CW loan mod / refi - starting all over again

[Carrie]

Hi *** and everyone here at Loan safe.

I wanted to start a new thread as we are starting a new chapter in this CW fight.

When my loan mod was declined on 2/3/09 i felt hopeless and started calling CW again everyday.

I was told to start the process over and to keep checking back after March 4, 2009 as to the new policies that were going to start taking place as far as loan mods & refi's.

to call 1-800-669-6087 FAX 1-800-658-0395 or Fax 1-800-658-9364

Once approved it will go to a negotiator:
Negotiator phone # 1-800-405-0078m x ---- (4 digit extension of your negotiator)

So once again I am starting my journey against CW to save my home.

Do you know what CW is currently looking for on the income vs expenses now?

Do they look at gross income or net income?
Do they want you to be negative between 100 & 250?
or what are the methods now to atleast qualify for them to pass the paperwork to a negotiator.

Thank you all your help is grealty appreciated to help me & my family save our home.

Carrie
Miami, FL

[Carrie]

I spoke to CW again and they told me to keep looking on their websites for upcoming available programs. they stated they are also waiting for March 4, 2009 and what the presidents plan will allow them to do etc.

I guess that is why so many loan mods are being denied now again.

I am starting the process all over again and want to make sure that i get it accepted for review by a negotiator.

Do you know what CW is currently looking for on the income vs expenses now?

Do they look at gross income or net income?

where do the numbers need to be? Please help, Thank you

i am trying to save my home for me and my kids, Thanks

[FLgata]

Hi Carrie,

Unfortunately, I cannot answer the questions above, but maybe HeeHoo will be around soon. He/She works for CW so they may be able to help you out.

Have you thought about contacting the NACA?

[Carrie]

is this the correct website?

https://www.naca.com/refinance/refinanceSubmission.jsp

[FLgata]

That is correct.

I am currently using them because CW refused to offer me a reasonable modification. The NACA will propose a restructured loan with a fixed rate for the life of the loan.

[Carrie]

THANK YOU !

I am still hoping with everything I have to save my home.

Bless you FLgata.

[FLgata]

NP, but the correct link for the Home Save Program is:

https://www.naca.com/refinance/refinanceTenStep.jsp

Sorry...I just glanced over it the first time. The one you have listed is for refinance.

[Carrie]

As i asked yesterday, Does anyone know the answer?
I don't want to submit my paperwork incorrectly.

Do you know what CW is currently looking for on the income vs expenses now?
Do they look at gross income or net income?
Do they want you to be negative or positive? and if so by how much(100 & 250)?
or what are the methods now to atleast qualify for them to pass the paperwork to a negotiator.

Thank you

[Justme89]

Originally Posted by Carrie

As i asked yesterday, Does anyone know the answer?
I don't want to submit my paperwork incorrectly.

Do you know what CW is currently looking for on the income vs expenses now?
Do they look at gross income or net income?
Do they want you to be negative or positive? and if so by how much(100 & 250)?
or what are the methods now to atleast qualify for them to pass the paperwork to a negotiator.

Thank you

They want a surplus of at the minimum $250.00. but no more than $500.00 of Net income. That is what a supervisor told me after I broke him down arguing with him for over an hour. He eventually got mad at me and hung up on me but I did get the modification. No thanks to him but through persistence in contacting Senators, Congressmen etc.

[cporter75]

FLgata,

I just got off the phone with CW also and they offered me a modification that would increase my payments by $200 a month my only hope now is NACA, because CW & BONY are only concerned with themselves.

[Carrie]

Thank you Justme89

so I have to have a surplus of $250 - 500..

but is that with the gross income or net income?

Thanks

[gray517]

actually you both are correct, the one posted by flgata is the process page and it will take you to the submission page which is the same link as posted by carrie.

CW and other lenders use the Gross income figure, Naca uses an affordability budget to come up with payment that works for you, if I remember I think they ask for gross income, but the payment is not a percentage like 31% ro 34% which is what the normal course is for lenders, Naca looks at your total budget.

