Got the Permanent Paperwork

[grullagirl]

Received the final modificaiton documents on Fri. 10/30/09. Finally! Nov. would have been my 6th trial payment.

[MyHAMP]

Originally Posted by grullagirl

Received the final modificaiton documents on Fri. 10/30/09. Finally! Nov. would have been my 6th trial payment.

We want to see the terms! We want to see the terms! We want to see the terms! We want to see the terms! We want to see the terms!

[grullagirl]

Years 1 -5 2%
Year 6 3%
Year 7 4%
Year 8 4.875%

The final payment is $100 less than the trial payment. The final payment is over $1,100 less than our original mort. pmt. including taxes & ins. so we are actually saving approx. $1300.00. It did get pushed out to 40 yrs. and I have a $400 balloon payment.
The first pmt. is not due until 1/1/10 and the way the paperwork reads any more trial payments will pay down the principle.

I can't find anywhere where they have taken off the late fees so am a little concerned about that but quite honestly I need to re-read the entire package.
We have been going non-stop with planned school/social/4-H events for my six year old since Thurs. I don't remember being this wiped out in my college partying days.

[MyHAMP]

Originally Posted by grullagirl

Years 1 -5 2%
Year 6 3%
Year 7 4%
Year 8 4.875%

The final payment is $100 less than the trial payment. The final payment is over $1,100 less than our original mort. pmt. including taxes & ins. so we are actually saving approx. $1300.00. It did get pushed out to 40 yrs. and I have a $400 balloon payment.
The first pmt. is not due until 1/1/10 and the way the paperwork reads any more trial payments will pay down the principle.

I can't find anywhere where they have taken off the late fees so am a little concerned about that but quite honestly I need to re-read the entire package.
We have been going non-stop with planned school/social/4-H events for my six year old since Thurs. I don't remember being this wiped out in my college partying days.

Again, congrats! That really looks nice!

So you have a ballon of only $400 or is that a typo?

Is your final payment roughly 10% less than the trial? If so, your new monthly payment should be slightly above $1000/month (maybe $1200) - but that's just a wild guess...

However, it supports my theory that the trial payments under HAMP are usually slightly higher than the final mod payments.

Again, congrats on that deal!

[BadBobMo]

$400 balloon payment.

Say again please don't sound like a balloon or forbearance!
Thanks

[litehouse01]

Congrats I am so glad this terrible ordeal will be over for you soon...God Bless..........

[donnac]

Congratulations!!!Can I ask you a few questions

How far were you behind? Who is the investor on the loan?

[grullagirl]

Originally Posted by BadBobMo

Say again please don't sound like a balloon or forbearance!
Thanks

Yes, the balloon or would it really be a forebeared amount is $400.00.

[grullagirl]

Originally Posted by donnac

Congratulations!!!Can I ask you a few questions

How far were you behind? Who is the investor on the loan?

Yes, was behind. It started out due to a screwball error with escrow. Then we started to fall behind. I believe it was 60 days when the trial started June 1st. With the trial payment we were always a couple of months behind and yes did get the certified letter "Intent to Accellerate" etc.

Our loan was FreddieMac owned and serviced by Chase.

[nativelasvegan]

I am very happy for you! Taking care of a 6 year old definitely takes the energy away. Hopefully you will have more energy now that you do not have to spend countless hours on trying to get your loan modified.
Did you receive the HAMP modification or the bank's in-house modification? Does your paperwork have the logo for HAMP?
From what I can tell, the banks are setting the trial payments at 31% of GROSS income. Final payments are at 31% of NET income. When the bank employee told us we qualified for the program, he quoted our trial payment at 31% of our gross and the final modified payment at 31% of our net.
If this is HAMP, I do believe that all late fees are to be waived.
This is good news. I am glad to hear a success story.

[Moe Bedard]

This is great news. Congratulations!

[grullagirl]

Originally Posted by nativelasvegan

I am very happy for you! Taking care of a 6 year old definitely takes the energy away. Hopefully you will have more energy now that you do not have to spend countless hours on trying to get your loan modified.
Did you receive the HAMP modification or the bank's in-house modification? Does your paperwork have the logo for HAMP?
From what I can tell, the banks are setting the trial payments at 31% of GROSS income. Final payments are at 31% of NET income. When the bank employee told us we qualified for the program, he quoted our trial payment at 31% of our gross and the final modified payment at 31% of our net.
If this is HAMP, I do believe that all late fees are to be waived.
This is good news. I am glad to hear a success story.

