HAMP mod default, new rules suggest one can get a second chance for HAMP again?

[indeep1959]

Noticed that since 6-1-12, if you defaulted on a HAMP (MHA) that you can try again for another one?

I did, and applied for a mod and actually got one (am on trial payments) but I do not know the terms, etc.
I'd rather have another HAMP, as this one may be an inhouse or Fannie Mae and probably not with favorable terms.

Best to wait and see what the terms are or should I try to apply for the new HAMP? I know this would probably throw BAC for a loop, and confuse the situation, but I'd hate to pass the opportunity by.
Confused.

[indeep1959]

No one has any experience/knowledge?

[motorcitymadness]

indeep, I think what you are referring to is the HAMP Tier 2. Since this is so new I'm not sure anybody on this forum really has any experience with this program. I am also very curious to see if this is something they will be offering to people who have defaulted on their first HAMP. Again, the biggest obstacle with this is making sure the banks have a clue. Something tells me most banks will not even know this is an option. I'm sure as people like you and I explore this there will be more information posted. I too will be looking into this for myself. I will keep you posted and I find out more info....

Best,
Motor

[jakelabry]

A quick google search will provide your answer:

HAMP 2 is HERE ? Some say it?s the best HAMP yet, and they?re probably right about that. - Mandelman Matters

[indeep1959]

I put in a call to my CRM at Bank of America about this.
I wonder how this conversation will go since it's so "new".

[Evan Bedard]

Yes the new guidelines state you ca reapply for HAMP even if you previously received a permanent HAMP agreement and defaulted on your payments. However, like motor stated this is very new and I have not yet seen anyone get approved for a 2nd permanent modification under HAMP. How long ago did you begin the new trial period you have been offered? If it was indeed HAMP it should state HAMP or "making home affordable" somewhere in the letter.

Home Affordable Modification Program

"

• Homeowners who previously received a HAMP permanent modification, but defaulted in their payments, therefore losing good standing."

[indeep1959]

I'm the one who got the modification going through Real Time Resolutions/Fannie Mae, so I'm thinking it would be a Fannie Mae loan or in house? Doesn't say HAMP anywhere on my trial payment letter/coupons.
My first trial payment was due July 1st, another one due next week.

Here's my thread.

Letter from Real Time Resolutions concerning my first mortgage. Legit?

[heatherg2345]

I received a permanant Hamp in 2010. I am back in default. My lender ( IndyMac just sent me the packet for the HAMP 2.0
When I first got it in the mail , I thought it was an error and tossed it in the garbage. I knew you could only get ti once. The next day another packet came to my home certified and that made me wonder, so i called Indymac and they said we could reapply. I just mailed out all my required paperwork today!! I will let you know how the next 30 days go!

[indeep1959]

Definitely interested in how this proceeds for you!

[alisoncg]

I am in the same boat as the rest of you. We got a HAMP which started in January of 2011. I told them at the time that the payment was too high because they had the income too high, so we would soon be in default again. You have to be a full 90 days behind to lose "good standing" which we will be by the 31st of July. I informed my mortgage company and they set us up with one of their "Home Preservation Specialists" which was a joke. Her main goal was to try to get us to catch up the payments, and threaten us with foreclosure. When she closed my file after 11 days had passed and told me it was my fault because I had let 30 days go by without responding, I complained to their executive office. By the way, it's Wells Fargo/ ASC. Yesterday my point of contact from the executive office said the underwriter had some questions about other debts and they were sending me out another packet overnight by FEDEX. I am shocked that this has already been seen by an underwriter but I hold very little hope because WELLS likes to play games and I am pretty sure they are just "going through the motions" or covering their you know whats. If it is a HAMP application, I will be very surprised but either way, I will let all of you know how this progresses. Best of luck to you.

[alisoncg]

UPS just delivered our packet and yes, it is a HAMP application. But oh my goodness, this one asks for everything but my bra size! And they gave me until Monday, the 30th to get all of it back to them. This is going to be a fun weekend.

[indeep1959]

Obviously it's so new that no one really knows what will happen. I put a call in to my CRM Wednesday and haven't heard back.
The bad (or good depending on one's perspective) is I'm already on a trial plan so I'm really not sure what to do,leave it as is or try to get them to consider me for the HAMP tier 2.

Of course I could make a better decision if I only knew wtf the terms would be that I agreed to making the trial payments.
As it stands now, if these trial payments is my permanent one, no way in hell I'm taking it. I've had to beg borrow and almost steal to make this payment this month, and that's with 2 incomes and really not spending anything out of the ordinary.
I don't know if I can make my third trial. I only took it because the sale date was scheduled a couple of weeks after I got this "mod".

So I figured I'd try to make them and then deal with it 3 months later. At least it shows I'm trying, but the bad thing is it show's I'm trying and making it, but it's not sustainable.

