Was denied loan mod from CW

[patstrat47]

I was denied a loan mod from CW. I have been waiting since Nov 2008 to now for this decision. Was told that I did not qualify which is bull... I need to know what I can do to fight this

A credit repair company told me that, they may HAVE to give you a loan modification within the next month or so because they received TARP funds the government may require it...that is currently pending.

and I am looking into this NACA... are they legit? do they really help you? I want to move from the house and go rent to own

pat

[wchamilton]

Originally Posted by patstrat47

I was denied a loan mod from CW. I have been waiting since Nov 2008 to now for this decision. Was told that I did not qualify which is bull... I need to know what I can do to fight this

A credit repair company told me that, they may HAVE to give you a loan modification within the next month or so because they received TARP funds the government may require it...that is currently pending.

and I am looking into this NACA... are they legit? do they really help you? I want to move from the house and go rent to own

pat

Welcome to loansafe... someone will be around shortly to offer you some advice. In the meantime, I can tell you NACA is indeed
legitimate; they're a non-profit HUD approved counseling agency.

In the meantime, hang in there... we've all been where you are and miracles do happen here.

[patstrat47]

thanks wchamilton... I see a lot of stories and and i have seen some miracles here... hopefully I'll be one of them ..I will look up the Naca

[jean4112]

Hi there:

I also have a loan through CW. I called them last summer to ask them if they could help me with my late payment. They asked about my income and expenses. After giving the info on both, I was also told they could not help me. Apparently, my income is less than what they are looking for to get into "programs" that they offer to catch up with late payments. To make the story short, they denied me any type of help even though I am being proactive to make my account current. I called them last month, and told them that I was able to make a deal with my credit card companies to lowering my monthly payments and so I have more income than expenses. Adding injury to insult, they raised my payments by $600 for six months to pay for the late fees and interest then changed my due date to every 25th. My first payment is going to be on the 25th of March. After thinking about this, I realized, after August 25th, I only have 5 days left to come up with another mortgage payment for Sep. 1st. I sought the help of ACORN. I don't know if they can help me, but I submitted my application anyway. Someone from ACORN is supposed to contact me on Monday.

Is there anyone out there who had experienced with ACORN? At this point, what else can I do?

Thanks so much!

[kateistired]

Jean,

That sounds like a repayment plan, not a modification. I was in one of those before I signed up for the modification, but the double payments got to be too much to manage. You could just call CW back and say the repayment plan is not manageable, and see if they will put you in for a modification instead...That's what I did, and I had a positive cash flow, too.
Kate

[teenut]

Originally Posted by patstrat47

I was denied a loan mod from CW. I have been waiting since Nov 2008 to now for this decision. Was told that I did not qualify which is bull... I need to know what I can do to fight this

A credit repair company told me that, they may HAVE to give you a loan modification within the next month or so because they received TARP funds the government may require it...that is currently pending.

and I am looking into this NACA... are they legit? do they really help you? I want to move from the house and go rent to own

pat

I am going through the NACA process now and my proposal was just submitted today. My counselor also told us today that because of O'bama's housing plan, CW should be obligated to modify our loan. So I am guessing this has something to do with those TARP funds you mentioned. If so this is good news!

[gray517]

at this point the govt has not made it mandatory that lenders modify loans, they are "encouraged to do so" with the first round of tarp funds handed out last year, no strings were placed on the receipants as we all know they used the funds for trips, bonuses and to pad thier bottom line. With the 2nd round of tarp funds there will be accountability, but even with the new stimulus plan the banks are still not being requred to do modifications, rather they are encouraged and will be rewarded and given incentives for doing so but they do not have to. As for principal reductions, please don't wait for that to happen, from what I read and have seen watching the hearings on Cspan that will not happen anytime soon, banks would rather give you a 2-3% mortgage than take a loss and reduce principal. As for watching cspan, it actually is pretty interesting to watch especially the stuff on the banking, finance, mortgage and other bailouts going on; being home do to unemployment I am not a soap opera kinda person and I can only watch so much cooking and home improvement shows then my brain starts wanting to cook something gourmet or redo something in the house and then I remember wait a minute can't afford it i am unemployed this way watching cspan makes me smarter but doesn't spur me to doing anything that would spend money lol!

[gray517]

Originally Posted by patstrat47

and I am looking into this NACA... are they legit? do they really help you? I want to move from the house and go rent to own

pat

Yes Naca is legit, we are one of the Naca Success stories!