CW mod APPROVED!!

[jandk]

Here's the basic rundown on our mortgage woes with CW: Fell behind last Summer due to unplanned for expenses and no savings, relied on credit to get us thru, ended up "over our heads".

July 07 asked for repay plan to catch up arreas, we temporarily changed our tax with-holdings to increase our monthly income by $500 until mortgage was current. CW sent me loan modification papers that we ignored as the terms were really bad and that's not what we asked for. We wanted to be current at end of 6 mos so with-holdings could be readjusted and we wouldn't end up owing the IRS.

Took a finance course Sept 07 to Nov 07, now have a plan to cover the four walls and will be baby stepping our way to financial freedom (and debt free life except mortgage by Aug. 2011)

Oct. 07 I knew the amt of arrears/fees were building and I could get no one to return my calls so I did the math myself and starting sending them $715 every two weeks which they kept but didn't apply. By way of phone calls, I spoke with Randy 10-15-07, set up plan for balance of $4359.54 minus $715 down per Western Union leaving $3644.54 divide by 6 equals $607.42 each month extra added to current new payment of $918.27 bringing total due each month starting Nov. 18th to $1563.91

Carlos 10-18-07 closed the outstanding “loan modification” from July, 2007 that we had ignored.

Crystal 10-18-07 could not find check #1132 anywhere but check #1124 has been placed in holding account. Meanwhile the $715 Western Union payment has been received and thus the repayment plan has been started. Need to speak with “escalated que” about issue with repayment plan as they have not applied either check to balance yet.

Andrian, 10-19-07 could not locate missing check #1132, asked if would be sued if I did a stop-payment thru my bank and he said no. Since they were not expecting this additional payment that I mailed prior to 10-15, they could not sue me if bank declined payment. I then called the bank but they told me the check had cleared that day. No escalated que available.

Crystal, 10-22-07 verified check #1132 had been received and placed into partial account along with the original check #1124, so total now in account is $1430 not yet applied to balance. She emailed dept. to get funds transferred as they were already closed for the day. She stated if I did not have any contact in 48 hours, I was to call them back.

Joseph contacted on 10-24, information received that balance due is now $2929.54 and that 6 month repay plan not feasible as it would take all our extra money each month. He advised 8 month plan b/c if for any reason the 6month plan was not adhered to, they could start foreclosure proceedings. I agreed to do 8 month plan with full understanding that any additional amount could be sent at any time to further reduce balance owed. It would not decrease my payment amount but would pay off the account earlier than 8 months. Took $2929.54 divided by 8 for $366.19 extra each month for 8 months in addition to the new payment amount of $818.27 and added late fees/property fees for total amount due each month starting Nov. 18th to be $1321.31.

I set up what I thought was an affordable repay plan to catch up fees/arrears, made two payments but the third (Dec. 07) was not made on the due date so they returned it and cancelled my repay agreement.

Jan 11th I received a foreclosure notice so here's what happened so far:

Jan 16, I called them. They wanted another repay plan that I could not afford for next 12 months (over $1800 since escrow balance now negative I need to make up difference and they are charging me more fees to do that since it was negative). They suggested a loan modification, took my financial info, said they call 5-7 days hopefully with a fixed rate (have an ARM due to adj. in May 08) and a payment that I could afford based on earnings.

Jan. 22, I called them. No sale date yet, foreclosure pending. I need a modification negotiator, message sent thu their system, wait 5-7 days.

All of February, I waited and waited, got nervous they'd sell out from under me and give me no time to find another place to live with kids and pets.

March 25, still waiting. I called them, updated my financial info again even though there were no changes. I need the work out/home retention dept, message sent, wait 5 days.

April 1, I called them. Another message sent to work out dept. Wait 5 days.

April 2, I called them again. I did not wait 5 days. I am now getting more ticked off b/c late fees and inspection fees are racking up just b/c they won't call me back. I ran my credit report and they are doing inquiring every month (which I assume is the inspection company making sure I don't abandon the property). I wanted to know if they'd waive the late fees or not since it is their fault no one has called me. Message sent, wait 5 days.

