CW is HORRIBLE!!! Using NACA!!

[appollo]

I purchased a home in 2006 put 30,000 down and got put into a 10.25% adjustable interest rate when I was told i would be in a 7%fixed. They did this at closing. Unfortunately I was stuck because I was already in the home before closing due to some unfortunate events. I had just moved to RI and everyone knows everyone! I was also told that I would be getting 10,000 at closing which I didn't and no one knew where the money went. I tried to refi in May of 2008, my home appraised for 298,000 and I owed 270,000 but they said I couldnt due to some legal issues at that time. So, I just tried to refi again which I have good credit, great job but my home only appraised for 205,000 which was not enough. So I had to call CW and find out if they received the appraisal and she scrumaged through some paperwork and said "You already went to underwriting" oh wait, oh not good, your appraisal only came in for 205,000 oh we can't do this. I said can you direct me to someone who can she gave me some BS phone number. Meanwhile I am still stuck in this horrible loan but then I thought why would CW want to help me because I am paying this ridiculous loan and I am on time and never been late!! I am hoping I can get some help somewhere because I should be in a low rate!!! Now what?? Do I qualify for anything? Any suggestions????

[sarge]

Have you checked to see if you qualify for the Home Affordability Plan? Here is a link
http://makinghomeaffordable.gov/

If you read a lot of the threads here you will find tons of us are in the process of using a HUD approved company such as NACA. Here is a link to their Home Save program

https://www.naca.com/refinance/refinanceTenStep.jsp

I just started with them but there are many people here who have similar issues and have been approved for mods.

[RaymondFuller]

Originally Posted by appollo

I purchased a home in 2006 put 30,000 down and got put into a 10.25% adjustable interest rate when I was told i would be in a 7%fixed. They did this at closing. Unfortunately I was stuck because I was already in the home before closing due to some unfortunate events. I had just moved to RI and everyone knows everyone! I was also told that I would be getting 10,000 at closing which I didn't and no one knew where the money went. I tried to refi in May of 2008, my home appraised for 298,000 and I owed 270,000 but they said I couldnt due to some legal issues at that time. So, I just tried to refi again which I have good credit, great job but my home only appraised for 205,000 which was not enough. So I had to call CW and find out if they received the appraisal and she scrumaged through some paperwork and said "You already went to underwriting" oh wait, oh not good, your appraisal only came in for 205,000 oh we can't do this. I said can you direct me to someone who can she gave me some BS phone number. Meanwhile I am still stuck in this horrible loan but then I thought why would CW want to help me because I am paying this ridiculous loan and I am on time and never been late!! I am hoping I can get some help somewhere because I should be in a low rate!!! Now what?? Do I qualify for anything? Any suggestions????

You can try to contact CW for a loan modification at the number below.

800-601-2522

If you have a valid hardship and the ability to repay the loan you could possibly qualify for a lower interest rate/payment. Give it a try and post your results. This is a great forum with a ton of information to help you through the process.

[Evelyn]

I think it's a total waste of time working with CW directly. They don't care!! They'll promise you that you qualify and then turn you down. My advise is to use NACA.

[rozuki]

I have had my troubles with CW loan mod process...it is total BS ... I am going with NACA now...meeting with them tomorrow......

[sarge]

appollo,

I spoke to NACA counselor today for my first time. It was a good experience and the lady was very nice. After our conversation I called CW to inform them that their mod was unacceptable. This was an offer to take the 2 payments I'm behind and tack them on to the end of my loan thus making my payments go up. No change in interest rate either. Now who does this help?

I called the Hope Team today to let them know I found it unacceptable and would not be mailing the offer back. I also informed them I was working with NACA. They verified my statement(for the recording I'm sure) and ending the call with"Thank you for calling the Hope Team." They really don't seem to care about us unless we have someone in our corner.

[jdubu2]

there is no "hope" in the hope team, they are no different than Countrywide on my book. My hope will come from NACA my 1st appt is on Monday as well. can't wait!

[Katie3773]

OMG!!!!!! This has to stop!!!!! This is not okay!!!! Every single one of us are getting the same treatment, they are forcing us into foreclosure!!!!! I'm not leaving my home because of those ****** bag wall street gajillionaires!!! They are not worried about us!!!! Isn't there something wrong when you can't get a correct answer from any of the clowns they have answering the phones!!! I'm sitting here with my head in the sand anymore, care to join me??????=((

[dthom]

We went to the HOPE team first. They told us we qualified for a modification, HA! sent paperwork to CW and guess what it was denied! HOPE told us to do the following: Rent out a room, turn off our phone, let our cars be repossessed, borrow money for mortgage each month( say what!) etc etc in an attempt to make up the income shortfall due to unemployment, of course in order to make up for the nearly $500 per week lost when husband lost his job we would pretty much have to stop eating, turn off utilities, stop paying car insurance ( which wouldn't matter since they wanted us to give up the car,( of course since I still have a job I wouldn;t have any way to get to work) and then some. What joke! We are now working with NACA, refuse to give up without a fight.

