Carrington Mortgage Services – New Century – Loan Modification

Let me start by saying if your mortgage lender is Carrington, you may be facing an uphill battle in getting them to modify your loan. Loan modification requests have often been arbitrarily declined in the past, and there exists a horrific track record of not diligently helping homeowners that qualify for assistance, although lately Carrington has shown some improvement in helping homeowners that are facing financial hardship.

A good deal of the loans currently held by Carrington Mortgage Services actually were originate by New Century, a loan servicer notorious for originating high interest rate subprime mortgages that set borrowers up for financial failure 2 or 5 years in the future.

Bruce Rose, CEO of Carrington Mortgage Services

The amount of dirt on Carrington Mortgage Services goes back years; here’s a previous entry I wrote about Carrington: Carrington Mortgage Loan Modification Epic Fail. Recently, Bruce Rose, CEO of Carrington was listed with NACA as one of their ten most wanted financial predators, and they have faced a number of lawsuits for unfair and deceptive business practices.

Rather than focusing on the bad however, let’s focus on the positive, and why you most likely are here; Let’s talk about how you can get a loan modification from Carrington.

Carrington participates in Obama’s Making Home Affordable Program. How does this help you? Well, HAMP (Home Affordable Modification Program) has set guidelines that make it easier for homeowners like yourself to get a loan modification that will allow you to afford your monthly mortgage payments.

We’ll get back to Making Home Affordable and qualification for this program in a minute. First things first, if you’re not familiar with what a loan modification is or the general process for getting one, I suggest you take a look at the Loan Modification Q&A here.

Getting a mortgage modification can help you in so many ways, and if you manage to wrestle a good loan workout from Carrington, you will probably reap the benefits of saving hundreds if not thousands of dollars per month as a result of lowering your monthly payments, interest rate, and possibly even the amount that you owe on your mortgage.

If you want to take the guesswork out of the loan modification process, and are having trouble getting a Carrington loan modification, complete the contact form to the right; we’ll call you immediately and coach you.

Prior to calling Carrington, which can be reached directly at either (800) 790-9502 or (877) 206-9904, be sure that you put together a hardship letter, as well as a detailed and complete list of all income, assets, and expenses. Take a look at the Making Home Affordable Guidelines here prior to submitting your package and make sure that you qualify.

Often, homeowners contact us that have already submitted financial information to their lender that does not qualify them for a loan modification, which makes it that much harder for us to qualify a homeowner that has already been declined.

When you are absolutely positive that you qualify for a loan modification and have completed your hardship letter and financial prospectus, begin gathering supporting documentation to reinforce your case: You will need a copy of 2 years W-2’s, 2 years tax returns, the last 2 months paystubs, 3 months bank statements, a the most recent copy of your mortgage statement or coupon.

Eventually these documents will be reviewed by a Loss Mitigation Specialist and / or Negotiator at Carrington, who will give a yea or nay on your loan modification request. It is very important to advocate for yourself, and negotiate the very best terms possible on your loan modification.

I hope this helps; if you are in need of professional assistance, any of us here at Modification Zoom would be more than happy to help you. More information on Carrington is posted here regularly so check back often, or subscribe to our rss feed for news and updates!

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