April 10, I called them again. I want to change homeowners ins (which is escrowed) and get some answers. I got kind of nasty with them as it has now been 90 days since foreclosure notice. Got some "direct line" numbers to the dept and some extensions to call so I don't have to go thru switchboard every time. I actually got to leave a message on the voice mail of a supervisor and got the name/number of the person assisgned to my loan (he works 8-5, I called at 7am...different time zone). Here it is afternoon and no phone call. I called a second time (direct line, extension HA HA, those numbers are disconnected and not available to the public) but hey, they can leave a message and I get to wait another 5 days. I was informed at this time they will be expecting a payment to get the plan rolling...they'd take into consideration how long I'd NOT be paying the mortgage and want a percentage of that. NOW's a fine time to tell me, I've been paying off debt/cash flowing major expenses that came up like two auto accidents and a home repair like a crazy person for the last 6 months (and can prove it) so that I will be able to pay my mortgage on time if it EVER gets approved.

April 14, I called again. By now I have realized the left hand does not know what the right hand is doing. Not only did I call the f/c dept (aka home retention dept) with number I had been using somehow I was connected to the loan servicing dept, they then transferred me to the f/c dept but I was actually speaking with collections. They gave me a number to call directly and hey [b]it was the same original number I called in the first place[b]. Was told my loan number was having technical difficulties, please hold. Next I am told I need a special department, asked the name of the dept, he would not tell me, just said it required special attention and gave me the number (ummm....that's still the same darn number I've been using) and transferred the call. She took down all my info again and attempted to call the nego. but there was no answer. I told her I was not waiting "5 days" anymore, I wanted a supervisor in charge. She offered to send a personal email (not a message) to the nego., his supervisor and her supervisor so that someone gets back with me.

Since my work sch. varies and I only take calls at home, I bought an answering machine so in case they do call and no one is here, I get a name/number to call back (not to mention I can record up to 30 min calls).

They have until tomorrow then I will be calling the office of the VP and sending emails to every cotton pickin email address I have seen on this site as well as all the variations (dot vs underscore).

We need to change our with-holdings back since it's been way over 6 months and our mortgage is still not current (although that money has paid off other debt so house payment won't be a problem). I am offering them 25% of our net income if they'd just freakin call me.

Off my soapbox now...love the site...it's a great venting place and I know I'm not alone

jandk

[schwefls]

Welcome Jandk:

I am sorry for your hardship and the runaround you have sustained this last 6 months, I wanted to stop in say hello, let you know you are not alone and shortly someone will be responding to you with some guidance. Please do not give up your fight we have your back.

[jandk]

I have called 1-800-669-6093 (found in post for CW contacts), phone was answered "Platinum Services", spoke with Josh. He could only review the info and transfer me to home retention dept. aka foreclosure dept (I verifed they were one and the same). Ended up at the customer service dept, spoke with Joyce who transferred me to f/c dept. Mike answered in home retention dept but they only handle those with less than 4 month deliquencies. So, he sent me to f/c-workout dept and I got Barry in customer service who sent me to Mallard but that was also customer service then gave me yet another number 1-888-219-7773 and I got Glenda (good thing I have a notebook handy). She asked to update my finanicals, sent previous 2 mos. bank statments, pay stubs and a hardship letter via fax (will do tomorrow). Was told there is no gurantee my home can be saved, it is up to the investors not CW itself. No sale date yet but can be issued at any time.
Got name of current negoiator so if I don't hear anything in 5 days, I am going to email him. I have an answering machine now so if he does call and no one is home, he can leave me a message. I think I'll wait 5 days to call him back!

jandk

[Moe Bedard]

jandk,

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

Here are the important contact numbers that you need to be dealing with..........

