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Yvonne Greene (Washington)
My sister had her Mortgage Restructured!!!
With the Mortgage Crisis I though I would post it for anyone who may need it.
Hello! Pass this information to anyone who needs it. Our mortgage was crazy. All I'll say about it is that the numbers were different at the table then we discussed. Anyway, the good thing is we called Countrywide and told them that we would like to participate in project Hope ( A Maryland Program to Assist Homebuyers). During the process to see if you qualify for assistance, the lender cannot foreclose on your home ( 90 days). Anyhow, I then obtained a free advocate to renegotiate the terms of our loan. It took several months. This action placed us in project Hope until the terms were negotiated. We originally asked for 3.5% thinking there would be room to negotiate between 4% and 6% due to our credit. However, our advocate was able to secure for us a 2% loan, 30 year fixed and any money that is owed was added to the back end of the loan. Beginning June 1 when we make our first payment under the new mortgage contract we will be reported as paying on time. What a miracle! Our mortgage is literally less than half of what we are scheduled to pay under the original mortgage contract. We payed no fees, it is a restructure not a refinance. The advocacy group is called NACA. I(Myra) read about them in the paper and followed their work. Like everyone else, We were determined not to be had again. Toby and I are going out to notarize the papers today. Oh if you applied for a restructure, but kind of gave up and forgot about it, check with them. My co-worker got frustrated and feared losing her house so she took an offer from her lender months ago. She received a 3% offer because she never called NACA to cancel her participation in the program. You do not have to be behind in your payments. You just have to foresee a problem in the future. What does NACA ask in return for this act of GoodWill? They just ask that you volunteer with them so that you may help others just like yourselves.
Good Luck!
Myra & Toby
If you have any questions or concerns feel free to email us.
Myra & Torrance Lewis
LewisMyra@Yahoo.com
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