Loans, Debt & Credit - View Single Post - For those who have made or are going to make your trial period payments...and then what!?

learning patience · 08-03-2009, 08:04 PM

Hi Blackcandt,

Congratulations on your mod approval! That's cause for major celebration!

Just to share our story....we applied for HAMP in March, a month after filing bk, and a month before our meeting of creditors. Because we included the house the way that we did, we had to wait for the "automatic stay" on the house to be lifted in order for ANYONE to "really" talk to us from Wamu....turns out, no one "really" talked to us anyway, until 2nd week of July when our 'application cancelled due to insuf. income' and I called someone the next day to see what our options were. (Chase lifted the automatic stay in April, about a month before our discharge)

We NEVER signed a reaffirmation on the house....it was just 'simply' written in a way that, IF they were willing to work out a solution with us THEN we would continue to make new agreed-upon payments.

We did this apparently b/c we filed Chp 7 and were not current on our payments with them when we filed. Reaffirming could only be done if we were current on our payment. Don't know where you're at with that. But I was told today that because we handled our upside down home the way we did in BK, we technically have the 'upper hand'. They'll make more $ if they work with us than if they decide to foreclose.

I would definitely be clear with your attorney about how you want to handle it. If you re-affirm the mortgage, it might be different than if they lift the 'stay' and continue to work with you for the modification. It might stall the modification process a little bit because they'd have to wait for clearing of the stay, but..... in our case, what's the difference???

Again, I don't exacty know where you are at with it, but in our case, we weren't about to reaffirm, even if we were current on our payments....simply due to the not-knowing if they would work with us, and that we could no longer afford the payments on the 1st & 2nd even with a discharge of all other debts due to 50% reduction in income.

I'm interested to find out if they come up with your trial mod before your meeting of creditors....and have they been contacting you in the meantime? or your attorney? We were told they couldn't even contact us during our 'stay.' We could only contact them. ???

Best of luck!!!!

08-03-2009, 08:04 PM	#8 (permalink)
learning patience Senior Member Join Date: Apr 2009 Posts: 43 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: For those who have made or are going to make your trial period payments...and then what!? Hi Blackcandt, Congratulations on your mod approval! That's cause for major celebration! Just to share our story....we applied for HAMP in March, a month after filing bk, and a month before our meeting of creditors. Because we included the house the way that we did, we had to wait for the "automatic stay" on the house to be lifted in order for ANYONE to "really" talk to us from Wamu....turns out, no one "really" talked to us anyway, until 2nd week of July when our 'application cancelled due to insuf. income' and I called someone the next day to see what our options were. (Chase lifted the automatic stay in April, about a month before our discharge) We NEVER signed a reaffirmation on the house....it was just 'simply' written in a way that, IF they were willing to work out a solution with us THEN we would continue to make new agreed-upon payments. We did this apparently b/c we filed Chp 7 and were not current on our payments with them when we filed. Reaffirming could only be done if we were current on our payment. Don't know where you're at with that. But I was told today that because we handled our upside down home the way we did in BK, we technically have the 'upper hand'. They'll make more $ if they work with us than if they decide to foreclose. I would definitely be clear with your attorney about how you want to handle it. If you re-affirm the mortgage, it might be different than if they lift the 'stay' and continue to work with you for the modification. It might stall the modification process a little bit because they'd have to wait for clearing of the stay, but..... in our case, what's the difference??? Again, I don't exacty know where you are at with it, but in our case, we weren't about to reaffirm, even if we were current on our payments....simply due to the not-knowing if they would work with us, and that we could no longer afford the payments on the 1st & 2nd even with a discharge of all other debts due to 50% reduction in income. I'm interested to find out if they come up with your trial mod before your meeting of creditors....and have they been contacting you in the meantime? or your attorney? We were told they couldn't even contact us during our 'stay.' We could only contact them. ??? Best of luck!!!!