[Carrie]

gray517

you are talking about NACA.

and i am asking the question for CountryWide to get my loan to a negotiator.

Does anyone know the answer ?
thanks

[gray517]

Originally Posted by Carrie

gray517

you are talking about NACA.

and i am asking the question for CountryWide to get my loan to a negotiator.

Does anyone know the answer ?
thanks

there is no magic answer, countrywide is the servicer and it would depend on what the investor on your loan is looking for and no one has the answer to that and unfortuneately you can't talk to the investor, you would need to go over your financials with countrywide. as for income the lenders all use "gross income" when calculating a percentage. some have gotten mods with small surplus while others showing a surplus have been denied. good luck

[Carrie]

here is a link to see if you are atleast eligible for Obama's affordability plan

Making Home Affordable - Home


i started the loan mod process all over again with CW.
lets hope that this time it comes out positive.
I have been trying to get this done for over a year now.

[w.davis]

I am also concerned about what exatly CW looks at when applying for a mod. Has anyone worked with a HUD approved Counselor through the modification process and if so how did it go?

[Moe Bedard]

Everyone that is working with NACA is working with a HUD approved counseling agency.

[w.davis]

oh...ok, so what is Acorn Housing? Is this company similar to NACA?

Can you tell me if we also have to be positive in income to apply for the new mod's that Obama has just created and if so how much? Is there anything else they require from us to qualify

[Moe Bedard]

ACORN is a totally different entity.............and not very effective from what I hear............

the new program doesn't go by any of that........ they will pull credit to verify information given and they will have you fill out the form 4506T which will allow them to get your tax returns directly form the IRS...............

Your mortgage payment would need to be more than 31% of gross income...........
The mortgage payment includes the Principal, Interest, Taxes, Insurance and HOA dues if there is any..........on the first lien alone.

The borrower’s Monthly Gross Income:

is the amount before any payroll deductions includes wages and salaries, overtime pay, commissions, fees, tips, bonuses, housing allowances, other compensation for personal services, Social Security payment, including Social Security received by adults on behalf of minors or by minors intended for their own support, annuities, insurance polices, retirement funds, pensions, disability or death benefits, unemployment benefits, rental income and other income.


here is a link to the guidelines..........
http://www.treas.gov/press/releases/...guidelines.pdf

[w.davis]

So does our tax returns affect us since it's extra income but it's going towards paying of some of our current debt?

[MILIFE]

Originally Posted by Justme89

They want a surplus of at the minimum $250.00. but no more than $500.00 of Net income. That is what a supervisor told me after I broke him down arguing with him for over an hour. He eventually got mad at me and hung up on me but I did get the modification. No thanks to him but through persistence in contacting Senators, Congressmen etc.

Can I ask what is meant by the surplus? (sorry to hijack your thread!)

[FLgata]

Originally Posted by MILIFE

Can I ask what is meant by the surplus? (sorry to hijack your thread!)

Good Evening MiLife,

"Surplus" is the amount of money you have leftover after paying all necessary bills (including mortgage). Hoped that helped.

[MILIFE]

Originally Posted by FLgata

Good Evening MiLife,

"Surplus" is the amount of money you have leftover after paying all necessary bills (including mortgage). Hoped that helped.

Well shoot ! If we had a surplus we wouldn't need a modification. Thanks for the clarification.

[Carrie]

Hi everyone,
I went online to NACA.com
filled out the ten step
uploaded all of my documents
received my naca id :::::

and i am still in [I]kincomplete[I] status?

I have been trying for a week now to set up an appointment and have not been able to do it online.

ANY suggestions? who has gone through this process and what do I need to do from here?

I tried going to CountryWide directly and keep hitting a brick wall with them. I don't understand, If they foreclose on my house they'll be able to sell it for $250K MAX so why don't they just refinance it to me for the current market value?

[FLgata]

Good Evening Carrie,

If you are having a difficult time setting up a phone counseling appointment online (as many have recently), you could try and call the NACA directly and schedule it that way.

1-888-302-6222