Need advice--CW/Fannie Mae - Loan Modification Forum

Handan · 01-22-2009, 01:14 PM

Hi everyone!

After obtaining my loan mod for myself (with the help of this forum of course) I am now helping my father and his loan mod.

He works for a GM auto dealership and is/has experienced reduced income over the past year or so.
His loan is not bad as is--but is struggling to keep up with the payments.
He has a 30yr fixed @6.125% w/ 10 yr interest only.
He has been supplementing his income with credit cards to make the house payments. I just found out about this and told him that I would help him get his loan modified.

His loan servicer is CW and is backed by Fannie Mae.
I have contacted both CW and Fannie going back and forth to get some solid answers. Apparently, there are a few programs that they just introduced mid last month. Of the programs, Fannie suggested that we try for the "Early Workout Program" because we are not late. I have approached CW about this, and ALL 6 REPS have no clue about this program...I, then went back to Fannie and stated that CW is unaware of the programs that Fannie has introduced and that I need help NOW!!!
The rep was baffled and stated that there are actual Fannie employees at CW implementing this new program...I dont know how true that may be, but either way, its not helping me.

I need guidance as to what my next steps should be. Can anyone chime in on this...

Thank you in advance.
HDS

Moe Bedard · 01-22-2009, 02:08 PM

You would need to call
1-877-744-7691

and ask for the rep on the FannieMae customer account team to see if they can help get you started on this program since it has to go through CW.

jojolala · 01-22-2009, 03:56 PM

We have executed the early workout "forebearance" modification. CW was not forthright in offering it, but your post made me call to double check that it is in place. We have been assigned a "modification monitor" who will review the modification in April. If you go to FannieMae.com you can find their press release from 12/8 that details the program. I had to read to the CW negotiator how we met the criteria for this program. See my post CW/Fannie Mae Early Workout.

vinnyrf · 01-22-2009, 04:21 PM

I too just spoke with Fannie Mae also on 01-22-09 and according to them the Early Work Out Program is for borrowers who are either current or late does not matter. If you are current with a Fannie Mae backed loan stop requesting from your servicer for a loan "modification". A loan modification through Fannie Mae requires you to be 91 days late on your loan payments. However you must prove a hardship, in my case it is income, and if approved you go on a 3 month trial period of the new loan terms as offered. If after the 3 months all paymets are current, the new loan terms will be applied. WAMU is my servicer and they too are unaware of the Early Workout Program. Hang in there this program according to Fannie Mae only came out in December 2008. It may not have filtered through the channels as yet.

Handan · 01-22-2009, 06:40 PM

Thank you- ***, Jojolala, and Vinnyrf!

***- I tried that number and was connected to good 'ol customer service.
I requested that department/team and the lady said that there is no such dept. or team. Only the home retention dept. and Workout dept.
I asked for ANYONE that can give me information on the Fannie Mae programs...She then proceeded to transfer me to the workout dept.
Back to square one--

Jojolala- Which department did you start with? I, also read the paragraph and they told me that they are not aware of such program. So far, 6 reps have told me this. (2 from Home retention, 4 from workout dept)
I'm sooo frustrated. Would you happen to have any contact information of the people that might know what the heck I'm referring to?

Vinnyrf- Thanks for the info. My dad is definitely facing financial hardship working for GM and all, and the only thing I can do to help is calling CW and getting his loan modified. I wish I had the money to lend a helping hand.
I recently modified my loan too with CW, however it was not this difficult.
I didn't get a permanent fix, but only a "band-aid" fix as CW refers to it as.
None the less, I'm greatful that I found loansafe, and especially the support you guys offer everyone.

Many thanks!!!! I will keep at it. In the meantime, if you guys have any leads, please help me help my father. I, too will keep you guys posted.

Handan · 01-22-2009, 06:44 PM

Oh, I forgot to mention--
Jojolala, your post is what gave me the hope and motivation to pursue this for my dad. Thanks again!

