Need Serioous Help (2 Homes thru CW)

[hype-r-29]

Hello

I have 2 home thru CW, both with upside down mortgages where the value is less than the principal.

1-home I am about 4 months behind payments and the other I am perfectly fine.

Can I qualify for a Loan Mod? also what kind?..

These homes are under "Owner Occuiped" but used as a rental property. I have a NEG-EM mortgage on both where I only do minimum payments..

Im looking for a 30 yr fixed mortgage and a possibilty of having CW lower the balance..

What can I do?

[Dan Bailey]

hype-r-29
Glad you found the forum and posted. Welcome.
You could start by wriint a hardship letter for the property you are behind on and sending in to CWs home retention center. This will start the process.
Unfortunately, using NACA is not an option as they only work with single property homeowners.

Getting a principle reduction is not in the cards. They just are not doing that, as it is not worth it to the investors on the loans.

The first step is contacting Home retention team, to get the ball rolling.

If you go to the Home page of the forum, you will see a section called "homeowners toolbox" which will give you some guidance on writing a hardship letter, as well as other information for stopping foreclosure.

Hang in there and good luck!

[hype-r-29]

Thanks..Im very glad to have found this forum!..I need all the help I can get...

What options would CW have for me?..

[Dan Bailey]

hyper,
It would depend on who the investor on the loan is. CW is the serviser. The only way to tell is to contact them and start the process. Perhaps a modification or forbearance?