2 mortgages with CW, both investment, both 30 year fixed

[Scari]

I have two mortgages with CW. Both investment properties, ironically, side by side. I lived in one for over 5 years, then bought the one I live in now. I have had both houses destroyed by bad tenants and no money from sleezy insurance companies, who sold me policies that are useless. Both properties are standing empty for the last two months. I have had to evict. I have put the time and a little bit of money into the properties, trying my best to get them rented out. Rents have come down as well, so it won’t even cover the mortgages if I do get them rented out.
The economy has come down to my industry and now, I have been out of work since November. I’m more concerned about paying the mortgage on the house I live in, of course (mortgage with Chase, whole other story.) I have called CW to tell them of this situation, because I see not being able to pay next months mortgages. They say, because I have paid the mortgages (and since drained all accounts I have) for the last few months, and they are not owner occupied and 30 year fixed, I don’t qualify for a modification. They suggested refinance. I don’t qualify for that either, as I got these loans on a No-doc, which they don’t do anymore. I then asked them if I need to be 90 days late in order to get any help, because this is the policy for Chase. (I called them too) They had no answer for me either. I don’t want to ruin my credit, because of a bad tenants, who seem to think I’m the bank and can live in my house for free. It makes sense to walk away from the houses, because they are not worth what the loans are.
If 30-50% of foreclosures are investment properties, wouldn’t it make sense to use some of those billions they are getting to help these people out as well? They are only willing to help out 50% of the people who have bad investments, just because they live in those investments? I can’t even modify the one I live in, because I was responsible and got a 30 year fixed loan. Somethings gotta give. Does anyone know of a way for CW or someone to help me with these loans? Any advice would be appreciated. I know there are others in similar situations.

[Moe Bedard]

Hi Scari,


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

The modifications given are up to the investor on the loan..........most are only modifying owner occupied residences that are in default 60+ days......but some are modifying investment properties.

You would need to go through CW and ask what the options are from the investor on your loan.............if this is something that you feel you are not able to do on your own.........the attorney on the home page of this website offers a free consultation...........

here is the link to the info
Safe-loan-modification-service | Home Mortgage | Protect Your Home & Mortgage With Loan Safe

or contact CW and ask what the options are.............
CW Home Retention
1-800-669-0102

[Scari]

So, I called them, again. The guy on the phone told me I had to wait until the payment is due before he can even 'qualify' me. Well, I called 2 weeks ago, when the payment was due and I didn't 'qualify,' because they were investment properties. I asked him how he thinks I will qualify in two weeks, because they are still going to be properties I don't live in and my financial situation isn't going to be a whole lot different. Then, I just wanted him to admit they wanted me to be late a few payments before they will even consider helping me. I asked why we couldn't move on this instead of wasting two weeks that could be put to good use. I see this being a problem with payments next month and I want to get moving on this now. (I wish I didn't pay the mortgages on these last month and be in the dire straits I'm in now, humm hindsight.) I asked him who the investor on my loan was, that I would even do his job and contact them myself. Of course, he wouldn't tell me.
He put his supervisor on the phone and him and I went for a few rounds. Then, I asked him where he was located. He refused to answer me, until I badgered him enough to admit he was in India. He asked me how that made a difference. I told him maybe if CW would hire Americans, then maybe I so many people here wouldn't be without jobs. I asked him how he was to understand what was going on in our country if he didn't even live here. I'm sure CW is going to get a big chunk of our governments bailout money, to pay their payroll.
Is there someone in America at CW I can speak with? Is their whole 'home retention' team located in India?
This is something I never even thought about when our government was talking about the bailout. Imagine how many other countries are going to benefit from this. I know I'm getting off topic, but I'm unemployed and possibly going to lose two houses, maybe the one I live in too, if I don't get some work, or some help.
It's not supposed to be this hard.

[gray517]

Originally Posted by Scari

Then, I asked him where he was located. He refused to answer me, until I badgered him enough to admit he was in India. He asked me how that made a difference. I told him maybe if CW would hire Americans, then maybe I so many people here wouldn't be without jobs. I asked him how he was to understand what was going on in our country if he didn't even live here. I'm sure CW is going to get a big chunk of our governments bailout money, to pay their payroll.
Is there someone in America at CW I can speak with? Is their whole 'home retention' team located in India?
This is something I never even thought about when our government was talking about the bailout. Imagine how many other countries are going to benefit from this. I know I'm getting off topic, but I'm unemployed and possibly going to lose two houses, maybe the one I live in too, if I don't get some work, or some help.
It's not supposed to be this hard.

agree with you 100%, I am unemployed as well, got laid off last year as a direct result of this housing & financial mess (title examiner) after going around in circles with CW and finally getting a modification with the help of Naca, I could do that job and probably much better than the guy in india! But no, lets reward the companies that send our Customer service jobs off shore to other countries with more bailout money, way to go congress! Ok now I'll get down off my soap box too Good Luck with your mod attempt!

[lcoindian]

how would I find out if wisconsin has a lawsuits against cw for any legal actions.

[gray517]

Foreclosure Relief and Relocation Assistance Programs
These additional programs are available to Countrywide borrowers in states participating in this agreement. Currently, they are available in the following states: Alaska, Arizona, California, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Iowa, Kansas, Maine, Michigan, Mississippi, Montana, Nevada, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Virginia, Washington and West Virginia.

thier nationwide home retention program is for all eligible borrowers in all states, the states with lawsuits are eligible for added benefits, mainly if you are foreclosed on there are the links

Countrywide Financial - Real Estate Mortgage Lender - Home Loans - Equity Loan Mortgages

Countrywide Financial - Real Estate Mortgage Lender - Home Loans - Equity Loan Mortgages


you can also contact the wisconsin attorney generals office