Help Wanted - Loan Modification Forum

NancyK · 03-04-2009, 02:43 PM

My husband and I live in our "forever" house with our two beautiful daughters. We have been here for over 3 years and would love to stay here forever! Unfortunately, we have a negative am loan that we pay the lowest possible payment since I am a stay at home mom. My husband is a firefighter and has been able to provide for our family from day one, but as the economy continues to circle the drain, his overtime opportunities are drying up. This leaves us paycheck to paycheck and dipping into our savings here and there. Well, we are approaching our payment hike which will devistate us! Our current payment is roughly $3200 for both a 1st and 2nd (Countrywide holds both loans). We are royally screwed with the loan to value margin! We owe 881K and our house value is 430K, so a refi is out of the question!

We are current on the loan and have tried to get help from Countrywide for about a year now. As you can guess, NO HELP. We were told back in August to wait until Dec 1 for the new programs to go into effect. Well, December 1 came and went and NO HELP. Oh wait, I take that back. We have been told they can help us with a short sale! Our file says in review, but no one will tell us anything helpful.

We are thinking we don't want to put any m ore money into this house, like our payment, if we are going to have to leave it. Our main objective is to stay in this house!

We feel like we are in a little holding pattern since the Obama Stimulus Package is coming down the pipes and no one will comment on how it will effect us specifically. Can you offer advice/help? Can something be done with Countrywide? Would it be better to just walk away or do a short sale? PLEASE HELP

Knightfal · 03-04-2009, 04:39 PM

You can also try going through NACA for help.

https://www.naca.com/index_main.jsp

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

Good luck and stay strong.

NancyK · 03-04-2009, 04:49 PM

Thanks Knightfal. We have been thinking the same thing! It is just hard to have to go that route. I am going to check out your links for info.

dthom · 03-04-2009, 05:22 PM

NancyK
Definitely give NACA a call or go online and apply. We are not behind, but paying late, hard to come up with the money for payment, loss of income due to unemployment. We are waiting on our restructure, CW shows we are in active processing at this time. Ours is a fixed sub prime, and we are underwater too so could not refinance. CW wouldn't help us either. You are not alone. Hang in there.

jbumpy · 03-04-2009, 06:21 PM

Just wondering if I posted my thread correctly. jbumpy - countrywide run around. I notice everyone getting responses. I'm getting nothing.
Hope I did it right!!!

NancyK · 03-08-2009, 02:06 PM

Does anyone know how the Obama Stimulus stuff is actually going to help people? The research I have done does not relate to people who have Jumbo loans or people that have lost 40+% of their value. Can anyone shed light on it?

Moe Bedard · 03-08-2009, 02:19 PM

Nancy...........you have a first lien that is more than $729,750?

chasepmt2hot-firefighter · 03-08-2009, 02:21 PM

NancyK,

I was recently asked if any certain programs will come about for public servants (police & fire). I've not searched for this but wouldn't it be great. I certainly wonder how many people who dealt with the pain of 911 are now dealing with these issues. Anyone that lost a spouse. If you ever run across this, please post it.

NancyK · 03-08-2009, 02:21 PM

Our 1st is for $791K and our 2nd is for$90K

NancyK · 03-08-2009, 02:25 PM

I have not done research related to Firefighter's and mortgage help. It would be great if we can find some help or info!

Moe Bedard · 03-08-2009, 02:50 PM

alot of the help is geared toward military..............it would be nice to see the same help for firefighters, and police officers...........

NancyK · 03-08-2009, 03:17 PM

***,

Do you know of any help more me and my Jumbo Loan?

Moe Bedard · 03-08-2009, 03:24 PM

Is that the reason that CW was denying you.............because there are no loan limits on a regular modification if the investor is doing them............

I had read the original post and with the payment being 3200 on the 1st and 2nd combined...........on a jumbo loan.............the interest rate must be pretty low or interest only.............

what is the interest rate at?
are you paying interest only?

NancyK · 03-08-2009, 03:28 PM

CW said for a standard modification that we don't make enough money for the payment. Of course we don't make enough money for the payment! That's why we are in this boat!!!

With the Help Now's help, we are under review, but the Obama stuff is making us crazy.

How do we find out who our investor is?

Moe Bedard · 03-08-2009, 03:33 PM

there are pooling and servicing contractual agreements in place between the servicer and the investor that bars the servicer from giving that information to customers, these are legal documents.............. although, some reps give it..........but they are not supposed to be doing that.

What is the interest rate at?
Are you paying interest only?

NancyK · 03-08-2009, 08:35 PM

So we are hit or miss getting a rep to give the info on the investor.... Is there any other way to find out who our inverstor is?

Our interest on the 1st is 6% and we pay the neg am minimum payment. Our interest on the 2nd is 8.875% and we pay the interest only payment.

Moe Bedard · 03-08-2009, 09:00 PM

What is the number that you are calling for updates on your file that is currently in processing for a modification?

NancyK · 03-13-2009, 08:19 PM

It seems like we have called them all! We have called 866-375-9908 ext 6699 (Refinance Dept), 866-921-4765 (workout dept), and 800-669-0102 (Hope/Home Retention Dept). Our file shows under review, but I have some new interesting info:

We received an overnight mail FedEx package from CW Home Retention Dept. Thinking it was something fantastic, we ripped that sucker open to find a very confusing thing! It was in reference to our second mortgage. We currently have an 8.875% fixed rate 2nd mortgage with a balance of $89K and a payment of $664. This "offer" of modification was to a 8.875% VARIABLE rate mortgage with a balance of $91K and a payment of $678. We were so confused since we thought modifications would work in the other direction lowering our payment and/or balance and/or interest rate. After we called the number in the packet, we were informed that this "offer" is basically "allowing" us to not make our payment for 2 months and that the normal payment would be added onto the principal balance, inturn raising our payment by 10ish dollars. It would turn us from fixed to variable rate too. What the heck is that?

We then got a message on our phone from CW saying to expect a FedEx package in partnership with Fanniy Mae with in 5 days. So are we expecting something regarding the 1st or are they behind the 8 ball in notifying us about the rediculous offer on the 2nd? Your guess is as good as ours!

rozuki · 03-13-2009, 09:49 PM

I got a very similar response. My first loan mod lowered payment by 1k a month for 5 years but they added whatever interest they were losing back onto the principal.

Also got the same message on phone from CW 2 days after receiving the 1st loan mod package. Said to expect a fedex pkg in partnership with Fannie Mae....it was worse than the 1st loan pkg. Came from the same "Hope" Team dept.

This past week got another phone message from CW...they are fedexing another loan package? Sheesh....doesn't anyone there know what is going on? I have an appt for a NACA workshop on Apr 4th...I am hoping to get somewhere using them...maybe I can at least stay in my house over the summer!

NancyK · 03-13-2009, 09:59 PM

Wow rozuki! Maybe they will keep sending you a packet until they pull their heads out of the sand and offer you some real help! Keep me posted, since it looks like we are in the same boat!

NancyK · 03-19-2009, 02:23 PM

Well, a week has passed and NO FedEx package from Countrywide. Big surprise! We called to see what was going on and of course they have no record of the phone message. We do know that our file in the workout dept, but it has not been assigned to a negotiator yet.

Anyone know how to find out who is the investor on the loan?

rozuki · 04-14-2009, 08:39 PM

NancyK, did you ever hear from CW about your loan mod? Did you apply to NACA?

03-04-2009, 02:43 PM	#1 (permalink)
NancyK Member Join Date: Mar 2009 Posts: 11 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Help Wanted My husband and I live in our "forever" house with our two beautiful daughters. We have been here for over 3 years and would love to stay here forever! Unfortunately, we have a negative am loan that we pay the lowest possible payment since I am a stay at home mom. My husband is a firefighter and has been able to provide for our family from day one, but as the economy continues to circle the drain, his overtime opportunities are drying up. This leaves us paycheck to paycheck and dipping into our savings here and there. Well, we are approaching our payment hike which will devistate us! Our current payment is roughly $3200 for both a 1st and 2nd (Countrywide holds both loans). We are royally screwed with the loan to value margin! We owe 881K and our house value is 430K, so a refi is out of the question! We are current on the loan and have tried to get help from Countrywide for about a year now. As you can guess, NO HELP. We were told back in August to wait until Dec 1 for the new programs to go into effect. Well, December 1 came and went and NO HELP. Oh wait, I take that back. We have been told they can help us with a short sale! Our file says in review, but no one will tell us anything helpful. We are thinking we don't want to put any m ore money into this house, like our payment, if we are going to have to leave it. Our main objective is to stay in this house! We feel like we are in a little holding pattern since the Obama Stimulus Package is coming down the pipes and no one will comment on how it will effect us specifically. Can you offer advice/help? Can something be done with Countrywide? Would it be better to just walk away or do a short sale? PLEASE HELP

03-04-2009, 04:39 PM	#2 (permalink)
Knightfal Senior Member Join Date: Feb 2009 Location: PA Posts: 37 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help Wanted You can also try going through NACA for help. https://www.naca.com/index_main.jsp https://www.naca.com/refinance/refinanceTenStep.jsp Good luck and stay strong.

03-04-2009, 04:49 PM	#3 (permalink)
NancyK Member Join Date: Mar 2009 Posts: 11 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help Wanted Thanks Knightfal. We have been thinking the same thing! It is just hard to have to go that route. I am going to check out your links for info.

03-04-2009, 05:22 PM	#4 (permalink)
dthom Senior Member Join Date: Oct 2008 Location: St.Clair Shores,Michigan Posts: 699 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help Wanted NancyK Definitely give NACA a call or go online and apply. We are not behind, but paying late, hard to come up with the money for payment, loss of income due to unemployment. We are waiting on our restructure, CW shows we are in active processing at this time. Ours is a fixed sub prime, and we are underwater too so could not refinance. CW wouldn't help us either. You are not alone. Hang in there.

03-04-2009, 06:21 PM	#5 (permalink)
jbumpy Junior Member Join Date: Mar 2009 Posts: 3 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help Wanted Just wondering if I posted my thread correctly. jbumpy - countrywide run around. I notice everyone getting responses. I'm getting nothing. Hope I did it right!!!

03-08-2009, 02:06 PM	#6 (permalink)
NancyK Member Join Date: Mar 2009 Posts: 11 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help Wanted Does anyone know how the Obama Stimulus stuff is actually going to help people? The research I have done does not relate to people who have Jumbo loans or people that have lost 40+% of their value. Can anyone shed light on it?

03-08-2009, 02:19 PM	#7 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help Wanted Nancy...........you have a first lien that is more than $729,750? __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

03-08-2009, 02:21 PM	#8 (permalink)
chasepmt2hot-firefighter Senior Member Join Date: Jan 2009 Posts: 228 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help Wanted NancyK, I was recently asked if any certain programs will come about for public servants (police & fire). I've not searched for this but wouldn't it be great. I certainly wonder how many people who dealt with the pain of 911 are now dealing with these issues. Anyone that lost a spouse. If you ever run across this, please post it.

03-08-2009, 02:21 PM	#9 (permalink)
NancyK Member Join Date: Mar 2009 Posts: 11 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help Wanted Our 1st is for $791K and our 2nd is for$90K

03-08-2009, 02:25 PM	#10 (permalink)
NancyK Member Join Date: Mar 2009 Posts: 11 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help Wanted I have not done research related to Firefighter's and mortgage help. It would be great if we can find some help or info!

03-08-2009, 02:50 PM	#11 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help Wanted alot of the help is geared toward military..............it would be nice to see the same help for firefighters, and police officers........... __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

03-08-2009, 03:17 PM	#12 (permalink)
NancyK Member Join Date: Mar 2009 Posts: 11 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help Wanted ***, Do you know of any help more me and my Jumbo Loan?

03-08-2009, 03:24 PM	#13 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help Wanted Is that the reason that CW was denying you.............because there are no loan limits on a regular modification if the investor is doing them............ I had read the original post and with the payment being 3200 on the 1st and 2nd combined...........on a jumbo loan.............the interest rate must be pretty low or interest only............. what is the interest rate at? are you paying interest only? __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

03-08-2009, 03:28 PM	#14 (permalink)
NancyK Member Join Date: Mar 2009 Posts: 11 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help Wanted CW said for a standard modification that we don't make enough money for the payment. Of course we don't make enough money for the payment! That's why we are in this boat!!! With the Help Now's help, we are under review, but the Obama stuff is making us crazy. How do we find out who our investor is?

