A Homeowners True Testimonial

It’s a confusing time to be a homeowner.  Every time we turn on the TV or listen to the radio on the way home from work we’re bombarded with ads for refinances, debt consolidations, and loan modifications.  Even network news informs us that this is a great time to refinance.  The very next segment tells us that the government has just come out with new programs designed to help people modify their existing loans.  What direction is best for the homeowner?  Can I refinance?  Should I refinance if my mortgage company is willing to modify my loan?  What are the credit implications of a loan modification?  Can I modify my loan if I’m current on my payments?  Can I refinance if I’m behind on my payments? 

These are tough questions.  The people out there providing answers are usually the ones profiting.  Of course a mortgage company will tell you to refinance (if you can qualify).  Naturally a company that provides loan modification services tells you that your best option is to modify your loan, and then demand up to $5000 up front to do it. 

 I’m lucky.  I found an organization that was uniquely qualified to help me.  I am not exaggerating when I say that after speaking with 10 other companies, engaging the services of two of them and still coming within a week from losing my home and virtually had lost all hope that I and my family would be able to stay in our home,  I found a company who was able to help,  The ASCENT Network!   Sounds too good to be true, it’s not; let me explain.

My wife and I were on the verge of losing our home in March of 2011.  We were not one of these people who were just trying to “beat” the mortgage company to get a better rate, we saw that rates were going down and we thought we could refinance our current mortgage.  We were not late on our payments, nor had we ever been late, or credit was GREAT and we were told by “mortgage professionals” that qualifying for a new loan would be no problem.  We began the process which took over 3 months, during that period we were told that payoffs had been ordered for our existing loan and we were not to send in a payment as that would change the payoff amount and mess things up.  Well come to find out that was the absolute WORST piece of advice we have ever been given, by the time the loan was “approved” the new lender re-ran our credit only to find that our once perfect credit had dropped by over 140 points due to us not making the past 3 mortgage payments.  They declined our application for a refinance and now our credit was shot.

We were then steered to a loan modification we again ran into nothing but headaches.  Delays, lies, confusion and misleading information seemed to be par for the course.  We tried to make arrangements to catch up our payments; they would accept “partial payments”.  We tried to get a modification and were told we were declined because we did not submit all of the forms (which we did, but the bank said they never received them).   We really thought we were going to lose our home!  We then were introduced to The ASCENT Network, and the bottom line is what they were able to accomplish was simply amazing.  Today our loan is modified and current I might add.  Our payment is some $640.00 less per month and we no longer fear we are going to lose our home.

Working with ASECNT was also affordable.  ASCENT is a non-profit organization and after researching at least 10 companies, not only did my wife and I find ASCENT’s costs to be the lowest over all, but they also allow us to pay for the costs of the services they provide over the course of a year.  This took all of the question and fear away from us as to how we were going to be able to afford their services since we didn’t need to come up with a lump sum at the very start.

Now ASCENT is also helping us get back on track with our credit (which was totally trashed because of the mortgage problems I outlined earlier).  The sad fact is that after falling behind on a mortgage one’s credit is left ravaged for years to come.  If you have any hope of participating in the credit economy---buying another house, refinancing your existing one, or financing a vehicle---then it’s very important to have strong credit.  Now more than ever.  What ASCENT does for all its clients is work with them to restore and re-establish their credit.   It’s not uncommon for an ASCENT client to modify their loan, and then at the end of their membership walk away with stronger credit than they’ve ever had.  That’s truly doing more for less.  That’s the ASCENT difference.    They did it for both my wife and I and that is why I wrote this.

John and Carey S.

A Non-Profit Should do your Loan Modification!

Today’s economic climate is fraught with uncertainty.  Nobody seems to know where we’re headed.  Every few months we hear that “hopefully the worst is over” or “maybe the housing market has reached its bottom.”  Unfortunately that hasn’t happened, and economists agree on little except that the worst isn’t over, and we very well may be looking at another couple years of this.

Government has done little to help the ‘little guy.’  Corporate giants such as banks, insurance companies, and auto makers have all received their bailouts.  In some cases more than once.  A token tax break does little to help the guy struggling to pay his mortgage, car payment, credit cards, utilities, and then put food on the table for his family. 

Federal, state, and local government has put a good face on it by sponsoring loan modification initiatives.  Unfortunately these programs are inundated with applications.  They’re ill-equipped to deal with demand,.  At best they can provide a service that will gather the necessary financial information to begin the process for a loan modification, and then simply and then the file stalls out as the lender has just too many files to process before the documentation submitted becomes outdated.  The process and assistance individuals receive from government sponsored Non-Profit Organizations is at best, very passive in nature, and passive doesn’t work when dealing with a bank.  It’s shockingly ineffective.  A simple web search will reveal how appallingly bad these programs have been in providing relief for homeowners. 

Another alternative presented to a distressed homeowner was to pay a third party “for-profit” company (many of which were law firms or companies that adopted names to make themselves sound like they were part of the Federal government)  to help them approach their mortgage company to complete a loan mod.  This appeared to be a better option until it was evident that many of these “for-profit” companies were formed to do nothing more than charge people up to $5000.00 for empty promises that delivered nothing but more stress and heartache.  Both state and federal governments have since pasted regulations and laws which has effectively put these con-artists out of business.

So where does that leave the borrower?   They still need the help, the banks and mortgage service companies are still swamped with files, frustration remains as high as it has ever been and people are still continuing to lose their homes and suffer financially.

Mortgage companies continue to urge their borrowers just be patient and simply allow them to do the loan modification.  This is the same company that put their borrower in an untenable loan to begin with, and now that the borrower has fallen behind—and now that the mortgage company is trying to collect on a debt—would have the borrower believe that they will make everything alright because they have their borrower’s best interest at heart.   

Fortunately there is a better option.  There are organizations out there such as The ASCENT Network (a non-profit organization) that will provide the advocacy that the borrower so desperately needs.  ASCENT receives no federal tax payer funding and their fees for services are structured to be affordable to as many homeowners as possible.  ASCENT’s approach is a total one.  They’ll not only complete a loan mod, but also work with their members to re-establish their credit afterwards.  It’s refreshing to find an organization that will truly do more for less.