Am I on the right track?

[rogenma1]

I've been reading this site since I've tried to get CW to modify my loan.
I think I started a little too late but I have been contacted by CW using the email addresses given and of course they say they have to have someone else look at it. Beside constantly calling is there anyway to speed up this process.

I am current on my loan.

My concerns are is that I was discharged from a chapter 7 bankruptcy in Jan-08? Will this affect the modification process? Also when I spoke to someone from CW they had no record of my bankruptcy. Do I need to call my lawyer and see what happened? Secondly when I went over my financials I think I might have overstated my expenses. Am I able to call them back and try and correct them or wait for them to call me? If they deny the modification b/c the surplus is not there are you able to reapply immediately or is there a cool off period. I would have the appropriate surplus but my ARM adjusted in May decreasing my surplus by $100.

If the loan is modified or frozen to the original interest rate will they refund the additional money from the increased payments that I have been paying to keep the loan current? I know this is probably not likely but thought I would ask anyways.

Reading this site I have seen people get there modifications relatively quickly and then some that have taken months. During this time in the market what is the average time from start to finish.

Any advice will be aprreciated?

[Moe Bedard]

Originally Posted by rogenma1

I've been reading this site since I've tried to get CW to modify my loan.
I think I started a little too late but I have been contacted by CW using the email addresses given and of course they say they have to have someone else look at it. Beside constantly calling is there anyway to speed up this process.

Other than what you have already done......there isn't anyway to speed up the process........the department that handles modifications is inundated with calls and files..........you have to be patient......


I am current on my loan.

Originally Posted by rogenma1

My concerns are is that I was discharged from a chapter 7 bankruptcy in Jan-08? Will this affect the modification process? Also when I spoke to someone from CW they had no record of my bankruptcy. Do I need to call my lawyer and see what happened? Secondly when I went over my financials I think I might have overstated my expenses. Am I able to call them back and try and correct them or wait for them to call me? If they deny the modification b/c the surplus is not there are you able to reapply immediately or is there a cool off period. I would have the appropriate surplus but my ARM adjusted in May decreasing my surplus by $100.

If the BK was discharged that is o.k..........but the payments going through the BK would have needed to be made on time......
about the BK issue you would need to ask the lawyer what happened there..
If you made a mistake on the income/expense sheet ask if you can give them a revised one......... keeping in mind that you would have to send in bank statements and check stubs........
If you are denied a modification because you don't show a surplus......you could reapply but you will have to prove the income is there......and also that would be up to the investor on your loan.....

Originally Posted by rogenma1

If the loan is modified or frozen to the original interest rate will they refund the additional money from the increased payments that I have been paying to keep the loan current? I know this is probably not likely but thought I would ask anyways.

No they won't refund the difference.......



Reading this site I have seen people get there modifications relatively quickly and then some that have taken months. During this time in the market what is the average time from start to finish.

This all depends on the investor on the loan............some take a shorter time than others.........and some take on average 2-5 months.......
Any advice will be aprreciated?

[rogenma1]

Just got an update on my modification. They said I was approved to have my rate fixed at the original rate and not to pay June b/c it needed to be capitalized and would be included in the remaining payments. They need time to get the documents fedexed to me and to make sure they are the right documents. Does this sound right or am I being told not to pay June when I actually should?

[Moe Bedard]

No this is correct..........just make sure you stay on top of them to get those docs..........

Please let us know when you get the docs and if you have any questions on them.......