I can finally sleep!! SUCCESS!! CW & LITTON

[crqueen951]

Hello everyone,
Well here is my CW story. I purchase my home in Sep of 2006. Every thing was going fine until my husband lost his job in 2007. I called CW to see if they could refinance my loan and lower my monthly payment, I was told I did not qualify for a refi. ok so I asked if they could modify my loan because I was having a hard time paying, they told me they couldn't do any thing at that time because all my payments where up to date and advice for me to miss a payment that way they could see I was having a hard time and I would be sent to the modification dept. I made the BIGGEST mistake I could do by listening to them. By the time I wanted to catch up, I was in dept and falling behind even more. I'm 6 moths delinquent now. Finally after going back and forth with CW for about 4 moths I was told that I needed to pay $5,250 in taxes and once that paid I would be directed to the mod. dep. So I paid the taxes on the property. I was then sent to the Mod. Dep where I faxed the hardship letter, proof of income, expense sheet ect. I was told I would be receiving an phone call with their decision in 4 weeks. I couldn't wait so I called at least once a week and spoke to what seems like everyone. When the 4 weeks where up I finally talked to my Mod. Rep and I was told that my income was too high and I could make my regular monthly payments, I told him I couldn't afford it that's why I feel behind in the first place. He asked me to fax a letter stating my situation, expenses, employment ect. and he was going to transfer my file to another Mod. Rep and to call within 48hrs. I did, I spoke to the new rep. and she now tells me my modification request has been denied because my income is not enough...what.. I was just told my income was too high??? She asked me to re-fax my paperwork and call AGAIN within 48hr, I did. I spoke to another rep. that told me my mod. had been denied and I had to pay 30% about $9,000 of my delinquent balance in order for them to help me, or try to modify my loan, because it is not guaranteed. I don't know what to do at this point because I don't have that type of money and even if I did, they don't guarantee anything so how do I really know they will help me lower my payment? I feel so angry yet helpless!! I was finally told today if I don't reply to within 5 working days they will take the necessary actions and my home will enter forcloser. Please HELP me. I dont know what to do. I DONT What to loose my home. Thanks you.

[Moe Bedard]

Hi crqueen951,

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

We are seeing this alot lately with the 1/3 payment of the delinquent balance being required, so it could be coming from the investors........or you could be talking with the Collections people.........

Here is what you can try to at least have a fair shake at obtaining a modification if everything is in order........
First on the household income versus the household expense you should show a surplus of no more than $100-$500 left over.

Put your hardship letter in the body of an email and the situation that happened with CW, and email it to each of the email addresses below.............you should receive a response in 48 hours not counting the weekend........

Please keep us posted on your progress..........
Hope this helps.......

[ladybug1221]

Hello and welcome. I have a suggestion, and I think that it may just help. We have been going thru the same thing with CW and I just got enough of it. I got in contact with my state and local officials and was put in contact with the Department of Thift Supervision, "Department of Treasury." Just as soon as I contacted them via email and also a written letter explaining what was happening and getting no help from CW, the Treasury stepped in. They acutally regulate the banking and some of the financial instututions. Here is a number and address to them. You really need to get ahold of them asap.
Office of Thrift Supervision
Dept of The Treasury
P.O. Box 7165
San Francisco, CA 94120-7165
Telephone: (650) 745-7000
Fax: (650-746-7001

Featured Pages (website)
You can actually file a complaint online

Give them a call, and I hope everything works out ok.

crqueen951:

Much as you may not want to hear what I may suggest (after receiving answers to the questions below), I think you need to take a practical look at your situation. What I see reading between the lines is that you purchase your home at the peak of the market (in terms of pricing). The home is located in the inland empire, one of the worst areas in California as far as feeling the effects of the residential real estate downturn. You are facing a demand by CW to pay a large some of money. The questions I'm asking specifically relate to the possibility your loan(s) may be "non-recourse" under California Code of Civil Procedure Section 580b.

1) What is your estimate of the current fair market value of the home?
2) What are your current loan balances and were the loan(s) created when you bought the home?
3) Do you occupy the home as your residence?

Daniel

[Sale Date in 10 days!]

Your scenario sounds just like mine. CW has set a SALE DATE of 5/15/2008 just a week away. They were up here two date ago taking pics of my home. An appraiser too and he told me home still had over $500,000 equity.

Like you, CW kept holding me off and gave me a false sense of security that all would be OK. Now with just a fews day to scramble, I could lose everything because of such short notice and because the fees have accumulated so much that I don't know where I can get 30%.

I'm afraid too if I give them 30% what guarantee is there that I'll still get a plan.

Please let me know what you find out.

[crqueen951]

ProfessorShays,
1) I purchased my home for 535,000 and the current value is 400,000.
2) My current balance with CW is 390,000 and I have a second loan with Litton for 134,000 and the both loans were created when I bought the home.
3) I do occupy the home as my residence.

