Quote:
Originally Posted by kumar3245  Hi,
Does going thru a lawyer or NACA for modification better than going directly to the bank, this 3 month trial perio d which they are subjecting us thru is putting the credit score of lot of people in real danger.Does NACA can avoid this 3 month trial period and get us to have one remark onour file as (loan is current - with modified terms) instead of having the above mentioned remark along with 60-90 days past due on the account(because your trial period payment was less than the original and you've been reported as past due to the credit agencies), I'm really confused and worried about this situation. The HAM program says (to be reported as current) leaving the trial period payment history for everyones interpretaion.
Thanks |
In regards to NACA, most of the loan mods are not trials. That said, lately, with those that have freddie and fannie backed loans, the lenders are having NACA do some sort of HAMP program. So far people have just had to fill out certain paperwork. I don't think anyone to my knowledge has been put on a trial thru NACA yet so it is kind of up in the air.
Personally I would not sign paperwork that said they could report me late if it is HAMP paperwork. I would probably try to report this to the TARP regulatoy people. This is not what the program intended. These lenders, I swear, they will do anything to have you over a barrel!