I was Skeptical about hiring CDA because I work for the California DOJ (AG), please read:
I am very satisfied with my decision to hire the CDA Law Center to help me obtain a favorable loan modification with Chase. I am particularly grateful to Paul Young and Suzie Bryant who assisted me and worked very, very hard on my case. Like many people, my husband and I refinanced our house in 2005 when the market was booming. We agreed to a predatory loan (NegAm/Option ARM) because the interest rate was low and we thought we could easily refinance into a better loan a few years down the road. Then the housing market crashed and so did my marriage, meaning I was suddenly a single parent, the house was underwater, and I had only one income (mine) to support the mortgage payment. I was very stressed out and had many, many sleepless nights. My eighty-year old mother was so worried about me and my children, she tapped into some of her limited retirement savings to help me with the mortgage payments until I could find a more permanent solution. (Thanks Mom, SO GRATEFUL!) That’s when I turned to the CDA Law Center. At first, I was very nervous and skeptical about hiring them because I work for the California DOJ and was aware of the DOJ’s efforts to eliminate consumer fraud perpetrated by disreputable attorneys and other scam credit-counseling businesses. The CDA Law Center put all of my fears to rest. Paul and Suzie were amazing and unbelievably responsive to my questions and concerns. They quickly helped me to modify my mortgage so I could afford it based on my single-person salary. They negotiated with Chase to give me a 2% fixed interest rate, which lowered my principal, interest,taxes, and insurance by $1,146.53/month. With this monthly savings, I will be able to keep my house. Because of Paul, Suzie, and the CDA Law Center, I can sleep at night, and my children can continue to live in the only house they have ever known and attend our neighborhood schools with their friends. (Thanks Paul, Suzie, and the CDA Law Center, SO GRATEFUL!)
What we do for you!
- Notify lender you are represented by Counsel
- Complete a financial analysis of your situation
- Prepare a case to present to your lender
- Help you create an effective hardship letter
- Prepare a REST Report to determine your NPV
- Present your package to your lender
- Negotiate a new lower payment or new terms
- Provide a modification agreement
"CDA Law Center is recommended by National Homeowner Advocate Richard Zombeck of the Home Preservation Network and Huffington Post"
NEW COMPLAINT CHANNELS FOR HOMEOWNERS WHO HAVE BEEN DECLINED FOR HAMPS (TREASURY DEPARTMENT’S “HOME AFFORDABLE MODIFICATION PROGRAM”)
In November of 2010, the U.S. Department of Treasury issued an update to HAMP underwriting and borrower assistance requirements for lenders and servicers in response to mandates of the Dodd-Frank Wall Street Reform and Consumer Protection Act. These requirements include more stringent notification and processing requirements for servicers in the way they manage homeowners’ cases and try to create a less horrific gauntlet for homeowners to navigate.
When a homeowner / borrower believes their HAMP application has been wrongly denied they are supposed to be able to escalate a dispute with their own servicer, who must establish an “escalation department”, as well as with the Department of Treasury, Fannie Mae or Freddie Mac. Servicers are also required, when asked, to provide the homeowner every data item that was used in their calculations for HAMP eligibility (e.g., the Net Present Value calculation). These escalation channels were supposed to be available by February 1, 2011. To determine the actual NPV which the Lender or Servicer will not disclose, you can run a REST Report (www.hampreport.com)
What does this mean for you, the homeowner who is delinquent on your mortgage? Below follows guidance for Housing Counselors from the Treasury website (although it applies to individual homeowners too):
First, work through your normal contacts and channels with the servicer. If that does not resolve the issue, elevate your concern to a senior manager within the servicer’s organization. Here are examples of cases that represent valid reasons for escalation:
- Servicer refuses to stop a scheduled foreclosure sale on a borrower’s house while the borrower is being evaluated for HAMP.
- Servicer charges up-front fees for the modification.
- Servicer instructs the borrower to miss a payment.
- Servicer claims that they are waiting for information or guidance from Treasury (i.e. Treasury is causing the delay).
- Servicer advises the borrower to intentionally misrepresent their personal or financial information.
- Servicer says they are not participating in HAMP, but the loan’s investor is a GSE (Fannie and Freddie owned loans are required to participate).
- Servicer says borrower doesn’t qualify, but counselor has reason to believe that the borrower is eligible.
Contact the Appropriate Escalation Team: If escalating to your Servicer’s senior management does not resolve the issue, escalate the issue using the following contacts:
Fannie Mae Loans: 1-800-7FANNIE, email@example.com
Freddie Mac Loans: 1-800-freddie, firstname.lastname@example.org
Non-GSE Loans: (HAMP SOLUTIONS CENTER) 1-866-939-4469, email@example.com