New story. Don't know where to start.

[chazkeepahoma]

Thanks for this forum and thanks for the help ***! I'll try to keep my story short. We bought a new home Feb. 05 for 266,000. Construction had just started. Moved in July 05 and house was appraised at 320,000. I refi'd with CW, 30 yr. fixed at 5.875% for about 252,000 and a HELOC with CW for about 32,000. I did this to get rid of the mortgage ins. and pay-off my truck plus lower my interest rate. This is the only property we own and live in our dream house in california.
My wife got laid-off spring of 06 and has been working part-time on and off. Credit cards and medical bills piled up and we filed chapter 7 BK in Aug. 08, discharge Dec. 29, 08. I got laid-off Dec. 1st, 08 and we are both currently unemployed but my wife does collect S.S. retirement. We still owe about 247,000 on our 1st. and 40,000 on our HELOC. The house is worth about 180 to 200,000.
I know about the CW Dec.1st. lawsuit and possible govt. bailouts.
***, where do i start and what do i do!...I know get a job! Ha!
chazkeepahoma

[chazkeepahoma]

I forgot to add that we are current on payments and we probably could stay afloat through March if still unimployed. should i stop paying? I'd like to wipe out the HELOC,reduce principal on 1st, and maybe lower interest rate.
chazkeepahoma

[Moe Bedard]

Hi chazkeepahoma,

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

The only information we know as of yet about wiping away second liens or HELOCs is here in this thread..........and it will become much more prevalent if they pass the bankruptcy cram down laws allowing the judges to implement this in the Chapter 13 bk preceedings.

Discussion: Principle Reductions: Wipe Out Your 2nd Mortgage With Bankruptcy


without this your rate on the first is low and the investors on firsts have not been willing to reduce principal balances thus far..............we have seen principal forbearance which takes a portion of the principal from the front end of the loan and places it in a balloon payment on the back end of the loan, that would be due if the home were refied or sold............then they amortize the payments on the reduced principal.........
this type of workout has not been offered much though............I think we have seen two or three so far on the forum..........but if something like that would help you..........you should see if it is an option.


You can call CW and see what options the investor on your loan has and ask about a principal forbearance..............or consult with a bk attorney about the Chapter 13 bk to strip the second lien and see what they say...........or wait and see if the cram down law gets passed..........if it does it should be fairly soon after Obama gets in..............and then make a decision from there.................


CW
1-877-643-2788


Keep us posted on your progress..............

[robijamie]

Did you reaffirm your mortgage? If not you are not liable for the debt, but that doesn't help save your house.

[chazkeepahoma]

We didn't file against CW and we have not heard from them. My lawyer didn't make me aware of anything from them. Our plan was to see what the gov. would do first than go from there.

[chazkeepahoma]

I called CW last week and they said they couldn't tell me who the lender on my loan is. She put me on hold first to ask someone then told me they can't. Is this because of my BK? How can I find out who my lender is!

[chazkeepahoma]

I'm sorry, I mean investors not lenders.

[chazkeepahoma]

An update.

Sorry for my previous posts here for I was new and have learned alot from these forums. Thanks, Moe, ***, and everyone!
About reaffirming my 1st and 2nd with CW when we filed BK7 we did not. CW wrote on our monthly statements that this is not an attempt to collect but they have been calling me almost every day in an attempt to collect money. We haven't made both payments since the last being in Feb. I don't know if thats legal for them to do that. They sent us a "notice of intent to accelerate" and I have the right to cure the default by May 16th. Will I be able to cure the account or save the house after May 16th? Our invester is Fannie Mae and CW says there are no programs to help us until I have a reliable income. Should I call CW's Office of the President? If they can only temporarily freeze monthly payments 3 to 6 months that would help so many people get caught up. When pigs fly.
Another question, If I were to get caught up on my 1st and didn't pay my 2nd would they still try to foreclose on me?

Any and all answers would be very much appreciated!

[chazkeepahoma]

What a relief! A few bricks off my chest! I finally got through to the office of the president office on tuesday. What a pleasant surprise. A very nice woman who knew her stuff helped me and listened to me! She told me to submit my paperwork and hardship letter and that she would be my contact person. I faxed the paperwork today. Thursday I get a call from a lady in CW HELOC dept. She was rude and just wanted money. She told me if I didn't pay by May 16th that I would go into foreclosure real quick. Today I called the lady in the "office of the pres." to tell her I faxed the paperwork. I also mentioned to her about the person from the HELOC dept. and what she said. She said "No, she's wrong. Not even close. I wish they would stop doing that." She then made a notation or something to my account to stop that from happening again. Wow! What a change from getting the runaround and transfered to India!

[FLgata]

Good luck Chaz. I will be following your thread in hopes for a happy ending.

[chazkeepahoma]

Got my loan mod doc's for my HELOC last week and my 1st loan mod doc's this week. On my HELOC they offered to add my missed payments to the balance, no fees, and lower interest to prime + 0% (currently prime + 2.25%). On my 1st loan they offered to add my missed payments to the balance, no fees, lower interest to 3.875% first year, 4.875% 2nd year, and back to original 5.875% on 3rd year on a 40 year loan. This saves me about $500 yr. 1, $330 yr. 2, and about $165 thereafter. I am surprised they offered me a mod being unemployed. I'm also wondering if they get me to sign the doc's it reaffirms them after I filed BK 7 last year and owe nothing. Not to be greedy but I think I'm going to ask them to sharpen their pencil a bit. I'm not to fond of a 40 yr. loan. Has anyone had success with a counter offer?
Happy Fathers Day!

[chazkeepahoma]

After a week of waiting for my negotiator to return all my calls I get a Fed Ex for the " making home affordable" plan. They offered a 3 month trial payment of $1,137.91. Has anyone gone through this? How does it work? They say I still have to qualify?

[chazkeepahoma]

After making several phone calls and not many answers I am going with the obama plan and not sign the other 2 loan mod's offered by B of A that are due July 9th. I'm just hoping they mod my heloc after 1st is successful. Any feedback would be helpful.

[Cassietw]

Hi Chaz,

Sorry I don't have any info on the Making Home Plan, have you read through theforums for information? Or have you considered contacting NACA?

Cassie