OFFICE OF THE PRESIDENT
ATTN: ADRIENNE ELY
400 COUNTRYWIDE WAY
MS SV-314
SIMI VALLEY, CA 93065
1-800-601-2522 ext. 8026

[jandk]

Ours house was built in 1996, we purchased it in 2003. 3BR, 2 bath, open LR/DR area with kitchen and laundry room. I think it's about 1200sq feet. Small deck out back with a concrete front porch across the front. Sits on .47 acre in corner of subdivision, another .47 acre backyard and an additional .47 acre in front off to the side (all woods). We are the largest landowner in the subdivision as all other lots are .47

We financed $66,100 with nothing down, I think we paid about $1000 in costs/points/fees but I can't remember back that far. Payment about $500/month with no escrow. Homecomings Financial did a re-fi in May, 2006 thru Peoples Mortgage (broker?) for $77,500 (paid nothing out of pocket) when it appraised for $85,000 (previously un-sold lots in subdivision had new homes being built at the time which inflated our apraisal).

Sub-prime rate due to bankruptcy in 1999, thought we'd get about $7500 cash to get out of debt, pay off medical bills from my surgery as well as catch up everything we were behind on due to my being off work. Major problems with the refi (had a large pre-pay penalty on orig. as well as owing them b/c they paid our taxes that I couldn't pay. We got $1400 along with $300 higher payment, fixed rate for two years (and another pre-pay penalty for same two years) then starts with an ARM next month for the next 40 years (we thought it was 30...they lie). "You'll be caught up on everything and debt-free so making house payment on time won't be a problem we'll refi again in 2 years for a more favorable rate, your credit will be in much better shape in 2008 since the bankruptcy will be almost gone"

I have since learned that's called predatory lending. We're in f/c process and hoping for a modification but it's CW (no explanation needed). We can pay 25% of our net income but that's IT, I am not going to sign ANYTHING for more than that as it is not going to happen...I'd rather lose it and move even though we'd *never* find a place that allows pets.

jandk

[schwefls]

Hi Jandk:

I wanted to stop in and welcome you... assure you....you are not alone. We were ...or are... all in the same boat. There is a light at the end of this dark tunnel and shortly someone will be stopping in to get some further info and offer you some sound advice. In the meantine, hang tough, put on your boxing gloves and be prepared to fight for what is yours. YOUR HOME.

[Moe Bedard]

jandk,

Just follow the advice you were already given in your other thread posted above and you will be able to get all of the copies of your loan docs through the QWR and have them reviewed for predatory lending issues if that is what you would like to do..............and there are contact numbers and emails for you to use to start the modifcation.........if that is what you would like to do...........all of the contact info is above from your original thread..........

Good Luck with the Mod.......

[jandk]

I'm working on everything now and plan to fax all requested financial documents to CW on Monday for the modification as well as emailing everything I can (hardship letter and budget) to addressess here. I also have first/last name of our nego. so going to try direct approach.

While discussing with spouse last night the fact that we have a 40 yr, not 30 yr mortgage, he was a little more than peeved to say the least. We thought we were really desparate in 2006 (to catch up/pay off others and maybe get a new roof which was original intent of refi) and once the ball was rolling, we felt we no other choices except to sign the documents and proceed. I've got some digging to do as all this has jogged my memory that there were 2 sets of documents. The original refi we signed and another "reworked refi" a few days later that changed the terms. I can't remember exactly but I do know the interest rate on the papers doesn't match nor does the term of the loan.

I work 12 hours today so I'll post later tonight or tomorrow on what I find. Should I be considering locating an attorney?

jandk

[Moe Bedard]

jandk,

I didn't see that you posted what state you are in.............
but we have an attorney on the home page of the forum that does Forensic Doc Reviews...........or you can try National Association of Consumer Advocates – Consumer Protection Advocates and Attorneys
for a referal........

Keep us posted on this thread when you hear back.......

