Loans, Debt & Credit - View Single Post - Approved for HAMP trial mod with GMAC but wrong income was used.

duchess · 06-24-2009, 09:21 AM

First of all I'd like to thank everyone on this forum for the valuable information. I've got a first and second ($604k & $250k) with GMAC and started the mod process in early May. Still current but struggling to make the payments. I was approved yesterday for a trial mod under the HAMP but the payment is only $200 less ($3,600 vs. 3800 int. only) than I currently pay. The problem is that they calculated my monthly income $3,600 too high. My first trial payment is due July 1st. After reading through the servicer guidelines it appears that they can change the final monthly payment if your income drops during the trial period and you still have a pass on the NPV test.

Any thoughts on what I should do? I'm leaning towards making the trial payments and hoping they can change the final payment using the correct income.

Thanks

06-24-2009, 09:21 AM	#1 (permalink)
duchess Member Join Date: Jun 2009 Posts: 11 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Approved for HAMP trial mod with GMAC but wrong income was used. First of all I'd like to thank everyone on this forum for the valuable information. I've got a first and second ($604k & $250k) with GMAC and started the mod process in early May. Still current but struggling to make the payments. I was approved yesterday for a trial mod under the HAMP but the payment is only $200 less ($3,600 vs. 3800 int. only) than I currently pay. The problem is that they calculated my monthly income $3,600 too high. My first trial payment is due July 1st. After reading through the servicer guidelines it appears that they can change the final monthly payment if your income drops during the trial period and you still have a pass on the NPV test. Any thoughts on what I should do? I'm leaning towards making the trial payments and hoping they can change the final payment using the correct income. Thanks