Success!!!!!! Loan Mod approved

[moliver2k9]

I have just closed on a successful loan mod with GMAC HELOC and now I am on the my First Mtge with CW
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Question is it true that you need to be 3 payments in arrears to get a loan mod at CW??? I am 30 days, but I have asked for a loan mod To take 2 payments added to Principal which does not change my loan principal amount or rate/term,,,?

Issue for me was having to use savings/cash for kids college due to no college loans wich dried up cash surplus + loss of income from my wife job

any info would be helpful

I have emailed and called several perople at CW with no response in a week...

[Moe Bedard]

Hi moliver2k9,

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

It would depend on the investor on your loan...........if your investor is FannieMae or FreddieMac they are currently looking into modifications for loans that are 90+ days in default.

You would need to call the Home Retention Dept. and see what options are available from the investor on your loan.
1-800669-6650

[moliver2k9]

Thanks....stay tuned for the updates

[moliver2k9]

One more question is it possible to find out who the "investor" is with all these syndications? and it could be more than one right?

[HobieCat]

moliver, I asked them for my investors and they were able to tell me who the investors were....

[moliver2k9]

Thanks Hobie
Any tips for getting it done?

I have given all the requisite data
Did you have any specific Loan Mod Specialist to contact?

I just successfully completed a mod with GMAC

Thanks for any additional info

[moliver2k9]

Just wanted to share and give hope to everyone that today I received my APPROVED LOAN MOD from COUNTRYWIDE

They REDUCED MY INTEREST RATE 200 basis points !!!!!

It was ALOT of work and stress to get through and make it happen but DO NOT GIVE UP !!!!!

They are for sure backlogged and it took about 9 weeks (incl holiday period)

Overall we are so relieved and the rate reduction was a bonus actually since all we requested was deferral

Anyway keep the faith it will happen STAY IN CONTACT AND FOLLUP UP STATUS CONSTANTLY (1x a week Mon/Fri)

Good luck to all

[moliver2k9]

and PS,,I did it myself-no lawyers, etc
PRO SE

[gray517]

Originally Posted by moliver2k9

Just wanted to share and give hope to everyone that today I received my APPROVED LOAN MOD from COUNTRYWIDE

They REDUCED MY INTEREST RATE 200 basis points !!!!!
Good luck to all

not sure what 200 basis points means, what is your new interest rate?

Congrats!!

[moliver2k9]

4.85..was 6.85

[gray517]

Originally Posted by moliver2k9

4.85..was 6.85

That's great! Whoopee!! ours went from 11% to 6% fixed for the life of the loan, we used naca to obtain our mod as we got no where with cw. Is the rate changed for the life of the loan!!!

[moliver2k9]

good for you too!! yes its fixed for the remainder of the term..the banks are really getting agreessive to salvage the housing assets they can because I think the "bad bank" idea is getting some momentum , if people get moved to the bad bank, then they will not get modified and will likely go the full rout to foreclosure sadly..its a freaking mess....

[gray517]

i find the whole mess overwelming, I am (was) a title examiner, been in this field for over 15 years and now out of work thanks to this mess. i worked for a national title underwriter for 5 years then boom the bottom falls out and no jobs in any fields right now, i can't even get a $10 hour clerk's job, thankfully hubby still working, but he's taken 4 pay cuts. I hope the new administration does something to get the job market going or we all will be out on the street no matter how many mods we get!

[heehoo22]

Originally Posted by moliver2k9

4.85..was 6.85

Excellent rate! Do you happen to know who your investor is?

[strive2win]

Congratulations! What type of loan did you have before, and if it was a variable rate, is it now fixed? How many days total were you late? Thanks!

[moliver2k9]

So to answer some of the questions

the investor was Fannie Mae
The rate was a fixed rate
90 days

hang in there it CAN be done
Be patient
Be nice
Be honest

[DMKBMN]

moliver, your loan sounds like ours. Did you do one of the Fannie Mae Streamline mods? I think we keep talking to all the wrong/uninformed people at CW with no progress. Any hints for success would be great! :^)

[moliver2k9]

I started with the Office of the President directly at 800-669-2443 x2773 - a live person will answer during business hours (8am - 5pm pacific time). ask for Annabelle or Monica

[moliver2k9]

I started with the Office of the President directly at 800-669-2443 x2773 - a live person will answer during business hours (8am - 5pm pacific time). ask for Annabelle or Monica

This office is a routing area and will give you status but they are not the area who actually reneotiate the loans with the investors,,,so you need to work through them and ask them advise you to whom and when your loan gets assigned to a negotiator,,,this takes 4-6 weeks but once the negotiator has all the documents an dquestions anwered it will take like 4 business days..if the negotiator contacts you after submssion of the loan mod, then there is a isse or more info is needed...if they dont you will receieve a FEDEX with the docs to notarize and send your first pmt CERT FUNDS.... you are DONE


I must say also that this site and the exchange of information is extraordinary, its free and everyone is helping each other out in this awful situation we are in ,,,so keep the faith and ASK if you need info