Quote:

Originally Posted by jojolala

We have executed the early workout "forebearance" modification. CW was not forthright in offering it, but your post made me call to double check that it is in place. We have been assigned a "modification monitor" who will review the modification in April. If you go to FannieMae.com you can find their press release from 12/8 that details the program. I had to read to the CW negotiator how we met the criteria for this program. See my post CW/Fannie Mae Early Workout.

Moe Bedard · 01-22-2009, 06:45 PM

Well that is pretty frustrating considering FannieMae gave me that information when I told them that members were having a very difficult time getting the new programs coming from FannieMae out of CW............

Handan · 01-22-2009, 06:57 PM

It sure is! I've called Fannie mae a number of times and I get fairly consistent info from them. They said the next step, if need be is to escalate it to their corporate office in Washington D.C, which will take a long time. (approx. 3-6 weeks)

jojolala · 01-22-2009, 07:15 PM

I started by calling Jack Schakett's office (Executive Managing Director and COO, 818-225-3000) and his assistant was very helpful, listened to everything I had to say. I have names and numbers for negotiators that I was assigned to, but if they aren't assigned to you, they probably won't be helpful. The supervisors that *** posted are Loretta (a vp of Home Retention 800.405-0078 x 3066) & Jan Lee reports to Loretta, but I don't have her extension. They first turned us down as you see in my original post... but that day I had come across the 12/8 Fannie Mae press release and literally had to read line-for-line why this applied to us. "The Early Workout process can begin as soon as a borrower demonstrates the need for a modification -- even if a borrower is current but a default is reasonably foreseeable." Like my mortgage payment is 54% of my gross. Job security would make default reasonably foreseeable.

DMKBMN · 01-22-2009, 07:29 PM

Jojolala, this is SUCH helpful information. Thank you for posting!!

Handan · 01-22-2009, 08:06 PM

Thank you Jojolala!! I'm going to be making some calls tomorrow.

Handan · 01-29-2009, 10:35 AM

Hello everyone.
I just wanted to update you on whats going on with my fathers loan.
Thanks to Jojolala, I got in touch with Daniel Whitehead and he immediately referred me to the office of the president. The people in this department listened to everything I had to say and were very kind and understanding.
I spoke to Melissa and Raquel and they had me fax all the financials.
Its been about 3 days or so since I've faxed the documents in, and still haven't heard back from them. I decided to call today and apparently its in the hands of an executive researcher which will then be handed over to a Supervisor in the workout dept. It seems like we are on the right track and seems like things are getting done--right?

Again, I want to thank Jojolala for providing the valuable contact info, and everyone else's support.

HDS

MP927 · 01-29-2009, 11:25 AM

that is so awesome handan and I'm sure a big relief!
Are you working solely with CW or is NACA helping too?

Handan · 02-02-2009, 10:45 AM

Hi MP927,
I've contacted NACA and only got so far. They require me to attend a workshop which is 3 months away...frustrating!
I've submitted everything I needed to both CW and NACA, I'm waiting for the workshop to come around...as for CW, I'm just waiting to hear back from the executive researcher. I've called many times and left messages for the researcher, but am getting nowhere with them as well.
I think its a waiting game...
Any suggestions as to what I should do at this point?

Moe Bedard · 02-02-2009, 11:45 AM

It isn't either CW or NACA on this one.........it is FannieMae, they have been very difficult for both NACA and CW to work with............but there seems to be some good news coming very soon.............Moe blogged about it here...........
NACA, Neighborhood Assistance Corporation of America, Fannie Mae | Loan Modification & Home Loan News

If you have not made the phone consultation.............some members have been able to do that and then explain to NACA that the workshop is 3 months away and you are at risk of going into foreclosure.

