loan mod

Do you know when we will know if the FDIC's request will be granted?
What is p&i?

There is some sense to paying for a loan modification. I do not know what your industry is, but the banks are now charging for loan mods and making it extremely difficult for homeowners to even modify a loan themself.

If it comes down to someone losing their home or paying a small fee to keep it, doesn't that make sense?

I have tried to do loan modification on my own and it was denied couple of times. I found a company that really came through for me. They negotiated amazing payment for me. They are omnycor.com. Send them an email or call them. GO with them. The best money I ever spent.

NACA is a great non-profit company that does modifications. They will not charge you anything, just require you to do about 10 hours of community service and attend one educational meeting (to help you not get in the same situation in future).

do you have any contact information for NACA?

You can find them at naca.com

btw...I have heard wonderful things about them. This might be a great start for you. I'm sorry I didn't think of them earlier for you.

it is worth a shot anyway, thank you!

Yes, it's worth a shot! Like I said, I work for an attorney. I try to stay ethical and suggest ways for folks to try to do this theirselves before they have to hire someone to assist them. And if time is on your side, meaning your not facing foreclosure, then I would definately give it a shot.

Let us know how it works.

thank you, I will give them a try.

well they won't help me because of their rule #2 ...

"You cannot own another property:
NACA cannot assist people who own other properties. If you own another property but are losing or selling it, we can assist you with your primary property after the disposition of the other(s). Servicers in the NACA Program also require owner-occupancy as a condition for accepting a NACA solution."


I have email them asking if this is FOR SURE a rule?

well I received an answer back from them. They will not be able to assist me in modifying either of my loans. If I sell one, or foreclose on one, THEN they can help me. But I can't sell because of the market crashing, and foreclosing will ruin my credit for years.

So neither of my mortgage companies will approve me for a Loan Modification because they say I don't make enough to pay the modified loan NOR the loan I am paying now. How does that make any sense?

And I can't refinance because I am self employed and no one will touch me due to not having enough profit because they won't add back in mileage or unpaid mortgage interest.

And I can't qualify for President Obama's Home Affordable programs because while I have sub-prime Freddie Mac loans, they are not FHA loans, and therefore are not qualified loans under Obamas program.

And I can't qualify for the non-profit NACA because I own more than one property.

what in the heck do I do? I could really just cry.

I hate to say this....but your going to have to use a Loan Mod attorney to help you. You've clearly exhausted all options of trying to do this yourself. I would pick one that has a money back guarantee.

does anyone have a list of Loan Modification companies who offer a money back guarantee? And what am I looking for the guarantee to say? There are so many loopholes with things like that!

Stay away from a Loan Mod Company. I would go with an attorney. It's way different.

The other thing...like our contract says...

it needs to have details about the money back guarantee. It's one thing that a company just has a money back guarantee. There are stipulations. Make sure the contract outlines the stipulations for you. Such as,

How many days do you have to request a refund?
What are the rules regarding the refund?
- since you are a retaining an attorney as oppose to a loan mod company, you will then refer all calls to the attorney everytime you hear from the lender.

There are a few more but that's the important one.

I hope that helps you.

I'm sorry...That was me that just posted as a Guest. I didn't realize I wasn't logged in.

thank you it does help me, I will have to start digging now for a reputable Loan Mod attorney ...

or if anyone knows of any who do business in Missouri or Nevada, I welcome your suggestions? PM if you'd prefer.

What about the new Refi Plus program? A lot of lenders are already doing it. I haven't done a lot of research on it yet, but here is some info. I work on the wholesale side, but I'm sure retail side would be similar.

Features of the Fannie Mae DU Refi Plus Program include:

Loans must be registered as a Full Doc loan.

Up to 105% LTV. No maximum CLTV. All existing subordinate financing must be re-subordinated. New subordinate financing not allowed.

No minimum credit score requirement.

Standard conforming, and high balance loan limits are eligible.

All existing loan types are eligible, as long as it was sold to Fannie Mae, and the new loan receives the appropriate feedback from DU (see below).

All loans must be ran through Desktop Underwriter and receive one of the following recommendations: Approve/Eligible, EAI/Eligible, EAII/Eligible, or EAIII/Eligible.

No seasoning requirement.

Salaried borrowers require one month paystub; self-employed borrowers require one year???s federal income tax return. 4506-T must be executed prior to and at closing on all loans.

DU Refi Plus Property Fieldwork Waiver for eligible loans, determined by DU. New appraisal required on all other loans.


MORTGAGE INSURANCE REQUIREMENTS Mortgage insurance is not required if existing loan does not have mortgage insurance in force, regardless of LTV. When Mortgage Insurance is not required on a loan with an LTV exceeding 80%, select "MI NOT REQUIRED" when asked to select a mortgage insurance option.

Oh, yeah - go to http://www.fanniemae.com/ to see whether your loan qualifies.

Hey...What wholesale lender do you work for? I work for a credit union, but I have the ability to broker if I need to.

both of my loans are Freddie Mac so unfortunately that won't help me.

Sorry if this is off topic but the people in here know what they are doing. I have a loan with WellFargo and called about loan Mod. They gave me thier fax number and told me to send a hardship letter and copies of my income and expences. When I send them the copies should I block out stuff like part of the account numbers ect? Or since its my loan company is it save to just sent them all the info complete? will they need it that way for the review of my loan?