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Originally Posted by imlars  There is NEVER a guarantee, even when you speak to the lender to verify they have recieved you financial package they tell you this. Unfortunately, when you default on your loan you have broken a legally binding agreement and the lender is not legally bound to do anything for you. This is why the government had to step in. There are many determining factors when requesting a mod, the most important is who your investor is and no one but you can get that information. You must request that information in writting. They also consider how delinquent you are, what your hardship was and if you can afford to make payments now. |
First of all no one is perfect and there are always two sides to a story. That is how I always approach any company or person. We all make mistakes and or are unfairly criticized at some times in our lives.
But in this case, this news story was fair and balanced and one that I believe told the truth.
The facts are that if you or NACA does their do job, you can stop a foreclosure uop to a couple days before a sale.
Most ALL mortgage servicers have the complete authority to stop sales and modify loans. This BS about investor approval is rare and mainly only on Fannie, Freddie, FHA and Ginnie loans. AKA government loans.
If you have a hardship and the ability to pay, you can get a loan modification and the reason people do not often is because who ever they have hired or the non-profit has dropped the ball because they are just too inundated with these types of cases and are busy doing tours and and helping new people.
You are right, there are no guarantees with loan modifications. However, you failed to mention that up until recently (maybe 2 weeks) NACA was grandiosely claiming 80% success rate. OK, obviously 80% is not a guarantee, but pretty darn close to a guarantee.
I wrote a story on this and called them out for making these FALSE claims that were not only a lie, but a terrible misdeed to tens of thousands of struggling Americans who place their hope and belief that NACA can and will save their home. Now, they have changed their marketing ways and the percentages claimed have dramatically decreased to 20-30%.
To be honest with you all, I despise liars who lie for their financial gain and this is EXACTLY what NACA has done for years.
They are a good organization that I used to say was great. They are far from perfect and a they have lot of internal issues that need to address. I have caught them in quite a few lies to not believe that many people are unknowingly losing their homes on NACA's watch.
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