Office Closings

As of this morning, the only office we know to be closed is Cleveland, OH. The office is currently without power and plans to reopen as soon as electricity is restored.

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2 Comments

  1. LJBoll
    Posted November 8, 2012 at 7:44 pm | Permalink

    Has anyone had luck getting a modification with their mortgage being owned by mortgage back securities? We keep getting denied because they will not change the terms of our original loan. hoping for success through NACA.

    • Posted November 9, 2012 at 9:52 am | Permalink

      Hello LJBoll,

      The problem is not the fact that it is a mortgage backed security (MBS), but who owns the MBS and thus owns the loan. Many Fannie Mae and Freddie Mac loans are were acquired through an MBS and are subject to the same modification guidelines as any other Fannie/Freddie owned loan. Each MBS has a Pooling and Servicing Agreement which provides the guidelines and limits allowed by the investor on that group of loans.

      At worst there are a couple of investors out there that simply will not allow a modification of any sort without exception. These investors fortunately are very rare. Others may require that the servicer buy the loan from the investor to take it out of the pool before modifiying the loan. Others still will grant modifications under strict terms, and others will be more generous in their modification guidelines.

      Virtually everyone who has succeeded in getting a mortgage modification through NACA has already tried to work with the servicer on their own and failed to get the loan resturctured. We sincerely hope that we will be able to help you become another one of those success stories.

      Tim Trumble
      Online Operations, NACA
      ttrumble@naca.com

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