What is HAMP modification ?

[willywonka]

I was wondering what is the difference between a HAMP modification and the Making Home Affordable Plan ( MHA ) . I'm on the MHA , I've made two payments so far ( 8/1, 9/1, 10/1 ) . My mortgage payment was $1290.00 and the trail payment is $705.00 . Chase told me that this would be my new permanent payment after October . I started this whole process back in November 08 .

[wanttokeepit]

Not sure what the difference is, but wondering if you have heard from the servicer, you are about to make your third and last payment now right?, please keeps us posted, hopefully you'll get a permanent modification with affordable payments.

[davephx]

MHA= Making Home Affordable and includes both HAMP and HARP

HARP = Home Affordable Refinance Program

HAMP = Home Affordable Modification Program

[willywonka]

Well wanttokeepit, Just sent third payment in. I'm going to call them in a week and see whats next. Some people have been making 4 to 6 more payments and still no answers . I've decided not to do that , going to tell them foreclose or do the modification.

[BobandArlyn]

Found this MAKING HOME AFFORDABLE training package on FreddieMac that the servicers are suppose to use. I got some good info from it:

http://www.freddiemac.com/learn/pdfs...hamptpprec.pdf

[northsd]

Has anyone been given a perm mod option after their three month trial period is over? I'm concerned that no matter what, Chase will take my three months of payments and never seriously consider a perm mod.

[caldwellb02]

I think the same thing. They get $1,000 for each completed trial mod. they have no incentive to continue that I can see. There needs to be some real enforcement and that is what we are fighting for.