[jandk]

We are located in Indiana. I have spoken with S.I.H, Inc. as well as the F.N. toll free number. I was advised to send the requested documents via certified mail with a return receipt instead of faxing them. I have finished the letter which follows:

At your request, I am sending this hardship letter in an attempt to save our home from foreclosure which is pending at this time. Our goal is a modification of the original terms of the loan making the payments affordable based on current earnings.

The lack of an emergency savings fund, the lack of a written budget that included infrequent expenses related to raising a family, several thousand dollars of un-reimbursed medical/dental expenses due to chronic illness and surgery and relying on consumer credit to equal everything out has caused our delinquent payment history. The lack of financial knowledge and discipline should also be considered.

Having completed a financial course late in 2007, we now utilize a written budget every month for the first time in 16+ years. We have a written plan that includes not only payments to our creditors but amounts for future expenses that will eventually need paid. We know where our money is going instead of wondering at the end of the month where it went and why there wasn’t enough to pay all our expenses. We’ve managed to pay off a few creditors and personal loans from relatives, establish an emergency fund for un-expected expenses and earn enough income to meet our obligations. It was not easy to accomplish that task. Our basic necessities are food, clothing, shelter, transportation and those associated costs including utilities and insurance coverage. Now that our top priorities are as mentioned, that leaves very little to pay our un-secured debts but we do have minimum payments covered and will seek additional employment opportunities as needed in order to become debt-free as soon as possible.

Within published guidelines is the recommended percentage of 25-33% of net income for housing. Since we are anticipating higher monthly expenses in today’s economy regarding our basic necessities, we are only allowing for 25% of our net monthly income for a mortgage payment that includes principal, interest, taxes and insurance (both escrowed). By allotting the 25%, there will be enough flex in our monthly budget to absorb future increases in living expenses for our family of 6.

Please review our included budget and see if we are eligible for a loan modification from Countrywide. As mentioned in previous documents sent in January, 2008 we are not interested in any type of mortgage loan other than 30 yr fixed nor are we interested in any type of prepayment penalty in the modification. We’ve already experienced that with the original loan back in 2003 and had we not defaulted on the current loan while it was fixed we surely would have defaulted when the rate starting adjusting. How can any creditor expect you to adjust your payment amount/budget every 6 months when in reality, you know you only have a set amount of income to start with?


I am also sending a QWS to the lender. I have dug out and reviewed our loan documents of which none are signed (we got a copy prior to signing). Since the numbers change from page to page (and there are 2 different sets), I honestly cannot tell you how much we refi/borrowed in 2006 or what the interest rate is (varies from 9.95% to 9.97% which isn't a big deal) but on the actual Truth In Lending Disclosure paper it says 12.11%. Some of the areas have typed info which was crossed out and hand written in different info/amounts that is initialed but you can't read it.

I can get a 30 minute free face to face or telephone consultation with a local attorney that has real estate and foreclosure experience (this is an employer paid benefit) as well as a 25% discount on his rates (hourly or set amount) if I do retain his services.

Will update you as I know more. Thanks for what you do.

jandk

[Moe Bedard]

No problem.........that is a good letter.....

Let us know what happens with the attorney consult....

[jandk]

Spoke with lender this am and informed them I would be mailing the requested documents as of tomorrow (getting check stub today) instead of faxing them as previously requested. Asked for current amount due ($9020) as well as the balance ($77316) which I was told was principal only.

Did some more digging, found out my homeowners policy increased over $250/yr and they paid it from escrow funds causing a negative balance. (I have a new policy taken out last week, thought I was saving over $200, really it's over $400). Of course they are charging me fees for having a negative escrow balance.

Dug through my property tax papers too. They are paying at odd times and odd amounts so I called the courthouse to get the details. They didn't pay them at all in Oct. 2006 or April 2007 so by August, 2007 they paid more with penalties and in Oct. 2007 had to pay the second installment. I'm still a little more than confused but at least I know now my annual tax payments are $1822 (for all 3 lots) so that's $151/mo along with $51/mo for insurance.

If I have a $77316 balance, 30 yr fixed rate, even at 12%, my P+I will be $795 plus escrows of $202 for total payment of $997 (I had $1000 allotted which is 25% of monthly net income).

Still going to see attorney in the morning, will let you know when/if anything changes.

jandk

[Moe Bedard]

jandk,


If they are passing on the late fee for paying your taxes at odd times to you, that is a violation of RESPA..........
Here is the explanation of that kind of poor servicing from HUD's website.......if this is the case, you might want to discuss that with the attorney too........

Dealing with Your Lender or Insurance Company:
Taxes, Insurance, RESPA and Escrow I got a notice from the county that my lender did not pay my taxes on time and the county is assessing a penalty. Do I have to pay this bill?

Send the bill to the lender. The lender should pay the penalty for failing to pay the taxes on time as long you were current in your mortgage payments. If the lender refuses, you may wish to follow the guidelines for filing a complaint.

Are lenders required to pay taxes on an annual basis if a discount is offered to the consumer?
NO. The Department published a new rule in the Federal Register in January 1998. The rule clarifies what a lender should do when a taxing jurisdiction offers a choice of payment on an installment basis or an annual basis. If there is a discount to the consumer when disbursing on an annual basis or there is an additional charge for disbursing on an installment basis, the lender may disburse on an annual basis. Otherwise, the lender should disburse tax payments on an installment basis. The borrower and the lender may mutually agree to another disbursement basis or date. The Department encourages lenders to follow the preference of the borrower.

What steps should I take if the lender does not pay my hazard insurance on time or at all and my insurance is canceled? Lenders are required by Section 6 to make escrow account disbursements on time. If a lender fails to do so, a borrower may bring a private law suit under this Section. Therefore, if you incur any damages due to the lender's negligence, you may wish to consult an attorney.

You should also contact your lender immediately and send a copy of the bill. Some lenders list a special address and/or FAX number for insurance and tax bills. Keep checking with the insurance company to make certain the bill is paid. You may wish to pay the insurance company directly to avoid cancellation of your policy and then seek a refund from your lender. Keep copies of all your correspondence and payments. If you incur any damages due to the lender's negligence, you may wish to consult an attorney.

[jandk]

Document review by attorney indicated some pretty expensive fees from refi. We ended up borrowing $77,500 based on apprasial of $86,500 with interest rate of 9.95% which wasn't "too bad" since we did have the late payments history and the bankruptcy in 1999. Original terms were 8.75%, 30 years on $66,100 amount.

Paid off original mortgage of $66800 (had a prepayment penalty), with original cash payout of about $12,000 on first set of papers, then changed to about $8000 but that went down to $1100 that we actually received (called bank to check deposit amounts for June, 2006 and I know what our income was, neither of us would have brought home that much so I know it was the refi money) with them paying an additional $1900 of our cc/collection accounts at that time and the 2005 taxes/fees we owed of appox. $2000 and we paid $5700 in fees/costs for the refi, got an ARM 2/28 loan with offer to refinance again in 2008 for more favorable terms. Bottom line was we were $5000 to the good which cost us $5700 in fees and less favorable terms than we originally had.

Not sure why CW says I have a 40 yr term but it doesn't matter now. With the current balance of $73316, amount due of $9020 that puts us paying $82,336 for a home worth less than that. What's the point of being upside down on a home that I have no emotional attachment/family attachment/dream home feelings for? It's a roof and four walls. No one out there would do a refi with our current financial status, pending foreclosure, history of late payments and I'm beginning to think we'll just let them have it back. We survived the bankruptcy in 1999, we can survive this too. Difference between a rental and the mortgage will be about $500/mo, when we are completely debt free (and I mean everything) and saving $2000/mo it won't take a whole lifetime to save $50,000 and pay cash. Who needs credit anyway?

