No credit check payday loans dallas tx

She says that NACA only acts as a third-party portal for BofA to present the application to the investor, just like the HUD counselors do? I really need to know best loan sites how I should proceed beyond attending the NACA event? Your loan is not eligible because the investor or guarantor of your loan has not approved a modification. At this point we will need to discuss alternative options.

Further update: I received this afternoon another FedEx from BofA stating: Your loan is not eligible for a modification because the investor or guarantor of your loan has not approved a modification.

The letter does not state WHY the investor has not approved a modification. I sent an email to BofA through my NACA site asking the servicer to state in the NACA site specifically why the investor, Wells Fargo, has not approved a modification. Your message actually contains some mistaken assumptions and needs a bit of clarification. NACA can work directly with the investor on a mortgage when the investor is Fannie Mae or Freddie Mac. We have payday loans node contractual agreements with them just as we do the major servicers. Other investors that have not signed agreements with us have no obligation to work with us directly and going through the servicer is the only option available. When the investor requires the servicer to submit all modification requests directly to them for review, there is no obligation on the part of the servicer to make specific suggestions to the investor. The investor will review the request and use the guidelines and limitations they have determined for modifying their loans to see what if anything can be done. If other customers are getting principal and interest rate reductions, etc. Assuming that you are eligible for something because someone else got it can be disastrous.

Also plesae be careful making statments such as I strongly believe that BofA has no credit check payday loans dallas tx been purposefully obstructing my attempt at getting a modification because they do not know who the real investor is when you have already acknowledged earlier in your message that they sent the file to the investor and it came back declined. Groundless and contradictory accusations such as this will only cast doubt on your veracity. You should indeed come to the upcoming American Dream Event so we can update the proposal and sit you down face to face with a BOA rep and get some answers in detail.

Further update: I received this afternoon another FedEx from BofA stating: Your loan is not eligible for a modification because the investor or guarantor of your loan has not approved a modification. The letter does not state WHY the investor has not approved a modification. I sent an email to BofA through my NACA site asking the servicer to state in the NACA site specifically why the investor, Wells Fargo, has not approved a modification. I agree with Tim that you should go to the Save the Dream event so that you can sit down with a BofA rep and get some answers as to why exactly the investor is denying the modification. Some investors will not allow a term extension beyond 30 years and some will not allow interest rate or principal reductions at all. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you no credit check payday loans dallas tx find here is easily available on the internet. You should contact your attorney to obtain advice no credit check cash advance charlotte nc payday loans dallas tx with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Thank you. I did think that NACA could work directly with the investor after restructuring the loan because after reading the NACA information on the website it did appear that is what is stated there. However, I did not know, as you state, that NACA could only work with the investor if it is Fannie Mae or Freddie Mac.

As far as my veracity goes, I am stating the facts of my situation here as I have been experiencing bad credit personal loans no credit check it with BofA these past payday loans houston texas years and my previous postings on this site prove that. BofA has previously stated to me that the investor is variously Citibank, US Bank, Deustsche Bank, that BofA did not know, and now they state the investor is Wells Fargo. To me, having been given all this various information by BofA previously does not make it seem groundless to me that perhaps BofA did not know exactly who my investor is.

That no credit check payday loans dallas tx is why I have thought that it reasonably casts doubt on whether BofA knows who the investor on my loan is or whether my loan is instead one of those Mortgage Backed Securities.

From the information I have previously received from BofA, that does not seem to be an unreasonable assumption. However, as you note, BofA has now stated that the investor is Wells Fargo, so I must now believe that information to be current. In addition, as you also installment loan online note, the letter of declination I received does not state why the investor declined the modification, only that the investor has not approved a modification. The letter does not state what kind of modification was offered to the investor or what exactly the investor no credit check payday loans dallas tx no credit check payday loans dallas tx declined. As you additionally note, each investor has their own guidelines. Your clarifications are truly shedding light on what I have not previously known. That is not much different than what I had previously been experiencing when working with HUD.

The difference now is that instead friendly loans of receiving a letter that states that BofA does not have the contractual authority to modify, I have now received a letter that states the investor has not approved a modification. I do not understand why BofA is not stating the reason for the investor decliing the modification in the letter? Also, working with NACA has made the process of submitting the application and getting feedback from the servicer progress more quickly instead of BofA not processing things correctly cash advance payday loan or taking extraordinary amounts of time.

But I did think that what was happening when working with NACA this time is that NACA was restructuring my loan and offering it directly to the investor. I am, of course, disappointed to find out otherwise. I see now that BofA was just continuing to process things much as before, just more efficiently and that they most likely have submitted their own package or the original loan to the investor instead of a restructured package that would make a modification viable. I had thought working with BofA through NACA would be much different than working with HUD. Why would the old loan continue to be considered a viable option in any case when the home is underwater now by roughly half of the original loan? Why not work on a more viable solution no credit check payday loans dallas tx for everyone? As an update, I have opened an Appeals process with BofA where their rep states that they will give me the reasons for the decision by the investor, although at first they said that the investor is not participating in modifications.

Then their Appeals rep stated that they would get me a modification solution. I also followed up with a NACA counselor to see what to do next and to find out about what the appeals process is through NACA.

She was super nice and smart and told me to update my NACA file with my most recent paystubs and bank statements. She also described exactly what I can expect when going to the NACA event and when meeting with BofA and Wells Fargo reps there face-to-face to work on a solution. I said I was concerned that Wells Fargo online payday loans utah DBA for an MBS trust was not making modifications, but the NACA rep said that Wells Fargo is making modifications all the time at these NACA events.

At least that is some good news, now if you are able to get something going on your first lien that would be great news. Maybe the NACA event will be a turning point in the right direction once you are face to face with these reps. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet.

You should contact your attorney to obtain advice with respect to any particular issue or problem.

The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer If you are modifying your primary residence you would need to check with NACA on that, because they had not in the past, but may have changed that position for primary residences. The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem.