Need help with CCO Mortgage & Ditech modification

[stlouis]

My wife is on only borrower on the 1st and 2nd mortgage. The first is with CCO Mortgage. The 2nd is with Ditech. She experienced a substantial pay reduction. The 1st mortgage now equals 50.83% of her gross monthly income. The 2nd mortgage now equals 11.91% of her gross monthly income. She first tried to get a modification in May. In early June CCO denied the modification saying that she had too much liquid assets due to her being the custodian on our children's UTMA accounts. The kids have had these accounts for years and typically have had money put into the accounts after their birthdays/Christmas when they have received money from their grandparents and aunts/uncles. The accounts are under the children's social security numbers and is legally their money. My wife has no legal right to use the money for her personal benefit. We sent this information to CCO mortgage over 5 weeks ago. She has contacted them almost every day since the last fax but CCO keeps saying that it is under review.

At this point what can she do to speed up the process? The mortgage company won't talk to me because the loan is only in her name. Does anyone have contact information for someone at CCO to try to speed the process up? Is there any way to modify the 2nd with Ditech since the 1st has not been modified since CCO is dragging their feet?

NACA Saving the Dream Tour will be in our area this weekend. Will it be worthwhile to go since NACA says that don't have an agreement in place with CCO Mortgage? Could they still help with the 2nd. My wife is 7 months pregnant and from what I understand some people are at the Save the Dream Tour for over 12 hours. I don't know if physically she can be at the event for 12 hours plus. If anyone can help it would be greatly appreciated. She already is one month behind on the mortgage and will be two months behind this weekend.

[Moe Bedard]

I am sorry to hear that they did this about the children's funds, but not surprised. This much like a game of poker and they will test people and yes, some people will break into that money to make the mortgage, only to be late all over again and in the same predicament.

When calculating the ratios, you always include both the 1st, 2nd and all expenditures.

I think it will be worth talking top NACA but yes, it sometimes can be a long wait to get help because the size of the crowds that show up. You can avoid this by being very early or late or you can try and just do this over the phone with them.

You are on the right track, you just have to keep plugging away and fighting.