CW Mod NACA, a Success Story Twice !!

[Moe Bedard]

the term "subprime" can be applied to "non conforming" loans, those that do not meet Fannie Mae or Freddie Mac guidelines, generally due to one of an array of factors including the size of the loan, income to mortgage payment ratio or the quality of the documentation provided with the loan. The phrase also refers to bank loans taken on property that cannot be sold on the primary market, including loans on certain types of investment properties and to certain types of self-employed persons.
Subprime borrowers have a heightened perceived risk of default, such as those who have a history of loan delinquency or default, those with a recorded bankruptcy, or those with limited debt experience. Although there is no standardized definition, in the US subprime loans are usually classified as those where the borrower has a credit score below a particular level, e.g. a FICO score below 660.

[gray517]

ok then mine looks like it would be subprime, and i just looked at my note and it says in the corner non-conforming. whew! hearing stories of fixed rates not being modfied scared me , even though they did say i was flagged for 12/1. they have just posted that they have recieved the paystubs, so I guess its just a waiting game for now, thanks *** !

[gray517]

***,
I called the 1-800-669-6607 that is the main number for CW it connects u to customer service it is not a special number for the program, it is posted as the CW main line on thier website when you log in, and when you ask them about the 12/1 program you get connected to home retention and they gave me the 1-800-669-0102 as the number to call next time

[Moe Bedard]

they just flipped the number today (Dec. 1st) and now they have posted the
Home Retention number
1-800-669-6650

[gray517]

Has anyone talked to CW since the 12/1 program started? if so what did they say, i have been unable to actually talk to anyone, 1 lady said your account is up for review, when i asked about the 12/1 program she said she didn't know what the 12/1 program was, then I got transfered and left in hold land?

[gray517]

just got off the phone with CW, was told I qualified (again) for the 12/1 settlement program, that I should be getting a packet in the mail that outlines the program and what it would do for my situation. I asked the rep Danny that I spoke to If it was the actual modifcation or just a letter explaining everything, since we already submitted our paystubs, he said as far as he knew it was a packet that contained the program details, and the modification. he said the system doesn't post when it was or will be mailed out, just that they have started mailing them out to the 400,000 people who qualify and that I was one of them. I did ask him about the status of our account and he reassured me (not sure what that is worth) that we were not even in the beginning stage of foreclosure. I also asked him about the naca proposal sent in in October, and he said I would have to speak with Naca about that, when I told him that per Naca CW is not responding to their requests for updates , he again said that was a different department and I would have to get my info from naca. he was very helpful and nice, however he didn't have any new information about my account or the 12/1 program that I didn't already know. Makes me worried that there are gonna send out a " here you go, here is your option take it or leave it kinda deal" anyone get a "packet or letter from CW yet?????

[tandknix]

Gray,

I got a loan mod today. I have posted in my thread about it: NACA/CW Success Yippee!!!

Kim

[gray517]

Originally Posted by tandknix

Gray,

I got a loan mod today. I have posted in my thread about it: NACA/CW Success Yippee!!!

Kim

thanks I will take a look, they said they have begun mailing them out. I have a fixed subprime, curious to see what our offer will be.

[tandknix]

Let us know. I know that the NACA offer is much lower, but we are just really wanting a 30 year fixed and not another adjusting rate! NACA needs to hurry!!! LOL!

[gray517]

omg! what cluster u know what! I called tonight hoping to get some information from the automated system, but instead I got a live person in the usa, after previously talking with Ken, Mandy and Danny (home retention team) who all where somewhat helpful, now I get an idiot who told me my account was under review, duh! I explained I was told that I was qualified for the 12/1 deal, and she said well you also have a referral to the "advocacy group" because of the naca submission and she told me she could not tell me anything about my account that i had to call naca to get any information, I have talked to naca, they have requested status from CW 3 times with no response. when I asked her about the 12/1 deal and that I was told I should be getting a package about the program, she said she didn't know anything about it, just that I was pre approved for it. She told me to call the advocacy group in the morning. I have already done that before, advocacy group referred me back to home retention for the 12/1 thing, at least she said I was assigned a negotiatior, but wouldn't give me a name or number. she said the mailings were done in waves and it could take 2-3 months for either solution. it's already been 2 months. Any one else get referred to the advocacy group? ok I guess next calls go to executive team.

