Carrington Mortgage Mod SUCCESS!!

[maui mango]

Aloha all,
we bought our house August/2006 for $437..got 80/20 loan with 9% and 12.4% interest rates on stated income since both my husband and I are self employed..our total of 2 payments are $3626 each month..these were the only rates we qualified for at the time and our broker kept assuring to just sign the papers and that we could refinance soon to combine loans and get the payment lower. well, needless to say that we've failed to refinance due to the market crisis.

Now we are facing extreme hardship as we have used up our savings and income loss due to slowed economy. to add to this, unexpected medical bills, my husband's knee injury and my mother in law moved in with us that we have to support. we have not been late on our payments yet, but it won;t be long before we get there at these rates. and our rates will adjust next month.

i called Carrington to see our options, they told me they have something called loan modification. so i started researching and found this site completely by God's grace. this site has given me so much knowledge on how this process works..as far as i can read, carrington seems to be one of the companies actually trying to help..so i'm really thanksful and hopeful to read their stories.
both our loans were with New Century originally, but our 80% loan payment of $2700 is with carrington now and the other 20% loan with Saxon. so we are trying to modify both. i finished the hardship letter and faxing them off today to carrington.
this site gives me so much hope and inspiration. thank you for doing such a great job and helping people to save their homes when no one else seems to care much. thank yu and aloha.

[Moe Bedard]

Aloha maui mango,


Welcome to the forum and thank you for joining...........
Carrington has made the modification process very streamlined and easy for their customers...............just click on the link here.........

https://myloan.carringtonms.com/weba...loans/index.do

sign in If you aren't registered, you should be able to do that. You will need your loan number to register. Once you are signed in, scroll down and look on left side of web page, and you will see an icon that says FINANCIAL HARDSHIP. You click on that, and just follow the instructions. They give you a reference number as well so that when you call them, they will know what you are calling them for.


Please keep us posted on your progress.............

[maui mango]

Aloha ***,
i have a question regarding the expense sheet..i'm using our Gross as our income instead of Net..since we are both self employed we have a lot of deductions and the Net just would not work..a lot of monthly expenses are included in write offs as both of us have home offices. i used the gross and showed a surplus of $180 approx..will this be a problem?

[Moe Bedard]

It shouldn't, but I know with Carrington the way they work it is that you fill out the financial statement online and once you submit it they have someone contact you........at that point if it is the other way.......just work on things that you can work on like gas, groceries, and necessities and ask if you are able to revise......

[maui mango]

Hi ***, i did go on the site and selected my loan number and it opened up a financial worksheet to fill, did that, at the end it said "Print" or "close"...that's it..it did not get anywhere from there...has onyone done this on the website?

[RudyJay]

Aloha to you... maui

There is one other Carrington Mort in the success section.. you may want to read that one.. rj

[Moe Bedard]

Yes...........two members did in this thread.............

Carrington Mortgage SUCCESS!!


did you click on financial hardship and get the reference number for when you call in?

[maui mango]

i did fill out the form, but it did not give me any reference number..i guess i will just call them in the morning and see what happened. thank you for following up with me..i really aprreciate it, since this has been overly stressful..

[maui mango]

hi, there was never any reference number after filling the financial form on their site..i did not get any in the email either. may be they changed their way?? it just said thank you for submitting hardship letter and gave me a list of documents to get together and either mail or fax to them..since i had all the docs all ready, i did fax them all today to 3 different fax numbers. one number is the one they asked me to fax to. the second is the one given to me by a very nice customer rep. and the 3 is the direct fax no to another great customer service rep. she told me that i can fax everything to her directly and she will take them to the right people. BUT, before i sent them to her direct number, i called 2 different times and with different reps to make sure that person and fax number is legit and solid. never can be too careful with these things..just a hinch i had.
so i guess now, i will just have to wait and see..i will call them monday morning to confirm they got the fax. thank you so much for caring!

