Loan Modification Services...Are they legit?

[bosco]

I have spoken to several companies who claim that they can help me get a loan mod or some other negotiation with my lender, Countrywide. Are these legitimate in your opinion? One I spoke to will charge 3495.00 and one will charge 1995.00. Help I need some advice, it sounds too good to be true? Are there so many now that are willing to help because of the national mortgage crisis?

thanks, any advice will be appreciated!

[Moe Bedard]

bosco,

Go through NACA if you need the help.............they will do the same exact thing for free............and they work with CW and they propose low rate fixed loan modifications.....
you don't have to pay for a modification..........these companies are a rip off............doing the same thing as the non profits that have been around for ages.
click on the link
https://www.naca.com/refinance/refinanceTenStep.jsp

[bosco]

thanks, my only problem is that I CAN afford the monthly payment now. Can this organization help with working out a payment plan for arrearages? I owe over 15000.00 and received a Notice of Termination of Automatic Stay today, I have no foreclosure date yet, but I am sure it will be soon. Also, will they contact CW for me? I feel that if I do this on my own, CW will not work with just an individual. I have heard horror stories of them not calling back and the house being taken because they drag their feet. NOt sure what to do, I am almost willing to pay if I know that something can be done.

[Moe Bedard]

You would need to call them............they work with CW on your behalf.......they can also stall a foreclosure if it comes to that.......

the modifications given are up to the investors on the loans..........NACA can do what any other third party can do........but they have a better relationship with the servicers and investors...........they have been around for 20 years..........they are not a fly by night modification company that just set up last year to scam people.

[bosco]

I have looked at their site, they said I have to attend a workshop which is fine, but the next one I can go to is at the end of January and I think my home will be in foreclosure by then, Do you have a contact number I can call them on?

[Moe Bedard]

1-888-302-6222
homesave@naca.com

[bosco]

thanks, I have signed up for a phone counseling session, I appreciate your help and will keep you informed

[bosco]

***- I was just reading the Countrywide forum and read the post about the couple in Delaware in were in a chapter 13 and were getting nowhere with CW and were not getting calls back from NACA. Does this happen often? I am a bit concerned as I am in almost the same situation. We received a letter yesterday stating htat our stay had been lifted on Jan 2, 2009. Does this mean I only have 30 days to vacate the property? (I live in Texas). Do you think that Naca will be able to help me? I have no auction date yest, but I realize that will be coming soon. I have set a phone counseling session for Tuesday, but now I am worried that they will not help me.

[Moe Bedard]

that isn't what had been happening............the judge needs a copy of their modification from CW because they need to approve it, which does happen in the case of a bk, the court in most cases would need to approve the mod as well,........ but because they have the stay in place they are stuck in a catch 22........where CW can not talk with them because of the bk without permission from the court, and NACA is caught in the middle because the proposal is with CW not with them..........NACA just puts the proposal together, they are a non profit counseling agency.

If during the process with NACA you get a foreclosure date........you should let them know........they have been able to postpone foreclosure sales with the lender while working on the modification. As far as the laws in your state........for that you would need to ask a foreclosure attorney.

[bosco]

thanks, ***, just freaking out...

[Andrew]

Also regarding bankruptcy's and Countrywide, if a borrower is in one all they need is a letter from their bk attorney saying that countrywide can work on a modification for the borrower.

[rooster]

Moe, *** et.al. Just had an interesting phone conversation with a Max from " a company" A rather pushy fellow for my tastes. He so much as intitmated his being a "federaly regulated" business as meaning he had federal authority! Can you believe that? Anywho, just wondered if any of youse guys had any experiance with the them. No news on my mod as of yet will update when and if

[Moe Bedard]

sorry.........have not heard of them.