Nationpoint Loan Modification Questions

[mistressindistress]

Hi guys,
I have been reading for quite a while. I'm just trying to make heads or tails of this stuff.

I bought my condo in 2006 for 235K. I have 5.99 on the first and 10.25 on the second through Nationpoint. I had a 2 yr interest only ARM on the first. When the time came for it to adjust; Nationpoint sent me a letter saying that my rate was frozen on the first for an additonal 5 years. I thought whew; ok good. That was last June. Well, I got laid off from my job in November 2008. I had a good amount of savings and have not been late. I wanted to apply for a modification at that time; but I read that it's useless to apply for a Mod without a job. Fast forward to May 2009; I find a job making way less than what I made before (but its a job thank god; some people don't even have that.) But since my loan is not FMac/FMay; I didn't think they would be able to help; plus its still interest only so I'm probably not going to come out with a lower payment. So I just sat on it. Well for all the months I was unemployed; my savings are tragic. There is basically nothing left. I don't want to cash in my 401K yet (what little I have left). I have not been late on anything (again Thank God); but I see that time coming now. My prop taxes say that my condo is now worth about 160; about 70K underwater. I feel like I'm just in a pit.

I read about the 31% and decided to apply for a loan mod. But there is hardly ANY information on Nationpoint aka First Franklin aka Home Loan Services. I left myself with a $200 monthly surplus. My other former automotive industry friends have had success with loan mods; but theirs are FMay/FMac. I faxed in my docs on 7/14 and called last week to check status. They said that they didn't get anything. I faxed them again, and called this week; again they said that they didn't receive it. So I'm mailing them Return Receipt Requested and I faxed them again! August's payment is going to be kind of slippery because my summer taxes of $1800 is due; and I can't afford to pay both. I'm scared that they won't work with me because I hven't been late yet. But its pending. The other problem is that I'm still looking for a better job; (have a couple degrees that are really not helping in this economy) and my line of work always requires a credit pull. I am scared to death to be late with this payment; but I just keep seeing stories about them not working with people who aren't late.

I want to keep my home. I don't want to lose it; but I don't see how I can keep paying this $1500 monthly towards this place and its not going towards ANYTHING. I don't know how they'll look at my file because it seems as if I JUST GOT a job. My taxes are not escrowed; but they are current (for now).

Has anyone had any success with Nationpoint? Do they only work with you if you are late? Has anyone been able to get a mod without being late; I worked SO HARD to build my credit and now I'm going to have let it be blemished. But I can't keep robbing Peter to pay Paul. If I can borrow August's payment from my parents to stay current; will that hamper my chances of receiving a mod?

Any advice will be so much appreciated.

Thanks for listening and thanks for having a site like this.

[Moe Bedard]

Hello and thanks for joining the community!

To be honest, I haven't had much experience with Nationspoint or have heard stories of them. Quite often these smaller servicers can be real difficult to deal with. This is just the standard run around most everyone is getting and you need to exhaust all resources until you get help.

Welcome to the loan modification twilight zone.

Maybe you should try a non profit like NACA. www.naca.com and try writing a http://www.loansafe.org/qualified-written-request

When you contact your servicer in writing, make sure to document and include your account number. You’ll want to clearly explain why you feel your account is incorrect. Make sure that you send this separate from your payment and don’t send it to where you send your monthly mortgage payments. You’ll want to send it certified mail or fed ex to your mortgage servicers customer service address.
Within 20 business days of receiving your letter, your mortgage servicer must send you a written response acknowledging it. Your servicer the has 60 business days, to correct your account or determine that it is accurate. Your servicer must then send you a written response of the action it took and why, along with the name and telephone number of someone you can contact for additional assistance.

Yes, talk about POWERFUL!

Here is a sample letter:http://www.loansafe.org/qualified-written-request

[mistressindistress]

Hi! Thanks for responding. Well I guess they are the same as First Franklin.. but there is only one thread on them and no real success stories.

[rquin]

I had sent all paperwork for loan modification thru nationpoint/home loan services back in Jan 09 and was giving the run around of how behind they are, then finally in late june my package was giving to neg. only to be told that my debt exceed my income (which is why I am apply for mod) and they can not do anything for me. I was told that they will be participating in the HAMP beginning on 9/1. So, I am in the process of trying to make a decision if I should contact a attorney or just reapply for the HAMP program in Sept. So, my experience has not been a positive one.

[Moe Bedard]

Maybe by 9/1 things will improve? It is not to far away.

