Please help! 12 mos of nowhere with CW!

[hntrjmpr]

I was so relieved to find this site a month ago while looking for others with similar situations dealing with CW. I'm in the thick of it and need some advice. Long story shortened:

I bought my Northern California home Dec 2005 in a 2 week "speedy deal" through the lender (seller wanted tax benefits), neg-amort, var APR 1st and 2nd (first time buyer, good job, never educated about what neg-amort was by the lender). Realtor error cost me a successful sale in June 2007. Jan 2008 hired a lawyer to pursue loan mod due to maturing loan in October of 2008 and dropping home value. CW told me I didn't qualify as I had never missed a payment (wouldn't even let me talk to work-out dept). Called them every 3 weeks to pursue, reviewed financials each time, either made too much, or not enough. Finally missed a pmt in June 08 due to financial harship, and an interest rate over 10%! Work-out dept was only interested in bringing me current, told me to call back in October after the loan matured and deal with it then. Nov I received a letter of intent to accelerate. Dec I was told to submit paperwork for national housing alliance through CW to see if I qualified for a modification. Dec 26th would have approval or denial. Never heard anything from them, called repeatedly - they "couldn't give me a timeline as they're too busy." In the meantime, credit has sunk because CW hasn't actually recorded anything official, so I'm getting 7 months of missed payments on my credit report. Jan 2009, still no answer from CW. Feb contacted 4 attorneys, no one of any help.



All paperwork is ready to go, but I'm still hesitating... Do I really proceed this way? Are there ANY other options? Who is this "Teresa" gal you lucky people found at CW? I'm now past the 12 month anniversary of starting all of this. Would be happy to foreclose at this point, but CW can't even get that done! The home is worth 50% of its purchase price. Does it make ANY sense to stay if one cannot get a reduced principle balance?

Best wishes to all of you who are going through this same struggle.

[Moe Bedard]

Hi hntrjmpr,


Welcome to the forum and thank you for joining...............

Here on the LoanSafe forum we would only have information on the attorneys that are on the home page of LoanSafe, as we have authorized them to be on LoanSafe.........we wouldn't have information about any other attorneys or companies on the forum. For that you would need to go to the California Bar Association website and check on the licensing of the attrorney that you are looking at working with.............or you can contact the attorneys that we have checked and authorized to be on LoanSafe and see if they may be able to help you................here is the link for that.........
Loan Modification Service | Home Mortgage | Protect Your Home & Mortgage With Loan Safe



Principal reductions have not been offered in conjunction with modifications from the investors as of yet.............we have seen a few principal forbearance.............but that leaves a balloon payment at the end of the note..............so the property would still be underwater.

But if you have an option arm and are in California................have you asked about the AG Settlement that began on Dec. 1st? You may qualify for that program.................
1-800-669-0102

also if this is the only property that you own, you would also have NACA as an option............they are a HUD approved counseling agency and their services for the Home Save modification are free.........click on the link for the info.........
https://www.naca.com/refinance/refinanceTenStep.jsp

Before deciding to foreclose............look around the Deed in Lieu section of the forum..............the link is below.............there is alot of good information from California homeowners and if you meet a certain criteria of a purchase money loan..............the lender would not be able to come after you for any deficiency left after foreclosure sale..........
here is the link for that section.........
Deed in Lieu of Foreclosure - Do You Need Help to Walk Away? - Loan Modification Forum - Loan Safe

[snapple candy]

Have you missed only one payment to date or 7.
I suggest using NACA.org to assist you. Its free and better advocate than attorneys.I used the HOPE national program and they werent helpful much.