My CW story continues....what a mess!!!!

[rozuki]

I need to vent!!

Bought home in Nov 2005 for 560k at 6.75 for 30 years fixed, with down payment of 35%. Did major renovations in 2006. Refinanced due to cost overruns of renovations at 635k w/ 10.5 arm (due to reset in two years) for 40 years (subprime due to being late with some cc payments). House appraised at that time for 720k. CW tacked on lots of extra fees, but was desparate to get refi to pay contractors.


It was definitely a major shock to be making such a large mtg payments each month, but figured would refinance back to a more reasonable rate with a 30 year term after cleaning up credit (had fallen from mid 700's to mid 600's with those late cc payments! Which was due to forgetfulness, not inability to pay!! Kicking myself now... ). With our salaries it was not a problem, although it did make things a bit tight.


Fast forward to 10/08, hubby wants a divorce, his business is down 65% due to the recession/depression/bank fiascos and I know that making that huge mtg payment is going to be a major problem. I need to refinance now!!!


Contacted CW in Oct 2008 about the hardship looming and found out could not refinance because we now have no equity at all!!! Asked about loan modification - told to call back after 12/1, due to new loan mod progam going into effect - but since I called they had me in the system, and I would not be receiving any other communication (letter, etc) from them.

I called every week to check on things, always got runaround.


I went through all the hoops that others here have experienced. Faxing information several times, speaking to reps in India call centers, finally getting answer on Feb 6 09 - Denied!!

Called again next day and spoke with a US rep, explained hardship again, faxed info again. This rep did get the denial withdrawn, so I was back in review with negotiator in early Feb 2009.


Last friday, Feb 27, 2009 - received a Fedex package with loan mod paperwork from CW. The new modified rate they would do was 8% for 5 years!!! With 11,168.00 interest tacked onto the principal!


Called immediately to speak with someone at CW to let them know this was not acceptable!! I asked why is the interest rate still so high and what is the interest of 11,168.00 for? Was told you don't qualify for the low interest rate because you have never been late with your payments and the 11, 168. is for escrow - even though it clearly says interest on the paperwork they sent!!! And the kicker: Only those who are at least 60 days behind receive the under 5% interest rates....


Grrr.....I know the reps are just script readers - but I just said thanks for the info, got the id # of the recording (in case I need it?) and informed them I would not be sending in my mortgage payment and I will call them in 60 days to re-apply for the loan modification, since I will then officially be 2 months behind. Rep says "Oh, you don't have to wait exactly 60 days...you can call a few days before then." What?????

Now on Monday, March 1st , I receive a phone message from CW telling me that I can expect an information package in 5 days with information on how I can get a loan modification with Fannie Mae under new program? Is this part of the new Homeowner Affordability and Stability Plan? Or are they referring to the Fedex I had just received from them with the loan mod info???? I didn't have the patience to call again and deal with the runaround.....of being transferred from dept to dept to get some information.


With all the stress of getting divorced, less income, etc and getting nowhere with this loan mod...I am tempted to just do a DIL and if I can't ....just mail them the keys!!! At this point, I don't even care about my credit rating...which just climbed back into the 700's!!


PS. Based on sales in my area, I have probably lost over 100k in value - not even counting all the renovation costs.

[Dan Bailey]

rozuki,
Glad you found the forum and posted.
I doubt the plan they are going to send you is part of the Obama plan, since your principle is over 417,000. And youre right, calling them to see what plan they are sending will yield in the runaround.

When the package comes, see what the offer is. Then go from there.

It is not unusual at all for delinquint payments, escrow (taxes, ins) to be rolled into the principle. They roll the escrow in to protect their asset-they want to be sure the gov. has no lien on the property(taxes paid) and the home is insured....even if that was not included in your current mortgage.

The value loss.....that is everywhere.

After you get the packet, if the offer does not help you, you may want to consider contacting NACA https://www.naca.com/refinance/refinanceSubmission.jsp The are a non-profit HUD approaved homeowners advocacy group that helps obtain mods .

These would be the credit implications for walking away, DIL, etc...:The affect on your credit from foreclosures, short sales and deed-in-lieus

[rozuki]

Dan,

Thank you....I have been reading this forum for quite awhile before joining...I have become very well-versed in the whole loan mod, mtg and DIL, SS, etc...unfortunately!

I just called CW again...and spoke to a rep, Ken, who was able to at least tell me I didn't have a Fannie Mae mtg (which I basically knew as I have a jumbo loan!)

This is the message I received on Monday but Ken did not know if it was referring to the new HASP that debuted today:

"...we are sending you a special offer in partnership with Fannie Mae, expect the Fedex package within 5 business days...."

Of course, I am going away on Friday morning and will be gone until Sunday....so I will be on pins and needles for awhile....because I have until the 16th to pay the mortgage without a late fee! Maybe I will get lucky and it will come tomorrow....

I have read the Homeowner's Affordability and Stability Plan and although I don't meet the refinancing program (that is only for FannieM and FreddieMac mtg's), I do meet the guidelines for the Modification Program which is not restricted to either Fannie or Freddie mtgs (at least the way it is worded) ......so maybe, just maybe I might get the help I need to stay out of DIL or foreclosure, as short sale is impossible around here.

[rozuki]

I have been dealing with CW since Oct 08. Told I will hear from them about the "new" mod program going into effect on 12/1/08, that I am now in the system after giving them all the information they needed.

After many phone calls to many different "depts", after being denied, then "undenied", then approved for a mod - finally received fedex pkg on 2/28/09. It was totally unacceptable and they are treating me as if I have missed mtg payments - which I have not...yet! Tacking on 11, 168 in interest to the principal, lowering rate from 10.55 to 8 - what a joke!

Then on Mon, March 3 receive a voicemail that they will be sending me an offer from Fannie Mae? Within 5 business days? I thought this might have to do with the new Homeowner Affordability and Stability Plan? I called CW...of course, nobody knew anything about this.....

Received another Fedex pkg this morning, Mon, March 9, 2009 -with same interest rate, but tacked on another 12,000.00 to the principal??????Plus, added 168.00 to the escrow? What the hell is going on here?

So, of course I call again, speak to a rep who doesn't know squat - when I say "but this is bull**** - why two didn't mod pkgs in 1 week - and I have never been late with the payment" (I couldn't help it, it slipped out!) ....you guessed it....I don't have to talk to people who use profanity! She hung up.....ggrrr


So I calmed myself down and called back, asked to speak to a manager - of course, none available. I then ask how do I apply for the new H.A.S.P program - was told I can't, since I already applied for a loan modification with CW?????

Does anyone know about this? I went to CW and BoA's websites and they say they are participating in the H.A.S.P program? I need to talk to someone who can straighten out this CW twilight zone I am now in....should I try NACA (the nearest office to me in in Connecticut - hours away - can you do everything over phone/fax?

Do I pay March mtg payment or not? Is it better to try and stay current...which is getting harder and harder...this is the last month I can pay this mtg amount (I have no savings left!!!)

My head is spinning.....maybe I should just give up.....

[Moe Bedard]

You should definately save yourself the headaches and give NACA a try.........the Home Save modification program services are free.......
and you can do the phone consultation is you are too far away from any offices or workshops.................here is the link that Dan provided when you originally posted.............
https://www.naca.com/refinance/refinanceTenStep.jsp

[rozuki]

Thanks...I applied on-line today at NACA but am having problem with setting up a phone appt -that page doesn't seem to be working. I did get an ID number....

Just left a message with NACA by phone, hoping a counselor calls back today. Also, I signed up for the nearest workshop on April 4th....my mtg payment is due by 3/16...still debating if I should send the last of our money in to CW... or should I just start down the path of wrecking my credit now or wait another month?

[Moe Bedard]

we can not give advice on whether or not to make payments.........that is a decision that only you can make based on your individual circumstances.

are you able to get in if you go here and click on "Stage 3"
https://www.naca.com/refinance/refinanceTenStep.jsp

[rozuki]

***,

Thanks...I think because I didn't fax over documents yet is the reason why I cannot make a phone appointment. When I checked my status it said "incomplete". So I will find out tomorrow, once I fax over all documents!

[gray517]

Originally Posted by rozuki

***,

Thanks...I think because I didn't fax over documents yet is the reason why I cannot make a phone appointment. When I checked my status it said "incomplete". So I will find out tomorrow, once I fax over all documents!

did you complete all 10 steps? after that is done it should give you the option to schedule a phone counseling appointment or face to face appointment, faxing your documents ahead of time just saves time, I found this out when we did our naca submission as i had to have multiple phone appointments in order to get them all of the docs required. it's not a requirement to making an a phone appointment. try clicking on submission and make sure all 10 steps are entered and done.

[gray517]

if click on step 2 or submission and your are done with all of your steps this should come up:

Congratulations on completing your Homeowner Submission

and in the middle of the page is where you can set up a phone appointment

[rozuki]

Gray,

Yes, I got the congratulations message (I think?)...and the phone appointment page came up...but everytime I entered a date, or tried to see the "next 5 days", clicked search or submit.....nada...just "error on page" in lower left corner of screen.

I called the 800 number and left my Naca ID, phone num, name...have yet to hear back from them.

[gray517]

Originally Posted by rozuki

Gray,

Yes, I got the congratulations message (I think?)...and the phone appointment page came up...but everytime I entered a date, or tried to see the "next 5 days", clicked search or submit.....nada...just "error on page" in lower left corner of screen.

I called the 800 number and left my Naca ID, phone num, name...have yet to hear back from them.

ok I logged into my Naca account to see if I could help you out, when you log-in if you are done with the 10 steps it should take you to the"congrats page" middle way down the page is 2 lines that say click here to set up a face to face Don't click on this one, it's the one to the right of that says click here to set up a phone counseling session MAKE SURE YOU CLICK THIS ONE don't fill in any dates or times, just click the button that says show next five days, it should show at the top available appointmentss by phone then you can pick your appointment time (when i did that a bunch of appointment times come up for next week) make sure you pick a 1st, 2nd and 3 rd choice of times.

