A group, Consumer Advocacy Assistance, who reports to being located in Laguna Hills, California sent a mortgage modification mailer to a consumer in New Jersey.
The mailer appears to be an official mailer from the Loss Mitigation Administrative Office. Frankly it looks like the standard B.S. mortgage modification mailer many have received.
Consumer Advocacy Assistance claims to be located at 24881 Alicia Parkway, Suite E516, Laguna Hills, CA 92653. While the mailer presents the new estimated terms their website actually says, “You and our company do not hold the promissory note, because the bank and the original investor hold the note. Only the investor can make the final adjustment on the terms of your loan.” – Source
Interestingly, the mailer says it is a legal advertisement but the CAA website does not identify any attorney related to it.
Anyone experiencing problems with a mortgage might want to review the following 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.
This offer was able to be reviewed because a kind reader sent it in via my I Buy Junk Mail program.
If you receive a credit or debt relief offer in the mail, do some good and let me pay you for it. Click here.
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