Some advise please, NACA cannot help me. - Loan Modification Forum

avelanchefan · 02-20-2009, 02:56 AM

Okay so you have all read and heard the stories on here but I will repeat pretty much what everyone else here has stated at one time or another. (Great site BTW...LoanSafe is awesome!)

We bought our house 12/2006 80/20 Pay Option Arm. With the 20 being an 15 year balloon at 11%. The 80 has adjusted to 7.75% this month and readjusting every 6 months. We can no longer afford the adjusted amount. CW sent me a letter via Bank of America stating that we had a predatory loan and were eligible for a modification in December. We tried it, and were denied due to us being current on our loan.

We currently have another house in the same neighborhood through CW also. That house is currently being rented but we are upside down 100,000 on that also.

So my current thought is try to play hard ball with CW and get our main house to a interest rate that is affordable or we walk, and move back into our rental home. I know it is a long shot but my wife and I are not to optomistic about them coming through with a loan that would be acceptable. My strategy is to try to get them to have a fixed rate on the 80 loan at 4-6%, and a fixed rate on the 20 in the same ballpark. We are also saving our mortgage payments, would it be best to take that money out of the bank to make our bank statements look "better"?

We do not want to short sale our rented home, or foreclose on it due to the fact that the mortgage terms on that are much better, and if we do that in the hopes of CW coming through on our main house and they do not do it at all, then we are basically left without a house at all. Of coarse we can rent but I want to try to keep one or the other.

Does anyone think this may be feasable or do you think I am crazy for even thinking that CW will work with us. Thanks for any and all suggestions. No need to sugar coat anything, I know I signed the loan papers, and have now regretted doing so.

Thanks

Sean in AZ

Dan Bailey · 02-20-2009, 05:07 AM

Sean,
Trying again for a modification on the house you're in is feasable. Folks here have reported success after numerous tries, as the state of affairs keeps changing.
Due to the fact that you own more than one property, non-profit agrencys cannot help you, but you may consider hiring an attorney to "play hard ball". Check your local BAR association for qualified attorneys, or many members of the forum use the verified attorneys listed on the Home page of the form.
Good Luck!

02-20-2009, 02:56 AM	#1 (permalink)
avelanchefan Junior Member Join Date: Feb 2009 Posts: 1	Some advise please, NACA cannot help me. Okay so you have all read and heard the stories on here but I will repeat pretty much what everyone else here has stated at one time or another. (Great site BTW...LoanSafe is awesome!) We bought our house 12/2006 80/20 Pay Option Arm. With the 20 being an 15 year balloon at 11%. The 80 has adjusted to 7.75% this month and readjusting every 6 months. We can no longer afford the adjusted amount. CW sent me a letter via Bank of America stating that we had a predatory loan and were eligible for a modification in December. We tried it, and were denied due to us being current on our loan. We currently have another house in the same neighborhood through CW also. That house is currently being rented but we are upside down 100,000 on that also. So my current thought is try to play hard ball with CW and get our main house to a interest rate that is affordable or we walk, and move back into our rental home. I know it is a long shot but my wife and I are not to optomistic about them coming through with a loan that would be acceptable. My strategy is to try to get them to have a fixed rate on the 80 loan at 4-6%, and a fixed rate on the 20 in the same ballpark. We are also saving our mortgage payments, would it be best to take that money out of the bank to make our bank statements look "better"? We do not want to short sale our rented home, or foreclose on it due to the fact that the mortgage terms on that are much better, and if we do that in the hopes of CW coming through on our main house and they do not do it at all, then we are basically left without a house at all. Of coarse we can rent but I want to try to keep one or the other. Does anyone think this may be feasable or do you think I am crazy for even thinking that CW will work with us. Thanks for any and all suggestions. No need to sugar coat anything, I know I signed the loan papers, and have now regretted doing so. Thanks Sean in AZ

02-20-2009, 05:07 AM	#2 (permalink)
Dan Bailey Loan Safe Moderator & Homeowner Guide Join Date: May 2008 Location: Wilmington NC Posts: 1,407	Re: Some advise please, NACA cannot help me. Sean, Trying again for a modification on the house you're in is feasable. Folks here have reported success after numerous tries, as the state of affairs keeps changing. Due to the fact that you own more than one property, non-profit agrencys cannot help you, but you may consider hiring an attorney to "play hard ball". Check your local BAR association for qualified attorneys, or many members of the forum use the verified attorneys listed on the Home page of the form. Good Luck! __________________ Loansafe saved my home!! I may be alot of things, but I do know the difference between reply and forward.

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode