Success CW Option Arm

[RamZam]

Hello. I'm a new member who just joined in today. I have 2 loans with CW. A 1st & 2nd on my primary home and a 1st on my rental property. I am currently struggling with both.

On my 1st, I have a Neg - AM which is adjustable loan which has gone negative. My 2nd loan is a fixed 10%. When i purchased this home, i gave 10- 15% down. I am currently on a repayment plan which i am not able to keep up. The repayment plan was offered to me because i became 30 days delinquent and only covers the minimum payment still causing me to be delinquent. My next payment under the repayment plan in due on the 20th. I'd like to get out of this repayment plan and possibly request some sort of modification that won't cause my loan to become negative and to have a better interest rate. I don't know where to start. Please help.

[Moe Bedard]

Welcome to Loan Safe

Repayment plans rarely work nd most always end up back in default because they usually require you to make your regular monthly payment and late fees on top of that.

You need to call Countrywide and tell them that you cannot make this plan anymore and you would like to request a loan modification for long term adaptability. If you want to keep your home, then you need to do this and let them know at the same time that you are prepared to walk if necessary because they will have left you no other choice.

You can also do this to protect yourself and get and accurate accounting of what it is you actually owe.

Loan servicing complaints

Section 6 provides borrowers with important consumer protections relating to the servicing of their loans. Under Section 6 of RESPA, borrowers who have a problem with the servicing of their loan (including escrow account questions), should contact their loan servicer in writing, outlining the nature of their complaint. The servicer must acknowledge the complaint in writing within 20 business days of receipt of the complaint. Within 60 business days the servicer must resolve the complaint by correcting the account or giving a statement of the reasons for its position. Until the complaint is resolved, borrowers should continue to make the servicer's required payment.

Here is a key attribute that can protect you temporarily;

3) Protection of credit rating

During the 60-day period beginning on the date of the servicer's
receipt from any borrower of a qualified written request relating to
a dispute regarding the borrower's payments, a servicer may not
provide information regarding any overdue payment, owed by such
borrower and relating to such period or qualified written request,
to any consumer reporting agency (as such term is defined under
section 1681a of title 15).

read more here

[Moe Bedard]

RamZam,

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

The Neg Am loan is going to be a tuffy......................you are currently on a repayment plan that is only the minimum payment and you are having a hard time of it..........
If they modify this for you at around 5-6% fully amortized including Principle, Interest, Taxes, and Insurance will you be able to handle that payment moving forward?
When you apply for the modification through the lender you will need to show Household Income versus Household Expenses for one month including the current mortgage payment and you will need to show a surplus of around $100-$250 dollars left over.......

If you can do this.......... to get started you need to QWR the file and email your hardship to each one of the emails at the bottome of the post..........
Put together a QWR (Qualified Written Request)

In that letter demand your Life of Loan History, Copy of Note, Deed of Trust, Riders, all Assignments of the Deed of Trust, TIL, Right of Rescission (if refi), Lender Final HUD-1, Copy of Initial Loan Application and Final Lender Loan Application, all Disclosures and all Loan Documents in your file, Copy of Appraisal.

There is a blank copy of the request in the Homeowner's Tool Box to the Left of the Forum

Make sure you send it certified mail return receipt required to at least 3 addresses below:

Mailing address: (Send all your certified complaint letters, etc. here.)

[RamZam]

I am struggling with the minimum payment because of the way my income is structured. I am a salaried and commission paid sales rep. I receive $5000 monthly for a base salary. My commission is paid quarterly and can run $7500 - $9000 depending on my sales for that quarter. Do you know if CW has payment plans that work with the way i get paid. I'm also not sure how to explain this to them. The month to month is hard but once I get the lump sum commission, it gives me breathing room.

I definatley want to get out of the NEG AM loan. On my statement, the margin interest is 4% and the interest rate for the month is 8.5%....meaning approximately $2000-$2300 are negative amortized.

I definately want to keep my primary home and don't want to give up.

[Moe Bedard]

I am glad you don't want to give up......

You need to send the QWR as I have outlined above and you need to immediately send the hardship letter via email to each of the email addresses I have given you at the bottom of my previous post......

What they might do is an average of the commission income.....but I am not sure about how they will handle it.......
Just get these emails out and you should hear back pretty quickly from the Office of the President so you can get started on the modification.

Keep us updated on the progress you are making..........

[Moe Bedard]

They will work with you. You just need to get the ball rolling and if you truly deserve a loan modification, then they will give you one. But it takes a lot of work, calls, emails and headaches. Its tough but doable. If you do not have the time to do this yourself, then try a non-profit or reputable for profit that can advocate and fight for you.

[RamZam]

***,
I am working on my QWR as you advised and I have a question....Do i need to also type up a Hardship letter separate to send? I spoke with CW yesterday and they said they would referr me to their loan mod department and requested basically a hardship letter and income & expense report just like what you advised. They requested that i fax it to them. After my call, i noticed you had responded to my posting....should i just go ahead and proceed as you stated by emailing all whom you listed or should i just fax as they have requested...or should i just do both? I think I'm just thinking of all this way to much....

