Lost my job in July. Called
CW 4 times and finally entered in to a forbearance plan in November, (60 days late). Had to fax docs to them 3 times but kept checking until received.
At end of forbearance, asked workout negotiator about a mod. I was told there was nothing else they could do and either get a second job or short sell. Called customer service and asked who our investor is, (BONY), and for our workout negotiators supervisor name and number, (and the next two higher level "bosses"). Called first two in order and left message to call... no return calls. Called the third number and explained that I knew there were other options that the previous negotiator did not know about or understand. The lady I spoke to asked what I wanted and I told her I needed a mod for around 4% for a temporary time period. She did some research and called me two days later and said she had arranged a loan mod, (contingent on my bank statements and proof that the home was my primary residence), for a fixed 5 year term @ 4%. I faxed 2 bank statements and a utility bill to her and in less than 1 week the workout page on my account reads...
" Your Loan Modification has been approved, and all collections activities have been suspended as a result of this approval. Next steps will include a call from a workout negotiator who will explain the terms and options of your approved workout including all conditions required for the final completion of the workout, such as upfront funds. You will also receive a package of documents in the mail. These documents are time sensitive and must be signed, notarized and returned to us in 10 days, including any required upfront funds. If you have not received your workout package and/or a phone call from your negotiator by 04/08/2009, please contact us. Please do not call back before 04/08/2009 as that may delay the process. Please respond promptly to any calls or requests that you may receive from us during this time period. Lack of response will cause your workout to be delayed or cancelled. Thank you."
Until I reached a third level superior I could not get a straight answer or any help. The workout negotiators in both Texas and California are typically transplants from the collections department and have little understanding of mortgages in general or what investors may or may not be willing to do. They are given little training to enable them to competently perform their job and as a result have little to offer.
The point of my story is KEEP CALLING! I know it's frustrating, exhausting and disheartening but after all... it's your house. What could be a greater priority? When you reach that point where you are ready to poop your britches and jump out the window, don't give up. KEEP CALLING, KEEP ASKING QUESTIONS and STAY CALM. My story is a little over-simplified to save space but I called over 50 times to get to someone who would actually help and had the skills, knowledge and power to make a decision.
I have a mortgage background of 15 years and was most recently, (last 6-7 years), a national trainer for the bank that has a stagecoach for their logo.
Even with my background when it happens to you everything seems different. it was this site and everyone's posts that kept me going.
Thanks Moe, Thank ***, Thanks LoanSafe!
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