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loan modifications: DOES NACA ACTUALLY HELP HOMEOWNERS MODIFY THEIR LOAN OR IS IT A SCAM? - 01/26/11 03:22 AM
DOES NACA ACTUALLY HELP HOMEOWNERS MODIFY THEIR LOAN OR IS IT A SCAM?
 
NACA, otherwise known as Neighborhood Assistance Corporation of America, is a non-profit organization serving to help homeowners keep their home by assistance them with modifying their mortgage loans. Established in 1988, they do workshop tours throughout the country to educate and work with homeowners to lower their monthly payments. They claimed to have assisted thousands of homeowners lower their monthly payments over $1000 per month. NACA's Save the Dream Tour has attracted thousands of homeowners who flocked out to their conventions. Their services are 'free'. I say that … (3 comments)

loan modifications: Can banks interfere with your Short Sale listings? Apparently, they can. - 11/11/10 03:05 AM
Can banks interfere with your Short Sale listings? Apparently, they can.

I never imagined this would happen but it did. I had a good offer on one of my listings and everything was going as planned. The negotiator sent over the approval letter and we were on track to close escrow. All of a sudden, the seller contacted me to say that they want to put everything on hold. The reason? The bank had sent the seller a letter indicating that they may qualify for a loan modification. This is after the fact that the seller's request for a loan mod … (4 comments)

loan modifications: The Homeowner told me 'I don't want to FIGHT NO MORE' - 03/15/10 02:17 AM
The Homeowner told me 'I don't want to FIGHT NO MORE'
Has your client ever told you this? When I heard these words, it reminded me of the sensational 90's song from Tina Turner with the same phrase. About two months ago, I spoke with a homeowner, "Nancy", over the phone about her mortgage problem. She was going through some hard times and was definitely in financial stress. For those who have done shortsales you can attest to this. It is a challenging time for these folks as you hear all their life calamities they are going through.
During that time … (9 comments)

loan modifications: Homeowners beware: Don't pay *ANY UPFRONT FEES* for Loan Modifications - 12/14/09 02:54 AM

Homeowners, protect yourself from Loan Modifications Scams. These con artists will demand an upfront fees in order for them to proceed with assisting you in modifying your loan. Don't become one of the statistics. Please beware as some ruthless "rescuers" will prey on homeowners who are in financial stress.
These companies claim that they can modify one or more terms of the loan agreement. This can be in the form of lowering the interest rate or extending the length of the loan from say 30 to 40 years. Other terms that they claim are to turn an adjustable rate into … (2 comments)

loan modifications: * How I made 10k/month doing Loan Modifications * - 07/09/08 02:08 AM

What is Loan Modification? It is a way for homeowners to change the terms of their loans so that they can continue to make their mortgage payments. It is BIG business and some have done well for themselves simply doing just this.
With the current state of the economy we're in now, it is hitting very hard on those who are unable to keep up with their mortgage payments. On top of that the high gas prices is sinking people in a deeper hole. This trend appears to continue for about another year or so before things start to turn … (2 comments)

 
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