No Hope for Homeowners at CW till April 2009

[chitown]

Originally Posted by gray517

I just read your entire post, I hope that wasn't directed at me, I wanted to let others know that naca is successful and they do get large rate reduction mods, not the slight rate reductions as stated by a previous poster.

Thanks Dean and everyone else who replied....This is very helpful information. Yea, from what I've read as well it seems like a lot of people are getting significant rate reductions and even place in 30 year fixed loans. If I get that then I'm having a fricken party! So, even though my ARM doesn't adjust until Sept of this year...I can still work with NACA now to hopefully get my loan modified as well before it adjusts correct? This way I would avoid the on coming train entirely....(I hope). So, H4H basically is a program where they would say you owe us 250K & its only worth 225K so, we'll shave off 25K from what you owe us...? Thanks again everyone!!

[Moe Bedard]

chitown,


The H4H is a completely new loan that you would have to qualify for, it is a refinance into an FHA loan with a strict criteria that would need to be met for qualifying.............the investor on your current loan would need to be participating...........and if you have any additional liens on the property, they would need to agree to release their liens and extinguish their loans.................

Here is the info for the program...............
HOPE for Homeowners

[Billka]

heehoo22 - Thank for all your help!!

Can you shed some light on conventional loan situations?

We did a conventional 80/20 loan back in 06 for our first home purchase at 7.5 and 9.5; we would love to refi but can't due to our house value being less than the loan balance. (current never late.)

When we called to discuss modification the rep said we would not qualify for any of the programs but didn't even ask for any of our financials or circumstances. (hours cut/loss of income). She just asked for the account number and said based on the type of loan we have and thier criteria there were no programs available.
Is this possible?

Thanks again for any assistance!

[heehoo22]

Are you loan fixed rate loans? Are you current on your loans? If so, they are advised to tell you that there is no assistance available at this time. This is because there are so many people behind or with upcoming adjustments that are needing assistance. If you can make your payment, mortgage companies see that as no real hardship. We all know that thats not always the case (although very often it is.) If you truly have a hardship and cannot make your payments, I would suggest contacting NACA for assistance or when you call, demanding to speak with the office of the president for more assistance.

[dthom]

We contacted NACA, sent financials in on Dec 5, told we did not qualify for anything as we had a sub prime fixed, and had not been late,yet. On January 15th called back to let them know that there had been a job loss and could we update financials as income had just dropped dramatically and that we already knew making a payment would be next to impossible now, we have large ongoing prescription costs we must now pay out of pocket. CW response was, we are so sorry for your lost income, but because you have a fixed rate loan we can't help you! Even, after explaining that we were now losing over half of our household income. Still said no help, and then said they hoped we would continue to make our payments. Didn't even offer to take another look at our information for even a regular modification or forebearance. Even asked if they could just defer one payment so we could get on our feet, have unemployment start coming in etc. They said that it was not in our contract to do that.
Immediately called NACA, they have already submitted restructure to CW. Now we are just waiting.

[ocalalady]

Hi everyone. This is an interesting thread.
In response to a post here, I too have heard about the reduction of principal on bad mortgages. I looked at the court settlement between my state of FL and CW and it states that 'qualifying loans' will see a write down of the principal balance to as low as 95% of the current value of property to restore equity position.
It also says that the new payment of principal, interest, tax and ins would be equal up to 34% of income, but no more than 42%. It said that qualifying loans are loans that are delinquent and either payoption, subprime, arms. I suggest googling it and taking a look, even if you aren't from one of the participating states.
I also agree with someone here that mentioned trying to do both of some sort. We are still trying to decide whether to hire the law firm Griswold & Agdeppa now or go delinquent to become eligible and try for the details in the settlement on our own or through a non-profit. We are hoping that maybe we can go through the law firm and get the same or possibly better results of that settlement. We'd really like to have this behind us soon...hate to have it drag on any longer....like so many of us here.
I have a thread of my own...nothing great, but it's pathetically called 'our cw story...feel so lost'. I was just lectured there I think....like we need that right now.
I just wish everyone here all the best through all of this. Keep your chins up and try to laugh at it now and then. Hopefully one day it will all be behind us.

[ocalalady]

Forgot to mention....in response to serenedeans post, we also had a broker who lied about our income and assetts. We supplied her with paystubs and tax info and thought that was what she'd be using. Wrong. When it came time for us to sign the final papers, she went so fast and I was so sick (going through chemo at the time) that I just wanted to be done. ...and the fact that we trusted her.....we never even noticed what had been done until just recently when I went over our docs with a fine tooth comb. Now I am angry and feel so foolish. I know there are some good brokers out there, but these bad ones ruin it for the rest. She also did what is called "loan flipping" where she had us go into two other loans previously that were quickly paid off, then put us into our payoption arm that we have now. She said she had to do that to get us qualified and because it was a 'special situation' (a purchase and refi). I've since learned that this 'loan flipping' is fraud. But can't she be held accountable for these tactics? It seems not. She's still driving around in her Mercedes (not that I have anything against mercedes...it's just that I don't have one! :-) ..)

[chitown]

Originally Posted by *** Damiano

chitown,


The H4H is a completely new loan that you would have to qualify for, it is a refinance into an FHA loan with a strict criteria that would need to be met for qualifying.............the investor on your current loan would need to be participating...........and if you have any additional liens on the property, they would need to agree to release their liens and extinguish their loans.................

Here is the info for the program...............
HOPE for Homeowners

Thanks for the information ***. I just filled out my submission forms online to NACA and I ran across a little problem with the employment section. Somehow, I entered it multiple times and there is no way (that I can tell) to erase the multiple listings. Do you know anything about this or should I not worry about it to much? Also, I've been hearing a lot about having a surplus between $100 & $300 in order to qualify...is this true to your knowledge or am I mis-understanding this? Also, I hate to sound ignorant here but, I'm not even 100% sure what kind of loan I currently have....I know its an ARM & is set to adjust in Sept. but, what exactly is an option Arm...I'm wondering if I have an option Arm or not...could you shed some light on what an option Arm is for me? I scheduled my appointment for a workshop which is for 2/21/09 but, I really hate to just wait....do you think I should call NACA to discuss my situation prior to the workshop? Thank you for all your valuable information ***!!

[Moe Bedard]

chitown,


The will probably be able to catch your double input of info from the online forms.............but if not, you should be able to clarify with your phone consult...........I believe that you may be able to do the phone consult now if you make the appointment online using your NACA ID#.....so try and see if you are able to do that.

NACA will go over your budget with you completely on your phone consult.........

To make it a little easier to understand..........another name for an option arm would be a pick a payment loan.............and that is exactly what type of loan it is...........when a statement comes, it will have normally 3 different payment options.............the lowest payment would be a negative interest..........so it would not only be adding the missed principal back into the loan..........it would also add some of the interest............back into the loan............so the principal will keep expanding to a capped amount.
then you would have an interest only payment option
and a principal and interest payment option

[simplyfi]

Hello heehoo22 since you work for Country Wide and my loans are with Country Wide can you please tell my how do I find out who service my loans.

Thanks
Simplyfi

[heehoo22]

If your loan is with Countrywide, then Countrywide services your loan.

[simplyfi]

thanks but that was the wrong question how do i find out who the investor is.

thanks

[simplyfi]

thanks but that was the wrong question how do i find out who the investor is.

thanks

[heehoo22]

Oh ok.. You can call and ask but unless your loan is backed by FNMA or Freddie Mac, they are not required to tell you who the investor is. They do in most cases though

[simplyfi]

Thanks I will try to call and find out seems like my chances of getting a modification will be better if the investor is not FNMA or Freddie Mac. I'm currently working with NACA but I haven't heard anything just yet. It's only been a month, from what I'm reading it sounds like it can take up to 90 days. The April 2009 date is that the same even if you are working with NACA or is that just for homeowners working directly with Country Wide?

[SereneDean]

Originally Posted by gray517

Naca isn't doing small rate reductions our reduction was actually quite large, it went from 11% to 6% and i know the other success story got a pretty good rate reduction to. Most but not all of the mods coming from cw directly are for 5 years only, whereas naca's restructures are for the life of the loan. No lenders or investors are currently participating in the h4h program and no lenders are doing principal reductions, they are however giving lower rates and extending the terms so people can afford to stay in thier homes. We all have lost value in our homes, in fact just about anyone that owns a home in the us has lost value. I am happy with the results i got from naca and i am happy i get to keep my home.

Thanks for your reply. I'm really glad some people are getting help from NACA. In my situation, I owe CW 496k and it's already an interest only loan option(set to go up in 2011), at a current rate of 6.09, which means my payment on my 1st, to CW is around $2600.00 interest only. My 2nd, with Citi Mortgage, is an interest only at 9.25 or there abouts. In interest only, my 2nd runs abou $1,006.00 per month. It's a 30 due in 15. A slight rate reduction, as I see it, wouldn't significantly lower my payments. CW(Supervisor named Mike Jackson, in the TX location) already told me that "you already have a low rate on your CW mtg & you ARE current, so you won't qualify for any type of mod"...

[SereneDean]

Originally Posted by simplyfi

thanks but that was the wrong question how do i find out who the investor is.

thanks

Hi Simplyfi, I just called CW at 800-669-0102, spoke to a woman who indicated she was in India, told her alot about my ongoing saga w/ CW & I asked, "oh by they way, who is the investor on my CW loan" she said "one moment please" then spelled out "someone called bee oh en why". I said, "oh, BONY, Bank of New York", to which she replied "oh"... So at least I got that far. Not that it helps me......

[mto66]

I have to say that after 6 mos I finally got a fixed rate and a point reduced from my interest rate. It's now 6.9 for 30 year fixed.

Paperwork is here. Just be persistant and don't accept first offer.

I said no to the first mod. It was a short term fix. Sent in new paperwork and got a call yesterday from my negotiator.

I am also going through NACA, but I originally had an ARM that had adjusted to 9.78%. First mod was for original rate of 8.29% for 5 years.

Keep the faith.

[mommy1119]

mto66
How did you get in contact with the office of the President, I have been tring for 2 days. I received a modification on 2/3 which is no help. From10.875 to 9.5 saving me 16.00 a month. Did you turn down your first modification? How long did it take after you turned it down until receiving a new one?

Thanks
mommy1119

[klauss54]

i was told by cw that wells fargo is my investor and they never do modifacations there is nothing cw can do but foreclose i have phone appt tonight with naca will see what happens