[Moe Bedard]

It is o.k......in these cases overthinking is a good thing......

The hardship letter goes in with your things for the modification and also email it to the email addresses too.

The QWR goes to three of the addresses I gave you sent certified mail return receipt request....send it to these....

OFFICE OF THE PRESIDENT
ATTN: ADRIENNE ELY
400 COUNTRYWIDE WAY
MS SV-314
SIMI VALLEY, CA 93065

Countrywide
400 Countrywide Way SV-314
Simi Valley, CA 93065-3500

Countrywide
7105 Corporate Dr.
Plano, TX 75024

[RamZam]

***,

I have another dumb question...in my QWR why would i request my Deed of Trust, Copy of note, etc..etc... I think i have all of that at home. Can you elaborate as to what the reasoning is. Sorry for all the questioning.

[Moe Bedard]

You are fine............their are no dumb question here.......

The reason is so that you are able to compare what went to the lender to what you were given at the closing for any discrepancies..........
Not saying that you have a predatory loan or not..........but the QWR acts kind of like leverage in the modification.........
they see that you are doubting info in your loan and they take notice and bend over backwards to help.........

[RamZam]

***,

It's RAMZAM again.....do in need to email Income and Expense information with my hardship letter? I'm all done typing up my hardship letter but don't want to email it yet if i need to send the income and expense info.

[Moe Bedard]

Nope.............just email that hardship letter........making sure that your account number is on there......

The income/expense sheet and the hardship letter together go to the loss mitigation person for the modification.

[RamZam]

It's me again....how do i know who is the loss mitigation person and when do i send that person the incom/expense sheet plus the hardship letter? Sorry for all of these quesitons. I do appreciate your help and patience.

[Moe Bedard]

Call this number it is to a supervisor in the workout dept. and tell them you would like to try for a loan modification..........

ALINE RAMIREZ IS A SUPERVISOR OF ABOUT A QUARTER OF CW'S NEGOTIATORS.

DIRECT LINE
661-951-5100
ext: 5143

[RamZam]

Thank you ***
I'll keep you posted on my outcome. Of course, I'll have lots more questions in the near future.

[Moe Bedard]

You are Welcome.........and we will be here for you........

[RamZam]

My Hardship letters were emailed last night to all email's *** provided. I am sending my QWR letters out today certified. I'll keep you posted how all is resolved. I hope to hear from someone soon.

[RamZam]

I emailed my hardship letters on Tuesday night 4/15....when should i expect to hear from someone?

[Moe Bedard]

Soon........throughout this process as Schwefls always says........keep in mind that Good Things Come to Those That Wait.......
You have to really be patient with this process.......everything will fall in to place......
Afterall, it has only been a day and a half.....

[RamZam]

My hardship letter were emailed on Tuesday 4/15 as an attachment and i have not yet received any response from anyone or a phone call. Should I re-email?

[schwefls]

Did you get a "read receipt" for the email., irregardless you should really, call, call call mutiple times a week at the very least

[Moe Bedard]

You might want to put it in the body of the email.............if it came as an attachment they might not have opened it........or it could go to spam filter......

You can follow up with call to these contact numbers on Monday.......

OFFICE OF THE PRESIDENT
RAQUEL ROBINSON
1-800-669-2443 x 4115

SUPERVISOR OFFICE OF THE PRESIDENT
LINDA TURNER
1-800-405-0078 x 5104

Casey Miller
Customer Service Team,
Office of the President
Tel: 800-620-6372 ext. 5797
Fax: 800-658-9364

[RamZam]

Goodmorning all.

I spoke to Angela Tovar from the Office of the President this morning. She acknowledged receipt of my hardship letter (Thank God). She seemed very friendly and willing to help. I need to send her information via fax. She said she will call me when she receives it and will forward this to an actual negotiator.

I hope to have information to her today. Once she receives my information, she said I should expect a call from my negotiator within 24 hours.

So far, there is still light at the end of the tunnel.

[RamZam]

Yesterday, I faxed all of my information to the Office of the President per Angela's request. Today, i received a call from her. She acknowledged receipt of my fax, stated she entered it into the system and would be sending my file to the Home Retention department. She said i should hear back from someone in that department within 24 - 48 hrs.

[RamZam]

I left a message on Monday to Angela from the Office of the President since I have not yet heard from a negotiator. I called this morning again and finally got my call transferred to my negotiatior Zach. Zach received my file yesterday from another negotiator whom had yet not started on it. He told me that they are looking at all 3 loans I have with CW. Two of my loans are owned by Bank of NY and the other is owned by Wells Fargo Financial. He told me that he will analize my file and get back to me on Monday. He said that Bank of NY let's CW make modifications without having to present it to them. On the other loan that Wells Fargo Financial owns, he does have to draft something up and get that one approved by them. He said this loan will take longer to modify if applicable.