CW / Fannie Mae Early Workout - Loan Modification Forum

jojolala · 01-12-2009, 03:35 PM

Hi All, this is my first post and I've been reading a lot. I see on other posts the "fabulous solution" that Fannie has rolled out... Prior to finding all the good advice here, I found my way down the same rat hole as the rest of you. Wrote the letter pleading my case. Refered to a negotiator (Kristie McGowen x2914, I think), who after about 5 weeks, said we did not qualify for a modification. I immediately applealed and eventually spoke with Loretta, VP of Home Retention (x 3066), who would have Kristie's manager, Jan Lee x review the file. Kristie called me back and actually got nasty by saying that although our house payment of 54% of our gross, we should be able to meet our payment and to work things out with our other creditors. Over the course of conversations with me and my husband (surprised they were listening)... she threw back at us that our objectives of contributing to our 401ks again and getting out of debt are not a valid reasons reasons for asking for a modification. I told her that the house needs a new roof, windows and probably a fence by the time the winter is over. All of this, including the inability to save for retirement and reduce our debt point to the fact that we are one paycheck away from foreclosure.

I had just found the 12/8 Early Workout press release and asked her about it. Oh, she said, the devil is in the details. And they were so excited to hear about the program until they read the fine print. The detail that she pointed out is that this is just a temporary remedy and when they review the file at the end of the forebearance period, we will likely just owe the late fees and payment shortages.

I had to read to her the text from the Fannie press release why we qualified for their streamlined loan modification program.

My point is that CW has a solution, if only temporary, and they have to be forced into extending it. I told her I would take a 4 month forebearance in the hopeful belief that there will be sweeping legislation in Q1 of 2009.

We are in a 30-yr fixed, 6.375%. Not bad you might say, but we are upside down by $50k. I have been chasing a lower rate and payment for 3 years, and after 2 re-fi's, the payment of 54% of our gross is not workable for the long run. During each of the re-fi's erroneous appraisals were issued and during underwriting they continued to pinch any little bit of equity they could to nudge the principal as high as possible.

If there is not an across the board adjustment ala Sheila Blair's proposal, I will mail the keys, take a hit in the credit rating, figuring we'll be in good company with a few million others.

I will propose to countrywide till I'm blue in the face that a reduction to 4% interest and $20k off the principal will make me go away. We have 3 vacant houses on our block and we are in th Seattle area, not a hard-hit region. Don't they get it?

I also found a spreadsheet along my surfing I found a calculator. I labeled it the FDIC reduced interest spreadsheet. Has anyone here seen it? I found it somewhere around this blog site. It seems to make sense. It weighs the costs and negative impact of foreclosure against modifying the loan. I will upload it if no one has seen it.

You seem like a lively group and I'd like to hear your comments. Thanks for the forum!

Moe Bedard · 01-12-2009, 04:07 PM

Hi jojolala,

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

Have you been told by CW that FannieMae is your investor? If they are, the early workout program part of the modification has not been circulated and they have been still concentrating on the loans that are 90+ days in default. What members have been doing for help with CW is to go through NACA instead..........if you only own the one owner occupied principle residence and you meet the criteria they should be able to put together a lower fixed rate modification proposal to present to your investor through CW.
click on the link for the info........
https://www.naca.com/refinance/refinanceTenStep.jsp

jojolala · 01-12-2009, 04:15 PM

Yep... FannieMae is the investor. Yes, we are owner occupied, principle residence. I just learned of NACA while reading the blogs here today. I'm interested to find out if NACA actually acheived permanent reduction of principal and interest on 30yr fixed loans?

jojolala · 01-12-2009, 04:19 PM

Also, re-reading the original post, rather than "we have", I should say there are 3 vacant houses on my block.