[Katie3773]

dthom,

I am am in pure laughter right now, that the so-called HOPE team would give you such helpful advice! Haaahhaaaa, I wonder how many of those people on that team are in foreclosure themselves, CW doesn't care about their puppets. The actual fact that they even utter such words without breaking out into laughter is amusing!!! Good luck with NACA!!!! NO GIVING UP PEOPLE!!!!!!! NO NO NO!!!!!!!!!!!!!!! HAVE A WONDERFUL tUESDAY, kATIE O

[jrolfedrev]

Someone in this forum mentioned we need to complain to the state atty general about CW non-compliance. Less complaints means they are doing something for the homeowners. I'm from the commie state of Cali, eventhough I already received the 3/19 NACA email I will still file a complaint.

[chriskeeler]

Get a forensic mortgage audit to see of they violated the law on your loan. See "Qualified Written Request" or Google "forensic mortgage audit".

These federal laws have teeth and if the lender violated them, you have a good bargaining chip in court.

-CK

[teenut]

email, write and call every official in your state. I have gotten a response from everyone I reached out to. Many unable to offer any real assistance, but my story was documented. My rep from congress did ask me for my information to contact CW on my behalf. The more the officials no about CW the more they may be able to help.

[appollo]

I submitted a loan mod through NACA about a month ago. I went on-line to make this months mortgage payment and was locked out of my account. I called CW/B of A and they told me I was unable to make my payment on line any more or get access to my account. Unfortunately, I have to wait until the middle of the month to make a payment due to when I get paid. I tried to make this payment on the 16th which is the last day to make a payment and avoid a late charge and couldn't. Now CW wants me to pay a late payment of 129.00 on top of the 2419.00 I pay now. They told me that they couldn't give me any info on my loan due to NACA being involved. They also said that NACA would have to pursue them to get a loan mod. Meanwhile, they want my mortgage payment and I have no access to my account. I dont know whether to pay them or not. I feel if I don't pay them they will move a little quicker with the loan mod. I have never been late in 3 years but my company just reduced my hours and I can no longer afford these ridiculous payments. What should I do????

[appollo]

Submitted on May 27, 2009, but have not heard anything yet. All I have got from CW is locked out of my account. I could not pay my mortgage on-line. I called to see why and all they could tell me is because NACA is now involved I no longer have access to my account but they want their payment. Dont know if I should pay them or not. Any suggesstions.

[j-nice]

APOLLO, You can call the Advocacy department at 866-806-3254 and they will take your payment over the phone. They work specifically with NACA. I have done this twice and they charged me $12 to pay by phone.

[CW California]

jnice
do you know if you can also go to a branch and pay?

[j-nice]

CW California, I don't think you can make a payment at a local branch, although I have never asked. When I called in after my online account had been disabled back in April the CSR told me he couldn't accept my payment by phone that I would have to Western Union the payment. It was the 15th of April and I didn't want to pay a late fee. I asked him to please accept the payment. He looked into my account a little further and saw I was tagged with NACA. He transferred me to the advocacy department and they took my payment over the phone for $12.

I have read that once your file is being reviewed for a mod that the payments are put into a suspense account. My file was submitted to CW on 2-28, online account disabled beginning of April, April and May payments both made by phone AND APPLIED to my balance.

[CW California]

jnice
Are they reporting late payments on your credit report when advocacy puts the payments into suspense?

[j-nice]

CW-When I emailed B Desoer and was contacted by Melissa in the OOP she told me she would put a 90 day credit reporting freeze on my account, this was May 12th. I have not paid outside of the 30 day mark so I should not be showing late on my bureau for my mortgage (just all of my credit cards which haven't been paid since January!) This will be the first month in 12 years where I will fall behind so it will be interesting to see if they report it to the bureaus. I will be filing chapter 7 as soon as the collections get too hot and start handing me court summons...I am hoping that NACA can come through for me soon so I can complete a mod with my 2nd (Nat'l City), then file Chapter 7. When I started completing the information online with NACA in January I thought I would be finished by now!