Is Nationwide Financial Group LLC mortgage refinance assistance a scam?

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We are a month behind in our mortgage payment. Nationwide Financial Group LLC, based out of Florida, contacted us to help assist us with lowering our mortgage payments with Bank of America. We have been told that to do so Bank of America will lower our loan amount and lower our intrest rate. In order to assist us with contacting Bank of America and filing paper work and ect. Nationwide Financial is asking that we pay them $ 800 and are also telling me that during the loan modification that our mortgage payments will be defered with out any retaliation from Bank of America. Has anyone had sucess with them or is this a scam?

  1. Reply
    February 7, 2011 at 8:29 pm

    I can not answer if it is a scam. However I work for a major bank and I deal with workouts. Call the bank directly. These places that offer to help for a fee can not get you a better deal. One month is not serious. However if you are having problems making your house payment, due perhaps to reduced income, definitely call Bank of America. There are many plans ranging from from special forebarance to government plans (HAMP/MHA).

    Be prepared to explain exactly why you are having difficulties in making the payments, and be prepared to prove it. Consider this, why would NFG be able to get a better modification than you can?

    If your loan is an FHA loan, FHA has recently announced their own plan. If you have VA, they have their own plan. Both are very good.

    good luck.

  2. Reply
    February 7, 2011 at 9:24 pm

    After you give them the $ 800, you will be $ 800 poorer. The end.

  3. Reply
    kittycat karin
    February 7, 2011 at 9:44 pm

    If you didn’t contact them first, it would seem a scam is very likely. You should definitely talk with someone at your bank for help. They might know of assistance programs, or suggest refinancing. In the meantime, you can research possible scams with my list of resources:

    Good luck!

  4. Reply
    My Take on It
    February 7, 2011 at 9:48 pm

    You do not need to pay some firm to modify your mortgage
    Call B of A and ask to speak to their loss mitigation department about modifying your loan. They will send you a packet and that will start the process of seeing if you qualify
    The problem with these firms that say they can modify your loan is, you pay them, (usually up front) and many either take off and you never get anything done…or they never get your loan modified.

    Skip the middleman and do the work yourself. Use that $ 800 to pay your mortgage!

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