Carrington Mortgage SUCCESS!!

[aspen806]

I just rec'd a letter from Carrington Mortgage Services LLC use to be New Century Mortgage telling me that in 120 days my ARM will go up. I contacted them and now will be starting the whole process. The man on the phone was nice and explained some of the programs they were offering. I told him that I just tried to refinance but of course my house is coming in lower than what I owe so refinancing wasn't an option. This was the 1st time that I've qualified for the lowest interest rate out there and my house wouldn't come in. I'm pretty depressed right now worrying about this. I'm in no position to pay any extra on my mortgage and now have to write my hardship letter. I was curious to know if anyone out there has dealt with them and how the process was for you.

Thanks in Advance and this website is SO wonderful and full of so much information.

Thank you for joining the forum and welcome..

That one is a newbie to us here, but they have been around for the purpose of servicing for a while and are experienced servicers.

You are going to have an interesting ride none the less, so buckle your seat belt and get your fighting face on. They are at least proactive in that they have programs, some do not...that is worse.

I would say if they come out initially giving you this kind of service and information that you may have less of a problem than the Country Wide, ASC, Litton, etc.. folks...

They have quite a portfolio if they are in the old New Century stuff, so maybe they have cut their teeth and have grown up faster than the rest.

So what we would so like you to do is keep us in the loop as to the process with them, we can offer advice as some of this is de rigour with the program of modification...the steps are fairly common to all of them, so in that regard we can help there, but as to the specifics of this company and their process, how they treat people, we would love to find out.

[aspen806]

They do seem to be a step ahead from what I've been reading here. They have information on their website about hardship and you can even apply online. The letter they sent me also stated in 90 days I will receive another letter letting me know what my new interest rate & payment would be. I wanted to read some of the things here so I would know what I should do. I have been reading about a QWR letter. What I didn't know is should that QWR letter be sent at the same time as my modification request or do you just send the QWR if you don't hear from them? I will keep you posted on how this works out for me. Also, in my hardship letter do I state what I'm wanting from them? Since I just went through trying to refinance and know that I qualify for a lower interest rate than what I have now should I suggest that or use that as a counter if they offer me something?

Thanks

If this were a new loan then negotiation on the rate would be possible, but you are dealing with old business and an anticipated rate of return to an investor that is now going to take an unwilling hair cut on that rate of return....so if they come back with something reasonable and manageable, my suggestion is grin outwardly and inwardly and take it. The old business is just going to be priced with as much as they can tolerate in the loss of anticipated return as well as much as they can to avoid the ugly problem of loss of retention of the loan, i.e. manageability for the borrower.

I wish that you could negotiate lower, but....if they offer something that is manageable, my honest suggestion is to take it and run....

New Century, my question is when did the loan originate? 2006 or 2005? What month if 2006.....

Now the QWR is not sent with the Modification request, send it separate...very separate as it is a different function entirely. You want to keep the processes apart, but believe me they will be aware that you have requested it, that is why I asked the dates on the inception of the loan, they changed systems in 2006 for some of the actual disclosure processes.

Yes in your hardship letter tell them what you want...you are going to have to at least tell them the point where it is unmanageable for you to afford and you need to let them know what you would like. They use formulas and information from the budget and a credit report, your paycheck stubs and W-2's to really determine much of this process. So, the point is ask, frankly it does not hurt, but they are going to have to acquiesce to the investor's bottom line as well, and as you skew within the formulation that they use to determine what they are going to offer. It is not rocket science, but it is a very delicate dance with the investors need for earnings, their need to minimize the risk of default and your needs for affordability on a monthly basis.

[aspen806]

My loan with New Century was taken out in May 05. I'm ok where my payment is now without the rate going up. When I refinanced back in 05 I was getting child support but now that has ended for child #1 and child #2 child support is very slow in coming. I had to make lots of adjustments after losing the support for child #1. I'm really in no position for my payment to go up anything. I would prefer if I can't get anything lower to be locked in where I'm at. The man on the phone said sometimes they will freeze where you are at for 5 yrs. Once they see my income/debt worksheet they will see that I don't have any extra mortgage paying money. Ok..so I don't send both modification request & QWR at the same time but it is recommended that I follow my mod request right up with the QWR? I am happy to say that I've lived here for 10 yrs and have never, never been late on my mortgage payment and I'm sure hoping that this will count for something with them...but who knows.

That is a good thing that you have the cessation of the child support (yeah I know it isn't), for this process, as you can establish that the income was reduced from the origination income and as such they would weigh this heavily in their support for the Modification on this loan.

The 5 year freeze is good, by then, with luck and a few more that approach the process like this servicer the market may have stabilized and allow you to refinance.....

[aspen806]

Thanks again for your help. I plan on submitting my worksheet & hardship letter on their website tomorrow and my QWR maybe a couple of days after that. I will be so glad when this process is over and I can sleep better at night. I've been reading on this site for hours trying to make sure that I do everything correctly. I don't want to leave out anything important.

We are here to help and assist where we can.

Please do keep us posted, everything that we can learn, we help others with.

[aspen806]

I just submitted my hardship letter & financial worksheet on Carrington's website. I rec'd a message with my submission confirmation number and a message that said someone would be contacting me within seven business days. So today is officially day 1 of my quest for a loan modification. Since that is done how soon should I send out my QWR letters?

Yes I would send them out tomorrow.....they appear to have their "stuff" together...that is heartening...so many do not have the process organized in any way, shape or form...

[aspen806]

I sure hope so and just for the heck of it I went back to their website & clicked on finanical hardship and a message pop up that said I had already applied. Where would I find the addresses of where to send the QWR letters? Just having this part done is a load off now starts the waiting game.

It really looks like they have there "stuff" together if the Web Site is already updated....WOW!!!!!

Look on their Web Site for Contact Information or a Site Map that has that information listed in the about...some listing that would give you an vague idea...

[aspen806]

I called today for the 1st time and spoke to Bennie he gave me the name of the person who will be handling my account. I didn't have to wait on hold long and he was very nice. It has been scary since I've heard so many stories that when I called I wasn't sure what was going to happen. He said the turn around time for the rep to call me would be 10 days. Of course I won't wait that long to call. I also followed up with an email. When you email them you received a request number. Now I have my hand written notes and my request numbers to keep track of who & when I talk to people. I also used the email as a follow up to the phone call.

This may be scary in that they might just have their proverbial "stuff" together....OMG!!!!!!!!

[aspen806]

I rec'd a message from Carrington with the name, number & fax number of the person who will be handling my case. It was requested that I send in 2 checkstubs, last tax return, last 2 bank statements. I can either mail or fax it. My question is this...when I file my taxes I usually get a refund. Does that mean I won't qualify cause I have a bit of money in my savings?

[aspen806]

I guess I'm getting worried about the unknown. I have a little money in case of an emergency. Of course not enough to retire by any means but just in case the furnace goes out, hot water heater quits stuff like that. I'm doing this because I know what will happen to me in the future, heck just a matter of months if I didn't do this now. I'm worried that before I can have a modification I can't have any money saved at all. That I will be expected to wipe out anything that I have before being considered. Needless to say I've worried myself sick thinking about this.

No, that is emergency money and you need to stress this, for auto break downs, house repairs that can not wait, taxes - property type......

Make sure that you tell them that this is earmarked for those events.. particularly the property taxes if they are not in your payment, they will like that.....

[aspen806]

Thanks for your help again!!! My property taxes are included in my payment. I guess deep down I keep thinking that the fact that in the 10 yrs of owning my home I've never been late on a payment should count for something. I'll make sure that I let him know that the money is in case of an emergency. I still have most of last years refund in the bank and I'm getting ready to file my taxes now. My recent 2 statements show what I have now. I won't have March's statement until April anyway. I just needed to know if he was going to tell me to contact them after it was gone. After hearing from you I'll be able to sleep better tonight. If it wasn't for this site I don't know what I would do. Also when I send my bank statements is it alright to black out my account number? Like I said earlier I'm surprised how easy this has went so far and I guess I'm just waiting for something terrible to happen.

Chuckle sharpie lesson, make sure that you black out on both sides of the page or the account number will bleed through on copies or faxes.....old Stated Income, Verified Assets Trick, I could still add up the deposits though when I reviewed the file....

[aspen806]

I knew that one, first I used the sharpie, then white coverup tape, then made a copy of it, then faxed it. I've faxed over everything I was asked to and even stressed the fact that the money in my savings was for an emergency. I guess I will have to wait & see what happens now.

Yeah, well the brokers were to dumb to figure it out and would fax the bank statements to me with only one side sharpied...then I could see the payroll deposits on the Stated Loans and had to.....DECLINE.....oh my inflated income...ooooopppppssss..

I never taught them how to do this you know it was too funny.

[aspen806]

I just finished emailing my RESPA request to Carrington since they have a limit on how much it will hold it took 4 requests with 4 confirmations numbers. I sent the email in addition to regular mail since I couldn't find a lot of addresses to mail my request to. The do have a section where you can request copies of loan docs but they didn't have everything that was listed on a RESPA request. I'm hoping this will help move things along.

Hope that it hastens the modification event and so far it sounds like they are taking care of things, have you called them for an update yet, never mind that they say call back in a month....do not listen to them.

[aspen806]

I was given both his fax number & his direct number. I just called and left him a voice mail to see if he had an update or to find out if he needed anything else from me. I got the feeling from customer service that they want you to contact him directly.

Your negotiators phone number direct to his desk....oh this is not Country Wide, not by a long stretch......