2nd attempt for mods on mulit-properties

[ngilles38]

Is there any hope for people with multiple properties who are not deliquent?

I have already been denied once by CW after sending in my docs w/a hardship letter. Our loans are marked to reset in Feb. 2011. We have 5 yr. pay opt. arms w/neg. am. on both our primary and our rental. We are stretched even to make minimum on both. Our rental is in Merced, where the prop. value has dropped approx. $200,000. We are not delinquent on any payments, however our mortgage plus the amount that we have to contribute to our rental to make up the difference between what we get for rent and the minimum is about 51% of our net income. With our loan amounts grow $30,000 each year due to neg. am. coupled with the decreasing prop. values, leaves us in a sinking boat. We desperately need to stop putting bandaids on this situation and find perminant solutions to our ever increasing mortgage problems.

I feel like we are in that nowhere place of not being financially healthy, but not so bad off that CW would deem us a modification worthy case, since there are so many other "more" needy cases out there. Please help advise me on what to do next to try to get CW's attention before we end up deliquent or worse...forclosure. We can't keep up this game of living paycheck to paycheck. Our credit card bills are mounting with no end in sight.

[t2weati]

When you submitted your financials to CW, how much of a surplus was left over? I have seen that this makes a difference with CW recommending a modification. I successfully had 3 of my rental properties modified without being delinquent on any payments. The numbers should work so that you have a $100-$250 surplus left over after all bills are paid.

I am helping a friend of mine with her CW mod request. The first time she called in and gave her financials, she had a surplus of about $260 and was denied. She called in again a few days later after making some changes to her financials and had a surplus of about $170...that seemed to do the trick! Now she is just waiting on the processing for an approval or denial.

Also, the decision to modify or not depends on who the investor is on your loans. The investor on my loans is Aurora. I have a 4th loan with CW and the investor is not Aurora (I don't know who it is) and it was denied.

Hope this helps you!

[Kozak]

t2weati, do you think that if there is a deficit in monthly budget, CW will not help?

[ngilles38]

Wow! I remember doing a buget list, but just now realized that they didn't request this doc from me, therefore, I neither sent it nor mentioned it in my hardship letter. That might be helpful. I have a surplus of $118. Is my list of expenses thorough enough?

Tithe Mortgages Utilities

Food

Auto

Insurance

Debts

Entertainment/Recreation

Clothing

Savings

Medical/Dental

Miscellaneous

Investments

Education/Child Care

I am so excited to hear that you have had mods. on your investment properties. I would love to know the details of your situation to compare with mine. Were your loans reseting when you got your mods? What were the results of the mods...interest only, 5 yr. freeze, rate reduction, principle reduction?

[t2weati]

Kozak, that is the personal conclusion I have drawn from reading these threads (I don't know it to be fact)...if there is a deficit you will likely be denied because the bank thinks a modification will not give you enough of a surplus to succeed in maintaining the loan payments...even with a mod, you would still be considered "at risk" if the mod only improves your deficit to somewhere between break-even and $250 surplus. If there is too much surplus (over $250/month), they will think you have enough money to make the payments and you will be denied as well because you are "not at risk". It seems that there is a fine line between being close to breaking even, yet still being a little ahead... Looking at it from the bank's perspective, if they approved a mod for someone who is slightly positive (+$100 to $250), the mod will allow for a slightly larger surplus and the borrower would have better chances of keeping the loan current because it would place them in the $250 and over "not at risk" catagory. Again, this is my opinion from the conclusions I have drawn from reading through many threads.

[t2weati]

ngilles38, you can read my thread about CW at:

http://www.loansafe.org/forum/countr...roperties.html

As far as the budget list goes, they take that information from you over the phone. From that, they determine whether or not you are recommended for a loan mod. Instead of calling the regular CW Home Retention phone number, try calling the CW Customer Solutions phone number directly: (888) 556-2778. You will save a lot of time bypassing the screeners in India! Cusotmer Solutions is the area that took my financials over the phone and gave me a recommendation to modify or a denial right then and there. Be sure to have your budget worksheet right in front of you because any miscalculations might ruin your chances.

Best of luck to you!!!