Has anyone gone beyond 6 trial Payments ?

[litehouse01]

Has anyone gone beyond 6 trial payments on the MHA/HAMP Obama plan?if so by how many?

[exhausted girlfriend]

i am due to make my Nov 1 payment and it will be my 7th trial payment. I understand that I am very close to being finished with the trial and getting a decision. I doubt there will be an 8th trial payment.

[litehouse01]

I wish you much luck and success I hope you get the mod and terms you are looking for...keep us posted...I am making my 4th was told I am extended until Jan 1 when I called after making my 3rd payment...

[antel]

Hi....I will make my 8th trial payment on November 1st...they said just to keep making the payment 'till they I receive the final decision...keeping my fingers crossed

[litehouse01]

antel...are you with Chase? Wow this is the 1st 8th payment I have heard of....are they giving you any updates at all on your status?

[fla borrower]

I paid three payments like the Hamp Guidelines request, paying anymore is just a stall tactic! If I were u I would stop paying and let them contact you to hear what they are going to offer.

You are just buying more time for some incompetent underwriter/analyst.

[NorCA]

November 1 will be my 8th I am debating on making it.

[darkdays]

I made 8 "trial" payments and then was denied. After the first 3, I was told (verbally and in writing) to keep making the reduced payments while my mod was reviewed. I am applying again under HAMP and have finally spoken to someone in the escalation department who told me exactly what documentation is needed and still no guarantee of mod approval because of the various factors but the process is certain to resolve in the next 30 days one way or another.

[motorcitymadness]

I've made all 3 of mine and Nov. 1st will be my fourth. My concern is that we all keep making these trial payments for a lesser amount than our original payment, what happens when/if we do not get the mod?? Were toast! I'm assuming they will want the difference in payments for the last 4-8 months plus any months your were already behind when we started. This is a scary thought since I for one do not have the money to pay all this if I am not approved. It is truly sad we are all being put through this to try and keep something we all worked so hard to get.

Perhaps we should all incorporate and start our own bank then ask for a government bail out. At least we could then use our own money to help ourselves keep our homes.... Gook Luck All! Keep on Keeping On.

[pbharris4]

We just made our 4th trial payment. We'll maybe go to the 6th only if we have to. After that if we do not have a permanent modification we will file Bankruptcy and give up the house.

We have been putting off BK for many months waiting on this modification. We would like to keep the house, but at that point enough is enough. We want to start rebuilding our credit and the more it drags on the longer it takes to rebuild our credit. If they didn't permanently modify us after the 6th payment is made...they aren't going to. What I really think is by making these extra payments we are providing them with extra time. Once you stop paying them is when they will get to your file (because they aren't getting $$ from you anymore). Sound familiar? A lot of people who couldn't pay their mortgages anymore were offered the trials first. As long as they are getting a stream of $$$ from you...they can put your file aside for the time being.

[blueberry4]

Good Luck to anyone who is still waiting. I made 5 payments and was about to make the 6th when I was told we were denied!! Now, because of making the mod payments we are even more behind!!! I was told that our account is still coded for Loan Modification...but, don't make the modification payment because you were denied.
Transferred to another line...Not right dept.
Transferred to Loss Mitigation, they don't know what to do for me because they are under the assumption that the Loan Mod dept should credit our account for making the full payments during the mod??? Transferred back to Mod dept, they are checking with Supervisor (YEAH RIGHT!!!)
The only thing they said I can do is to make 1 1/2 payments a month to get caught up....wasn't that the problem in the first place, that we couldn't make the payments?????
I have been behind 3 months for the last year and a half and have been making my monthly payment and keeping my head above water...now they have screwed me!!!!

[darkdays]

Originally Posted by motorcitymadness

I've made all 3 of mine and Nov. 1st will be my fourth. My concern is that we all keep making these trial payments for a lesser amount than our original payment, what happens when/if we do not get the mod?? Were toast! I'm assuming they will want the difference in payments for the last 4-8 months plus any months your were already behind when we started. This is a scary thought since I for one do not have the money to pay all this if I am not approved. It is truly sad we are all being put through this to try and keep something we all worked so hard to get.

Perhaps we should all incorporate and start our own bank then ask for a government bail out. At least we could then use our own money to help ourselves keep our homes.... Gook Luck All! Keep on Keeping On.

Correct. Depending on how much your regularly monthly payment is and how much your trial payment is you will be behind that much further. Example: 2 months behind when trial starts. Regular payment $5000.00 and mod amount is $2500. You pay trial payments for four months ($10,000) but your permanent payment would have had you pay $20,000 in those four months so you are now a total of 4 full months behind. The conversation goes something like this: "Sorry we have decided to deny your mod but you can reapply if you would like but in the meantime you are now more than 90+ days late and are headed for foreclosure."

