Forbearance merry-go-round???

[Lainy09]

Hi All...haven't posted in awhile because was in the 3 month limbo of the forebearance (repayment) plan. Just made 3rd payment Nov 1st, was originally advised to call back after that payment to check status on approval for mod (had sent in paperwork in Sept.) We were unable to qualify for MHA, they were supposedly pursuing in-house mod. Well, was told today will need to begin ANOTHER forebearance plan (if can even get approved) which comes along with another hefty down-payment, due, oh yes, next week. HA. Have to laugh or else I'll cry. Said will need to get that approved, then send us out a new packet for a mod. So in the same phone call was told it was "pending review" but also will need to start all over. Sound familiar? How do we get off this merry-go-round? I clearly cannot make another payment next week of any kind. I have no idea what's going to happen. But if this is all they can do over and over every 3 months, I can't afford it. Thanks for letting me vent

[BadBobMo]

Sorry this happen to another person, I just posted this 5 min ago!

So let's think about this new revision, their are many new doc's to show that you are actually on the HAMP "Trail Period Plan" going forward right? Why?

Now let's just look at this from our point of view, let' say even if only 1/2 of the 500,000 so called current "Trail Period Plans" are still not on the HAMP "Trail Period Plan"
So why do I bring this up, because the new revision doe's nothing to reassure any of us that has not received any type of HAMP doc that say's-SO!! Ok the Orginal Doc Revision said that the "Lender did not need a singed copy from you" Ok that's fine what do you have that says that you are on the HAMP "Trail Period Plan" program.
How many of us have been fooled thinking we were on a 3 month trail plan?
Then only to get another verbal lie ok now you are on the plan but still no doc!
Think about this, with the new doc's changes it would of been real easy to insert (Form-***) that the lender "is to sign" and send it to anyone that is on the plan "period"
Everyone needs to call and make sure that they are 100% on plan! Try your best to get some doc's that say's So!!! also ask if they have started reporting to Fannie your trail period payments. They had 4 business day's after receiving our 1st payment.
You can not trust the gov.-writers or bankers "period" read my early post and watch and learn.
Fired Up Ready To Go
Just do a search.
Keep up the fight and start asking for fairness "Write Down"

[mimirayo]

Yes, the forebearance plan IS a merry-go-round and unless you stash the difference between your forebearance payment and the mortgage payment in the bank...it will become a whirlpool that sucks you down the drain!

I went from 1 month behind-at their request- to MANY months in a hurry, and was denied for one stupid reason than the other each time.

You are much better off requesting trial HAMP payments than "temporary forebearance".


Since you didn't qualify for MHA have you checked into being qualified for HAMP?

[Lainy09]

I DO like your analogy! Sucked down the drain is right...I was able to deal with this forebearance thing by having the mindset that it's basically the same money I'd have to pay out in rent somewhere else...but this "down payment" b/s that adds another several hundred dollars and comes 2 weeks after the last monthly payment is a J O K E !! I'm sorry--I thought MHA and HAMP were one in the same? Whatever they call the plan that gets your payment to 31% is the one we don't qualify for (oh, and we are also not Fannie or Freddie...we're pretty much orphans..serviced by EMC/Chase, but investor-owned...)

[mimirayo]

Have you gone to FinancialStability.gov | U.S. Department of the Treasury There are link there that can help to see if/what you qualify for and what you can ask your servicer for

[Lainy09]

Yes, I've been there. Unfortunately our #'s just don't jive with Chase's calculators..we've been told over and over we can't qualify under the gov't plan, and are pretty much at the mercy of what they offer. I'm tired.

[AZOwner]

Thank you all for posting. We have a larger initiative going on to provide the American Homeowner a voice to get the system in some kind of order.

Please, Please, go to the Huffington article and post a message to the article, link above. We need to bring this fight back to the forefront. If you won't sign the petition, please leave a note at Huffington. Highlight some of your challenges with the issues.

Together we can make a BIG difference, individually we are a drop in the bucket.

Thank you.

Here are links to both.

http://www.huffingtonpost.com/richar..._b_342665.html

http://www.petition2congress.com/2/2564/petition-to-us-government-from-american-homeowners/

[mimirayo]

I feel ya...I get very tired of the battle too.

There are alot of people who say their servicers numbers or calculations are off. Maybe you can get someone to give you the information they are using, and you can work with them.

I hate to recommend this but if you want to save your home, sometimes Ch. 13 is the way to go. With the plans that are in place the Bankruptcy judges now have authority to get the lender to modify.

I would contact my Senator, HUD, and go up the chain of command with my servicer before I did that, but for some it is the only option vs. just walking away

[Lainy09]

AZ: I'll take a look at those links now, thanks.

mimi: At the risk of sounding like the world's biggest loser, after running up credit in an attempt to keep the payments going last year, we filed for BK 7 in 2008. It was a year ago last month, actually. We are sooooo far behind on our mortgage and it is so underwater (orig price $600k, current value $365k) that I have to believe in our case, at least, the calculators are correct. One sad note that I've mentioned before is that when we thought we were going to lose our home a year ago, we moved into a rental. We maintained everything at the house, with the exception of the mortgage, of course. So it sat here empty for an entire year. Earlier this year Chase told us we qualified for the MHA plan, so we excitedly moved back in so we could get that going. Then they dropped the bomb on us that oops, no, our bad, you don't qualify after all