

[Cat Damiano]

Katei,

What state are you located in?

[dthom]

We have a conventional 8.25% loan, freddie mac backed I believe. CW said we don't qualify simply because we have a fixed rate, no other reason given. H4H even sent an income analysis, which I did get last person as CW to look at her name as Menisha. She saw that we were just over $100 per month in the red, but said sorry nothing we can do. We have cut everywhere we can at this point. This month we just decided that we would just stop paying on one of the credit cards as payment is about $100. Of course there goes the credit rating, but CW will get their money. Oh, they did send a new escrow analysis, they are lowering my payment $6.00 as of Jan. 1. Big deal

[dthom]

CW is confused, very confused. Like I said I read directly to them from the BOA Home Retention fact sheet that stated sub prime fixed were included. Still said I don't qualify, even after looking at income analysis I am calling back again on Dec 1.

[jdett]

EACO3575 ,

thanks for the input.

Do you mind me aking how much your ditech loan was and how much they are settling for?

[kateistired]

Cat,

I am Michigan. I spoke with Countrywide, nothing new....Just wait for Dec. 1st, and I would get a letter outlining my new terms.

[Cat Damiano]

Katei,

You are elligible for the program because you are in one of the states that was in the lawsuit against CW..............
These additional programs are available to Countrywide borrowers in states participating in this agreement. Currently, these programs are available in the following states: Arizona, California, Connecticut, Delaware, Florida, Illinois, Iowa, Michigan, Nevada, North Carolina, Ohio, Texas, Pennsylvania, and Washington.

[kateistired]

I am glad to be eligible, I just worry I am placing too much hope and faith that they will work this out for me.......

[EACO3575]

Borrowed 15,500.00 2 years ago. Balance $15,200.00 That's a story in it's self, that I won't get into detail, however I will say I think we were victim to some very shady lending and wrong documents. I don't have the energy mental strength to deal with that right now with the loan mods on my plate.
Anyway, I offered 8700.00. I wish I would have offered 8000.00

[jdett]

well,
my second with homecomings is 75K at 14%. I would be happy if they would change to a closed heloc at prime = 1. that would lower my pmy drastically.