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Mr. Chapman Says He Can Drop My Mortgage Payment. – Della

“Dear Steve,

I too talked to Mr. Chapman like another reader posted. Was told he could drop my mortgage anount by 50k. And payments would drop $300.00 a month. He ask for my bank info. so $660.00? Could be taken out each month to hold. He stated it would take 4 months for him to do this for me. And each month $660.00 would be taken out until finalized. I ask for some kind of documentation for me to get. So I know this was on the up and up. He got a little angry. Said he didn’t have time to do all this leg work. Pretty much if you want tit act now or forget it. That is what I took him to say. I didn’t take it although I really need the help. I to can not afford to be scammed. What do you think aboutt his…. Should I have went on forward with him?

Della”

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The Answer

Dear Della,

I’m assuming you are referring to the Mr. Chapman in the post Meracord / Noteworld is Offering Me a Loan Modification for a Fee. – Noreen.

It smells like it is less than honest and like a salesperson trying to push you into making a decision you are not ready to make.

I’m inclined to think it was all just hype.

There are things you can do to see what mortgage help may be available. Look below.

Mortgage Help

Be sure to first read How Not to Get Scammed by a Mortgage Loan Modification Company.

Debt-to-Income Calculator

First you’ll need to determine your current debt-to-income ratio. The target debt-to-income ratio under the Home Affordable Modification program is 31%. Use this free online DTI calculator.

Mortgage Modification Calculator

The mortgage modification eligibility calculator will ask you several questions and then show you which programs you may be eligible for.

The free mortgage modification calculator can be found here.

Free Mortgage Modification Help and Counseling

If you have questions about the process or eligibility you can call 888-995-4673 and get connected with an mortgage modification adviser for free. This help is provided by government subsidized HUD Housing Counselors and they can be a big help in navigating the modification process.

In order to assist you, the housing expert will need to gather some information from you. Have the following documents handy:

  • Information about your first mortgage, such as your monthly mortgage statement.
  • Information about any second mortgage or home equity line of credit on the house.
  • Information about the monthly gross (before tax) income of all household members contributing to pay the mortgage, including recent pay stubs if you receive them or documentation of income you receive from other sources.
  • Information about your savings and other assets.
  • Account balances and minimum monthly payments due on all of your credit cards.
  • Account balances and monthly payments on all your other debts such as student loans and car loans.
  • Your most recent income tax return.
  • It may also be helpful to have: A letter describing any circumstances that caused your income to be reduced or expenses to be increased (job loss, divorce, illness, etc.), if applicable.

You can also get free help and housing counseling from a local HUD approved counselor. You can find your local free housing counselor, here.

Contact Your Mortgage Company

Not sure if your mortgage company offers modification programs? Not all do. You can contact your mortgage company to ask them about mortgage modification programs you might be eligible for. Click here to find your mortgage company.

NPV Calculator

Want to know the net present value (NPV) of your home for the mortgage modification process? No problem, use the free NPV calculator to find out. The NPV calculator is right here.

The calculator can be used by homeowners who have been denied a HAMP modification because of their NPV result or can also be used by homeowners prior to applying for a HAMP modification to help them better understand the NPV evaluation.

No Advance Fees

The Federal Trade Commission has a Mortgage Assistance Relief Services Rule which prohibits advance fees for mortgage rescue services or mortgage modification help.

Please post your responses and follow-up messages to me on this in the comments section below.

Big Hug!

Mr. Chapman Says He Can Drop My Mortgage Payment.   Della
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About Steve Rhode

Steve Rhode
Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
  • Helen

    Dear Della,

    This is a scam! Do not give any of your bank information to anyone.

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