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Originally Posted by caramellhoney  Yep that is the positive point. Now we have a starting point!
I would try to Email Barb again. I get the feeling that this HAMP package was sent out from a different department other than the OOP people. Because wouldn't I need to at least speak with the negotiator first, before being offered this ridiculously lousy mod ????????!! But Ill find out MOn morning and update then. |
It sounds like the bank has the wrong info to determine your payment at 31% You can do one of two things, nip it in the but now or make the payments. They are going to re-check your info at the end of the trial and if they find an error they will adjust if the new payment is within 25% of your trial payment. If it is over the 25% they are supposed to re-start your mod and the trial process starts all over again. I hope I got all this right! I personally would try to get it corrected now, but if I thought it was close enough to what I should be paying I may let it slide and accept the offer if I had no choice. I have two mortgages, my first mortgage dropped from $989. to $744. a month on the trial. thats not a big savings. Here is the kicker, when I get in the second lien program, my second mortgage payment is going to drop from $1100. down to $300. a month. As you can see when you look at the total picture, my total payment will drop down to half of what I used to pay and there is a small chance the second will be dissolved totally, leaving with only the payment of $744.