Please review the posting on this site located at:
Arizona Foreclosure Law

It in part states:

A note regarding Deficiency Suits: A lender may not bring a deficiency suit against a person who lost a property that is 2.5 acres or less at a foreclosure, provided the property was a single one-family or a single two-family dwelling. This is so even if the high bid at foreclosure was less that the balance due on the loan. However, in foreclosures against other types of property, a deficiency suit is allowed, but is limited to the difference between the balance owed and the fair market value of the property, and then only if the suit is brought within ninety (90) days of the power of sale foreclosure.


The key issue as I see it is what are your available choices. Clearly the home is "underwater." That term in the lender community means the liabilities exceed the value of the asset. In point of fact your second loan appears entirely unsecured, given the value of the property and the amount due CW are about the same.

You need to take all of your purchase documentation along with your loan documentation to an attorney skilled in both real estate and debt collection matters and have them ascertain whether or not your loans are "non-recourse." Assuming they are, you may be one of the lucky ones out there who gets a "fresh start." That doesn't mean you won't lose your home to foreclosure. What it does mean is you won't owe CW and Litton thereafter.

Take care,

Daniel

[crqueen951]

I am so thankful for loansafe !! After almost 1 year of going back and forth with countrywide and Litton. I finally got good news. And I have to say its thanks to this great website and the people behind it.
I was ready to just give up and walk away. Calling Countrywide every day and getting no where was frustrating. But after posting my first post here and getting all the great info and e-mails provided by loansafe, I thought 1 more try wont hurt (and im so happy I did). First I e-mailed my hardship letter to Countrywide with the emails that *** provided, and in about 3 days I got a letter in the mail telling me they would contact me regarding my e-mail's. So the actually did (that was a big surprise to me) I spoke to Laura Melara in the Office of the President she told me to fax all my paperwork to her once again and she would contact me in 1 week with an answer. That week passed and she never got back to me and my attempts to contact her where unsuccessful. So I decided to write another e-mail to them but this time I turned my hardship letter into a complaint letter. I told them how they seem to be "playing games" with me and how upset I was of being transferred to different people that didn't help me. I also included my requests regarding my loan (lower my monthly payment, interest and give me a fixed rate).....well it seemed to work!!!! I received another letter from Misty Jackson an Executive Research Specialist in The Office of the President (her telephone number is 800-262-4218 ext. 8866) telling me that my file had been transferred to a new negotiator and for me to contact her as soon as possible (my first thought was....great!! another negotiator that's going to get me no where.......well I was wrong) I contacted my negotiator Kristy McGowan at 800-262-4218 and she told me she wouldn't be able to lower my payment because I was behind on my county taxes and that Countrywide had payed them, I told her I would pay the county taxes back to them but I needed them to lower my monthly payments. She said she would work some numbers up and call me back the next day. The next day she never called so I called he back the following day and she gave me the great news. She was able to lower my monthly payment from 2,700 to 2,100. Lower my interest from 7.50 to a 6.15 and give me a fixed rate for 5 years. that's great!!!
Today I got my loan modification package and I so happy!!!
As for my second Loan with Litton it got even better. I called the as soon as Countrywide gave the the ok. And I was not able to get a hold of them so I logged on to loan safe and got the e-mail addresses to litton e-mailed the same complain/hardship letter to them and the next day I got a call from Nancy Rosales she told me she could help me by forgiving me for what is owed and lowering my payment from 1,100 to an unbelievable 200.00 a month (WOW) I couldn't believe it so I got Littons modification package today as well and it keeps getting better. My actual monthly payment will be of 150.00 with 0% interest . They lowered the amount owed from 120,000 to 49,000.
I and extremely happy at this point I went from paying $3,800 to only paying $2,300 a month. I have to say it is thanks to all of you that make this great site. Thank you soooo much for taking the time to help all of us. YOU GUYS ROCK!!!! Thanks again!!!!

[schwefls]

Congratulations, you have been hard at work I am glad it paid off for you. Kudos to you and party hardy

[Moe Bedard]

crqueen951,


Congratulations to YOU!!!!!!

You did it!!!

I am so happy that you did give it one more try........YAY!!!

[Worried]

*** & Moe ... God Bless you. Really.

[RudyJay]

OMG... CONGRATULATIONS ..good luck to you and your family... Now you can sleep again ..How was it last night? rj

[cwb124]

Originally Posted by crqueen951

I couldn't believe it so I got Littons modification package today as well and it keeps getting better. My actual monthly payment will be of 150.00 with 0% interest . They lowered the amount owed from 120,000 to 49,000.

Could you go into more detail about this? Did you do anything special, like ask/request that the 2nd be decreased? I have a 1st and 2nd with Litton for a total of about $176k owed. My house is probably worth $156k now so I'd love if they could drop the 2nd mortgage a bit. Any advice on getting this done would be fantastic.

[Moe Bedard]

Hi cwb124,

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

Could you please start your own thread in the Tell Us Your Story section of the forum and we will be more than happy to help you............and be as detailed about your situation and your loan/loans as you can be........

Thank you,

[moving]

Congratulations! This is wonderful news. I keep praying something like this will happen to me

moving