[mistressindistress]

Well I saw yesterday that they received my package. So I called in. The lady I spoke with already I guess was in a bad mood. She said that from 7/31; which I guess is when they said they "finally" received everything it would be 90-120 days. I said ok; but I am going to have issues with making my August payment. She cut me off and said that you will go 30 days late and then if you still can't make it; it will be 60 days, etc. I said well I guess I might be in foreclosure before I get a loan modification. She said that is a good possibility and repeated that they are a debt collector. I thought people were getting the "3 payment" pre-modification quickly after turning their paperwork in? I swear this is the worst decision that I ever made; to buy this plac. I didn't know how good I had it, renting.

How do they just get to do their own thing? I specifically waited until most servicers were supposed to be onboard with the whole HAMP thing a while back. Now I'm going to have to resend stuff in; in September?

ARGGH.

[SillyWorld]

And then again in Sep after you send it all in and they may tell you they cannot help because your loan is FHA or has an investor so you may want to check and see if you pay an esacow then you most likly have an investor that could make your home FHA.. I would also on top of your reapplying go to NACA.com and give them all your info if you want to keep the home..Yes its FREE for help just costs for new finances

[phantom1952]

I also have ? about nationpoint...i'm currently with an attorney and he has gotten no where since april 09...last he told me was they were not willing to negotiate a modification...
my situation is that i'm upside down big time 400k loans, value of maybe 150k tops...don't know what to do......

[SillyWorld]

Originally Posted by phantom1952

I also have ? about nationpoint...i'm currently with an attorney and he has gotten no where since april 09...last he told me was they were not willing to negotiate a modification...
my situation is that i'm upside down big time 400k loans, value of maybe 150k tops...don't know what to do......

Liker everyone else, go to www.naca.com and apply ir is FREE do not let the banners scare ya, they will at least start something ASAP and not run you in circles..

[mistressindistress]

Does NACA have to pull your credit??
The 3 payment modifications; how long have those been taking people?

[SillyWorld]

Originally Posted by mistressindistress

Does NACA have to pull your credit??
The 3 payment modifications; how long have those been taking people?

I suppose they pull credit, they had to check myne, 3 month MODS started at least a year ago and some here still working with there banker and no solid MOD, thats why I suggested NACA

[mistressindistress]

Originally Posted by SillyWorld

I suppose they pull credit, they had to check myne, 3 month MODS started at least a year ago and some here still working with there banker and no solid MOD, thats why I suggested NACA

Hi! Thanks for answering all of the my questions.
Why do they need to pull credit though? I guess I need to go over and read their listing a bit better.

[SillyWorld]

Originally Posted by mistressindistress

Hi! Thanks for answering all of the my questions.
Why do they need to pull credit though? I guess I need to go over and read their listing a bit better.

Beacause NACA does there own kinda thing they go for a restructure of your loan, lower payments for the same term you currently have

[mistressindistress]

Well I got my first collection call this week.. over 3 years with no late payments.. Argh.. I feel like such a loser. The guy was asking me all kind of weird questions.. like do I receive unemployment benefits.. etc. I just said I will make it as soon as I can and hung up.

I hope to be able to make August's payment next week. I also called to check on the modification app (I thought they hired people)... and the lady is still like its negotiations ... don't call back until at least 60 days have went by. GEEZ!

[Catherine]

Hello MID,


Please know your not a loser. I am very sorry if HLS has made you feel that way. I too let Home Loan Services make me feel like that when I missed my first adjusted payment after having never been late. I learned if I got a complete jerk on the phone to hang up, sit on hold for days and take my chances with someone else for the last thing I needed was to be kicked when I was already so down. The collection calls kept asking the same questions over and over. Maybe in my case had I not given up after months and months after being lied to, false hope and stall tactics, lost faxes, previous conversations not on record something would have happened before I filed a Chapter 13 and now saving to retain an Attorney. I heard about the new and improved modification process coming soon. For all of us dealing with them I hope and pray they step up and follow through with real help so other families won't be put through what mine was. Take care and keep up the good fight, Catherine

[mistressindistress]

Originally Posted by Catherine

Hello MID,


Please know your not a loser. I am very sorry if HLS has made you feel that way. I too let Home Loan Services make me feel like that when I missed my first adjusted payment after having never been late. I learned if I got a complete jerk on the phone to hang up, sit on hold for days and take my chances with someone else for the last thing I needed was to be kicked when I was already so down. The collection calls kept asking the same questions over and over. Maybe in my case had I not given up after months and months after being lied to, false hope and stall tactics, lost faxes, previous conversations not on record something would have happened before I filed a Chapter 13 and now saving to retain an Attorney. I heard about the new and improved modification process coming soon. For all of us dealing with them I hope and pray they step up and follow through with real help so other families won't be put through what mine was. Take care and keep up the good fight, Catherine