[maui mango]

hi ***,
after faxing everything on friday, i called and checked if Carrington received the fax, i was told that they did. as per your advice, i'm keeping tab of every call and conversation and the person's name. they also told me that someone will contact me in 7 days. now i'm just waiting to hear from someone.
Also, i have contacted Saxon about our other loan at 12.4% interest rate. they sent me a list of docs they need from us. from reading here, i'm assuming that Saxon is not an easy one to work with. In case they don't modify our loan, do you know if we can just refinanace this (20%) loan with someone else on its own separate from the 80% that is in the modification process with Carrington? any info wil be greatly appreciated.

[maui mango]

hi, just a quick update and a question for *** or Moe..i called in to Carrington yesterday and i was given a name and direct number to the person that is assigned to our loan. after leaving a message for him yesterday, i did not hear back. so i called him today, and he said that the loan went to underwriting and its a wating game now and he will let us know as soon as he hears something...he said it will be 5-7 days...what does it mean that the file is in underwriting? shouldn't they give us some numbers before going in to underwriting? i guess my question is in what step of the process does underwriting falls into? isn't it usually the last step? thank yu ahead for your input..

[Moe Bedard]

Carrington is very streamlined and the process goes pretty quickly.......underwriting puts together the package as the investor wants it for their sign off and approval.........so you are in the homestretch.........
The options are already worked out by the investors on these loans........so as long as you qualify and fit the parameters you are offered a modification.............
It sounds good...........moving right along........

Please keep us updated on your progress........

[maui mango]

Aloha All, i have good news!! Carrington tried to call my husband today..could not get thru the cell..my husband called them back after seeing the number, the customer rep looked at our file and said that we are approved for modification..but to call the negotiator directly to get the accurate numbers. so he called our guy named Kevin and was told that they reduced our interest rate to fixed 6% from 9% ARM for the rest of the life of the loan. this saves us around $760 a month on this mortgage. This is just unbelievable!!! i faxed all my docs on friday afternoon 8/15/08..i called on monday 8/18 to confirm they received the fax..today is 8/25, and they are all done with everything..that's a total of 7 days. absolutely amazing!! Carrington just has their stuff together..the reps were very nice, i only encountered one rude rep, after talking to her a couple of mins it occured to me she was propably in the collections..and she was!!
now we are told that we will be contacted by the Notary to sign papers...
we were never late with our payments..but were starting to face difficulty wtih high mortgage payments. we wanted to be proactive..i have to thank God for His never failing love and peace..my gratitude for this website and people here, you guys are absolutely amazing wtih what you are doing..This site gave me tremendous knowledge and inspiration. i read pretty much every story here, and i say do not give up!! be persistent and be prepared...
our second loan (from the 80/20) is with Saxon at 12.4%..i have already started the process with Saxon, i'm sure this will not be as smooth, but i'm well informed and ready to fight. i will keep you all posted. Much mahalo (thanks) to you all..

[Moe Bedard]

Aloha maui mango,

Congratulations!!!!
That is great news!!!
I am so happy for you!!

Good Luck with Saxon too..

[schwefls]

maui mango, congratulations to you, party hardy you deserve it.

[maui mango]

Hi ***, how do i move my thread to the success stories section? or is that something that you do on your end?

[Moe Bedard]

I do it..........
Were you able to sign the docs with the notary?

[maui mango]

hi ***, thank you for asking..yes, we signed yesterday..the notary contacted us pretty much the same day the modification was final..thank you so much for all your help and prayers..

[maui mango]

hi All,
after getting approved by Carrington, i also started the loan mod with Saxon for our second (20%) loan. we submitted our docs back in August, and after a few twists and turns, we just got approved...our fixed interest rate of 12.4% went down to fixed 5% for the rest of the life of the loan. it took them a while to get things in place, eventually after persistence, got to thru to a real nice guy that promised us 6%....but another sweet lady called this week and said she was almost done with our case and offered us 5%...this cuts our payment by $450..all in all, with both our mortgages, out payments went down $1200..
i have to say thanks to everyone here working so hard to help people like us. we are grateful to you for compiling all this info and stories and all the support we received here. God bless you guys. never give up!!!!!

[schwefls]

maui mango congratulations again, kudos to you, party hardy again you deserve it.

[elpjohnson]

Aloha maui mango!!!! Congratulations to you for modifying BOTH loans! That's terrific! Enjoy your home!

[RudyJay]

It sure feels good doesn't it.. great gift for the holidays... good luck to you and your family..