Is there still no one with a modification offer on the dec. 1???

[serenevenice]

I'm still waiting for a verdict on a dec. 1st modification. Has anyone received an offer yet? My account still shows: Received information on 11/18. If you don't hear back by 11/3 call the office. When I call, they are still waiting on it. Last week, I recieved my monthly statement with a paystub. Instead of giving me 4 options. It gives me one with a minimum amount. Actually, I'll probably pay this one. I've also noticed that since October, the principal hasn't increased from the same amount that it was. At this point it should have went up by at a minimum $8,000. I'm not sure what that means. Even when I make the minimum payment it should increase by $2500 a month. With no payment since September it seems like it would have went up drastically.

[spoken4angel]

I was referred for the Dec 1st program on Dec 7th, was told to check back on 12/29 and still nothing. I know they have probably several thousand people that they have in their system for the program but still I don't understand what is taking so long. It seems as though they are waiting till the 23 hour to get these modifications approved or denied. Which only fuels the stress of the homeowners.

Maybe mass letters to the president will get the ball rolling.

[serenevenice]

Spoken4angel, thanks so much for posting. Yes, I'm not sure what the deal is. I thought because a few people said they received a packet meant that some have gotten offers. Guess those packets didn't go out????

[alikeith]

I recieved my offer recently. Website is not always accurate, nor do the reps know much when you call. Just hang in there!

[serenevenice]

alikeith, what was your offer? I'm sure that we would all feel better having an example of what this modification might be like? Thanks so much!

[serenevenice]

alikeith, I just read your offer on another post. They already gave us 2 offers that were not the dec. 1st program. 1. 10 years i/o at 5.375 with option to pay i/o along with p/and i. 2. 5.0 fixed for 30 yrs. For both of these we have to pay 12,000 of missed payments and inlated lates and the 83,000 of negative am remains on the loan. This isn't doable. They are still reviewing us for the dec.1st program. Are you certain you have the dec. 1st program? According to the guidelines on the program for us on a option arm, they are supposed to write down our principle to 95% of CURRENT Value. We are 180,ooo upside down.

[kateistired]

I was qualified back in October. I have no new info. The reps keep telling me any time now, I will receive my offer. I have no negotiator that I am aware of yet. My info on the website shows "active processing". I am pretty stressed about it....

[sandyh]

Seren - is your interest tied to libor and resets each month? If so, that is probably the reason you just see the min payment since libor has gone down. If your min payment is higher than the interest only, then normally you would only have the min only option. That would also explain why your principal is not going up since the neg amortization is not occuring.

This is what is happening to our loan currently, and I am concerned that might be the reason we will be denied. Our interest for Jan was 3.5%, and then for Feb it will be even lower. Our min payment stays the same as that was set with the payment change date, which occurs once every 12 months. We want out though and have a set fixed rate for a period of time - because you just can't depend on the adjustments. For Dec, our interest was 6% (again, min payment stayed the same but for that payment, the min did not cover the interest payment so rev neg occured).
Hope that helps.

[denised]

I was qualified when applied Nov 18th. I called and checked website everyday. December 30th I called and the guy told me I was denied I asked for a manager and he came back and said sorry I mean you were approved. Jan 1st I checked the website and it said it was denied! I called multiple times and all said I was denied, mainly because I am current on my payments! Got the letter the other day which doesn't give much info besides denied! CW is a nightmare.

[serenevenice]

Denised-They haven't said we have been denied yet. I think we will though. We are $1650 short a month. We haven't really tried to push them as the time can be on our side. I'm trying to find work since my Mortgage Broker closed the doors in October. I was a Loan Officer. So while, I check with CW and remain in contact, we are trying to correct our situation before we are denied. We are also working with CCCS to get our debt down.

SandyH-We are in an Option arm that is tied to the Libor. Eventhough this is part of the reason, we have only been paying the minimum payment which adds at minimum of $2000-$2500 a month. It should currently be adding to the principle. It has stayed at $713,000 since we quit paying. Actually it should go up a minimum of $2500 per month since September. It is due to recast at $749,000. I'm familar with the calculations as I was a Loan Officer from 10/2006 until 10/08. Unfortunately, I had no idea about loans when we refinanced in May of 2006. I had made it my crusade to never do an option arm even when a client wanted one. I also tried to not put people in ARMs period. My broker was honest, that's why he isn't in business anymore. The sleezy brokers are still writing mortgages.

katystired-yes, we don't have a negotiator yet either. Except for the guy in the workout dept. that cheerfully delivered our first 2 options that aren't doable. We'd have made our payments and not be late if we could fork over the missed payments plus penalties. He said most people only get one offer and here he's giving us 2!! Incidently, these two options would make our payment about $700 more a month and still leave us upside down by $180,000.


spoken4- yes, it's the same for us. Maybe there isn't a Dec 1st program. What I don't understand is several people said that their packets for dec. 1 went out. If that was true early last week, why are there posts here about what they said?

[sandyh]

Does your loan interest change each month, tied to libor? I think a lot of the option ones do. I'm not saying your payment would change (the min one that is) - but the amount of interest being charged would. If your loan is tied to libor and it resets every month, your interest would be much lower since libor is currently at .42 (compared to 4.42 this time last year).

[jager]

Serene,

Now that you are 4 months late, you still haven't received a letter of Intent to Accelerate? Is that because your loan modification work out is still processing? How many months can one be behind payments for a foreclosure to kick in?

I am 2 months behind and have just applied for a loan modification last week - status is processing to date. From what I have been reading, it's taking too long to process. Is there other alternatives while we wait for CW to make a decision? Input would be greatly appreciated. Thanks!

[kateistired]

Yeah, I am like 7 payments behind now. I was several before the mod started, and have been waiting ever since. If this doesn't kick into gear within the next week, I will start making payments this month again. I can't really count on them to do what they say, I've been getting promises every week that prove false.

[Mickeyfickey]

Hey Katie,

What charges have you accumulated for being late. How are you going to deal with them?

[serenevenice]

Jager, Yes, we did receive a notice of entent to accelerate. We received in on November 19th and stated that if we did not pay current by 12/17, they could move toward foreclosure. I called them and asked them if this meant that we were denied the modification, that they might foreclose. My answer was yes that's right. Then I received this bill last week, that says because we are behind there is only 1 option for payment instead of 4. The amount is just a little higher than our normal minimum payment. It doesn't say anything about paying the additional 9,000 of missed payments. I can't really council you about how many payments it takes to begin foreclosure as it each state is different. In our state they can begin the foreclosure process 70 days after you have defaulted (or just over 2 months). Then at 120 days before Sale they send a notice of default. I think that this one has to be registered or certified mail. 90 days beore sale they send a Notice o Turstee's Sale. Between 70-190 days or 11 days prior to sale you have the opportunity to cure the default by paying current. 10 days prior to sale you would have to pay off the entire amount of the loan. The trustee's Sale Date is on Friday's unless a holiday. But again that is for my state of Washington. We actually went to see a Real Estate attorney and showed him the notice of intent letter and he wasn't sure i it was the Notice of Default. He thought that it had to be sent registered mail, but it was his opinion that it contained all of the correct terminology.

Start your own thread and ask Moe or *** about other methods that you might try while you wait.

Katystired, We are with you!! We are going to make the payment next week so that we are only 3 months behind.

[Mickeyfickey]

If you make one payment aren't you still in default and foreclosure timeline still applies.

[serenevenice]

I'm not sure, guess we'll find out. A Real Estate Attorney said if they accept the payment they can't move forward with foreclosure, but this attorney didn't seem like he knew what he was talking about. As he kept referring to Flagstar as Flagtree!! I'll let you know how we go with it!!

[Mickeyfickey]

haha. I have heard that (through NACA counselor and other posts) that if you send less than total amt. due they either put it in a separate account or send the check back. If anyone has experience with this ....?

[kateistired]

Mickey-

They (CW) have apparently stopped charging me late fees. I noticed this on my statements. I do have some tacked on from before I started the mod process, but they are like $89, and they told me they will just be rolled into the mod to make me current.

I have also been told (I ask every time) that foreclosure has been taken off the table while they are processing my mod. Even though I am quite past-due, I have never been placed into active foreclosure. Last I called, they said I would have my docs in a few weeks because the holidays delayed the document processing. I am not entirely sure that my modification is even finished, but it hasn't been cancelled, so I guess that's positive

Kate

[kateistired]

Oh, yeah, and they DO put your payment into a separate account. This happens whether you pay a partial payment or a full payment during modification processing. It is called a suspense account. I was told by a rep that you could call and have the payment applied, or just wait and have it applied when the mod is finished.

[jager]

Kate,

Sounds like you've been waiting for 2 mos. and still no response from CW. I just applied for loan modification this Jan.5 so I probably wouldn't get any info. until March. However, it says on my account online that more info. should be available by Jan. 26 and not to call before then.

Did you also apply through NACA? I am seriously considering doing that as well.

Sorry for all this questions? I am just stressing out.

[gray517]

we got our loan mod through naca, thier home save program helped us restructure our mortgage to a fixed for the life of the loan 6% rate and an affordable payment, the process with them takes 60-90 days, but alot of that is the delay with cw ( cw is slow regardless) we were told we were approved for 12/1 program sent in paystubs yada yada! but never got any actual offer of terms from cw, we had already started with naca on 10/6 and got our approval with them on 12/12, got my mod docs on 1/9. if you are thinking of using naca don't wait, do it now as it takes awhile. according to the guidelines for 12/1 program you need to be 60 days in default. if you are not that could be why some are getting denial letters.

[Mickeyfickey]

Hey Alikeith,

I got the 10 year step increase int. only mod offer also. It says that they will tack on deferred interest onto the principal. So basically you will be paying interest on the interest! Does not sound very good to me After 10 years my principal would probably double...no thank you.

[alikeith]

I think you read the agreement incorrectly.

They arent defering intrest, you are paying a interest only payment. No principal. How can they tack on interest you already were paying.

It's your principal that is not going down at all. After 10 years, you begin principal and interest payments.

Your past due payments, and interest are added to your balance to get you caught up if you currently are behind. You will be acruing interest on the unpaid interest that you are adding to your loan to bring it current.

I just looked over my documents again. It even says on your statement they send every month, they will send you other payment options, meaning payment options to pay down your principal.