CW Option Arm ( MTA ) SUCCESS!!

[Looking4Help]

Yes you are correct I forgot I have the 5 year term on my loan. I am so confused on which way to go. Try and reduce rate with CW pay more then minimum and hopefully be able to refi in 2 years or so. I am so lost.

For the moment, keep it simple.

• Your loan is not going to blow up in the next few months, so relax
• You are really not in a position to refinance right now, so relax there too
• Your value is not there, so again, relax about refinancing
• Pay as much as you can every month over and above the monthly minimum to offset the deferral amount
• Begin getting your ducks lined up regarding your income documentation
• Seek proper legal advice if you need to

There is nothing forcing you to take action right now.

Keep coming back to Loansafe for education and advice as you want. If you would want to have us do a forensic loan examination to help with any future loan modification, all you need to do is ask.

We're here for you.

Originally Posted by Looking4Help

Yes you are correct I forgot I have the 5 year term on my loan. I am so confused on which way to go. Try and reduce rate with CW pay more then minimum and hopefully be able to refi in 2 years or so. I am so lost.

[cindy deanne]

hi looking for help,
you are not alone and you just got a lot of valuble info and staight options from the best. i have the same issue with downey. the only thing is we have income proof but are maxed out everywhere. lol. best of luck and this forum is a life line.
sinking cindy

[Looking4Help]

Steve how do I get a loan document review and what exactly does that do. I was told today that I have a criminaly high margin of 4.650% I look forward to hearing from you. Thanks.

[Looking4Help]

Im sorry I meant what does a forensic loan examination do?

Hi There,

"Criminally high" is really a metaphor for being outrageously high. It is not likely a criminal matter. Just so we understand that terminology.

The margin that is written into your loan is purely a profit enhancing feature used by the broker. It means that the broker made a lot of money because he gave you a very high margin. If I looked at your Settlement Statement I could tell you how much the guy made because he gave you a ridiculous margin.

The forensic loan document audit is a service performed by very experienced mortgage professionals associated with Loansafe. We're compassionate and sensitive to your stressful position of having a toxic loan. I am one of the auditors and all audits are reviewed carefully before submission to the attorneys.

We talk with you on the telephone and ask questions about the transaction, the broker (if any), problems you experienced, "red flags" that may have flown before or after the closing, pressure or coercion from the parties involved, etc. We talk for about 20 minutes or so. We are not selling you anything, period.

We request a copy from you of EVERYTHING you got associated with the loan from the lender, the broker, the title company, etc. If, during the course of the telephone conversation with you, it appears necessary that a QWR (Qualified Written Request) to the lender be written, we'll help you get that accomplished.

When I audit the file, I am looking at every document that you signed and what was disclosed to you during the process of getting the loan. I am looking for documents that were REQUIRED to be given to you, but maybe were not. I'm doing all sorts of calculations and comparisons. The broker/originator/loan officer had better have dotted the i's and crossed the t's.

It is pretty commonplace that we find errors, omissions, misrepresentations, non-disclosures, and not uncommon at all, that we find out and out deception on the part of the broker/originator.

I'll tell you it is very thorough. All of the auditors have a common goal of providing the distressed homeowner with a thorough forensic loan audit that they or their attorney can use as a very strong negotiating tool.

We WANT the lender to look at our report and KNOW that the auditors at Loansafe have turned that loan inside-out looking for violations. Our mission is to get the lender right to the negotiating table for a favorable result for our Loansafe members.

To arrange for an audit of a 1st mortgage or a combo 1st & 2nd mortgage, please call the Law Office of Marshall Rosenbach at 310-860-7527 for a FREE consultation. At that time you can easily arrange for a forensic loan audit.

This information applies to anyone who thinks they may need or want a forensic loan audit. The audit is the cornerstone to obtaining the best possible loan modification!

Originally Posted by Looking4Help

Steve how do I get a loan document review and what exactly does that do. I was told today that I have a criminaly high margin of 4.650% I look forward to hearing from you. Thanks.

[Looking4Help]

If I call tomorrow around noon eastern time will I be able to speak with you Steve or do I just get a random person? Also if there are no errors in the loan does getting the foresnsic audit still help my case with modification?

[Looking4Help]

I am in AWE after calling all the recomended numbers and emailing hardship letters about 10 days ago I got a call 3 days after I made the intial contact with them from someone. They made me an offer right then and there and I could not refuse. I got fixed at 4.000 % I cannot beleive it. I am actually saving 300.00 a month and have no deffered inetrest. Prior to this I was paying 300 more per month and had 2100 neg AM every month! My papers are on the way and Fed ex site says they should be arriving tomorrow. My new payment takes effect June 01 2008. Another success all because of this site. I am still in shock and I cannot come to terms with what a great rate I got. My home is saved and my life is not ruined with the sinking feeling I had just 2 weeks ago. Thanks to all!!!

[Looking4Help]

After being given the emails and contacts and advice on this site I went full steam ahead with a plan to save my home. After only 3 days from the time I made contact with countrywide someone called me with an offer. 10 days ago I thought I was going to lose my house. Now I have a fixed rate of 4% for 5 years! For the last year I have been paying 2700 including escrow a month and having 2100.00 dollars deffered interest every month. It was only a matter of time before I lost it. Now I am paying 2400.00 including escrow with NO DEFFERED INTEREST! I cannot believe how easy this was and how fast. I first called 10 days ago and my papers are scheduled to be here tomorrow Via fedex. I am still in shock. Thanks for everyones help on this site. Another home saved because of the people who post on here. I owe my house, my life , to all of you!

That is OUTSTANDING!

Tell us what you did, and how you did it.

CW has several hundred thousand of these Options ARMs out there and they are going to have to modify these as soon as possible.

The old saying "The squeaking wheel gets the grease!" is pretty appropriate here!

[Moe Bedard]

Steve,

They followed the email advice given in the beginning of the thread when they first joined the forum looking for help..........
It does work almost each and every time...........

I will alert Moe that you have made a huge step in saving your home. I hope that any of your friend, associates, co-workers who have a similar problem take action sooner rather than later.

Ya done good Kid!

[Moe Bedard]

Please tell me when you sign, seal and deliver those docs so then you can get moved to success..........k........



Big Congratulations to You!!!!!

[Looking4Help]

Met with the notary last night. Sealed the docs today and just sent them out via fed ex. I am DONE! 4.0% !

[Moe Bedard]

Wwwwoooooo Hhhhhhooooooo!!!

Another Option Arm Success!!!

Congratulations to You!!!

[Tom H]

That is AWESOME!!!

[whatdidigetinto]

congratulations!

[schwefls]

Kudos to you, we are on a roll here. Party Hardy