01-22-2009, 01:14 PM	#1 (permalink)
Handan Member Join Date: Dec 2008 Posts: 15 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Need advice--CW/Fannie Mae Hi everyone! After obtaining my loan mod for myself (with the help of this forum of course) I am now helping my father and his loan mod. He works for a GM auto dealership and is/has experienced reduced income over the past year or so. His loan is not bad as is--but is struggling to keep up with the payments. He has a 30yr fixed @6.125% w/ 10 yr interest only. He has been supplementing his income with credit cards to make the house payments. I just found out about this and told him that I would help him get his loan modified. His loan servicer is CW and is backed by Fannie Mae. I have contacted both CW and Fannie going back and forth to get some solid answers. Apparently, there are a few programs that they just introduced mid last month. Of the programs, Fannie suggested that we try for the "Early Workout Program" because we are not late. I have approached CW about this, and ALL 6 REPS have no clue about this program...I, then went back to Fannie and stated that CW is unaware of the programs that Fannie has introduced and that I need help NOW!!! The rep was baffled and stated that there are actual Fannie employees at CW implementing this new program...I dont know how true that may be, but either way, its not helping me. I need guidance as to what my next steps should be. Can anyone chime in on this... Thank you in advance. HDS

01-22-2009, 02:08 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: Need advice--CW/Fannie Mae You would need to call 1-877-744-7691 and ask for the rep on the FannieMae customer account team to see if they can help get you started on this program since it has to go through 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.

01-22-2009, 03:56 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: Need advice--CW/Fannie Mae We have executed the early workout "forebearance" modification. CW was not forthright in offering it, but your post made me call to double check that it is in place. We have been assigned a "modification monitor" who will review the modification in April. If you go to FannieMae.com you can find their press release from 12/8 that details the program. I had to read to the CW negotiator how we met the criteria for this program. See my post CW/Fannie Mae Early Workout.

01-22-2009, 04:21 PM	#4 (permalink)
vinnyrf Member Join Date: Jan 2009 Posts: 27 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Need advice--CW/Fannie Mae I too just spoke with Fannie Mae also on 01-22-09 and according to them the Early Work Out Program is for borrowers who are either current or late does not matter. If you are current with a Fannie Mae backed loan stop requesting from your servicer for a loan "modification". A loan modification through Fannie Mae requires you to be 91 days late on your loan payments. However you must prove a hardship, in my case it is income, and if approved you go on a 3 month trial period of the new loan terms as offered. If after the 3 months all paymets are current, the new loan terms will be applied. WAMU is my servicer and they too are unaware of the Early Workout Program. Hang in there this program according to Fannie Mae only came out in December 2008. It may not have filtered through the channels as yet.

01-22-2009, 06:40 PM	#5 (permalink)
Handan Member Join Date: Dec 2008 Posts: 15 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Need advice--CW/Fannie Mae Thank you- *, Jojolala, and Vinnyrf! *- I tried that number and was connected to good 'ol customer service. I requested that department/team and the lady said that there is no such dept. or team. Only the home retention dept. and Workout dept. I asked for ANYONE that can give me information on the Fannie Mae programs...She then proceeded to transfer me to the workout dept. Back to square one-- Jojolala- Which department did you start with? I, also read the paragraph and they told me that they are not aware of such program. So far, 6 reps have told me this. (2 from Home retention, 4 from workout dept) I'm sooo frustrated. Would you happen to have any contact information of the people that might know what the heck I'm referring to? Vinnyrf- Thanks for the info. My dad is definitely facing financial hardship working for GM and all, and the only thing I can do to help is calling CW and getting his loan modified. I wish I had the money to lend a helping hand. I recently modified my loan too with CW, however it was not this difficult. I didn't get a permanent fix, but only a "band-aid" fix as CW refers to it as. None the less, I'm greatful that I found loansafe, and especially the support you guys offer everyone. Many thanks!!!! I will keep at it. In the meantime, if you guys have any leads, please help me help my father. I, too will keep you guys posted.

01-22-2009, 06:45 PM	#7 (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: Need advice--CW/Fannie Mae Well that is pretty frustrating considering FannieMae gave me that information when I told them that members were having a very difficult time getting the new programs coming from FannieMae out of 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.