[gray517]

ok called the "advocacy group" per cw instruction and was routed to home retention. I actually got a very nice rep, who told me that there was a negotiator assigned to the naca submission, while chatting with her i asked a few questions and found out that: yes my loan is preapproved for the 12/1 settlement and i should be receiving a modfication offer via fed exp, but couldn't tell me when it would be sent out, but there was going to be 4000 sent out tonight, and that it appears they are sending them out on thursdays in large groups. She verified that yes I have a subprime fixed and that my investor is Bank of America fka CW, meaning that countrywide/boa still owns my original loan, hopefully making it easier to modify. She also verified that no foreclosure process has been started and my loan has not been sent to that department. She confirmed the docs (modification) will be coming via Fed Ex with a Fed Ex return and that the 1st loan payment will not be due untl Feb 1, 2009, however, she did say with so many going out it could take up to 60 days to get your modification docs. It sure makes a difference if you get a helpful nice and knowledgable rep as to what information you get. my advice to others if you get an idiot hang up and call back and keep doing that till you get someone who has 1/2 brain! Ok back to the waiting game, trying to wait patiently, yeah right, have no patience.

[kateistired]

I just got off the phone with the home retention team, too. This one had slightly less than half a brain........She told me to be patient, that it could take up to 60 days (like yours said) to get docs. Mine said that they didn't know for sure when we would get docs, but she said that no, we wouldn't get a letter in the mail. I told her that's not what I was told on Monday, she said " it 's a new program!" Um, they pre-approved me for it two months ago!

just when you think you understand what is going on.....

[alikeith]

Yeah i too was told it could take up to 60 days.

The last person i talked to said that there was an estimated close date of Jan 2nd for my mod. Has anyone else asked or been told this?

[kateistired]

The girl I spoke with this afternoon didn't have any of my specific info. She didn't even know that I had faxed in my paystubs until I told her, and asked her to verify. She was mainly interested in spitting out a bunch of generic info.

I am wondering if it takes 60 days to get the docs, how could the new payment be due Feb. 1?

[alikeith]

I know they are saying it takes up to 60 days. Per the settlement, they have to have them completed within 60 days. If it takes longer to get your mod documents, then your first payment would not be due in Feb.

[kateistired]

This may seem a little neurotic, but I called back for clarification

The much more knowledgeable gentleman told me I would definitely be receiving a fed ex, he said because we qualify for the 12/1 program as long as we had income to support the workout, we were guaranteed the modification. I need to take a break from this today....It's making me crazy!

[alikeith]

Yeah it will drive you nuts. Dont let it though.

I know its hard because we all are so anxious to find out.

What kind of loan do you have?

[gray517]

mine is a subprime fixed 40 year with interest of 11% and Bank of America is the investor, we are 5 months behind as of december, but have not even gotten 1 collection call, wierd huh!

[alikeith]

wow, not any calls? That is the one thing i have noticed w/ Countrywide. they dont call you 24/7.

[kateistired]

I have a subprime fixed rate 30 year at 7.5%. I put 20% down, so I'm not upside down, I just lost all of my down payment when home values took a dive. I really don't have a huge issue with the interest rate (although lower is always better). I was just trying for a mod because my husband was laid off, and we got behind. He's working again, so no issue there...

[kateistired]

Oh, I forgot to mention, we are six months behind!!! We used to get calls a lot, but not anymore. Not sure if that's good or bad

[alikeith]

Yeah mine is at 8.35%. It was to have adjusted a couple months back, but countrywide had sent me a letter saying they were locking in the rate for 5 years. I did not even ask for it. So they were be proactive i guess. But at the end of the 5 years, my intrest would have been alot higher, all the adjustments were to kick in. My husband too is not working so we cant afford the payment. I am hoping they will cut the rate in half.

[alikeith]

While you are in the work out process, they stop all collection calls.

[tandknix]

Yeah, we haven't been getting any calls either. On one hand it's nice, but on the other I get anxious still when I don't hear from them!

[alikeith]

this is really bad but part of me hopes i dont hear anything till jan, gives me another extra month w/ no mortgage payment. Awful i know, but i can get caught up then on other things.