Here is My CW Story

[dougincalif]

I'm going to try and make this as short as I can. I am currently working with "Loan Safe Sulutions" and the "Law Offices of Gregory A. Paiva" starting back in July of 2008.

After all the paperworks was completed, around Nov. the 8th of last year, I was told that we should hear something back from CW by mid December. That time came and went with no word. When I did contact Loan Safe I was told that CW is reveiwing my paperwork and that I should get an answer back soon.

This is already getting too long... anyway... I just received my paperwork for my mod yesterday. I only have a first on my home and here is the kicker... My loan amount is $562,000 currently at over 9% on my fixed 2 year ARM. It is due to adjust in June of this year. It's a "40 Year" loan! Loan Safe said they found many things wrong with my load docs and I have a good case to get my payment / Interest reduced.

Back to my story... My offer from CW gives me 1 year fixed at 7.875% and then my loan will adjust again after the first year! Top that off with it's still a 40 year loan.

When we purchased our home we figured that we could, like many Americans, refi out our home loan after the 2 years and get a better rate. Well with everything that has happened and how the banks have messed up so bad... the congress gives "Them" more money to fix the problem? Give me a break!

I faxed over my Mod paperwork to contacts at "Loan Safe" last night and I'm waiting for an answer on what I can do. BTW... my home is now valued at about $362,000... a $230,000 drop in less then two years. I'm not upset about how much it's dropped. I'm upset with CW because they are taking advantage of how the economy is... and they help make the economy bad and will be making money from it.

[dougincalif]

Opps... Cyberhomes.com now shows my home at $333,765 and Zillow shows it at $382,500... Guess I could average it out to $358,132.50... price is dropping as I'm typing!

[Moe Bedard]

Hi Doug,


Just wanted to say welcome to the forum and thank you for joining.......


I know.........it is crazy how far property values plummet in an instance...........so sad for everyone........



Please keep us posted on your progress.......

[dougincalif]

Thank you ***. I'm really not worried about the value of my home. I feel that the market will bounce back sometime. I just can't afford to exit my 2 year fixed ARM that is over 9% and get stuck with a 7.875% loan. I know that you can get a loan right now for around 5%. That I can afford... but to make me pay almost 8% is just insane. Because I'm backward on my loan I can not refi... That is not working with me to keep my home at all.

So who do I give my keys to?

[Moe Bedard]

If this is the only property that you own..............you may want to give NACA a try...........they are a HUD approved counseling agency and their Home Save modification services are free............they base the modification on affordability..........and they are low, fixed rate modifications................here is the link to look over............
https://www.naca.com/refinance/refinanceTenStep.jsp

[Moe Bedard]

No..........attorneys usually are not..........


Please do keep us posted..........

Good Luck with the mod......

[dougincalif]

Oh and yes... this is my only property and I only have a first... no second on my loan.

[Moe Bedard]

then you can have a backup plan............just in case.

[dougincalif]

I'm sorry ***... what do you mean? Back up plan? If for some reason they can't get me something I can afford. My back-up plan is to mail the keys to Countrywide... Really! That is something I really don't want to do but with impounds and everything else right now I'm paying about $5,400 a month on a $562,000 loan... the mod I received yesterday brings my payment, without inpounds or anything else, to around $3,850 a month. If they can get me a fixed for 30 years at 5.5% my payment will only be $3190.97. Remember... right now I've got a 40 year loan and it will be at 8%... thats killing me!

[Moe Bedard]

I meant NACA....

[dougincalif]

Thank you again ***... I guess I can give them, NACA a shot if the attorney can't get something worked out with Countrywide.

[dougincalif]

Just thought I would give an update... Nothing new to post!!! It's been a week and no news... No emails... no phone calls... Our Loan Mod Offer will expire in less than two weeks so I really don't know what is next?

[Moe Bedard]

It has been like this with all of the servicers................they have put modifications on hold while they put the new guidelines of the Home Affordable modification in place so that they are able to see if that would be a better modification option. That may be what they are doing with your modification.............the announcement made on the 4th........could be a better option for you.............

keep us posted on what you hear.

[rozuki]

doug,

I too have a jumbo loan with a 2 yr ARM and my interest rate is 10.55%. Have been in contact with CW since 10/08...first loan mod pkg received 2/28/09 for 8% for 40 yrs with 11,168 tacked on to principal ....lowers my payment 1000.00 a month to 5202.00! Second loan pkg received 3/6/09, same interest rate of 8% with 23K now tacked onto principal for interest, plus 168.00 for interest!!


Today received another automated call that they are sending me another loan mod pkg and will receive it in 5 business days!

I don't know what is going on with CW, it has been a total nightmare dealing with them. I am sick of calling and dealing with call centers in India. I applied with NACA and will attend the local workshop on Apr 4th in my area. I cannot afford an atty as I am also going through divorce while dealing with this mortgage mess. STBX is happily skipping out on Apr 1st leaving me to deal with this mess.


I will be walking away from this house if NACA cannot get me down to 3% for 30 years, along with a forensic audit of my loan docs.

I hope you have better luck than I did!

[dougincalif]

Ruzuki, No, I have not been in contact with CW. Truthfully I think I'm going to have to do something soon. Seems that "LSS" and my Atty have split up and LSS will have nothing to do with me! They are the ones that set this whole thing up and I guess they get their money and send you on your way. It's Apr. 27th and my Atty, Greg Paiva does not answer my calls or emails. I've called his office 3 times and just today got a hold of Robert. He was very rude and just told me that I have to wait. Well, I've been waiting almost 6 months! I paid these guys $3,995 and I don't think they have done much for me at all. I think I should of done what *** said and contacted NACA. Their cost: $0 If someone is reading this for the first time... If you pay an Atty to do the work for you... they can't do anything more that NACA. I've read stories from people that have started after me and they have completed their mod... I'm not close to finishing mine I feel.

[rozuki]

DouginCalif,

I went to the NACA workshop April 4th. I liked what I saw and read and heard. I applied online, had my telephone counseling session and NACA submitted what I thought was a decent proposal which will cut my mortgage payments (PITI) by almost 50 % on April 17th.

Now I wait 2 more weeks before giving NACA a call to see what's happening...then I wait some more. I stopped paying my mortgage March 1st because CW was not taking me seriously, in fact I was told by a phone rep they only modify at a low rate if you are at least 60 days late...when I was still current!!

Why not apply through NACA now....since working with an atty hasn't gotten you any results?

[dougincalif]

Yes! Let me know how that goes for you!

I got all kinds of promises... this has been going on for almost 6 months and I really don't see a light at the end of the tunnel yet.... well I do, but I think it might be a fright train!

I'll be giving NCAA a call on monday!

[rozuki]

Just an update on where I am at...NACA submitted my restructure on 4/15 (I thought it was 4/17 but just confirmed with BofA that they received it on 4/15). The proposal would cut my payments by almost 50%. BofA assigned a negotiator to my case. Called NACA yesterday - no updates yet - call back in 2 weeks. I emailed the BofA prez, Barbara DeSoer, last night. Received a call from someone at BofA regarding my email today - wanting to know how they can help me!

Go with NACA - they are the only group that seems to get something accomplished!

[dougincalif]

I contacted my lawyer last night by email and he wrote me back and said he would contact Countrywide/Bank of America and let me know something today... I'm going to guess I will not hear from him at all... Just guessing. I did fill out and make an appt with NACA last night also. I have a phone interview on the 25th... I'll keep everyone informed.

[dougincalif]

Just as I thought... My lawyer never called or emailed... They say they will do something... but why bother when they already have been paid? My appt is the 25th of this month with NACA... I sure hope they can do something!

[dougincalif]

Udate... I spoke with the Rep from Bank of America... now that they took over Countrywide... and she informed me that they are not working on a mod for me at all. I called Greg Paiva's office and Robert said that he has been speaking to them???? The person from BoA knows of NACA and also said I could do the Mod myself... I'm giving Greg and Robert till tonight to send over copies of everything they have done for me... I'm guessing that they will not be sending anything. At this point I really don't trust them. I feel they took me for $4,000 and 8 months of my time. We have been working on a loan mod from Oct of last year and Mr Paiva's office tells me thats just how long it takes!!! Our ARM will be adjusting next month!

My wife and I went to a NACA meet over the weekend and have already sent over our paperwork... we have our first phone meeting tonight. I'll let you know how it goes!

[rozuki]

dougincalif,

Good luck! Hope all goes well at your NACA session...don't be discouraged if the phone call comes late! They are swamped lately......

Can you get your money back from the do-nothing attys??? I would be livid about the way you were treated if it was me.......perhaps you can sue them?

Rozuki ~ NACA mod approved 6/10

[dougincalif]

Let's see... I'm so upset with the way they have handled my loan mod that I can't even see straight... Like I've stated... Greg Paiva, as I see it, has not done one thing to help me. I'm more impressed with the person from BofA than I am with him and his people.... Robert in Greg's office told me that we will have to send all the paperwork in again... OMG... he has to be kidding me! They have NEVER called me without me calling them first! I mean not once! Truthfully, working with Gregs office has got to be as bad or worse than working with Countrywide! They say they are going to do something and they don't do anything! They say they will call in 10 days and... wait for it... Nothing! I've now requested all the paperwork that they have sent to Countrywide/BofA and Robert said he would have it emails... that was this morning... and again... wait for it... Well, I'm still waiting for it! I went to our NACA meeting on Saturday and we are sending paperwork to them to see if they can do anything. I'm feeling very good about them... and I'm hoping that Greg Paiva's office will just send me a check and go away. I will be sending a letter to the California Bar and telling them how they work! Till next time...

[dougincalif]

Wow! I had a 7 P.M. phone appt. with NACA... and at 7:05 P.M. my phone rang!!! The NACA person was very nice and helpful...

[cobra]

doug;

NACA is great! They saved my home for me! Just be patient with them. They've grown fast and are over burdened with all the mods.

Keep us posted on your progress.

Cobra...NACA approved mod 5/29