October 5, 2012 at 5:39 pm #3390
I can hardly believe it, but after 3 years of trying to get a modification on our own (and finally using a HUD mortgage counseling agency also to no success), we seem to have hit the jackpot due to using NACA’s wonderful services.
We have a mortgage with beneficial (HFC/HSBC), and have always had a difficult time through the years dealing with them. Our mortgage payment was about $1670 a month (at 9.04%). We got behind this year, and decided maybe our home was just too expensive for us (though we knew that was mainly due to that 9% interest rate!). We are behind about 6 months, and were prepared to just walk away from the home because nothing we had done to try and stay in it was working.
In September 2012 I was awake stressing over the impending foreclosure (people were already doing the weekly stopping by to sneak around and snap photos!) and I happened upon NACA. I had never heard of it before and no one had told me about it, it was pure chance. I stayed up that night filling out the initial forms and then after about a week or so of counseling appointments and paperwork gathering my webfile was submitted to HFC/HSBC on 09/12. On 09/25 we got a letter stating we were approved for our NACA modification but it gave no other details, we were to call in to get those. Today (10/5) that call happened, and though the proof will be in the pudding when we actually receive the final paperwork, our mortgage rep. said we were being offered a PERMANENT modification down to 3.42% and our new P&I payment is $849.22 ($1055.99 with the escrow for taxes and insurance). We do not have to make trial payments, and we don’t start paying the new payment until the modification is processed and complete (she estimated over the next couple months). Our mortgage rep did say we were lucky, she had not seen them go down to that low of an interest rate before.
All this happened within 3 weeks time from when our webfile was submitted to our servicer.
NACA works. It can be confusing, it can take some time, and it requires patience. But if we can get a permanent modification with this mortgage company, then don’t lose hope anyone out there in this boat. Keep trying, never give up until the last minute (and sometimes even then don’t give up!). I can’t thank NACA enough.
I’ll post here again when we receive the final paperwork and the modification is final.
I LOVE YOU NACA!October 6, 2012 at 2:30 pm #3403
Your case just proves that you never know what will happen until you try! Even though I am continually complaing that HSBC is one of the most difficult banks to work with out there, you succeeded. Once again, sometimes sheer patience and persistence makes all the difference.
Online Operations, NACA
October 11, 2012 at 11:57 am #3508
- This reply was modified 2 years, 12 months ago by TTrumble.
HI Tim. I am the unlucky one who got rejected by HSBC USA BANK, N.A, serviced by Wells Fargo! I have been waiting for some response as you said you would refer our file to Naca’s Wells Fargo service Manager to see if there was something that could be done with the 25 billion bailout money, Any word?. We are not behind in payments but get getting our credit card payments up and now I see they will NOT HELP unless you miss payments even though there is no requirement for HAMP which we were denied due to INVESTOR guidelines, loophole.October 11, 2012 at 3:08 pm #3517
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