[antel]

HI...yes I am also with chase and I have a company doing the loan mod for me.
@Darkdays...you said that they denied you after the 8th payment? Did they give you a reason why? And also, did they offer you any other option where you don't need to pay whatever you owe all at the same time? Is there any alternative offered to you so you can still keep your house?....I'm sorry for all these questions but I'm just so scared....I really don't want to loose my house

[julier883]

I am wondering what happens if you still make your regular monthly payments during the trial period (assuming you can for few months) to avoid "catching up, late fees, bad credit" in case you are denied.

[MyHAMP]

Originally Posted by darkdays

I made 8 "trial" payments and then was denied. After the first 3, I was told (verbally and in writing) to keep making the reduced payments while my mod was reviewed. I am applying again under HAMP and have finally spoken to someone in the escalation department who told me exactly what documentation is needed and still no guarantee of mod approval because of the various factors but the process is certain to resolve in the next 30 days one way or another.

But those 8 were NOT under HAMP, right?

[MyHAMP]

Originally Posted by julier883

I am wondering what happens if you still make your regular monthly payments during the trial period (assuming you can for few months) to avoid "catching up, late fees, bad credit" in case you are denied.

I'm not even sure you can - under HAMP. You're only supposed to pay the trial payment-amount. As an alternative, you could set the difference aside and pay it if you are denied.

[darkdays]

Originally Posted by antel

HI...yes I am also with chase and I have a company doing the loan mod for me.
@Darkdays...you said that they denied you after the 8th payment? Did they give you a reason why? And also, did they offer you any other option where you don't need to pay whatever you owe all at the same time? Is there any alternative offered to you so you can still keep your house?....I'm sorry for all these questions but I'm just so scared....I really don't want to loose my house

Don't apologize for asking questions. We're all learning from each other's experiences. After the 8th payment, I asked what my alternatives were and was told a short sale. I asked the rep to explain to me what a short sale was and she said you sell the house for less than the mortgage is worth and we forgive you. I thanked her for the information and ended the call because I knew I was talking to someone who had a scripted speech. The house value is not below the mortgage amount. I called back and got the run around and called back a week later and hit upon a chatterbox who told me I was denied because since my spouse is not on the mortgage, his income could not be verified and considered as household income. I was told how to overcome that and did exactly as I was told but since there was no appeal process I had to start over. I started over and then was denied again and found out after coming upon a very nasty rep who yelled at me because she said I most certainly could afford the payments and through out a number at me and when I asked her to explain where that number came from I learned that my husband's income was now added in twice. Again, they don't do appeals (of their own mistakes even) so I was told re-apply. I re-applied and was denied (this is the first time I apply under HAMP as the others were in-house mods) and get denied. Now I am certain something is wrong because I know exactly what the hamp guidelines are and don't see how I fail the nvp or even basic eligibility. I re-apply for the 4th time and begin contacting executive, my state officials and the treasury's complaint division. My foreclosure hearing was to be today. I asked the lender to advise me why they couldn't resolve my hamp mod request and they said they would get back to me later this week. uhhh....my foreclosure hearing was to be today. Anyway, I have asked each time I have phoned in the past 2 weeks what options are available to me and told no more in-house loans, no more forbearance agreements, either HAMP mod or repayment of past due amounts. The reps have told me the repayment amount would be 90% of the past due amount for the first payment (plus your regular payment) for the first month, another rep said 100% of the past due amount and your next payment (i.e. you get current) and the escalation department told me that was not the case it would be 1.5 to 2 past due payments for the first month and the remainder broken into 5 more equal payments in addition to your regular monthly payment.

[darkdays]

Originally Posted by MyHAMP

I'm not even sure you can - under HAMP. You're only supposed to pay the trial payment-amount. As an alternative, you could set the difference aside and pay it if you are denied.

I think MyHAMP is right and if you do make the regular payments they will say you can afford the payment so we don't need to reduce it. So what if you barely could afford food or to pay your other bills, they won't look at it that way.

[litehouse01]

If you are under the hamp trial you cannot pay extra other than the trial payment....if you get denied after your trial and have a fannie or freddie owned loan the directive that goes into effect Nov 1 Announcement 09-30 Payment reduction plan for borrowers who are not eligble for HAMP go to efanniemae.com for details Also if you get denied on HAMP maybe they will offer an in house mod of some kind. Anything is worth a try.....

[darkdays]

Just a mention that many lenders are no longer offering in - house mods. There are many posts on this site of various lenders no longer offering any in - house mod since they are pushing what they can through HAMP and the rest short sale/ foreclosure.

[litehouse01]

chase in their figures on their website post Hamp mod and in house mods for those who don't quailify for Hamp as not everyone will quailify......on their recorded message Chase says they offer modifications....plus if you are fannie mae owned they have a program if you don't quailify beginning Nov 1st

[snapple candy]

Sounds like they are gearing up for something "special" if you have a fannie mae backed loan. I am getting ready to reluctantly make my 5th trial payment and supposidly my file has been send to underwriting......Im not holding my breath. After 1.5 years of dealing with this crap. Come take it away.