Moe Bedard · 01-12-2009, 04:41 PM

their restructure has to do with your financials and an affordablility equation that they workout with you after verifying your info.........it is geared toward your situation personally..........they have lowered rates and the rates are always fixed rates..........each workout is different.

gray517 · 01-12-2009, 04:47 PM

naca helps you obtain an affordable payment, based on your income and expenses. we got a rate reduction to fixed 6% for the life of the loan, thier homesave program works to restructure your existing mortgage if you can't afford the payment. as far as i have seen and my dealings with them they are not trying to get reduction of principal, I don't think any lenders are offering principal reductions, and most people in america that have a mortgage right now either have no equity or are upside in what they owe, everyone has lost value on their property

DMKBMN · 01-16-2009, 07:29 PM

***, have you seen any updated info on the Fannie Mae Streamline mods? Earlier this week I spoke with a CSR from CW who said they STILL don't know any of the details about it and I should "call back in a week" -- have heard that for over 6 weeks. We originally had a HOPE counselor submit our financial info (back in November)... but I'm wondering if NACA might be a better resource for working on a Fannie Mae loan mod for us. Any insights you may have are appreciated!

Moe Bedard · 01-16-2009, 07:42 PM

they have not offered the Early Workout program yet.............and other members are still doing the moretorium for the 90 days.........I have not seen members posting on successful mods yet from this program.......but I think it is too soon as well.
If this is the only property you own..........you may want to give NACA a try........you may have faster results than waiting for the FannieMae modifcation program to get off the ground with CW.

DMKBMN · 01-16-2009, 08:15 PM

Thanks, ***. It is our only property... but we do have a 60K 2nd with Citi as well. Does that factor in with Fannie Mae? CW is so difficult to work with, but it sounds like going through NACA, people here have had better/more immediate results.

Moe Bedard · 01-16-2009, 08:27 PM

Your first and second would be modified separately..........so FannieMae doesn't have anything to do with your second.

jojolala · 01-19-2009, 06:08 PM

***, You mentioned above that you have not heard of anyone getting the Early Workout mod yet. We signed ours a couple of weeks ago agreeing to pay an amount that is $800 less that our regular mortgage payment for 4 months. I did have to wrestle with them, they didn't willinly offer it to us.

We have breathing room till April. That said, that's when CW will decide if they will modify our loan permanently. What seems so wrong about the arrangements is that the $10,000 that we will pay between now and then sits in an escrow account with penalties mounting.

It seems illegal,though it's undoubtedly spelled out in the small print of our contract. It's just counter to normal financial transactions that I'm used to. If I make a partial payment to a credit card, it is applied towards my payment, not held in abeyance as though I've paid nothing.

I'm just complaining because am exhausted by all this as is everyone else. It is such a hopeful and happy time with our new administration coming to power and it's a shame that this mortgage crisis is the flip-side.

Moe Bedard · 01-19-2009, 06:20 PM

that is what I meant with them not doing the early workout program.......which they have not implemented yet..........they put you in a forbearance which will not report on your credit, but for all intensive purpose it is not how the early workout program was to be used, but instead is defaulting the loan for the necessary 90+ days for the streamlined modification. The early workout program was originally supposed to be offered right away on loans that FannieMae held that were not late yet but would show that they would be soon.

I hear you...........I hope that with the new administration coming new programs imploring the investors to write down and modifiy their portfolios across the board will come too.............but only time will tell.

jojolala · 01-22-2009, 04:13 PM

Re-reading the details of the early workout program clearly say "If the borrower successfully makes the new payments during the trial period, the workout will convert to a permanent modification." I mention this because this is not what the negotiator told us. In fact she said it would be reviewed and the modification can be denied leaving us with late fees and penalties.

tandknix · 01-22-2009, 05:31 PM

jojolala,

I would also recommend going to NACA. They do not do principle reductions, but they do do rate reductions that are fixed for the remaining life of the loan. Ours went from 10.45% ARM to 5.25% FIXED. It does take about 90 days from start to finish to get a workout done with CW through NACA though. It's not a speedy process by any means.

jasonsmith123 · 01-22-2009, 06:06 PM

jojolala,

Can you please post the spreadsheet for FDIC reduced interest spreadsheet? I need it urgently for my loan mod. Thanks.

Moe Bedard · 01-22-2009, 06:46 PM

You would need to send it to my email addresses please.........this is an anonymous forum and personal email addreses and contact info are not allowed to be posted.......it against the tos...........

send it to ***@loansafe.org

please

jojolala · 03-07-2009, 11:23 AM

I haven't posted for awhile but thought I'd write that I spoke to our CW negotiator yesterday. (She answered the phone on the second ring!). Since we are on the last month of the temporary forebearance I wanted to check in to see if there is anything we need to do. She said to have our financials ready to go because sometime by the end of the month the loan monitor will call to get us into the queue for evaluation. I asked about what the appraisal process will be to determine market value. They are talking about everything from area comps to a physical inspection. We are working with the office of the president at CW and I am surprised and glad that I am talking to a person who is accessible, pleasant and is more candid than I'd expect. Not at all like the unhelpful and rude communications that I've experienced and continue to read about in this forum.

jojolala · 10-23-2009, 01:23 PM

My first post in many months, but never fear, same frustration. History: Sent hardship letter to OOP and we signed our first forebearance with CW in Dec08, reducing our payment from 3200 to 2500/mo. 4 month period came and went, made a call to negotiator and received new 4-month forebearance on BofA paper approx May, 09.
Fannie is investor. We paid $373k for the house in dec 05, and in May of '08 our house appraised at $430k. It now Zillows at $350k. We owe $408k.
Our situation is different because we've refied twice into 30-yr fixed and are stuck with PMI because of erroneous appraisals. We did this because we had been DESPARATE to reduce our monthly payment and each time we went to the poisonous well, even though the interest rate went down, there was a demand for little pay-offs and fees that drove the principal higher, netting us a couple hundred a month in mortgage payment relief. We have netted about $500 a month in payment reduction (our first loan on this house was an 80/20 and payment used to be near $4000, incl escrow payment @8% interest). Started calling in September to check-in without response. Found new Pres on this forum and wrote to her. Received call from Sergio who tried talking "Loan Mod 101" and I assured him I had already been around the block. I told him that we have a real issue with the PMI and that and we will pay just $500/month till we see mod papers. He called back on 10/01 and advised they are approved and on their way. Last I looked, our account shows about $25k past due and $14k in escrow. We've since received a notice of cancellation of the forebearance.
Anyway, I called and talked to an assistant who was not able to advise when exactly the papers were sent or when we might receive them. When I asked what is typical, she said that it can take anywhere from 2-3 weeks to two months to receive the docs.
Reading So-Cal-Gal's post today, I'm feeling that we're likely doing the right thing by not paying till we see something. I believe that when they offer to reduce my interest and jack my principal and PMI through the stratosphere, it will be a sound decision to walk away.

Here's the message on the BAC workout status screen:
Your request for assistance is under review. During the review process, a thorough examination and analysis of your loan will be completed. During this time, we may or may not need additional information from you. It is common that you will not hear anything from us during the review period, but please be advised that all collections activities have been temporarily suspended during this review period. We expect more information to be available on 10/15/2009. If your status remains unchanged after the 10/15/2009, please call and speak to a customer service representative. Please do not call back before 10/15/2009 as that will delay the process. Please respond promptly to any calls or requests that you may receive from us during this period. Lack of response will cause your workout to be delayed or cancelled. Thank you.

j-nice · 10-23-2009, 01:49 PM

jojolala-sorry to hear you've been dealing with this for so long. I have been working with CW/BofA/Naca since February and the best I could get was a 4 month forbearance which I am two months into.

Another forum member, dthom who has been trying to get a mod since last December, also has PMI and she was contacted by the PMI company, Genworth. They offered to get her enrolled in the MHA plan which she is now in. She does not know if the MHA offer came from BofA or was the result of Genworth, but maybe it would be worth a shot to give your PMI company a call. Afterall, they certainly do not want to pay out the insurance policy if your home forecloses.

Good luck and don't give up.

jojolala · 10-23-2009, 01:55 PM

Thanks for the reply and suggestion. I've been unable to figure out the PMI piece. Is there just one PMI company? Or, do I need to check my loan docs to find who holds my PMI. I'll check out dthom. Thanks very much.

j-nice · 10-23-2009, 02:01 PM

Sorry, I do not have PMI myself but I would think the information would be listed on your loan docs. You can check out dthom's thread on the NACA thread under "Naca offer".

pwrought · 10-24-2009, 01:06 AM

ahahah, you guys are funny.

jojolala · 10-24-2009, 03:01 PM

Quote:

Originally Posted by pwrought

ahahah, you guys are funny.

Hey, what's so funny? What do you mean? I know I'm a dope about PMI.

michigan tsunami · 10-26-2009, 07:59 AM

Quote:

Originally Posted by pwrought

ahahah, you guys are funny.

What's so funny? You sound like an ass!

01-12-2009, 03:35 PM	#1 (permalink)
jojolala Senior Member Join Date: Jan 2009 Location: WA Posts: 53 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	CW / Fannie Mae Early Workout Hi All, this is my first post and I've been reading a lot. I see on other posts the "fabulous solution" that Fannie has rolled out... Prior to finding all the good advice here, I found my way down the same rat hole as the rest of you. Wrote the letter pleading my case. Refered to a negotiator (Kristie McGowen x2914, I think), who after about 5 weeks, said we did not qualify for a modification. I immediately applealed and eventually spoke with Loretta, VP of Home Retention (x 3066), who would have Kristie's manager, Jan Lee x review the file. Kristie called me back and actually got nasty by saying that although our house payment of 54% of our gross, we should be able to meet our payment and to work things out with our other creditors. Over the course of conversations with me and my husband (surprised they were listening)... she threw back at us that our objectives of contributing to our 401ks again and getting out of debt are not a valid reasons reasons for asking for a modification. I told her that the house needs a new roof, windows and probably a fence by the time the winter is over. All of this, including the inability to save for retirement and reduce our debt point to the fact that we are one paycheck away from foreclosure. I had just found the 12/8 Early Workout press release and asked her about it. Oh, she said, the devil is in the details. And they were so excited to hear about the program until they read the fine print. The detail that she pointed out is that this is just a temporary remedy and when they review the file at the end of the forebearance period, we will likely just owe the late fees and payment shortages. I had to read to her the text from the Fannie press release why we qualified for their streamlined loan modification program. My point is that CW has a solution, if only temporary, and they have to be forced into extending it. I told her I would take a 4 month forebearance in the hopeful belief that there will be sweeping legislation in Q1 of 2009. We are in a 30-yr fixed, 6.375%. Not bad you might say, but we are upside down by $50k. I have been chasing a lower rate and payment for 3 years, and after 2 re-fi's, the payment of 54% of our gross is not workable for the long run. During each of the re-fi's erroneous appraisals were issued and during underwriting they continued to pinch any little bit of equity they could to nudge the principal as high as possible. If there is not an across the board adjustment ala Sheila Blair's proposal, I will mail the keys, take a hit in the credit rating, figuring we'll be in good company with a few million others. I will propose to countrywide till I'm blue in the face that a reduction to 4% interest and $20k off the principal will make me go away. We have 3 vacant houses on our block and we are in th Seattle area, not a hard-hit region. Don't they get it? I also found a spreadsheet along my surfing I found a calculator. I labeled it the FDIC reduced interest spreadsheet. Has anyone here seen it? I found it somewhere around this blog site. It seems to make sense. It weighs the costs and negative impact of foreclosure against modifying the loan. I will upload it if no one has seen it. You seem like a lively group and I'd like to hear your comments. Thanks for the forum!

01-12-2009, 04:07 PM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW / Fannie Mae Early Workout Hi jojolala, Welcome to the forum and thank you for joining................... Have you been told by CW that FannieMae is your investor? If they are, the early workout program part of the modification has not been circulated and they have been still concentrating on the loans that are 90+ days in default. What members have been doing for help with CW is to go through NACA instead..........if you only own the one owner occupied principle residence and you meet the criteria they should be able to put together a lower fixed rate modification proposal to present to your investor through CW. click on the link for the info........ https://www.naca.com/refinance/refinanceTenStep.jsp __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

01-12-2009, 04:15 PM	#3 (permalink)
jojolala Senior Member Join Date: Jan 2009 Location: WA Posts: 53 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW / Fannie Mae Early Workout Yep... FannieMae is the investor. Yes, we are owner occupied, principle residence. I just learned of NACA while reading the blogs here today. I'm interested to find out if NACA actually acheived permanent reduction of principal and interest on 30yr fixed loans?

01-12-2009, 04:19 PM	#4 (permalink)
jojolala Senior Member Join Date: Jan 2009 Location: WA Posts: 53 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW / Fannie Mae Early Workout Also, re-reading the original post, rather than "we have", I should say there are 3 vacant houses on my block.

01-12-2009, 04:41 PM	#5 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW / Fannie Mae Early Workout their restructure has to do with your financials and an affordablility equation that they workout with you after verifying your info.........it is geared toward your situation personally..........they have lowered rates and the rates are always fixed rates..........each workout is different. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

01-12-2009, 04:47 PM	#6 (permalink)
gray517 Senior Member Join Date: Nov 2008 Location: Florida Posts: 627 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW / Fannie Mae Early Workout naca helps you obtain an affordable payment, based on your income and expenses. we got a rate reduction to fixed 6% for the life of the loan, thier homesave program works to restructure your existing mortgage if you can't afford the payment. as far as i have seen and my dealings with them they are not trying to get reduction of principal, I don't think any lenders are offering principal reductions, and most people in america that have a mortgage right now either have no equity or are upside in what they owe, everyone has lost value on their property

01-16-2009, 07:29 PM	#7 (permalink)
DMKBMN Senior Member Join Date: Nov 2008 Posts: 30 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW / Fannie Mae Early Workout ***, have you seen any updated info on the Fannie Mae Streamline mods? Earlier this week I spoke with a CSR from CW who said they STILL don't know any of the details about it and I should "call back in a week" -- have heard that for over 6 weeks. We originally had a HOPE counselor submit our financial info (back in November)... but I'm wondering if NACA might be a better resource for working on a Fannie Mae loan mod for us. Any insights you may have are appreciated!

01-16-2009, 07:42 PM	#8 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW / Fannie Mae Early Workout they have not offered the Early Workout program yet.............and other members are still doing the moretorium for the 90 days.........I have not seen members posting on successful mods yet from this program.......but I think it is too soon as well. If this is the only property you own..........you may want to give NACA a try........you may have faster results than waiting for the FannieMae modifcation program to get off the ground with CW. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

01-16-2009, 08:15 PM	#9 (permalink)
DMKBMN Senior Member Join Date: Nov 2008 Posts: 30 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW / Fannie Mae Early Workout Thanks, ***. It is our only property... but we do have a 60K 2nd with Citi as well. Does that factor in with Fannie Mae? CW is so difficult to work with, but it sounds like going through NACA, people here have had better/more immediate results.

01-16-2009, 08:27 PM	#10 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW / Fannie Mae Early Workout Your first and second would be modified separately..........so FannieMae doesn't have anything to do with your second. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

01-19-2009, 06:08 PM	#11 (permalink)
jojolala Senior Member Join Date: Jan 2009 Location: WA Posts: 53 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW / Fannie Mae Early Workout ***, You mentioned above that you have not heard of anyone getting the Early Workout mod yet. We signed ours a couple of weeks ago agreeing to pay an amount that is $800 less that our regular mortgage payment for 4 months. I did have to wrestle with them, they didn't willinly offer it to us. We have breathing room till April. That said, that's when CW will decide if they will modify our loan permanently. What seems so wrong about the arrangements is that the $10,000 that we will pay between now and then sits in an escrow account with penalties mounting. It seems illegal,though it's undoubtedly spelled out in the small print of our contract. It's just counter to normal financial transactions that I'm used to. If I make a partial payment to a credit card, it is applied towards my payment, not held in abeyance as though I've paid nothing. I'm just complaining because am exhausted by all this as is everyone else. It is such a hopeful and happy time with our new administration coming to power and it's a shame that this mortgage crisis is the flip-side.

01-19-2009, 06:20 PM	#12 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW / Fannie Mae Early Workout that is what I meant with them not doing the early workout program.......which they have not implemented yet..........they put you in a forbearance which will not report on your credit, but for all intensive purpose it is not how the early workout program was to be used, but instead is defaulting the loan for the necessary 90+ days for the streamlined modification. The early workout program was originally supposed to be offered right away on loans that FannieMae held that were not late yet but would show that they would be soon. I hear you...........I hope that with the new administration coming new programs imploring the investors to write down and modifiy their portfolios across the board will come too.............but only time will tell. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

01-22-2009, 04:13 PM	#13 (permalink)
jojolala Senior Member Join Date: Jan 2009 Location: WA Posts: 53 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW / Fannie Mae Early Workout Re-reading the details of the early workout program clearly say "If the borrower successfully makes the new payments during the trial period, the workout will convert to a permanent modification." I mention this because this is not what the negotiator told us. In fact she said it would be reviewed and the modification can be denied leaving us with late fees and penalties.

01-22-2009, 05:31 PM	#14 (permalink)
tandknix Senior Member Join Date: Aug 2008 Location: Texas Posts: 204 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW / Fannie Mae Early Workout jojolala, I would also recommend going to NACA. They do not do principle reductions, but they do do rate reductions that are fixed for the remaining life of the loan. Ours went from 10.45% ARM to 5.25% FIXED. It does take about 90 days from start to finish to get a workout done with CW through NACA though. It's not a speedy process by any means.

01-22-2009, 06:06 PM	#15 (permalink)
jasonsmith123 Member Join Date: Jan 2009 Posts: 27 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW / Fannie Mae Early Workout jojolala, Can you please post the spreadsheet for FDIC reduced interest spreadsheet? I need it urgently for my loan mod. Thanks.

01-22-2009, 06:46 PM	#16 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW / Fannie Mae Early Workout You would need to send it to my email addresses please.........this is an anonymous forum and personal email addreses and contact info are not allowed to be posted.......it against the tos........... send it to *@loansafe.org please __________________ Moe Bedard** Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

03-07-2009, 11:23 AM	#17 (permalink)
jojolala Senior Member Join Date: Jan 2009 Location: WA Posts: 53 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW / Fannie Mae Early Workout I haven't posted for awhile but thought I'd write that I spoke to our CW negotiator yesterday. (She answered the phone on the second ring!). Since we are on the last month of the temporary forebearance I wanted to check in to see if there is anything we need to do. She said to have our financials ready to go because sometime by the end of the month the loan monitor will call to get us into the queue for evaluation. I asked about what the appraisal process will be to determine market value. They are talking about everything from area comps to a physical inspection. We are working with the office of the president at CW and I am surprised and glad that I am talking to a person who is accessible, pleasant and is more candid than I'd expect. Not at all like the unhelpful and rude communications that I've experienced and continue to read about in this forum.

10-23-2009, 01:23 PM	#18 (permalink)
jojolala Senior Member Join Date: Jan 2009 Location: WA Posts: 53 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW / Fannie Mae Early Workout My first post in many months, but never fear, same frustration. History: Sent hardship letter to OOP and we signed our first forebearance with CW in Dec08, reducing our payment from 3200 to 2500/mo. 4 month period came and went, made a call to negotiator and received new 4-month forebearance on BofA paper approx May, 09. Fannie is investor. We paid $373k for the house in dec 05, and in May of '08 our house appraised at $430k. It now Zillows at $350k. We owe $408k. Our situation is different because we've refied twice into 30-yr fixed and are stuck with PMI because of erroneous appraisals. We did this because we had been DESPARATE to reduce our monthly payment and each time we went to the poisonous well, even though the interest rate went down, there was a demand for little pay-offs and fees that drove the principal higher, netting us a couple hundred a month in mortgage payment relief. We have netted about $500 a month in payment reduction (our first loan on this house was an 80/20 and payment used to be near $4000, incl escrow payment @8% interest). Started calling in September to check-in without response. Found new Pres on this forum and wrote to her. Received call from Sergio who tried talking "Loan Mod 101" and I assured him I had already been around the block. I told him that we have a real issue with the PMI and that and we will pay just $500/month till we see mod papers. He called back on 10/01 and advised they are approved and on their way. Last I looked, our account shows about $25k past due and $14k in escrow. We've since received a notice of cancellation of the forebearance. Anyway, I called and talked to an assistant who was not able to advise when exactly the papers were sent or when we might receive them. When I asked what is typical, she said that it can take anywhere from 2-3 weeks to two months to receive the docs. Reading So-Cal-Gal's post today, I'm feeling that we're likely doing the right thing by not paying till we see something. I believe that when they offer to reduce my interest and jack my principal and PMI through the stratosphere, it will be a sound decision to walk away. Here's the message on the BAC workout status screen: Your request for assistance is under review. During the review process, a thorough examination and analysis of your loan will be completed. During this time, we may or may not need additional information from you. It is common that you will not hear anything from us during the review period, but please be advised that all collections activities have been temporarily suspended during this review period. We expect more information to be available on 10/15/2009. If your status remains unchanged after the 10/15/2009, please call and speak to a customer service representative. Please do not call back before 10/15/2009 as that will delay the process. Please respond promptly to any calls or requests that you may receive from us during this period. Lack of response will cause your workout to be delayed or cancelled. Thank you.

10-23-2009, 01:49 PM	#19 (permalink)
j-nice Senior Member Join Date: Feb 2009 Location: ST CLAIR SHORES, MI Posts: 382 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW / Fannie Mae Early Workout jojolala-sorry to hear you've been dealing with this for so long. I have been working with CW/BofA/Naca since February and the best I could get was a 4 month forbearance which I am two months into. Another forum member, dthom who has been trying to get a mod since last December, also has PMI and she was contacted by the PMI company, Genworth. They offered to get her enrolled in the MHA plan which she is now in. She does not know if the MHA offer came from BofA or was the result of Genworth, but maybe it would be worth a shot to give your PMI company a call. Afterall, they certainly do not want to pay out the insurance policy if your home forecloses. Good luck and don't give up.

10-23-2009, 01:55 PM	#20 (permalink)
jojolala Senior Member Join Date: Jan 2009 Location: WA Posts: 53 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW / Fannie Mae Early Workout Thanks for the reply and suggestion. I've been unable to figure out the PMI piece. Is there just one PMI company? Or, do I need to check my loan docs to find who holds my PMI. I'll check out dthom. Thanks very much.

10-23-2009, 02:01 PM	#21 (permalink)
j-nice Senior Member Join Date: Feb 2009 Location: ST CLAIR SHORES, MI Posts: 382 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW / Fannie Mae Early Workout Sorry, I do not have PMI myself but I would think the information would be listed on your loan docs. You can check out dthom's thread on the NACA thread under "Naca offer".

10-24-2009, 01:06 AM	#22 (permalink)
pwrought Senior Member Join Date: Jan 2009 Posts: 88 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: CW / Fannie Mae Early Workout ahahah, you guys are funny.

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