Loan Mod with CW

[mrsemm]

I am new here and would like to say we have also been put off by CW. We also started a Mod back Dec 15th. on a 2nd Mortgage. !st Mortgage with CW too, is on time. All docs sent. I called every week, no one knew what was going on, computers down, negotiator not in, etc. Feb. 12th received mod papers and the loan is still at the 9.625% interest rate and the late payments put at the end of the loan. Then add $30.00 more to the $ 930.00 a month payment we had before. Now this upsets me because the negotiator told me not to worry about the payment I was behind in Dec. to let the late payments be put into the mod. and I told him we needed something that 6 mo. down the road we won't be at these crossroads again. Lower interest rate, extend the loan from the 15 year we have to to maybe a 20 or so. Our problem is with the high 2nd Mortgage. Our 1st is being kept up which is $1428. We've gone from a home value of about $319000.00 in 2007, to a value of $230000.00 and we owe $236000.00. Someone gave me the advise that because we are not in default on our 1st, there is no way CW could foreclose on our house because it is the 2nd in default and CW Investors on the 1st have the lien. Does anyone know anything about this?
We have been given a deadline to sign this Mod before they proceed to forclose, they said. Should I just go ahead and scrounge up the past due payments and pay them and then look for someone to refinance the 1st and 2nd into one, ( if there is any chance of that, considering) with a payment comfortable to pay?
Thanks to everyone spilling out all these things about CW. I am learning that their practices have been hurting more people in worse shape than we, and will they ever be held accountable.
Mary

[Moe Bedard]

Hi Mary,


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

If the modification is not going to help you in any way..........and you accept it you may not be able to apply for a mod for 12 months..........if this is the only property you own.............you may want to try going through NACA instead for a fixed low rate modification to see if they can help.
click on the link for the info...............
https://www.naca.com/refinance/refinanceTenStep.jsp

[Edteach]

I feel your pain. I started my workout Dec 17th and have yet to hear from CW. When you say you talked to the negotiator, did they initiate the call? Or was it a customer service rep at CW?

I have the feeling I will get a workout offer similar to yours, which rolls my missed payments into the loan and starts me fresh, without any modifications to the loan itself. I'm hoping after I refuse the first offer, I get a normal loan mod that I can afford.

[gray517]

Edteach, have your thought about using naca, they worked for us and their homesave program is free.

[mrsemm]

Edteach, The negotiator contacted me. I think I talked to him once when I gave him the info. I started an app with naca, but I don't know whether to go for it or if it would process fast enough before CW does something to our home. Thanks I hope you hear something soon. Just keep calling and talk to who ever you can and tell them your story. You tell enough people and have them doc your call

[Edteach]

Originally Posted by gray517

Edteach, have your thought about using naca, they worked for us and their homesave program is free.

Yes, naca will be my next step if CW lets me down.

[heehoo22]

Originally Posted by mrsemm

I am new here and would like to say we have also been put off by CW. We also started a Mod back Dec 15th. on a 2nd Mortgage. !st Mortgage with CW too, is on time. All docs sent. I called every week, no one knew what was going on, computers down, negotiator not in, etc. Feb. 12th received mod papers and the loan is still at the 9.625% interest rate and the late payments put at the end of the loan. Then add $30.00 more to the $ 930.00 a month payment we had before. Now this upsets me because the negotiator told me not to worry about the payment I was behind in Dec. to let the late payments be put into the mod. and I told him we needed something that 6 mo. down the road we won't be at these crossroads again. Lower interest rate, extend the loan from the 15 year we have to to maybe a 20 or so. Our problem is with the high 2nd Mortgage. Our 1st is being kept up which is $1428. We've gone from a home value of about $319000.00 in 2007, to a value of $230000.00 and we owe $236000.00. Someone gave me the advise that because we are not in default on our 1st, there is no way CW could foreclose on our house because it is the 2nd in default and CW Investors on the 1st have the lien. Does anyone know anything about this?
We have been given a deadline to sign this Mod before they proceed to forclose, they said. Should I just go ahead and scrounge up the past due payments and pay them and then look for someone to refinance the 1st and 2nd into one, ( if there is any chance of that, considering) with a payment comfortable to pay?
Thanks to everyone spilling out all these things about CW. I am learning that their practices have been hurting more people in worse shape than we, and will they ever be held accountable.
Mary

Countrywide CAN foreclose on the property because the 2nd lien is in default... but... because if they foreclosed, all the money would go to the 1st lien, they most likely won't.