Mortgage Forum

Mike

I've been in the loan modification (http://www.modifyloan.net) process since early January of 2008. I sent all of the paperwork, and I've been calling regularly to see what's going on with the application. All of the calling might have finally helped because the person I spoke with saw there were still no updates in my file about the application, so she put me on hold to speak with her supervisor. She told me that someone would be calling me back either that day or tomorrow. I wasn't holding my breath. However, a supervisor called my home and left a message saying that they were going to be speaking directly with my negotiator (his name is Angel Romero and I've never spoken with him, nor has he ever called). She needed me to call back and update all of my financials, which I did (this is about the 3rd time). So hopefully, I'll get some answers. I have an Option ARM with probably little if any equity left in my place. It resets in about two years, so I have a little time, but I want to get this done now. I've been told by several people in the Home Retention Dept. that I qualify for the modification since I have excellent credit (750+), am current on my payments and have a good income with very low debt. But I know I'll have to keep calling and calling to get some answers. I also e-mail through the message center online on the CW website. I consider myself a very intelligent woman, and this has really rattled me. I thought when I bought my home that I could afford it. I didn't realize (until now) that I would never be able to get a fixed-rate loan. It's strange now that these awful ARMs have come to light, I may get one. I know some people think that we're being bailed out, but I don't see it that way. If the lender is willing to work with me to keep my home, then what's wrong with that?