I received an unsolicited call from Newport Mortgage Relief regarding redoing my home loan under the HAMP program. I’ve read your letters from Jim and Larry. I cannot find any record of the company and as they stated, no address or physical location is stated on any of the documents or website. NMR states they are a loan document preparation company and must collect a docmentation prep fee of $2,995 to proceed with docs. I sent them the initial info, but am very reluctant to pay anyone money up fron for what they think they can do without some assurance from their contact with my lender. My feeling is that they’re not for real!
Do you have any other information on this company or experiences with other readers who have been contacted by Newport Mortgage Relief? Any thoughts on your part will be deeply appreciated.
My initial reaction is it’s bullshit.
Let’s look at the situation at hand. You received an unsolicited call, which appears to be a sales call. The company Newport Mortgage Relief operates mostly below the radar. Additionally hey are requesting an advanced fee for something you can easily explore yourself, for free.
I’m willing to eat my hat on this but I would urge you ask them for proof they are registered to do business in your state, and specifics about their owners and track record. You should ask them to state what their past success rate has been and to put this in writing.
Once you get that information, come back and update me.
Till then here are some good free resources.
Be sure to first read How Not to Get Scammed by a Mortgage Loan Modification Company.
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.
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.
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.