03-08-2009, 03:33 PM	#15 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help Wanted there are pooling and servicing contractual agreements in place between the servicer and the investor that bars the servicer from giving that information to customers, these are legal documents.............. although, some reps give it..........but they are not supposed to be doing that. What is the interest rate at? Are you paying interest only? __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

03-08-2009, 08:35 PM	#16 (permalink)
NancyK Member Join Date: Mar 2009 Posts: 11 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help Wanted So we are hit or miss getting a rep to give the info on the investor.... Is there any other way to find out who our inverstor is? Our interest on the 1st is 6% and we pay the neg am minimum payment. Our interest on the 2nd is 8.875% and we pay the interest only payment.

03-08-2009, 09:00 PM	#17 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help Wanted What is the number that you are calling for updates on your file that is currently in processing for a modification? __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.

03-13-2009, 08:19 PM	#18 (permalink)
NancyK Member Join Date: Mar 2009 Posts: 11 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help Wanted It seems like we have called them all! We have called 866-375-9908 ext 6699 (Refinance Dept), 866-921-4765 (workout dept), and 800-669-0102 (Hope/Home Retention Dept). Our file shows under review, but I have some new interesting info: We received an overnight mail FedEx package from CW Home Retention Dept. Thinking it was something fantastic, we ripped that sucker open to find a very confusing thing! It was in reference to our second mortgage. We currently have an 8.875% fixed rate 2nd mortgage with a balance of $89K and a payment of $664. This "offer" of modification was to a 8.875% VARIABLE rate mortgage with a balance of $91K and a payment of $678. We were so confused since we thought modifications would work in the other direction lowering our payment and/or balance and/or interest rate. After we called the number in the packet, we were informed that this "offer" is basically "allowing" us to not make our payment for 2 months and that the normal payment would be added onto the principal balance, inturn raising our payment by 10ish dollars. It would turn us from fixed to variable rate too. What the heck is that? We then got a message on our phone from CW saying to expect a FedEx package in partnership with Fanniy Mae with in 5 days. So are we expecting something regarding the 1st or are they behind the 8 ball in notifying us about the rediculous offer on the 2nd? Your guess is as good as ours!

03-13-2009, 09:49 PM	#19 (permalink)
rozuki Senior Member Join Date: Mar 2009 Location: Long Island NY Posts: 356 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help Wanted I got a very similar response. My first loan mod lowered payment by 1k a month for 5 years but they added whatever interest they were losing back onto the principal. Also got the same message on phone from CW 2 days after receiving the 1st loan mod package. Said to expect a fedex pkg in partnership with Fannie Mae....it was worse than the 1st loan pkg. Came from the same "Hope" Team dept. This past week got another phone message from CW...they are fedexing another loan package? Sheesh....doesn't anyone there know what is going on? I have an appt for a NACA workshop on Apr 4th...I am hoping to get somewhere using them...maybe I can at least stay in my house over the summer!

03-13-2009, 09:59 PM	#20 (permalink)
NancyK Member Join Date: Mar 2009 Posts: 11 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help Wanted Wow rozuki! Maybe they will keep sending you a packet until they pull their heads out of the sand and offer you some real help! Keep me posted, since it looks like we are in the same boat!

03-19-2009, 02:23 PM	#21 (permalink)
NancyK Member Join Date: Mar 2009 Posts: 11 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help Wanted Well, a week has passed and NO FedEx package from Countrywide. Big surprise! We called to see what was going on and of course they have no record of the phone message. We do know that our file in the workout dept, but it has not been assigned to a negotiator yet. Anyone know how to find out who is the investor on the loan?

04-14-2009, 08:39 PM	#22 (permalink)
rozuki Senior Member Join Date: Mar 2009 Location: Long Island NY Posts: 356 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Help Wanted NancyK, did you ever hear from CW about your loan mod? Did you apply to NACA?

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