BOA -----> Nationstar dilemma. Thoughts?

[chowder]

Background..
Turned down for a HAMP/HMA Oct 2010, after nearly a year of trial payments.
We paid all arrears in a lump sum, and have pretty much been keeping up since. Until now.


We were late with Decembers, but got caught up in Jan. About that time we started hearing from HOUSING EDUCATION PROGRAM. Rather incessantly too. We finally contacted them and decided to take another run at a mod. All docs were compiled and submitted to BOA last month. After contacting the OOP, we are assigned to Erik Garza. There hasn't been any real movement on the file as far as I know.


Yesterday I received a letter saying we've been passed off to Nationstar as of 7/16. I'm guessing any chance of a mod is now off the table unless FedEx miraculously appears on my doorstep in the next few days.


Here's the dilemma. As it stands now we are 3 months late and BOA has sent a Notice of Intent to Accelerate which has expired. My concern is Nationstar will simply move on foreclosing since we are already late.


QUESTIONS. Do I pay BOA so I am caught up when Nationstar takes over. Or just wait and pay Nationstar? Also. Would Nationstar have to send out their own Notice of Intent to Accelerate before moving forward with foreclosure?

[DMD0705]

I ended up with Nationstar after my mortgage was "taken away" from Suntrust due to mismanagement. Nationstar promptly put me into foreclosure even though I had never missed a payment with Suntrust because I had supposedly been in their loan mod program. After finding a sheriff's sale note pinned to my front door I started researching. I contacted the Office of Financial and Insurance Regulation in my state and I also contacted Michael at Rest Report Matters. The combination of these 2 saved my home from foreclosure within 2 months. Battling this alone, I had previously spent 8 months trying to get Suntrust to finish the mod that should have taken 90 days. and 10 more months trying to find out why Nationstar was foreclosing on me and trying to stop it. Charlie and his team and the Office of Financial and Insurance Regulation were able to get it done in 2 months and save my home. Something I had not been able to do on my own. I can't recommend this method enough because Nationstar became a nightmare that didn't end until these people stepped in. The emotional toll of a 20 month battle was huge. If I had only found them earlier! Call them without delay...you won't be sorry!


Loan Mod Help Center:

LoanModHelpCenter.com
Email: loansafe@loanmodhelpcenter.com
855.678.6690 toll free
619.202.0044 local pacific time zone
760.821.1516 local pacific time zone

[chowder]

Thank you.
So you are suggesting I get caught up before Nationstar takes actual control on the 16th.?

[DMD0705]

I suggest calling your state's equivalent of the Office of Financial and Insurance Regulation ( every state seems to have a slightly different name for it) and also call Charlie at Rest Report Matters right away and tell him Diane told you to call him. He will explain exactly what they do and how it works. I was really worried about getting taken advantage of and then losing my house on top of it. But that didn't happen. They saved my house and I ended up with a 2% interest rate. He may advise you to pay the back payments but I highly recommend calling him first before you do anything. I found out that the loan servicers i.e. Nationstar make more money from a foreclosure than they do a modification. So Rest Report Matters shows whoever owns the loan, just not the servicer, how it's to their advantage financially to modify your loan rather than forclose on you. They do this using the same software as the Dept. uses so they can't ignore it. Involving the Office of Financial and Insurance Regulation in your state does a couple things. In my state I was told by this office that by law, they "have the ear of a VP" that MUST respond to them within a certain period of time. This lets the servicer, Nationstar, know that you have involved a goverment agency and they don't want to mess with you. Charlie takes care of the rest of it by submitting paperwork that shows them that you DO qualify for HAMP ( assuming you really do and BOA was lying to you, which, trust me, they do) and exactly what your new payment should be etc. It's all ABC'd for them. When I got my final papers, they had made a mistake and by myself I couldn't get them to fix it. I called Charlie in a panic and he saw immediately what they had done wrong and got on a conference call with me and pointed out their mistake and it was finally taken care of. So again...call him now. I'll be glad to help you with anything I know. I hate seeing anyone go through this nightmare that I did.

