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Answers (6)
- Robert Walker, "So Cal Agent"
- Contributions:1425
Check out the fees of Naca against the ones you are about to get hit with... Approved by HUD? Remember, there is a reason why it is agaist the law to charge up front fees to do loan mods. To many were separated from their last dollar with absoltely no results! I have seen the results from NACA. The fees? Read their page, it is all up front.
- The Rev
- Contributions:3
soniesita, did you receive modification documents or a letter meant to get the process started? If they are documents:
Is it a Making Home Affordable Trial Step 1?
Is the new payment affordable?
In general, the trial mod is a necessary step in the process, but there are variables. I'll fill you in on the rest once I kow what you have in front of you.
Throw out Mr. Walker's advice. You do not need an advocate and NACA is not the way to go. That's all this guy seems to promote.
Is it a Making Home Affordable Trial Step 1?
Is the new payment affordable?
In general, the trial mod is a necessary step in the process, but there are variables. I'll fill you in on the rest once I kow what you have in front of you.
Throw out Mr. Walker's advice. You do not need an advocate and NACA is not the way to go. That's all this guy seems to promote.
- Robert Walker, "So Cal Agent"
- Contributions:1425
There is also a great HUD Certified credit counsiling site named http://www.naca.com .
I have actually seen great results from this one, but it appears you have already gone through all the loops and hoops and are just wondering about the trial. If you need an advocate, NACA is the way to go. They have thousands show up to their conventions/workshops because the lender's underwriters are right there.
Good luck to you, we wish you the best :o)
Robert L Walker, CIPS, ABR
[content removed by moderator due to self-promotion]
I have actually seen great results from this one, but it appears you have already gone through all the loops and hoops and are just wondering about the trial. If you need an advocate, NACA is the way to go. They have thousands show up to their conventions/workshops because the lender's underwriters are right there.
Good luck to you, we wish you the best :o)
Robert L Walker, CIPS, ABR
[content removed by moderator due to self-promotion]
- Harold Sharpe, "Harold Sharpe"
- Contributions:24
Hi Soniesita,
On something like this you should consult a Real Estate Attorney, and a CPA.
By the way the L A Times article is someting that may be approved in June that is useless now.
It is my understanding that when you get a loan modification or temporary loan mod. You credit profile may reflect it and lower your score. The temp may or may not go through to permanent and you have to keep on it. I would get help from hopenow.com which is a government counseling service. You can read more and see more government links for loan mods here http://www.southern-california-home.com/loanmodification.html
We don't do Loan Mods. We have this up as an idea of what is to come and be careful of.
We wish you the best
Harold Sharpe
So Cal Homes Realty
www.southern-california-home.com
On something like this you should consult a Real Estate Attorney, and a CPA.
By the way the L A Times article is someting that may be approved in June that is useless now.
It is my understanding that when you get a loan modification or temporary loan mod. You credit profile may reflect it and lower your score. The temp may or may not go through to permanent and you have to keep on it. I would get help from hopenow.com which is a government counseling service. You can read more and see more government links for loan mods here http://www.southern-california-home.com/loanmodification.html
We don't do Loan Mods. We have this up as an idea of what is to come and be careful of.
We wish you the best
Harold Sharpe
So Cal Homes Realty
www.southern-california-home.com
- Pasadenan
- Contributions:21466
What is that 4% annual $200k loan advertised on that page with $771 monthly payments? That seems to come to 601 months, or over 50 years?
And with no social security number required for a credit check?
Does anyone really offer a 50 year 4% annual fixed rate mortgage with no credit check?
How can the LA Times get away with advertising such a thing?
Ok, fed from "google-ads"; maybe the Times has no idea and no control? And maybe it won't randomly show up for anyone but me? Mortgage.leadsteps.com ???
And with no social security number required for a credit check?
Does anyone really offer a 50 year 4% annual fixed rate mortgage with no credit check?
How can the LA Times get away with advertising such a thing?
Ok, fed from "google-ads"; maybe the Times has no idea and no control? And maybe it won't randomly show up for anyone but me? Mortgage.leadsteps.com ???
- Robert Walker, "So Cal Agent"
- Contributions:1425
Hello Soniesita:
You may find this article from the LA Times very helpful and may assist in helping you understand what exactly is going on with a trail modification.
http://www.latimes.com/business/la-fi-mortgages-income29-2010jan29,0,3075748.story
I hope this helps, have a great day!
Robert L Walker, CIPS, ABR
Tarbell, Realtors
951-538-6250
http://www.robertandyoko.com
You may find this article from the LA Times very helpful and may assist in helping you understand what exactly is going on with a trail modification.
http://www.latimes.com/business/la-fi-mortgages-income29-2010jan29,0,3075748.story
I hope this helps, have a great day!
Robert L Walker, CIPS, ABR
Tarbell, Realtors
951-538-6250
http://www.robertandyoko.com
loan modification trial is good ar bad? and why?
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