Another Carrington Mortgage SUCCESS!!

[Antredd]

After reading everyone's loan modification posts, I was wondering can a person who has an adjustable first and fixed second mortgage modify both mortgages into one mortgage? Or can the person modify both mortgages the first into a fixed rate and the second to a lower interest rate?

[Moe Bedard]

That would be an actual refinance consolidation of both loans into one. As it is, you have 2 loans, 2 notes, that may be modified per the pooling and servicing agreements.

[schwefls]

Welcome Antredd:

Although I am not experienced in the above questions I did want to stop in, say hello, wish you well and let you know that someone will be responding to you shortly regarding your questions.

[Moe Bedard]

Antredd,

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

A first a second regardless of whether it is the same lender or not has very different pools of investors and you would not be able to modify a first and second together.............that would require a refinance not a modification.

You can work to achieve a modification on your adjustable rate, however....
if you are in a hardship situation........

If you care to post more of your story in detail we can help you with that.......

[Antredd]

Carrington Mortgage does appear to be on top of things. When I contacted them last month regarding my loan adjusting on June 1, 2008 and whether nor not my wife and I could have our loan modified, one of their customer service reps was very nice, and she actually told me what to say in my hardship letter after I explained to her my situation.

I faxed to them our bank statements, W-2s, check stubs, hardship letter, and monthly expense sheet. The next day, Steve Nash from their Loss Mitigation department called and spoke to my wife. He basically said that we qualified for a loan modification, but since it was April and our loan doesn't begin adjust until June 1, 2008, he suggested that we wait until May 1st to start the paperwork.

It's now May and the paper work has begun as of last Monday, May 5, when I spoke to Steve. He just said that he needed an updated bank statement from us and my wife's proof of income since I didn't submit her income in the first fax, and that he would be submitting our application to the underwriters. He gave me his email address, and now we are waiting on the papers to arrive.

Someone said in an earlier post that they tried to pay their Carrington Mortgage online and it wouldn't allow them to access their account. I, too, tried accessing my account on line, and the same message came up for me as well. I am guessing that when the loan modification process starts with Carrington, you can't access your account until the modification process is completed.

I will keep you all posted on my progress. But so far, I have not had any problems with this process thus far.

[Antredd]

Aspen, I hope all goes well for you too. I did ask the person modifying my loan could I have my 2nd mortgage modified as well. Since it is at a fixed rate of 10.25%, I thought I would try and ask could it be modified. Why not ask? The person modifying the loan told me that he would look into it.

If they do lower my 2nd then I would have more breathing room for savings. But from what I have read in this forum, 2nd mortgages aren't usually modified especially if you can afford to pay both mortgages before the first one begins adjusting anyway.

My interest rate on my first mortgage is actually pretty good--6.5%. So I am hoping that Carrington keeps it fixed at that rate for the remaining term.

Either way we, who have these type of mortgages, are all looking to have a mortgage that is fixed. I am very thankful to God that Carrington is willing to fix our mortgage so that we can afford to stay in our homes.

[Antredd]

Aspen,

My Carrington's Rep called my wife today with some good news. He told her that our first mortgage's interest rate would become fixed at 6.5%. It was scheduled to adjust to 8% on June 1st. He also said that our second mortgage's interest rate would be decreased from 10.25% to an amazing 3% interest rate.

Both mortgages are now fixed which we desperately needed done, and we have a much lower interest rate on our second mortgage. We are now in a better financial situation until my wife gets off of her disability.

So basically Carrington has given my wife and I some breathing room. From the horror stories I have heard from the other posters on this forum, my loan modification went fairly smooth and it was very easy with no out of pocket fees.

Carrington will be sending a notary to us to sign the docs, and my Carrington Rep said that when I make my June 1st payment to make it based on the new payments he quoted my wife over the phone. I hope and pray your mod has worked out for you. God is good!!!!!!!

[Moe Bedard]

This is great news Antredd! I am glad that God has been good to you and also, Carrington Mortgage It is awesome to see you both, aspen also, support one another here. Just what I have always hoped for when I created Loan Safe.

May your life be blessed and thanks for sharing your good fortune to give other hope. #83 on the homes saved list and another great story. Life is good.

[Antredd]

Thanks Moe,

I need to share this testimony with you. Last year when all of this mess started to happen, me, being proactive, tried to refi my house. Out of my panic I ended up letting almost 20 different banks and brokers run my credit so that I could get a new fixed loan. I didn't care about paying the prepayment penalty on my loan or the fees associated with refinancing; all that was on my mind was getting into a fixed mortgage before I couldn't any longer.

I ended up hurting my fico scores from all of those inquiries, and watch the value of my home literally plummet a full 100,000. I couldn't figure out, with my credit score being relatively good to qualify for an A-paper loan, that every lender I was dealing with would call me back telling me how they couldn't help me any longer because the guidelines were changing daily.

To make a long story short, I see now why I couldn't refinance because the LORD has something better in store for me. I just had to wait, keep the faith, and trust in Him to put my family and I in a better financial situation. I did that and I thank Him for allowing Carrington to step up to the plate and make the loan modification process stress free and very simple.

Thanks again for creating this forum. It's good to see honesty people making a difference and doing it out of agape love.

[Moe Bedard]

Antredd,


Congratulations!!! Another Great Carrington Mod!!!!

[schwefls]

Congratulations Antredd:

Welcome to the feeling of success, kudos to you, party hardy

[surreal4me2]

AMEN! Now this is the type of faith I am talking about when I say you must first believe in GOD's awesome power and in his devine WILL. IT IS BECAUSE OF your faith and belief that GOD led you to this SITE and to the good people of Loan Safe. Thank you for sharing your testimony. Yours is another one of the many miracles proclaimed to the world on this site.

I am of the firm belief that the Bank does not want our homes, but rather want us to remain in a viable and performing position for them and their investors.

God Bless you and your entire family. Now get ready to receive your next Blessing!

Another American Who Fought For Her Home and Won!

Surreal4me2