[Cat Damiano]

HI Diane,


Charlie is no longer with Rest Report Matters, but Michael still is and he is the one helping members of the forum. He can be reached here;

Loan Mod Help Center:

LoanModHelpCenter.com
Email: loansafe@loanmodhelpcenter.com
855.678.6690 toll free
619.202.0044 local pacific time zone
760.821.1516 local pacific time zone

[DMD0705]

What happened to him? I wish you'd send me an e-mail and let me know.

[LoanModHelpCenter.com]

What happened to him? I wish you'd send me an e-mail and let me know.

DMD0705 & Chowder - Nationstar has been picking up the cases from bank of america, suntrust and aurora loan servicing and it is normal. they should stop all foreclosure during the 60 day period of transfer. I am willing to help anyone out who has posted on the forums for help under the Do you Qualify Thread below in my signature line.

My name is michael and love to help you out and if we can we will. email me for an appointment if needed.
loansafe@loanmodhelpcenter.com

charlie went off to buy homes and resell them to investors after we agreed to part ways.

i trained charlie on how to answer the Do you Qualify Thread and also at RESTReportMatters.com

please email for an appointment, i actually like nationstar they are easy to work with.

619-202-0044 direct is my line but i am usually on an appointment or completing an analysis or submission for escalation so i prefer email first..

if you want to talk to someone right away, call peter 877-737-8440 ext 115 for RESTReportMatters.com loan disposition analysis toolkit do or jason 877-737-8440 ext 304 for no upfront fee loan mod service.

Cat - thank you for posting my contact information!

[DMD0705]

I can't seem to edit the above post. I see a typo that's important. I meant that I ended up with a 2% interest rate not whats written which is 28#37. Not sure how that even happened...lol

[DMD0705]

Maybe I should write it differently since it won't let me enter a percent sign. It should read that I ended up with a two percent interest rate. Not sure where the glitch is that won't let a percent sign be typed.

[chowder]

And what is different between your service and what the HOUSING EDUCATION PROGRAM is doing for their Freddie Mac clients?

[DMD0705]

Michael,
Nationstar was extremely difficult to work with, and that's putting it mildly, but glad you're finding the opposite to be true! Things may have changed since last year when I went through this. I hope Chowder contacts RESTReportMatters because that report saved my home.

[LoanModHelpCenter.com]

And what is different between your service and what the HOUSING EDUCATION PROGRAM is doing for their Freddie Mac clients?

hi chowder - please review my link here this is what I run which is on the same loan modification platform used by major servicers and hedge funds to see if it is profitable to modify or allow foreclosure liquidation:

http://restreportmatters.com/downloads/example.pdf

1.) Conference call with your servicer to get what is happening now on your loan so I can complete page 5.
2.) Go over the results for different NPVs on page 8
3.) Go over the Net Present Value versus Property Values Break Even Analysis that make your NPV negative or Positive depending on the home values on page 33 of 36 of the PDF or page 3 of 4 of the EPV/NPV Break Even Analysis
4.) Go over the Affordable Mortgage Payment analysis on page 36 of 36 of the pdf or page 2 of the Affordable Mortgage Payment Analysis to show the minimum income you need to qualify, without principal reduction.
5.) Go over a solvent budget and credit report to show you are not spending more than earning and making any letters of explanation as necessary
6.) Make sure you don't get denied because something that can be corrected and controlled
7.) Not just taking your application and sending it in and hoping for the best
8.) Setting expectations as to what is mathematically possible in your unique case
9.) Checking 11 different home valuation sources to get the one that has the most confident valuation model
10.) Sending in a letter to the servicer with results and requesting specific terms that make your loan more profitable as measured by the NPVs on page 8 to the investor to modify versus allowing a foreclosure.

[LoanModHelpCenter.com]

Michael,
Nationstar was extremely difficult to work with, and that's putting it mildly, but glad you're finding the opposite to be true! Things may have changed since last year when I went through this. I hope Chowder contacts RESTReportMatters because that report saved my home.

DMD0705 - I'm happy to hear that!!! I keep seeing way too many people just apply for loan mods and hoping for the best when they can spend between $600 to $1500 before loansafe discounts to maximize what they can get, correct what has been submitted, or appeal what has been erroneously denied.

I always say you don't have to spend money, but you do get what you pay for.

I like being prepared when i go to do something and i can't imagine just shooting in the dark and hoping for a mod and possibly getting denied or approved with a higher payment because of reasons i could have controlled.

[DMD0705]

Michael,
The sad and very wrong thing is that you can Google Nationstar and probably most other mortgage service companies and find it full of things like Nationstar is a crook, liar, thief, etc. I found hundreds and hundreds of stories almost identical to mine and it was frightening. Having to submit paperwork 5 and 6 times as they tell you they never received it or can't find it or whatever other excuses they come up with all the while telling me everything was fine and then blindsiding me with foreclosure at the same time! It was horrific. But RESTReportMatters ran the NPV and showed them that I did in fact qualify for the HAMP program that they told me I didn't qualify for, and showed them that refinancing my home at a low interest rate benefited them more than foreclosing on me. By using the same Treasury Dept software that the mortgage companies use, and compiling the REST Report from it, they were forced to give me the loan mod since it was in the best interest of Fannie Mae who is the actually owner of the mortgage. Without this, I'd probably be living in my kid's basement. I fought hard for 18 months but I couldn't have succeeded without RESTReport Matters and the help I got from my state's Office of Financial and Insurance Regulation. It was worth every penny I paid them and was about 1/4 what most attorneys charge and many of those attorneys didn't succeed for people whereas RESTReportMatters did!!!!

[chowder]

So now I'm getting double teamed to buy something.

[LoanModHelpCenter.com]

So now I'm getting double teamed to buy something.

Chowder - nobody is double teaming you and I do know what it feels like to be pressured to spend money on things I don't fully understand.

If you try it on your own and with the non-profits, and don't succeed, come on back and we can try to help you, but we do charge for our software product tool kits and do not get funded by the government or banks.

[LoanModHelpCenter.com]

Michael,
The sad and very wrong thing is that you can Google Nationstar and probably most other mortgage service companies and find it full of things like Nationstar is a crook, liar, thief, etc. I found hundreds and hundreds of stories almost identical to mine and it was frightening. Having to submit paperwork 5 and 6 times as they tell you they never received it or can't find it or whatever other excuses they come up with all the while telling me everything was fine and then blindsiding me with foreclosure at the same time! It was horrific. But RESTReportMatters ran the NPV and showed them that I did in fact qualify for the HAMP program that they told me I didn't qualify for, and showed them that refinancing my home at a low interest rate benefited them more than foreclosing on me. By using the same Treasury Dept software that the mortgage companies use, and compiling the REST Report from it, they were forced to give me the loan mod since it was in the best interest of Fannie Mae who is the actually owner of the mortgage. Without this, I'd probably be living in my kid's basement. I fought hard for 18 months but I couldn't have succeeded without RESTReport Matters and the help I got from my state's Office of Financial and Insurance Regulation. It was worth every penny I paid them and was about 1/4 what most attorneys charge and many of those attorneys didn't succeed for people whereas RESTReportMatters did!!!!

DMD0705 - please post your experience in this thread as well i would appreciate it!

REST Report "RESTReportMatters.com Forum Users and Results"

[chowder]

http://restreportmatters.com/downloads/example.pdf

Appears to be about the same thing Consumer Credit's HOUSING EDUCATION PROGRAM put together me.

[chowder]

DMD0705 - please post your experience in this thread as well i would appreciate it!

She already did. It's the second post.

[DMD0705]

Chowder, I hope you really don't believe that! I am a homeowner and have nothing to do with anybody on this site or any other except I used a service that saved my home...pure and simple and true. I WISH I had a job with them since I lost my job which is why I almost lost my home. I was hoping to help anyone I could from going through what I went through and that's all there is to my presence here!

[chowder]

That's fine. The forum is full of folks that have gotten help from all sorts of different outfits that compile a document bundle for servicers. There's post here from people who swear by Consumer Credit's HOUSING EDUCATION PROGRAM too. That's all good. Whatever gets it done.

[DMD0705]

I couldn't agree more. Whatever works! I just know that I didn't get help from several places that said they could help so I only know what did and didn't work for me and wanted to vouch for a company that DID get it done and done extremely well! My mod was final last June so things may have changed out there since then. The two things I know for a fact is that Nationstar can't be trusted farther than you can throw them and that RESTReportMatters did exactly what they said they could do and in very little time. For people not knowing which was to turn and who to trust I wanted to offer my experience. I wish you great luck and success with whatever method you choose to pursue.