Loan mod with NationPoint - in the mean time?

[frazzledbunch]

This looks like a wonderful place to get information. I'm trying to figure out how likely it is that our loan mod request will go smoothly and also how we proceed in the mean time.

We started our mortgage with NationPoint in 12/05 as a 3/1 ARM. The balance is about $450,000 and the value is about $350,000. The int rate change came with this month's bill. We anticipated that there was no way we were going to be able to handle the increase.

Then about 4 months ago I became ill and haven't worked much since. This caused us to not be able to make the payments in November and December. I'm slowly getting back to work now. We were told that if we didn't make at least one payment by 12/31 the account would go to the lawyers to start foreclosure proceedings. We put in the loan mod paperwork toward the end of December and were told it would be at least 45 days until we heard from them.

We scrounged to come up with a payment on 12/31 for the Nov payment. Now we're coming on February and they're saying the same thing if we don't come up with a payment by 1/31. This just isn't going to be possible. How is this going to impact us? Are we going to lose the house before we finish the mod? Also.... aren't they supposed to wait until you're 90 days in arrears before they can start foreclosure? Doesn't this make us more like 60 - 90 days delinquent?

Then my 2nd question is... does anyone know of successful modifications with NationPoint? We really need the payment to be even lower than it was prior to going adjustable.

[Pedro]

call NACA
https://www.naca.com/refinance/refinanceTenStep.jsp

i assume you meet their qualifications, but i would call them and see if the could intervene.

[Moe Bedard]

Hi frazzledbunch,

Welcome to the forum and thank you for joining..............


The modification given is going to be up to the investor on your loan, so you would need to see what the options are going to be. We have other members working with NationPoint as a servicer, but no reported modification success as of yet on the forum.............which is why if this is the only property you own and it is owner occupied, you may want to give NACA a try............click on the link for the info............
https://www.naca.com/refinance/refinanceTenStep.jsp

Are you dealing with Home Loan Services for the modification?


You will be able to see what a lender would do as far as notices upon default located in the Deed of Trust in your loan paperwork from closing under the clause Acceleration Remedies, from there the process will follow the foreclosure laws of your state.