Central Mortgage Company/Loan Modification

[daisyp]

I submitted my "Loan Modification" option package on 4/1/2008 via fax, email and USPS certified Mail to ensure receipt. I received a mail confirmation or receipt and request for additional information in about 2 weeks.

It was advised that it could take 6-12 weeks for process, review and approval. Needless to say it's going on 120 days and I haven't received a clear word on this.

I call everyday, I talk to a Representative and get the same answers. "Currently in it's final stage awaiting final approval.." Iit's getting old. I'm stressed out and very frustrated.

At this point I am mailing in good faith payments but they don't even seem to be applied to the mortgage payment, I have incurred late fee's and everything else that comes with it.

[Moe Bedard]

Hi daisyp,


Welcome to the forum and thank you for joining...................

It is definately a wait and see game..............but just to make sure that you are calling the correct dept. here are the contacts I have........give them a try and ask for an update on your file.............

Central Mortgage
Homeowners Assistance Dept.
1-800-366-2132 ext. 5609
1-501-716-5600

Fax # 1-501-716-5759

Please keep us updated on your progress..........

[daisyp]

Yes, it's the same information I have. I speak to Tracy Chandler with the Loss Mitigation Department almost every other day and it's always the same status.

I will keep you posted on any changes.. hopefully soon.

Thanks for the info.

[daisyp]

I spoke with one of the processor today, Slade Campwho claims that it is out of his hands now. He said it was currently in review awaiting final amount to be captitalized and attorney fee's, late fee's to be calculated into the loan. They will figure out what type of payment is suitable for me.

It can take an additional 10-12 weeks because of the back up. This is balony!!!!!!!!!!

I'm getting the run around, I'm so tired of them. I feel I will lose my home before I get any help. It will be 4 months tomorrow since I submitted my Loan Modification package and it seems they haven't done anything.

My good faith payments (partials) are not being accepted but instead placed into a holding account. I am incurring late fee's every month.

I have a 2nd Mortgage which I'm current on but what good is it when I am getting default letters, demand for payment calls and no answers from CMC.

[daisyp]

I finally received an answer from Central Mortgage Company, it was the final terms of my Loan Modidfication and it's great news. My Mortgage payment was reduced by almost $1000 and interest rate was lowered to 3%. If was submitted to the investors today for reviwe and final approval. I should find out in about 2 weeks.

[Moe Bedard]

Daisy,


This is great news!!! I bet that relieves some of the stress.......

[Dette]

Originally Posted by daisyp

I finally received an answer from Central Mortgage Company, it was the final terms of my Loan Modidfication and it's great news. My Mortgage payment was reduced by almost $1000 and interest rate was lowered to 3%. If was submitted to the investors today for reviwe and final approval. I should find out in about 2 weeks.

Congratulations, This is great news for you! Hope it works out well.

Can you give us more info on your situation, how far behind where you, how long it took, I am with CMC and am trying to figure out which direction to go.

Thanks!

[RudyJay]

The terms are great...I bet you'll sleep better.

[elpjohnson]

Daisyp...

Congratulations!!! This is great news! I am so happy for you!

[daisyp]

I finally received a call yeterday from the loan processor at Central Mortgage, he indicated that my loan modification package was back from the investor and it was APPROVED!!

Final paperwork will be mailed out and my first payment will be due Oct. 1, 2008.

I began my Loan Modification on April 1, 2008 and was a month behind when I started, soon I was delinquent due to late fee's. I made partial payments while I was in the process (1/2 payments) and never caught up. This was finalized yesterday so it took about 4 months and 3 weeks.

In the end, I wasn't responsible for any of the late fee's or late payment's and I was placed on a "Do Not Report" so it wouldn't affect my credit. I checked my credit report and it was true.

Thank you all for listening to my story and for your support. Keep fighting and calling everyday.. it worked for me.

[Moe Bedard]

Daisy,

Congratulations!!!

Do you know what your terms are?

Please let us know when you receive your docs and if you have any questions on them..............

[purenergy]

Wow!! This is encouraging new for those of us with Central. The last comment was dated in August. Do you have any news? (And has this story been moved to the "success" section of the forum??)