Loans, Debt & Credit - View Single Post - Wachovia and HAMP modification-anyone having success?

FireandRain · 05-19-2009, 07:54 PM

Tampa Eddie raises a great question and one that Im wondering about as well. Im with Wachovia pick a pay, 4 months behind, received the letter last week indicating that Wachovia would be sending me a certified letter regarding modification programs,etc... I havent received the letter yet, but Im wondering if the Obama Home Affordable program may be a better deal than what Wachovia will offer via their "MAP" program".... Here's the BIG question in my opinion. If we accept the terms of the Wachovia MAP modification, will we still be considered in the near future for the more aggressive Home Affordable Modification? If we accept the MAP modification from Wachovia will this acceptance DISQUALIFY us for the Home Affordable?

Obviously, being 4 moths behind, I don't want to lose my house waiting around for a better offer, but much has been said about Wachovia/Wells Fargo's "last ditch" efforts with these MAP mod offers instead of having to face a bigger potential loss if they have to offer a modification which follows the stricter guidlines (mainly 31% DTI) of the Home Affordable program.

Anyone with any ideas or informed speculation about this issue?

Thanks!

05-19-2009, 07:54 PM	#13 (permalink)
FireandRain Senior Member Join Date: Jan 2009 Posts: 72 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Wachovia and HAMP modification-anyone having success? Tampa Eddie raises a great question and one that Im wondering about as well. Im with Wachovia pick a pay, 4 months behind, received the letter last week indicating that Wachovia would be sending me a certified letter regarding modification programs,etc... I havent received the letter yet, but Im wondering if the Obama Home Affordable program may be a better deal than what Wachovia will offer via their "MAP" program".... Here's the BIG question in my opinion. If we accept the terms of the Wachovia MAP modification, will we still be considered in the near future for the more aggressive Home Affordable Modification? If we accept the MAP modification from Wachovia will this acceptance DISQUALIFY us for the Home Affordable? Obviously, being 4 moths behind, I don't want to lose my house waiting around for a better offer, but much has been said about Wachovia/Wells Fargo's "last ditch" efforts with these MAP mod offers instead of having to face a bigger potential loss if they have to offer a modification which follows the stricter guidlines (mainly 31% DTI) of the Home Affordable program. Anyone with any ideas or informed speculation about this issue? Thanks!