Getting Divorced

[toola]

This is great by the way lots of info! wanted to say thanks in advance. Well gettting divorced within a month it will be final, i'm not behind yet but i see myself innnear future, we owe 222,000 on house thats worth 175,00 cant refi wife off cause of being upside down, i really want to try to keep house for childs sake, have 1st and second thru CW 1st is 188,000 2nd is 34,000 with combined monthly payment of 1700 both incomes we could pay this, but with my income alone it looks impossible with everything else that goes along with divorce, oh both loans are interest only first 10yrs. I guess my question is even though i'm not behind yet would it be possible to start the ball rolling with CW for some kind of workout program? thanks for any info

[Dan Bailey]

Toola,
Glad you found the forum and posted. YES, you can start the mod process before you are behind, you are experiencing financial hardship which will affect your mortgage.
On the HOME page of the forum, there is a section called HOMEOWNERS TOOLBOX which will explain how to start the process, specifically, the section on drafting a hardship letter. Getting that sent out will start the ball rolling, and dont be discouraged if they tell you you have to "wait until your behind".
The decision to modify is up to the investor on your loan, which CW services, but going through CW is mandatory.
You may also want to contact NACA for help with getting through to CW.

[toola]

Thanks Dan for info

[toola]

Dan, do i call up loan mod dept and get fax # to send all my info or is there another dept i should contact?

[Moe Bedard]

Hi toola,


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

You would need to contact the Home Retention Dept. and see what the options are from the investor on your loan.
1-800-669-0102

[toola]

thanks for info ***! I've got a realtor that has experience with short sales working for me, i'm wrestling with trying to short sale or get somekind of mod loan, but will doing a modified loan get my ex off the loan??

[Moe Bedard]

No.........a modification will not be able to do that..........in order to do that you would need to qualify for a new loan to refinance the property in your name alone.....for the amount that is owed.

[toola]

yeah, but i owe more than the house is worth and have no equity, so i guess only option is to do the short sale, or walk away!

[toola]

So even if i do all the necessary steps like going thru naca, which i have meeting next week! hardship plead to CW saying my wife divorced me and i would like t try to keep house, but i cant get her off note,cause we owe more than its worth no equity. so i cant refi! There is no modification that could help me??? has anyone been in this situation before??

[Moe Bedard]

we have had a couple of members that were going through a similar thing as you..................on one, her husband helped her with getting the modification and didn't have a problem with that so that she could keep the house and afford the payment herself, until she is able to refi later on down the road. The other member could not afford the house by themselves at all even with a modification and had to sell the house and rent for now.

You can apply for a modification and ask the servicer if you can do it using only your income, but the modification will not remove your wife from the mortgage.

[toola]

so probably a DIL might be the best thing? how hard is that to accomplish?

[Moe Bedard]

Because you have two liens on the property you would need to ask the servicer if the investors on the loans will allow a short sale............a DIL wouldn't be an option as the first would not be able to take title to the property free and clear of all other liens as they would going through a foreclosure which would release the interest of the other liens.

Countrywide will normally require that the property be on the market for at least 60-90 days before considering a short sale........to get started on what is needed contact.........
Countrywide Short Sale Dept.
1-800-262-4218

With a short sale you would also be able to purchase again after just 2 yrs. if you wanted too.

[toola]

both loans are with CW

[Moe Bedard]

That is good for a short sale............. use the number that I posted above and ask what the next step or option should be.

[toola]

thanks ***! i'll try that and post again.

[toola]

Well i faxed all my info to NACA today hopefully they can help

[MP927]

Let us know your experience with NACA. I'm waiting to speak with them soon--all papers have been emailed.

[toola]

***, since both loans are with CW would DIL be a option??

[Moe Bedard]

they may not have the same investor even though they are both serviced by CW..............so you would need to ask CW the question would DIL be an option for you.