What Does This Mean?

jwa81

LoanSafe Member
Jun 23, 2014
103
20
18
38
I just logged into our account on Carrington's web site and found that we could check the status of our modification request right on their web site. This is the very first time I have looked at this site. I didn't even know that I could check the status of our mod online until now. It says file in underwriting and says it was sent to underwriting on 10/27; however, when I talked to my advocate at Carrington around the 3rd or 4th of this month, she told me that we had completed the underwriting process and that it had been sent to USDA for final approval. I took a screen shot of the "process flow" and it says "file in underwriting' and says it was sent to underwriting on 10/27, but below that is this process flow chart. Where it says file in underwriting, it has 2 arrows, one pointing to "HAMP mod approved" and then one pointing to "CMS mod approved," which I am assuming is a Carrington Mortgage Services in-house mod. Does that mean that we were approved by the underwriter for either HAMP or an in-house mod and they are just waiting for USDA to okay it? I'm just trying to understand exactly where we're at and what this little process flow chart means with the lines pointing to both HAMP mod approved and CMS mod approved! Does this appear to be a good sign???

 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,840
466
1,000
48
Southern California
www.loansafe.org
Hey there!

That's cool and more good news I would say. The reason for the different dates is it takes them time to update the computers and it is just for milestones. I think it is exactly what you think it is and has been approved by Carrington per USDA guidelines and they just need the USDA to say A-OK! ;)
 
  • Like
Reactions: jwa81

jwa81

LoanSafe Member
Jun 23, 2014
103
20
18
38
Seeing this gives me so much hope and makes me feel more optimistic than I have in months! I wish I had known that I could view the status on their web site before! I kind of just accidentally found it this evening while I was on there looking around to see if I could find any updates. I honestly wouldn't even mind if we were to get a modification that would make our payment go up by $100 or $200 a month, because that would still be affordable for us and it would take care of our past due payments and this whole hellish process would be finally over. However, it would be absolutely awesome if it kept our payment the same or even decreased it a little. We currently have an interest rate of 3.875%, so if they could get it even a little lower, I'll be celebrating for a week straight!
 
  • Like
Reactions: Moe Bedard

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,840
466
1,000
48
Southern California
www.loansafe.org
I'm happy for you and I agree that this is cause for a mini celebration. Enjoy your holiday this week and revisit this the following. I will look forward to your final approval and loan modification redemption soon :)
 
  • Like
Reactions: jwa81

jwa81

LoanSafe Member
Jun 23, 2014
103
20
18
38
I feel like a giant weight is about to be lifted off my shoulders and I'll be able to breathe again for the first time in months! I'm assuming that as long as Carrington has approved it, then USDA should too! I thought we had little to no hope of getting a second modification since we got one 2 years ago, but it looks like it might actually happen! Maybe they'll leave our interest rate the same and just defer the late payments to the end of the loan. That would be the BEST present I could ever ask for this Christmas! I don't care about getting anything materialistic this year. All I want this year is for this to be over and for everything as far as our mortgage is concerned to go back to normal so that I don't have to constantly think about it and worry anymore!
 
  • Like
Reactions: Moe Bedard