Thank you so much for your kind words. I feel so relieved to finally get this accomplished.
Our modification is HAMP and yes the paperwork displays the logo. Actually our final modified payment is about 32% of gross and of course includes taxes & ins.

I wish all of you out there, that are going through this process a successful outcome. I just couldn't bear to lose our home even though it is underwater. I don't know if the market will recover to the values that they once were but we'll deal with that down the road. For now, at least we can make this payment and at try to pay down some other debt.

[MyHAMP]

Originally Posted by nativelasvegan

I am very happy for you! Taking care of a 6 year old definitely takes the energy away. Hopefully you will have more energy now that you do not have to spend countless hours on trying to get your loan modified.
Did you receive the HAMP modification or the bank's in-house modification? Does your paperwork have the logo for HAMP?
From what I can tell, the banks are setting the trial payments at 31% of GROSS income. Final payments are at 31% of NET income. When the bank employee told us we qualified for the program, he quoted our trial payment at 31% of our gross and the final modified payment at 31% of our net.
If this is HAMP, I do believe that all late fees are to be waived.
This is good news. I am glad to hear a success story.

Actually, trial AND mod should be 31% of gross.

[smit5454]

Grulla,

Just curious. Did you get any of those "your modification is at risk" packets with a return address to glendale, CO? I just made my 6th payment. 2 weeks ago I got one of those packets asking for all my info again. I called to ask why they needed it again, and they said it had to be updated so the permanent mod could be processed. I received a letter on Saturday saying that my information had been received and was being processed.

Does any of this seem familiar to you? The terms I was given are almost identical to yours, and our payments were about the same time and number.

Much appreciated

[grullagirl]

Yes, I did receive one of those packets via FedEx. Sent everything back and then received a call from Chase requesting additional information. Faxed that in. From there it went to underwriting. Then I called back and was told it was in the closing department. Two days later I received the final modification package via two day fed ex. FYI, I made my first phone call re: our mortgage in Nov. 2008. Sent my first packet of financial info in Jan. of 09 I really should make a spreadsheet of all of my phone calls. I bet there are close to 100!

[smit5454]

Hmmm, my documents were addressed to "CMP" Missing Docs in Glendale CO?

[rachel_p]

Congratulations!!!!!!!!!!!!!!!!!!!!!!

[smit5454]

Grulla,

The "Your modification letter is at risk letter says, "Thank you for participating in the "Chase Home Loan Modification" program. All along I have been told my plan is the O'Bama plan, but I don;t see anything in here indicating this. The only mention of Obama is a comment about being carefull about debt collection agencies "As Stated in The Questionas and Anaswers for Borrowers about the Homeowner Affordability and Stability Plan".

Were your at risk letters the same?

[grullagirl]

Originally Posted by smit5454

Grulla,

The "Your modification letter is at risk letter says, "Thank you for participating in the "Chase Home Loan Modification" program. All along I have been told my plan is the O'Bama plan, but I don;t see anything in here indicating this. The only mention of Obama is a comment about being carefull about debt collection agencies "As Stated in The Questionas and Anaswers for Borrowers about the Homeowner Affordability and Stability Plan".

Were your at risk letters the same?

No, mine says "Thank you for participating in the Making Home Affordable Loan Modificaiton program".
Then, in second paragraph, refers to a recent decision by the Dept of Treasury giving borrowers a one-time extension under the MHA to provide the missing documents.

All this after during each of my weekly calls to Chase they assured me that they had all the documentation they needed from me.

My "Your Modification is at Risk" package did come from Glendale CO. The mail stop is HMP Extension -Chase.

My final paperwork came from the same place although the Mail Stop is Final Mod - Chase.

[smit5454]

Dang,

Mine is CMP Chase in Glendale.


I am sure I'll get a 7% interest rate and balloon payment of 999999K

[smit5454]

For some reason, I believe during my initial conversations the person said an "invester participating in the Obama plan".

Told me the same rates
yrs1-5 2%, etc.

Does that make any sense?

[art4ari]

I thought I was on the HAMP, but last letter I received asking for docs says "thank you for your interest in the HOMEOWNERS RETENTION PROGRAM" I dont know what I am elegible for and they wont say.....