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Permalink Reply by Leanne Noble on July 25, 2011 at 7:06am

Ok - I'll go on line and check out the membership avenue for him.  You mention you volunteering with NACA, can you tell me more, it sounds interesting - thanks Marivel.

Marivel Costanza said:

Thanks Tara for such good info. I would like to learn more about HOPE's services and assistance programs. We should talk!

Leanne, I have a NACA office nearby and I also volunteer. I'm lucky to have access to a couple of counselors for advice. I recommend joining and paying the $20.00 membership so your client will be able to schedule phone counseling appointments online.

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Permalink Reply by Tara Polley on July 25, 2011 at 8:00am

Hi Leanne,

Recasting is to re-amortize the loan and roll the delinquency into the loan amount. A forbearance is a temporary period of time to make a lower payment, say 3-4 months, to give the homeowner time to solve the problem (unemployment etc) with a balloon payment due at the end for the amount unpaid.

 

Yes, it's true that if the homeowner denies the offered modification, the lender no longer has an obligation to work with them.

 

One thing to remember about HOPE is that there are 7 non-profit agencies that staff the hotline. It is a great resource to educate homeowners, but not all of the agencies provide the same level of service. The agency I work with is comprehensive in covering all of the options, and helping the homeowner place a conference call to the lender, and assist them with understanding their current status and next steps. I've personally never had anyone I've spoken to regret going through a session, but I can't speak to the experience with other agencies. Which agency you get is a random thing.

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Permalink Reply by Leanne Noble on July 25, 2011 at 1:16pm

I will recommend he give HOPE a call, thank you for all your input - much appreciated.

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