Catherine, thank you for your kind words. I had to take a break from thinking about this because I swear it was going to drive me insane. I can do what I can do and that's it. I'm trying not to see myself as a failure. I have scoured the internet and I see no legitimate claims of anyone being helped by HLS. Nobody. I mean that's so disheartening.. even if I could get at least one bonafide success story it would give me some hope.

I scruffed by and made August's payment last week. Hopefully they don't pull any funny biz and report me late to the bureaus. I have just decided to float one month.. it makes my cash flow a bit better.. and just in case of emergency; I'll have that $1500. It's so sad. I figure the $32 in fees for being late each month is worth having SOME liquidity in the bank. I have never lived like this. I am thinking of filing 13 too. My friends are telling me that it's not so bad; but I believe it is. I went from having a nice comfortable cushion to Nothing. A year ago I never saw myself being here.

I also got a collection today. They call so early and so late. And I was a bit peeved; I'm like I made my payment. She tells me she's trying to set up a payment for Sept. Now mind you I never got one of these calls ever before and I always paid my mtgs around the 10th of the month.. you get until the 16th with no late fee. I said it's 9/6; I'm technically not late yet. I guess I'm on the list. I don't care.. they will get their blood money at the end of the month.

[Catherine]

Hello MID,


Very wise on your part to take a break from this madness before you let it break you. I felt the same way only I didn't step back in time to go way down after all that trying and hoping I could save my home. With everything in me I followed HLS's rules, requests, followed up anything and everything they asked of me and told me to do. More than half of the time I would hang up the phone shaking my head asking myself where is the common sense in what was told to me? I never could not wrap my head around after all was said and done foreclosure was their goal without one bit of caring of tearing me and my family apart. I don't buy into you need to be late for help. They KNEW when my loan adjusted I could no longer afford it, but did nothing to try to work with me. Being left in a payment I could not make for months took such a toll on my self worth. Stupid me thought well thank God I live in California. There are laws to protect my family in place before they foreclose. I wrote every entity I thought may jump in to help to no avail. It still hurts my heart the way they keep doing the same kind of business and get away with it. After they lead me to believe they were working with me (lie after lie) I would afford my home at the last minute they blamed the investor leaving me out of options. After all that I spent the next several months feeling like the biggest loser for no matter how hard I worked I was letting my family down. I allowed them to break my heart which is my family and my home leaving me looking in the mirror seeing failure written across my forehead. Looking back I played right into their evil plans. I gave up, but held a tiny bit of hope they would call with a miracle plan, but instead it was an NOD and sale papers taped to my house for everyone to see. Before that happened I was in search for an Attorney that really understood this. I found one I feel is trustworthy. Since the auction date was close I filed a Chapter 13. That stopped the sale and being my credit is beyond jacked and truth be told I never want to make more debt except my home again I went with that plan of action. Been in it for three months awaiting my husband to go back to work to afford to retain the Attorney to bring a law suit against them for predatory loan practices. I want them accountable for all those lies in the worst way. I came close to giving up all together then hubby got a call out so now I am trying to save the funds for my next plan. I do not know what else to do. All I have ever gotten since the beginning of this loan is lies and broken promises. Maybe there is a Judge out there who will hear me. When my interest rate jumped to 9 percent sadly lowering that would have stopped this train wreck from crashing, let me have my life back, but that was not to be. The dim light at the end of the tunnel is a lawsuit. I wish I could give you hope when working with them. NACA I think has success stories. Irish Gal posted about it needing to be one lawsuit at a time. I feel it is all I have left to battle HLS. The only good thing I have seen less of lately is complaints all over the web about how much homeowners feel screwed is not near what it used to be even six months ago. Sorry for going on and on about how much they hurt me having no faith and trust in HLS. Please try to learn from my example don't give up the battle. They could care less about laws in California to protect us and force them to work with you. They passed me off to Loanstar to finish what they started. After reading all I have read while not understand most of it maybe because my loan was sold off in peices they never could modify it or they are in bed with AIG???? What I do know is had they been straight with me I could have at least respected that. Come after my family? My claws are out!! Whatever choices you make from my heart to yours may it be a success story!!! Catherine