Local attorney said we could call the Attorney General and report this as a predatory loan and might be able to join a class action suit but most of the companies that did these loans have long since disappeared having made $4000 and up on each loan doing several a day before closing/going out of business. They don't care what they did to us, they got their money when the papers were signed.

jandk

[jandk]

Well, my initial anger has subsided and I am reconsidering. Yes we got taken for an expensive ride but after speaking with my hubby, maybe we'd better try to ride it out and hope for a modification. I will contact the Attorney General with our info but seriously doubt much will happen. Nothing will happen in enough time to save our home unless we do it ourselves.

After waiting for hubby to get home and discuss our financial mess, pro/cons of possible solutions and so on, I missed the deadline to overnight mail the requested info to the lender. I faxed it from work today (and kept confirmation of all 7 pages). I made a note on the cover page that it was not a private fax and no contact via fax would be acknowledged.

Lender just called. I asked about my fax being received. That takes 24-48 hours so they'll have it by Monday. They have requested our reinstatement figures, that takes 5 days. Then 5-10 days to submit for review, another 5-7 days for a decision to be made. They will mail their decision. Minimum of 15 days. If approved, I will need one payment as good faith offering, I asked for that amount: $918.27. I can do that (barely) since we have some "extra" expenses in May that aren't quite fully funded yet but I do have a $1000 emergency fund put away and the $1800 stimulus check coming May 9th (that needs to go on braces but I need a place to live first and foremost).

I'm still mad not only at myself but with the refi lender. We'll see what happens.

jandk

[jennifer]

Hello jandk
My name is jennifer you can look at my post in successful home owner CW wants my house. My post is not complete because of dog and computer problems. It is my bad that I do not complete it.
Any way the important thing you need to know our stories are VERY similar.
Bad loan, good intentions, a breath away from foreclosure ..........., 30 year fixed conventional loan, interest 7.7% ( yours is much higher ), used to be good credit late house payments not so good any more ............, no doubt predatory loan, we do have the ability ( just barley ) to make the payment.
I followed the advice of this forum and got a modification.
I started in October of 2007 on my own joined the forum late January 2008 got modification late March 2008. It is possible to get a fixed rate conventional plain vanilla predatory loan with CountryWide modified.
In the meantime
It is the weekend you can gather paperwork email and fax ...............
But most important ENJOY YOUR FAMILY !!! This is your home your place of solace, have fun try to relax and get ready for Monday !!!
jennifer

[leap4juls]

Hi Jandk,

I Am Not A Cw Customer, However I Have Been. It Was An Arm, An Attorney Suggested Taking A Look At It And Consider Rescinding That Loan Also, Haven't Gone There. I Have Enough On My Plate.

I Am Sorry About Your Trouble And Do Commiserate. I Know How Hard It Is.

Maybe I Missed Something, But This Refi Is From 2006 These Violations, And *** You'll Have To Confirm This,why Can't She Rescind This Loan? Or Look Back And If The One Prior To That Is Less Than 3 Years, That One Too? And, Also ***, Can They Take A Look At The Original Note? To See If They Have It?

Why Do These Freeking Mortgage Companies Make It So Hard, Why Do They Torture Us?

I Do Hope It All Works Out. I Also Understand The Pet Thing. 2 Dogs, On Doberman And One Jack Russel, Not Good Renters, The Doberman Acts Like A Jack Russel And So Does The Jack Russel, Crazy And Barky. 2 Cats, Fish Tank, And Love Bird. Sounds Really Bad When I Write It Out. My Point Is What A Difficult Thing It Can Be When Looking For Options In The Event (you Or I) Of Having To Leave. The One *** Is 17. The Youngest Animal Is 4 Years Old. So I Get Choked Up Just Thinking About It.

I Too Feel Mad At Myself, For Not Knowing Then What I Know Now, But The Fact Remains, They Knew They Were Screwing you
I Could Make A Comparison But It Is Not Pg Rated.

Abundant Blessings And The Best Of Luck To Your Family
Ps, If You Really Want To Stay In The House, It Is Worth The Fight.