Just as an fyi, after my first HAMP, my mortgage was 2300 p/m.
6 months later it jumps to 2900 p/m. (due to escrow shortages)
Now they have me at 3600 p/m, due to the late and no payments for 14 months.
So there is no way for me to continue without some principal reduction or forbearance.

[indeep1959]

Heard from my CRM yesterday, I guess I'm out of luck as Fannie Mae isn't participating in this?
Between them not participating in this and other principal reduction/forgiveness, people like me really got shafted on who are "investors" were.
Seems like we have a lot less likelihood of ever getting a decent "mod".
Though I am making trial payments, Lord knows what my terms will be, probably nothing sustainable long term.
Frustrating.

[STAYING HOPEFUL]

I too had a previous HAMP mod where the payment was basically the same and it did not take long before we were behind again, dealing with hope rep for almost 3 years who told me the hamp 2 was for people who were on a hamp before but fell off, so after submitting application and being denied hamp 2, I kept arguing that this was on the HUD site and why does no one see this? I would copy and paste info as proof and no one would acknowledge what I was saying, finally I received this response...
The HUD Web site advertises information regarding the HAMP program to advise customers of the update
in the procedure, however, it does also state "please contact your servicer to see if your loan is
eligible". While it is true some investors are participating in a second HAMP program, your
investor is not at this time. Therefore, as the account has already been approved for a HAMP
modification in the past, it is no longer eligible for another.
So if Fannie and Freddie are not participating, WHO IS?????

[Cat Damiano]

Staying Hopeful,



As I had posted in one of your other threads, the HAMP Tier 2 information is for NON GSE backed loans, and also does not include government backed loans. This would mean that are owned by private entities as well as the lender themselves would be eligible if that investor is participating in the HAMP program.

[STAYING HOPEFUL]

Staying Hopeful,



As I had posted in one of your other threads, the HAMP Tier 2 information is for NON GSE backed loans, and also does not include government backed loans. This would mean that are owned by private entities as well as the lender themselves would be eligible if that investor is participating in the HAMP program.

Can you give some examples of non gse loans?

[Cat Damiano]

GSE stands for Government Sponsored Enterprise, that is a loan that is backed by either Fannie Mae or Freddie Mac, any Conventional loans that are not backed by either Fannie Mae or Freddie Mac would be considered Non GSE loans.

[STAYING HOPEFUL]

GSE stands for Government Sponsored Enterprise, that is a loan that is backed by either Fannie Mae or Freddie Mac, any Conventional loans that are not backed by either Fannie Mae or Freddie Mac would be considered Non GSE loans.

very confusing, some things I read state that freddie does participate and some things I read state they do not.

[Cat Damiano]

What you have to understand is that Fannie Mae and Freddie Mac each have their own HAMP modification guidelines as does FHA and VA. The rest of the loans fall under the NON GSE HAMP guidelines.

[heatherg2345]

update on HAMP 2.0. Our paperwork is still being reviewed. We are self employed and Indymac has asked us to submit extra months of bank statements, so far all other paperwork has been approved. What a difference from original Hamp. Hamp2.0, they have been very organized, have their website all set up to keep track of your progress during the process. Everyone we have spoke to have been so helpful and kind. Hopefully this is a success for many families! Will keep you all posted! We really need this!

[Cat Damiano]

update on HAMP 2.0. Our paperwork is still being reviewed. We are self employed and Indymac has asked us to submit extra months of bank statements, so far all other paperwork has been approved. What a difference from original Hamp. Hamp2.0, they have been very organized, have their website all set up to keep track of your progress during the process. Everyone we have spoke to have been so helpful and kind. Hopefully this is a success for many families! Will keep you all posted! We really need this!

I do hope that you get an approval soon, Good Luck!! Please do keep us posted.

[heatherg2345]

I do hope that you get an approval soon, Good Luck!! Please do keep us posted.

Update! I was not approved for Hamp 2.0! IndyMac said everything looked good but they could not bring down our principle to the required 10 percent! We have a good loan, it is just we are behind over 8,000 dollars and these repayment plans are killing us. I am a fighter and will start a new repayment plan and keep looking foward! Stay positive and focus on the blessings I have! You want to get rich quick!!!! Count your blessings!!! The process was seamless and organized! Good luck to all the other families!!!

[Cat Damiano]

Update! I was not approved for Hamp 2.0! IndyMac said everything looked good but they could not bring down our principle to the required 10 percent! We have a good loan, it is just we are behind over 8,000 dollars and these repayment plans are killing us. I am a fighter and will start a new repayment plan and keep looking foward! Stay positive and focus on the blessings I have! You want to get rich quick!!!! Count your blessings!!! The process was seamless and organized! Good luck to all the other families!!!

Heather,


I am sorry that the modification didn't work out, hopefully the new repayment plan will be lower. Best of luck to you in the future!