[rozuki]

Well, just got another phone message from CW. Another loan modification package is on it's way.....so this will be number 3. I wonder how much interest this one will tack on to principal and escrow? First one had 11,168.00 interest and the 2nd one had 23k interest and 168.00 escrow tacked onto principal. How the heck are they calculating these mods? These were delivered exactly one week apart! It just doesn't make sense......

Well, this month will be the first payment I have ever missed. I thought when I called the first week in October, knowing that it was going to be difficult in 6 months, that I might have this resolved. Silly me!

But now I am not losing sleep over it, whatever happens happens....I have an appt for a NACA Workshop on April 4th, so by then it will be 6 months that I have been trying for an acceptable loan mod.... I will ride it out here until the sheriff's come to throw me out on the street. Will be interesting if it is someone I know, as I work for the county also!!!

[stressedout1]

rozuki, i feel your pain. i got the same message
"...we are sending you a special offer in partnership with Fannie Mae, expect the Fedex package within 5 business days...."
it's funny b/c BONY is the investor for both of my loans. This is for my 1st, I supposed and it's confusing to me.

I received a fed ex package for my second loan with an increased in payment one day before this message. I just went with NACA and hoping for a miracle. Good luck to you. (I am 7 months behind). I am fighting to keep my home.

[rozuki]

Stressedout1,

Thanks....good luck to you too...and the rest of us in this nightmare!

Question: are you being harassed daily by phone/mail from your mtg co regarding payments?

[stressedout1]

hi..we are all here for each other (thank goodness for this forum) it's keeping me sane and informed..
as strange as it may sound, we have very little harrassment from cw as far as mail and phone calls. we have more stress calling them ourselves and talking to different reps with different answers everytime.

[rozuki]

That's good to know....and I hear you re: the stress involved in calling CW and listening to the many different reps...I only call during the day because I can't deal with the Indian call center reps....they are the worst!

[gray517]

when getting a modification it is typical whether you are behind in payments or not, for them to "skip a couple of payments" to give you breathing room,they don't forgive those payments they have to go somewhere and the interest portion is tacked onto the loan balance, if you don't have an escrow for taxes and insurance that may be something they are requiring for the modification and the funds needed to start the escrow account (amount depends on your taxes & insurance and the due dates of each) is also added into the loan. When getting a modification there is no way around this way of doing it, it is the same regardless of the lender or how you obtain the modificaton. good luck with Naca!

[rozuki]

Thanks for the info, Gray17!

I find it amazing that none of this is explained in the paperwork though....My taxes (1st half) and my homeowners insurance were paid 12/1 via escrow done by my mtg co.

I have never missed a payment (until this month...and it won't officially be late until after 3/30). Receiving two different mods in the span of one week with different amounts just adds to the confusion...I am awaiting the third one which should come via fedex on Monday.

I called CW to let them know the 1st mod was unacceptable, never called about the second one....


Oh well, as I said previously, I refuse to get even more stressed over this...I am doing what I can and whatever happens will happen.

[klauss54]

ok i havent made a payment since oct 08 been denied 2 mods by cw and now im going thru naca they always return calls and are wonderful i will never again waste my time calling cw who ever answers phone are reading from a script i called cw yesterday for status on naca proposal and was told it was denied then i called naca shaking and ready for a nervous breakdown and naca said funny it was denied because we have not submitted the proposal yet which makes me wonder what clowns are working at cw anyway i pray things work out for all of us i will only talk with naca from now on and yes i will stay till the sheriffs move me out

[rozuki]

Good luck to you to, klauss54!

I admit I am nervous about the fact that I am not making the mortgage payment...and annoyed that CW is making me destroy my credit rating in order to get them to understand I am seriously having a hardship here.......but it helps to know that others on this forum have been dealing with the issues for a few months and are still in their homes........

[cobra]

Rozuki;

I am in the same boat. I have only made one payment since November and just received a notice to Accelerate this morning. They have given me until April 9th to pay or they will move forward. I'm now in active processing with CW for a mod but have started the process with NACA. Have a phone appt. for next Thursday night. Hope they keep it. I need to know about making a payment at the end of the month or not.

Cobra

[rozuki]

I just got my third fedex loan mod pkg from CW...they are coming in a week apart!

This is still at 8% interest but the amount added to principal is 16,408 and the escrow is 238.00. Still unacceptable...so I will have to wait and see what NACA brings to the table when I meet with them.

There was another phone message today advising me I have another loan pkg coming.....so I can expect #4 to arrive anyday now.....this is unbelievable!

[Moe Bedard]

Wow...........I think you may have been caught in the modification Vortex........

[rozuki]

Yes, ***, I am in the CW loan mod twilight zone...now if they would just change that interest rate to 3%...