[Moe Bedard]

Juli,


She has met with an attorney on the predatory nature of the loan.........

I can only offer advice on what someone is telling me they would like to do..........and in this case she wants CW's numbers to see if she can try for a modification........which I have given........and the direction on how to ask for a modification.......
So that is the advice I can give..............the attorney has to advise her on the other stuff........which I think he/she did........

[leap4juls]

oh, sorry....

Good Luck with your modification, I hope you find your best case scenario.

Juli

[jandk]

Last contact with CW was 4-25, have received no calls and nothing in the mail. We had a small kitchen fire on May 4th which turned our already chaotic life into temporary disaster. We are now back home and still waiting. Our homeowners company (new April 2008) has cancelled us so I am restarting the hunt for coverage.

Was hoping to have an agreement by June 1st so this cloud over us will pass. The stress that I am having regarding the mortgage is very high. I just don't know when we'll get answers.

If the modification is not approved and we have to move, how long do we have? The actual foreclosure notice was dated Jan. 11th but we were several months behind to start with. The last money I sent that they kept was in Nov. 07. I don't know if we'll have 30 days or ??? Rentals here are hard to find esp with pets (which we realize we may have to give up).

If we are going to move, I want to do it NOW before all the rentals are taken up by returning college students in the Fall.

Our house info does show up on a foreclosure website and is listed as active but I'm not paying a fee just to see the details. Balance says $74,900 with potential P/I payment of $399/mo. I know the taxes/insurance are another $200, so "anyone" could purchase our home for roughly $600/month....it would be NICE if they offered US that payment but I know that's not going to happen. Still it's a nice home at edge of town for just a bit more than local rent for same size home so selling to more financially stable persons might be an option if time frame allows.

Will keep you updated.

jandk

[jandk]

Guess I posted too early this morning. I was out of town all day, hubby called me this afternoon and said his mom had called to see what was going on since we didn't mention anything on Sun at family celebration for graduations. I haven't seen the paper yet but she told him that a sheriffs sale is scheduled for June 9th and it was listed in Sundays paper (we don't subscribe anymore).

I had him call the lender and he was told by Andre that the sale is not until June 25th. He could not transfer the call to the f/c dept but did say our info showed activity and the nego. was just recently given access to our info and we should receive a FedEx package by the 10th. If we do not get it, we are to call and they will email him and we will have contact by the 15th which is 10 days prior to the sale. Again, if we do not have contact, we are to call and escalate the chain of command. He did say we will have to have 30% of the arrears due (which I think is about $3K needed on $10K arrears). I was told prior to this to have one payment ($918) ready to send in good faith and I have that saved. I do not have another $2000 and can't get it so I might as well throw in the towel and start looking for a rental.

Our savings is gone as it paid the deductible on the house fire claim. My hours were cut at work but will go back to 40/week during the summer as I cover vacations. We owe more on both autos than they are worth so can't sell either of them to get a beater. One dtr needs $5000 of dental work scheduled for July, that's out of pocket cost and July bonus will cover about 1/3. The rest we will have to finance but don't have enough left every month for another payment in ANY amount.

It's just not worth the fight anymore.

jandk

[jandk]

For the whole story, see "our loan info" post in the Report Mortgage Fraud and Predatory Lending topic area....I did not post this there since there's been no response to my last two posts.

FedEx arrived today, we have the modification papers but they aren't what we asked for. We wanted a 30 yr fixed rate with payment incl escrow for no more $1000/month and no prepay penalty.

They are taking the $12K worth of arrears/fees/etc we owe and tacking them onto the unpaid balance on the loan for a total now due of $88,745. They want $918 up front by June 5th in CERTIFIED FUNDS, with the new payment starting July 1st, 2008 of $982. ($748 p/i with $234 escrow).

Yes, it's manageble (and 25% of our net income so within guidelines) but there is NO mention ANYWHERE of the current interest rate or terms. House did appraise for $85K back in 2006 but I feel it was inflated somewhat so we'd be approved for the predatory refi.

