Got loan mod...??

[KVICORY]

I got a loan mod. via fed ex. last week. It has been 17 mo. since my last payment. We moved into a rental after filing bk a year ago. We still tried to see if we could modify our home loan on the house we left, otherwise we were going to cont. to let it go. They denied so many times, and I kept applying. In the mean time they filed a NOD, winterized the home since it was vacant, and changed the front locks. We decided 3 weeks ago to move back into the home since our lease was up and just ride it out intil it foreclosed..Saving our money. which we could have been doing for 17 months!!! Anyhow, we did get a loan mod. All back interest, attny. fees. and back escrow fees are tacked on, it is set at 4.25% for 5 years with interest only pymt due. then it will re adjust to what the rate is in 5years. I don't know if this is good or not. We are in the middle of fixing our credit, and will try to refi later. Any advice??

[lostinlife]

congrats on getting an offer. i think that is definatly a step in the right direction.

[KVICORY]

I wanted a fixed rate for 40 years, they say that would be a re-fi, and are credit is crap because of the BK.. CW says that if I reject and ask for another offer, I can loose out and face foreclosure if they reject another mod..??? I don't know what to do

[lostinlife]

Well, I can not tell you what to do. If you are not happy with it, you can take the chance of refussing it and trying to get another, but did you try NACA? I have read many people having lots of luck with them.

[KVICORY]

I think I may try them also. Applied thru ACORN housing 6 weeks ago, told a worker will get to back to me, and still have yet to hear. They ran our credit, and are in the process of assigning a worker...Thanks!

[sandyg]

Originally Posted by KVICORY

I got a loan mod. via fed ex. last week. It has been 17 mo. since my last payment. We moved into a rental after filing bk a year ago. We still tried to see if we could modify our home loan on the house we left, otherwise we were going to cont. to let it go. They denied so many times, and I kept applying. In the mean time they filed a NOD, winterized the home since it was vacant, and changed the front locks. We decided 3 weeks ago to move back into the home since our lease was up and just ride it out intil it foreclosed..Saving our money. which we could have been doing for 17 months!!! Anyhow, we did get a loan mod. All back interest, attny. fees. and back escrow fees are tacked on, it is set at 4.25% for 5 years with interest only pymt due. then it will re adjust to what the rate is in 5years. I don't know if this is good or not. We are in the middle of fixing our credit, and will try to refi later. Any advice??

Congradulations! 17 months woe! I don't know how factual this is so you might ask around but, I read on this site that once you accepted a modification and made payments on time for 12 months then you could possibly get another mod.

[KVICORY]

I will definately look onto the mod. terms!! Thanks!! I need all the help I can get.

[wildcats21]

We are working with naca papers were submitted to cw feb 26th. We also filed a chapter 13 bk last april our mortgage is outside the plan. Did you file a chapter 13 or a chapter 7. I hope everything works out for you. You can go to naca .com and see if it may be something you are interested in.

[KVICORY]

We filed chp. 7.we have a HELOC also and they want to negotiate also. But I was told the 2nd was charged off by WAMU, and it is attached to the home not as a lien. I have no idea. I am looking for an attorney, my BK attny. is no help to us at this point..

[wildcats21]

We have a second mortgage which is included in our bk payment plan but our credit report shows it was wrote off. I believe that naca will only work on your 1st mortgage but they will pull your credit so maybe they could help you in explaining why it is still attached. They are our only hope.

[Myrsmakeup]

NACA has actually been really great to work with. I am so DONE with CW giving us the run around. We have not made a pymt since July and are hoping that NACA can get a better response. We owe 474K on a house worth 365K. I would think that CW would like to HELP those who are legitamately in a hardship but thats not the jist i get. The economy is in dire straits and all we are asking for is a payment that will allow us to stay put. Mind boggling.

[sandyg]

Originally Posted by wildcats21

We have a second mortgage which is included in our bk payment plan but our credit report shows it was wrote off. I believe that naca will only work on your 1st mortgage but they will pull your credit so maybe they could help you in explaining why it is still attached. They are our only hope.

I have not filed BK but NACA is negotiating my 1st and 2nd mtgs.
I also was told that most 2nd's go away in a BK don't know for sure.

[gray517]

you would need to ask a bankruptcy attorney for clarification, but the property is what makes the 2nd mortgage a secured lien and if even though the debt is discharged in bankruptcy it is still attached to the property,

[KVICORY]

Yeah, I believe the 2nd is attached to the property. WAMU stated that it would be, but they charged it off their books. They do want to renegotiate the loan, but I think it is better to focus on the first until I can get another job. It will cont. to accrue interest, at 4.5%..I did do a title search and there is no lien against the home..

[gray517]

the original mortgage would secure the lien on the property, they wouldn't need to file an additional lien against the property, is that mortgage still showing outstanding in your title search? if so, if you refinanced or sold the property then it would need to be paid in order to obtain a satisfaction and clear title.

[KVICORY]

Talked to an attorney yesterday..they actually thought CW offered an okay deal. They advised I make good on my payments over the next 12 mo. and continue to repair my credit. Then refi..So we are signing the loan mod today, and sending it off !!!