FAQ

Q: What does NMAC do for me exactly?
A: When you fill out the no-obligation form, we send your basic information to a foreclosure prevention law firm that will call you back and go over options based upon your unique situation. This is the first step in the process towards a possible mortgage payment reduction so that you can stay in your home.

Q: Can I do any of this myself?
A: Yes you can—just like any other Do-It-Yourself project such as taxes, your own plumbing and electrical, oil change, lawn mowing, etc. Have one of our foreclosure prevention attorneys take care of everything so that you can have peace of mind, especially when it comes to keeping your home!

Q: Are there any government programs available?
A: Yes, one is the Obama Administration introduced In February 2009 as part of a comprehensive Financial Stability Plan to address the key problems of the foreclosure crisis to get our economy back on track. A critical piece of that effort is Home Affordable Modification Program (HAMP), a plan to stabilize the housing market and help struggling homeowners get relief and avoid foreclosure. It’s a specific loan modification program that not everyone qualifies for. Another is the HOPE Now Program, which will send a letter to your lender on your behalf requesting a loan modification. Unfortunately, a single letter may not persuade your bank to work out a loan modification. It takes numerous calls and faxes to the right people in the right department to work with banks.

Q: If I’ve missed too many payments, can I still get help?
A: There's always time to get help. We can't work miracles, but we can always give expert advice for any situation. That being said, the help we're able to offer is far more constrained if you're eight payments behind than if you're one or two behind. The sooner we can get involved, the better chance you have of avoiding foreclosure.

Q: Is it possible to stay in my house after foreclosure proceedings begin?
A: Contrary to what you might think, there are still options available to you after the foreclosure process has started. The sooner you fill out the form below, the more tools we'll have to help you fix your situation.

Q: Can a Loan Modification include the late charges from the lender?
A: Mortgagee Letter 2008-21 states that accrued late charges should be waived by the mortgagee at the time of the Loan Modification.

Q: Do I need to be behind on my mortgage payments to be eligible for a Loan Modification?
A: No. Responsible borrowers who are struggling to remain current on their mortgage payments are eligible if they are at risk of imminent default, for example, because their mortgage payment has recently increased to a level that is not affordable. If you have had or anticipate a significant increase in your mortgage payment or you have had a significant reduction in income or have experienced some other hardship that makes you unable to pay your mortgage, contact your servicer. You will be required to document your income and expenses and provide evidence of the hardship or change in your circumstances.

Q: Is it required to perform an escrow analysis when doing a Loan Modification?
A: Yes, a retroactive escrow analysis is performed at the time the Loan Modification to ensure that the past due payments are capitalized and reflect the actual escrow requirements for those months capitalized.

Q: I have a second mortgage. Am I still eligible?
A: Yes, but only the first mortgage is eligible for a modification.