Straight from the documents:
"The interest rate and monthly payment will adjust in accordance with the Note, Adj. Rate Rider, and any other loan document that is affixed to or incorporated into the Note and Rider and provides for, implements or relates to any change or adjustment in the interest rate and monthly payment amount under the Note"

Also mentions that if the loan is not paid in full by July 2046, the balance is due in full immediately (umm, that would be 38 years).

So the "original terms" of the loan including the ARM 2/38 is still in effect? Two years have passed so we no longer have a pre-pay penalty but really they are not modifying the loan terms at all, they are just adding what we owe them to the unpaid balance?

Why do they think I am stupid enough (again) to sign an ARM?

Why do all this just to buy myself 6 months and when it adjusts in Dec. 08 I am right back where I started?

Does anyone know: If we do sign this modification and make the payments as agreed, we are thinking of putting it on the market for sale for the next 6 months. Pretty much know it won't sell for $88K which will be the new balance owed so then we are talking possible short sale? Or would that not be an option?

jandk

[Moe Bedard]

jandk,

I am sorry that the mod isn't something that would work for you.......unfortunately it is up to the investors as to what they will and won't modify........and we can ask.......but we won't necessarily get what we ask for unless it was what the investor is willing to do........some investors are not willing to modify at all..........and now some are requiring 1/3 down or more of the past due payments and fees before they will even consider a modification.......

the one you are being offered isn't that bad and it puts the payment under what you needed and gets the loan current again........

For the Short Sale question you will have to ask CW about that.......all I know with a Short Sale and CW is that they require the property to be on the market for at least 60 days before considering the Short Sale and for a Short Sale you will have to show a hardship........I don't see why you wouldn't be able to pursue that route in 6 months even after taking the modification if down the road you find yourself in the same hardship situation........

I wish you the best........I hope everything works out for you......

[jandk]

I phoned them again this morning and requested to speak with German Ribas (spelling?) who I believe to be our nego. They would not confirm or deny that or give me the correct spelling. They did offer to contact our nego and have them return our call within 5 days.

I then attempted to email them using but it came back as undeliverable.

I just copied and pasted the same email and sent it to all the addresses listed on this site along with a statement that I did get those email addresses from this site and to please contact me.

Will keep you updated.

jandk

[jandk]

I can't find any helpful info on right to rescind on other sites (looked yesterday when had troubles staying logged in to post here) so I'm back again. Under the Find An Attorney heading on left side, it mentions "right to rescind".

The second right to rescind is the extended right to cancel. The statute of limitations on this extended right is three years; however, it can be tolled for certain reasons, and more importantly, a borrower can always rescind, if the loan is rescindable, if the lender starts foreclosure proceedings.

Under TILA, the extended right to rescind is created when the borrower is not properly notified of the three-day right to cancel or the TILA disclosures are not accurate within certain statutorily defined tolerances. Additional rights to rescind are also afforded under HOEPA, more fully discussed later in this article.

The Federal Truth in Lending Act is a very specialized area of law, and only a few attorneys in the country are able to take on mortgage companies in this regard. The Law Offices of Marshall Rosenbach are working to expand the program, but we currently can only help qualifying homeowners in California and Florida to stop foreclosure.

How do I know if my loan is rescindable?

There's nothing further about HOEPA in the article either and what info I've located is confusing. Is this attorney still only FL and CA? I'm in Indiana.

I realize I will need an attorney to do this and the one I did the free consult with is not interested.

Do I look for one with real estate law experience, corporate law experience or what? I don't wish to hire one that isn't familiar with the laws that I need to know about should I try this option.

Am I correct that even if this is a possible solution, all it does is "void" the original loan terms meaning it would be up to me to find a new lender when this mess is all settled?

I am grasping at straws and time is running out.

Thank you for providing this site for all homeowners...where would I be without it?

jandk