FHA loan and trial payments - Loan Modification Forum

briknope · 10-04-2009, 03:30 AM

Well, if any of you folks have read my posts you probably know what my situation is so I won't get into that. I apparently do not have a Freddie or Fannie loan but it is however FHA insured and owned by Chase themselves as far as I understand. On Aug 26th they are now the new creditor on the loan according to a letter they sent.

Seeing the complete failure of trial periods can I refuse a trial plan and just go with a permanent mod right away? I'm already 6 months behind and the house is over 80k underwater so why allow them to bleed me for any more money ? I can use that money in the near future. I have read through the very old posts from 2008 and didn't see too much mention of 3 month trial periods which have become the norm now.

SillyWorld · 10-04-2009, 03:44 AM

I would say contact HUD they can help you if you are late on payments, I cannot get help they told me because I am not late

salvega530 · 10-04-2009, 09:31 AM

i would say yes and no, in Feb 2008, i got my first mod and was put into the step program 5.00% 0-2 yrs and 6.125% there after, now I am in the trial plan for the hamp program...but since that was over 1.5 years ago, i am not sure if a trial is a requirement for all mods, i think u should do a trial, we are seeing some sucess now?

10-04-2009, 03:30 AM	#1 (permalink)
briknope Senior Member Join Date: Jan 2009 Posts: 170 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	FHA loan and trial payments Well, if any of you folks have read my posts you probably know what my situation is so I won't get into that. I apparently do not have a Freddie or Fannie loan but it is however FHA insured and owned by Chase themselves as far as I understand. On Aug 26th they are now the new creditor on the loan according to a letter they sent. Seeing the complete failure of trial periods can I refuse a trial plan and just go with a permanent mod right away? I'm already 6 months behind and the house is over 80k underwater so why allow them to bleed me for any more money ? I can use that money in the near future. I have read through the very old posts from 2008 and didn't see too much mention of 3 month trial periods which have become the norm now.

10-04-2009, 03:44 AM	#2 (permalink)
SillyWorld Senior Member Join Date: Apr 2009 Location: Central Pennsylvania Posts: 1,139 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: FHA loan and trial payments I would say contact HUD they can help you if you are late on payments, I cannot get help they told me because I am not late __________________ Central PA, USA Waiting NACA Approval With Citi ON FHA MORTGAGE 05/18/2009 Ginnie Mae investor Is NACA Becomming a SCAM..?

10-04-2009, 09:31 AM	#3 (permalink)
salvega530 Senior Member Join Date: Jan 2008 Posts: 44 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: FHA loan and trial payments i would say yes and no, in Feb 2008, i got my first mod and was put into the step program 5.00% 0-2 yrs and 6.125% there after, now I am in the trial plan for the hamp program...but since that was over 1.5 years ago, i am not sure if a trial is a requirement for all mods, i think u should do a trial, we are seeing some sucess now?

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode