been reading on the forums here, and it's amazing to read all the stories that are so similar to mine, it is scary, stressfull, and very depressing. I finally decided to post my story here, since i really have no "professional" advice to listen to in my circle of friends. I'll try to not make it so long and drawn out. My wife and i purchased our home in 2004 at 252,000.00 approx. we purchased through century 21 for a 30 year fixed rate. A year goes by and we re-finance to do some repairs, and upgrades to the house and do some repair work on the car. i had contacted
CW to do a re-finance in 2005 august. After appraisals, i'm told the home is worth $420,000.00 and that we could cash out alot of money and still have "a lot of equity", and that we could even sell later and still make a good profit on the house if we sold at a later date. After
CW made it sound so good, we decided to go with what they recommended and re-financed for 320,000.00 for a 3yr arm at 5%, after 3 years (2008) it will re adjust at todays market at whatever the market is at the time with a cap of 9%. doesnt sound all bad right? well, little did i know or did they ever explain to me what negative am meant or which payment i should make. every time i logged into
CW for that first year untill 2006 i didnt know that making the minimum payment was only adding to the amount of my principle! i always had thought the other payment options were if i wanted to knock off more principle off of the amount owed, if i had known that by making the bigger payment was the only way not to make the principle go up, i never would have re financed in the first place because that payment alone was about 3000.00, and there is no way we could make that payment. i was steered toward this loan type because of the "lower payment" of 1400.00 a month. was even lower than my original loan! So, at that time i figured hey lets just put the house on the market and just walk away with a little money and start over with something more affordable. No luck. in 2006 my house was already worth less than what i had owed for it, so i couldn't sell it to even brake even. I didnt know what to do, and at that time calling
CW was no help they didnt care one bit, so i figured we have 2 years to keep making the minimum payments untill 2008 lets see what happends. those 2 years went by sooo fast, and the more and more stressed and depressed we got the closer to crunch time. June '08 my wife loses here job of 10 years. OUCH!!!!1 month later I lose my job DOUBLE OUCH!!!! We are severely stressed cash out the 401k to live off of for a few months. We only have 9 thousand dollars, and have to pay for the car, car ins, and all the essentials. we cant make the minimum mtg payment anymore because it had gone up to 1900.00 a mo.June 08 was our last mtg payment. we both have jobs now, but we make half as much as we were making before. but we are working, which is the important thing. I called
CW in early november, and started the home retention program, sent in pay stubs and letter and nothing has changed since then. every time i call there is nothing new to report, it's " you will recieve a work out package in the mail" but i have not recieved it yet. i call at least 5 times a week, hoping to hear something differnet but i dont. I am beginning to think that they are declining my help. It is so extremely frustrating waiting every day on an envelope from ups, checking the mail with anxiety, logging on to the website to see if there is any news, and nothing. My principle has gone from 320,000 to 360,000.00 in 3 years and a few months. We try to not let the kids now what exactly is going on, so as not to stress them out more, but they are smart (15,12) and probably can tell we have lots of stress on our faces. I know we dont make much money any more, but we dont want to lose our home. this is our dream home we purchased after selling our first home in 2003. we are so anxious to get help, we have no clue how the help comes. Do they re finance the principal amount at todays market? do they also wrap up any debt you have into a new plan? (35,000. in credit card debt) which by the way we cant even keep up with those. we feel as if there is no hope, that the inevitable is losing our home and our dream. I've read lots of posts here and have seen that people have recieved help, and i am really happy for them. So that has lit the fire of "hope" in me once more. We have been waiting on
CW for an answer and havent gotten anything. We are tires of waiting, it's extremely frustrating. should we look for help from someone else? or keep on waiting?sorry so long......thanks in andvane for any help!
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Re: My CW nightmare 
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