Best Scenario to get a Homesave Modification

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  • #614
    dmn6462
    Participant

    I was thinking about attending an NACA event but not sure if it will be worth my time. Here’s why: My mortgage Co., GMAC, modified my 1st mortgage about 20 months ago. from approx $1030 to 940, but principle increased by ^6000 for fees. Home was in foreclosure,

    I am greatful for the modification but $6k principle increase with a 1% reduction in interest rate, and a $90 reduction in monthly mortgage payment didn’t leave me with a great feeling in my heart. Thus i am wondering if another modification is worth the time

    Would it be even worth my time to attend a NACA meeting to ask for another modification? & what would be the likely hood of a second modification that would significantly reduce my interest rate, monthly payment, and/or principle amount. I am leaning towards not going- Does anyone have any thoughts?

    Thanks
    dmn6462

    #615
    TTrumble
    Member

    Hello dmn6462,

    I’m afraid you are asking me to look into a crystal ball on that one…

    I’m always telling members that mortgages are like fingerprints because no two are exactly the same. The current rate, the terms, the modification guidelines established by the investor, the nature of your hardship and other factors all add up to make your case different from everyone else’s. It’s also why cookie-cutter programs like HAMP have been such a dismal failure.

    I’m afraid the only way you will find out for sure is to try. Since all of our services are free, you have nothing to lose but a few hours of your time. I wish you the best!

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    • This reply was modified 8 years, 5 months ago by TTrumble.
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