CW recommends short sale

[brunok]

After dealing with CW for 8 months and being told to call back every 2 because they were supposedly rolling out new programs, CW finally told me my options were -

* Continue paying the interest only payment which is the majority of my income on a home that has lost %25 of it's value.

* Stop paying and go through foreclosure.

* Contact a different lender who I could refinance with and negotiate a short sale with CW.

I laughed when they mentioned the last option, I just can't imagine another business working with CW successfully. I even asked the person if they had heard of this working before and said they had not.

Has anyone heard of that option working?

Also, because I pay PMI are CW less likely to come up with a workout plan for me because they have insurance to cover if I foreclose? The way I see it, CW doesn't really lose anything. The insurance companies pay for the lose, get assistance from the government and CW goes on. I think I'm the only one who will actually lose money and take a credit hit.

[Moe Bedard]

Hi brunok,

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

I think you hit the nail on the head in your assessment of the situation and how CW views it...........

[Inthesameboat]

The third option that they gave you sounds like the H4H program. It's ridiculous that they would offer something that they have not seen work. They seem to be reading from their training scripts. It's sad that our future lies on the hands of poorly trained customer service representatives. There are some good ones but you have to call over and over until you get someone that paid attention in training and that will give you some valuable and truthful information.