90 days from foreclosure

[newport]

Hi all! This is my story, and its not very pretty. Actually, getting uglier by the day!
About a year ago I got a check in the mail from CW for a little over $1400. It was for paying to much on our impound account . GREAT! I'll cash it. Well 3 months later I received a letter from you know who, saying I was short in the account and my insurance was also going to increase at the same time. My original payment was $2414 and jumped to $2800 at 7.1 in. and a balance of $406000 on the first. ASAP I was on the phone telling them I couldn't afford this new payment.
This is where the snowball begins. My question to them was, can they help us?......NO! - Why? Their answer was just basically, "because". I told CW it was going to get bad, and it did/or has.
I have a second mortgage also $1668 at 12.5 with a balance of $155000 GRAND TOTAL OF $562.000.00 AND TOTAL PAYMENT OF ABOUT $4500. The second is w/ SPS services. They call nightly. Neither one wants to help out. Playing hardball. To top it all off, our house has dropped 140,000 in this past year. It's coming down daily. Now we are about 140,000 upside down. So, now it's worth roughly 420,000 w/ a balance of 562,000.
I am a contractor and the pay is about 1/2 of what we used to make. Labor has been trimmed as much as possible. Between gas, food, electric, slow business, etc. we are about 4 months behind. We started TRYING to talk to them before we were behind at all, but we were told that we had to be behind, in order to to talk about renegotiating or doing anything to help us. We want to try to re-negotiate our loans and get a lower interest rate/monthly payment. We DO NOT want to leave our home.
As far as I can see, we have 4 options. 1-Negotiate/Modification on our own (seems extremely difficult if even possible?). 2-Hiring a lawyer (who do you choose?). 3- File for Chapter 11 (to re-organize, give us more time - don't want to do). 4 - Walk away and rent. (last resort, definately don't want to do)
We have 90 days and we're out, according to letter received day after x-mas. Ugh! Amazing how they rec'd billions to help people, but they are so impossible to deal with.
Any words of advice?

[Moe Bedard]

Hi newport,

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

The modifications given are up to the investor on the loan.........if the investor is not willing to modify.........a third party may not be able to change that...........if that is the route you want to take you can

try your state's bar association attorney referral

or

National Association of Consumer Advocates – Consumer Protection Advocates and Attorneys

or

you can consult with the attorney on the home page...........
Safe Loan Modification Service | Home Mortgage | Protect Your Home & Mortgage With Loan Safe




When you call CW and SPS try asking what options the investor has on the loan...........try these contact numbers.....
CW
1-800-669-6607

SPS
1-888-818-6032

[sirkjeff]

yeah , funny how When congress re-wrote the bankruptcy laws. they made it so the judges cannot write down the principle too. Hmmm, like they didn't see this one coming. And don''t play the dem or repl. blame. they both agreed to it. just like the bailout. Both sides agreed. I am sorry to hear your problem. WE are all in the same boat. Maybe I'M not a financially genius. But if the government can give them billions with no promise of repay or any interest to be paid etc. why can't banks do the same for the borrowers. I don't want principle reduction. Just a fix mortgage that is at a reasonable interest rate.

I hate to be this way. But if everyone quite paying. what would they do then? hmmm go to the government to get bailed out. Wish I had that option. Where is the logic. Bush said we need to do this to make sure banks will have money to loan back to us? Im like dah, Does anyone understand this, They are using our taxs dollars, or should i say our children's tax dollars to loan back to us???? Not only are we going to pay interest on the bailout money, through inflation or to some china who holds our debt. but we have to pay interest to the banks and the same time to borrow our own money we gave them.???? Sorry call me stupid, ignorant or what ever. Im self employed and my sales drop by 50%. I wrote my useless senator , asking for a bailout. Well never heard back from the scum. But I did hear that they are getting there annual 5% cost of living increase.

[newport]

Thanks *** for your quick reply . Ive already talked to GRISWOLD and they seem to think they can help us. My ? is, is a jumbo loan harder to get done?

[Moe Bedard]

They work alot with CW so that would be a good one to ask them........but I don't think it would matter that it is a jumbo loan since it is your primary residence..........it is the hardship that matters.

[newport]

Just got off the phone with CW and they said all they can do is put my late payments on the back end of the loan with $4000 down and a payment of $2900 from $2800.

[sirkjeff]

Originally Posted by newport

Just got off the phone with CW and they said all they can do is put my late payments on the back end of the loan with $4000 down and a payment of $2900 from $2800.

Yeah, they told me about the same. I call them about the taking house again today. they ask do I want to keep it. I told then no. take it please they just keep adding the back payments and late fees to what I owe. Just waiting to file bk. its my only option. not like my credit is going to ever get better. CW is doe'nt work.

[newport]

Well, if I keep messing around with CW I'll lose our house, and that's not our wish. They might try and help at the last minute, but that would be taking a big chance. The banks are not helping any of us because they have a huge amount of foreclosures coming and the money they got from the Gov. is still not enough.In the meantime, they are holding on for life and waiting for the next wave. In our case, we have contacted Griswold, but my accountant is telling us to go a different route. Sometimes life is a game and someone else is making the rules. I'm pissed and I'm ready to play.

[Moe Bedard]

You had already spoken with the attorney that is the sponsor of the forum.....


for any additional referals you would need to either go to your state's bar association referal network........

or

National Association of Consumer Advocates – Consumer Protection Advocates and Attorneys

[DMKBMN]

Newport, if you don't mind my asking... what is your accountant advising for you in your situation?

[newport]

My accountant is advising us to be patient. What seems to be the case with the banks is that they are strong arming you if your not at least 5 months behind. In our case 4 months and still nothing they can do, but 5 months and now where approved . They told me it will take up to 3 months to be in effect and not to make any payments. They also said our payments would go down about 300 dollars and that we may still be able to adjust our rate to save even more money. The second still can't help us, but are still saying make us an offer . Like I said before its a game