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After receiving notification via email and voice mail from my CRM today, I sat there frozen at my desk stunned in disbelief, and while immediately experiencing a surge of happiness, I also wept quite openly from sheer relief.
I was very surprised, too, that I am being offered a permanent modification, when I had not yet been offered a trial modification, but perhaps they are taking the trial modification I completed on the HELOC into consideration? The interest rate will increase after 3 years not to exceed 3.
This means that the current loan value in addition to the HELOC of 468. Since this is designated a permanent modification after the papers are signed, I am wondering now how I should proceed to see about a principal reduction and getting a settlement on the HELOC? I know my BK attorney had mentioned a way to handle this, too, so I will also give him a call. I know these are lousy terms to accept for a modification, short term loans in pa but I have fought so long and hard to keep my home and to even houston loans be offered a modification in spite of having the income and qualifying only direct pay short term loans in pa day lenders to be churned and blocked by the bank. I am sure I will hear from their attorney soon since I also notified him of the mod today. I am so truly grateful for their assistance as well as for all the support and direction I have received on this site from Cat and the other monitors and participants!
I think that the article that Cat posted above shows that the banks stand to make a profit from foreclosing on your home instead of modifying because the investors have already been paid off by the insurers and from lawsuits therefore, the banks will avoid giving a modification as long as possible and instead attempt to bully you into a short sale or foreclosure for which they can keep the full proceeds.
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You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed short term loans in pa at or loans for bad credit lenders only through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney.
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To me, though, working with NACA was much like working with other HUD agencies. Their counselors help you prepare your budget and tell you what documents to submit. The difference with NACA over HUD is that you can go in an view your portal to see if your documents have been received by the bank.
As for the NACA event I attended, maybe things were different at the height of the crisis, but my impression of the whole process was that it is a way to get everyone processed and into the system in an orderly fashion. The whole event is set up like a human flow chart, sort of like a pipeline, where you get routed to specific areas based on your situation and you sit for long periods of time with other folks until you get to speak to a NACA rep who addresses your specific issue. BofA will tell you anything on the phone, but they will not usually put it in writing. My impression at the event is that NACA just facilitates the process for the homeowner and the Bank and attempts to educate and inform the homeowner about their situation.
I think this may be especially useful for folks who may not understand even the basic financial process or who are under-educated or have poor English skills. In short, in my situation, I hit a wall both with BofA and through working with NACA. In fact, after they got involved, the whole tenure of my interactions with BofA suddenly changed from trying to bully me into a short sale to telling me in positive tones that the modification is being validated, and then suddenly offering me a permanent modification. It just lowers the interest rate and payment by extending the loan. The CA AG Attorney remains in oversight for my situation as I work through finalizing the permanent mod with BofA to make certain everything progresses as it should.
I made the first payment on June 1st and am on track to make the second payment on July 1st, after which my CRM informs me that my loan will return to normal servicing. As I previously mentioned, the terms for the modification are really bad, with a high payment, because this modification just basically extends the loan to 40 years and includes all the horrendous fees BofA tacked on. In any case, today, a month after signing and returning the modification papers to BofA, I instant loan no credit check received a NACA email alert informing me that my Servicer has made me a proposal.
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We often have members in a trial modification period as a result from a NACA proposal who then receive a letter from the bank saying they were denied a modification. Apparently, the 40 year extension is the only thing the investor on your loan allows for modification since the two separate reviews came back with the same result. Since you are already in a trial payment period, you best bet in responding to the proposal in your NACA file is to actually do nothing. Thank you for the explanation about what to do with the NACA alert. Thank you for the explanation about what to cash loans huntsville al do with the NACA alert. Naca and BOA are giving me the run around and dont want to help.
I just want to tell them to offer me a mod so we can all move on with our lives. They also sent me a letter that because I went with NACA I will not be able to go thru HAMP... All I got to say is if I did my job like Bank of America does theirs I would be FIRED and living in the streets.