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Thank you Sam and CAA for saving my home
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Over a period of three years, I have gone through numerous companies and people to help me keep my home. I spoke to probably more than 50 loan mod companies (including free ones such as NACA), short sale and bankruptcy specialists, government agencies (such as Keep Your Home California, HOPE, MHA, CFPB, OCC, and my local representative), loan auditors, quiet title, REST reports, fraud litigation, and friends. At least one of the loan mod companies (I spoke with but did not use) called US Loan Auditors went out of business a couple years later due to fraud. Even the law firm Alliance Law Center went out of business due to fraud and I lost $5K for nothing. I tried to "threaten" BofA with a consent order document from Office of Comptroller of Currency (OCC) stating that BofA had settled a multi-billion dollar settlement with the government, for which I was a beneficiary according to the government's Independent Foreclosure Review documentation, that "required" BofA to use the settlement money to offer a loan mod and even offer principle reduction. My local congressman Dana Rohrabacher wrote a letter to BofA which helped expedite the process, but all of this still did not lead to any fruition. My request for help from the NPV expert at the Making Home Affordable office was surprisingly "anti-homeowner", at least from my perspective, because she would look for quick excuses to tell me that I would not qualify even though I presented her with positive NPV calculations I received from their own MHA website checkmynpv.com. I enlisted my real estate friend who has a husband as a lawyer to help write numerous legal correspondences, but BofA would continue to ignore or delay, eventually leading me to give up and discontinue the tiresome pursuit.
When BofA noticed that I had a lull in the loan mod and legal pursuit, they quickly transferred the loan to Nationstar without me having a chance to resume the process. Nationstar is more of a debt collector and they don't play nice. They quickly gave me a notice of default the first month despite my repeated attempts at starting up a loan mod process with them. Starting over was painful but I kept going by trying to submit a $1500 REST Report showing a positive NPV value, but that did not convince Nationstar at all. I thought I finally found a friend and expert who could take away all my problems when speaking to Martin Andelman who writes many detailed and seemingly intelligent reports on his blog regarding the real estate industry, loan mod process, and many legal aspects of it, including recent court cases. My impression after talking with him and reading his articles is that he is a defender of home owners and never charges them any fees for advice and help. He said he talks regularly and directly with top executives and the CEO at BofA who could help with Nationstar loan mod, since BofA appears to be the master servicer of Nationstar. He interviews some very high-profile lawyers and many well-known experts in the industry. I knew of another loan mod specialist who loves and admires Martin, so I thought there must be some hope now. I paid non-profit fee of $450 for an investor-exclusive RMBS report that supposedly only he (as a non-investor) has access to (out of the entire country), but I never received it. He gradually stopped answering my phone calls and emails. I know that he's extremely busy from my experience with him, but I do not think that is an excuse for not giving me what I paid for and going back on some of his words to help me with loan mod.
As the failures and fraud kept piling on, my skepticism of the companies suppose to help me and of the banks grew to the point of paranoia. I just happen to google "no upfront fees loan mod" and found CAA. I spoke with Sam Chang and Hugo but remain guarded. Sam was persistent and continued to assure me with a great deal of confidence that they can help. I thought to myself what is there to lose with no up front costs and I can get my money back even if I decide later on to not accept a loan mod approved by the bank. We submitted a loan mod application the first time, but was denied and I started getting flashbacks. Sam, having gone through this process many times, remained confident and re-submitted a second application. Through the whole process, Iris at the office was nice and friendly in helping with various administrative and emergency requests. My second application was also denied, but Sam continued to calm my nerves with words of patience, assurances, and determination. He worked hard and quickly to submit an appeal that to my very pleasant surprise, just a few days later, resulted in a reversal of the denial. I was approved for a HAMP Tier I step mod at 2% interest and $2588 PITI. Without this mod, my mortgage would be $3600 in 5/2015 and then $4K a couple years later. I did not expect the appeal to amount to much, considering that I went through several failed appeals in the past with supposedly "strong" documentation. However, Sam must have done some "magic" to get the appeal approved and in such a short time. I made him promise me to do his best and never leave me hanging, and he kept his word.
I am thankful for Sam, Iris, and the rest of the CAA team for saving my home for my wife and kids. My wife is the happiest of all. A happy wife is a happy me. I wish Sam and CAA well and am sure they can help many more home owners going through tough times.
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