Q:Tara, my brother has been paying the minimum payment on his mortgage for a little over a year. Consequently, the balance has accumulated on the principal and he has a standing escrow balance.Â He has been considering mortgage modification.Â He has already tried 3 different places to do the modification for him. The first one, he paid $3,000; the second was a freebie where he only had to pay for copies and the cost of his credit report. The third one was "The House of Hope" though a government program.Â Nevertheless, he has had no luck.Â Â
Do you have a connection that maybe can help my brother with his mortgage modification problem? He is retired, but still works part-time as an auto mechanic.
When your brotherâ€™s loan modification was rejected through the Hope for Homeowners program, did they give him any explanation as to why?Â One of the most common things I see is homeowners who just donâ€™t have sufficient income, and may need to actually go out and get a part-time or second job to get the modification they seek.Â I know that sounds extreme, but extreme situations call for extreme measures!
Iâ€™m sorry your brother has had to go through the drama of repeated loan modification applications, but I do have a favorite provider I would strongly recommend your brother contact.Â NACA, the Neighborhood Assistance Corporation of America, has been effective at getting literally thousands and thousands of home loans modified through their Home Save program and Save the Dream Tour.Â All of their services are free to the homeowner, and the vast majority of the modifications they secure are permanent, so your brother would not be dealing with the same issue again in a couple of years.
I would strongly recommend your brother contact them at NACA.com.
Best of luck to your family,