01-22-2009, 06:57 PM	#8 (permalink)
Handan Member Join Date: Dec 2008 Posts: 15 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Need advice--CW/Fannie Mae It sure is! I've called Fannie mae a number of times and I get fairly consistent info from them. They said the next step, if need be is to escalate it to their corporate office in Washington D.C, which will take a long time. (approx. 3-6 weeks)

01-22-2009, 07:15 PM	#9 (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: Need advice--CW/Fannie Mae I started by calling Jack Schakett's office (Executive Managing Director and COO, 818-225-3000) and his assistant was very helpful, listened to everything I had to say. I have names and numbers for negotiators that I was assigned to, but if they aren't assigned to you, they probably won't be helpful. The supervisors that *** posted are Loretta (a vp of Home Retention 800.405-0078 x 3066) & Jan Lee reports to Loretta, but I don't have her extension. They first turned us down as you see in my original post... but that day I had come across the 12/8 Fannie Mae press release and literally had to read line-for-line why this applied to us. "The Early Workout process can begin as soon as a borrower demonstrates the need for a modification -- even if a borrower is current but a default is reasonably foreseeable." Like my mortgage payment is 54% of my gross. Job security would make default reasonably foreseeable.

01-22-2009, 07:29 PM	#10 (permalink)
DMKBMN Senior Member Join Date: Nov 2008 Posts: 30 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Need advice--CW/Fannie Mae Jojolala, this is SUCH helpful information. Thank you for posting!!

01-22-2009, 08:06 PM	#11 (permalink)
Handan Member Join Date: Dec 2008 Posts: 15 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Need advice--CW/Fannie Mae Thank you Jojolala!! I'm going to be making some calls tomorrow.

01-29-2009, 10:35 AM	#12 (permalink)
Handan Member Join Date: Dec 2008 Posts: 15 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Need advice--CW/Fannie Mae Hello everyone. I just wanted to update you on whats going on with my fathers loan. Thanks to Jojolala, I got in touch with Daniel Whitehead and he immediately referred me to the office of the president. The people in this department listened to everything I had to say and were very kind and understanding. I spoke to Melissa and Raquel and they had me fax all the financials. Its been about 3 days or so since I've faxed the documents in, and still haven't heard back from them. I decided to call today and apparently its in the hands of an executive researcher which will then be handed over to a Supervisor in the workout dept. It seems like we are on the right track and seems like things are getting done--right? Again, I want to thank Jojolala for providing the valuable contact info, and everyone else's support. HDS

01-29-2009, 11:25 AM	#13 (permalink)
MP927 Senior Member Join Date: Jan 2009 Location: California Posts: 265 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Need advice--CW/Fannie Mae that is so awesome handan and I'm sure a big relief! Are you working solely with CW or is NACA helping too?

02-02-2009, 10:45 AM	#14 (permalink)
Handan Member Join Date: Dec 2008 Posts: 15 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Need advice--CW/Fannie Mae Hi MP927, I've contacted NACA and only got so far. They require me to attend a workshop which is 3 months away...frustrating! I've submitted everything I needed to both CW and NACA, I'm waiting for the workshop to come around...as for CW, I'm just waiting to hear back from the executive researcher. I've called many times and left messages for the researcher, but am getting nowhere with them as well. I think its a waiting game... Any suggestions as to what I should do at this point?

02-02-2009, 11:45 AM	#15 (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: Need advice--CW/Fannie Mae It isn't either CW or NACA on this one.........it is FannieMae, they have been very difficult for both NACA and CW to work with............but there seems to be some good news coming very soon.............Moe blogged about it here........... NACA, Neighborhood Assistance Corporation of America, Fannie Mae \| Loan Modification & Home Loan News If you have not made the phone consultation.............some members have been able to do that and then explain to NACA that the workshop is 3 months away and you are at risk of going into foreclosure. __________________ 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.

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