Denied for Hamp... Approved for another program

[Heatherm]

I have just got off the phone with our loss mit. contact. We have been denied for the HAMP program 2 days ago because we didnt meet the gov. guidelines?? I dont see how that happened. However we were approved for a "in-house" program with Chase.

I posted a thread yesterday how I wasnt living in the house, my husband I was separated, my name wasnt on the loan and they wanted to use my income. Oh I was furious. When I called them back, my income helped the DTI ratio.

Basically same as HAMP. First year at 2%, 2nd at 3% 4th at 4% and 5th at 5.125%. He could not give me the final figures (I'm scared) because it had to go through QC first. But they are requesting $700 for my Dec's payment as a "contribution to show good faith". This will go to my past due balance for escrow. The remaining amount will go to the principal. He is telling me they require at least half of my monthly payment as the "good faith contribution". Then my actual modified payment will not be due until Jan. So tells me that my payment should be around $1400 a month. My payment before was $2058. I'm not only saving $658 a month, but I'm saving the house! Time to move back in...lol

He told me to call him next week and he can give me the final figures over the phone but I will not receive the paperwork for at least 30 days.

We have been going through this process since March. I know patience is virtue, but for those who are still in the mess.... keep your chin up. Dont give up, be stern with them and stand your ground! I made 6 trial payments and came to the point they was not going to get any more $ from me. I was at wits end with them.

Well hopefully this isnt a run-around from them. I hope they stay true to what they told me.

[MyHAMP]

Originally Posted by Heatherm

Basically same as HAMP. First year at 2%, 2nd at 3% 4th at 4% and 5th at 5.125%.

Almost the same - HAMP - if started at 2% - would stay that low for the entire first 5 years.

However, it's great to have an alternaive solution. Being denied for HAMP certainly isn't the end of the world.

[Evan Bedard]

Basically same as HAMP. First year at 2%, 2nd at 3% 4th at 4% and 5th at 5.125%. He could not give me the final figures (I'm scared) because it had to go through QC first. But they are requesting $700 for my Dec's payment as a "contribution to show good faith". This will go to my past due balance for escrow. The remaining amount will go to the principal. He is telling me they require at least half of my monthly payment as the "good faith contribution". Then my actual modified payment will not be due until Jan. So tells me that my payment should be around $1400 a month. My payment before was $2058. I'm not only saving $658 a month, but I'm saving the house! Time to move back in...lol

Congratulations Heatherm on the modification! I would make sure not to pay anything until you receive the paperwork. Many reps will just tell you to keep paying so they can collect as much money as possible. Do NOT start paying on an agreement until you receive the paperwork first.

I made 6 trial payments and came to the point they was not going to get any more $ from me. I was at wits end with them.

Also great job holding your ground! I feel there is no reason for homeowners to continue paying on the trial period for many months when the lender is supposed to have the final decision right after the agreement is complete. Plus many times they will get denied for permanent assistance like they did to you..

[exhausted girlfriend]

Heatherm,

Great news! That is good encouragement for all! I just found out about someone who was taken off the MHA program because they decided to stop making payments. It seems like we should discuss the ramifications of this decision. I would hate to see people make 6 payments then get impatient and stop making them, just to get taken off the program with nothing to show for.

[litehouse01]

that is great news for you and your family and you will get to save your house......I am wondering if this is the new trend for Chase that if after the trail payments and they deny for MHA/HAMP the offer this inhouse plan? Very interesting............

[litehouse01]

Heatherm...if you don't mind my asking do they put any past due amounts on the back of the loan? And with the Chase mod is escrow required? Thanks i am so very happy for you............

[c150000]

wait a minute did i miss something here?????????

i think what she said was in not so many words was:
she said she wasnt living in the house was SEPARATED from husband
AND SHE WAS helping him keep his house
then things turned in her favor when on her last post she was asked about her income,,,,,,,,,,,, "now she is moving back in LOL"

sorry but i dont see that Congratulations are in order
maybe iam taking it the wrong way and i hope iam
someone explaine if so ???

[Heatherm]

c150000, IT WAS A JOKE!! I'm happy that I could help my husband out. We got into the house together, nobody knew, not even us that it was going to end. Our children still live there, and we are very good friends. So YES! I think a congrats in order. I have gone along just like every other family in this forum, regardless if I live there or not. I'm helping as much as I can. I feel that I could help him keep the house.

[heidi79]

regardless of personal issues, congrats are in order, we can only hope that ALL people denied under hamp are put in comparable in-house mods with their banks. if the payments are low and you're saving the house, who cares who's giving it.

the hamp guidelines are so restrictive the simply won't work for the masses.

[c150000]

well i will assume i took it the wrong way. cause i will feel better that way
also you came across that way with your joke

i see many many people in pain here, and comments like that are disheartening it gave me the wrong impression
i hope we all can get what we are looking for here and move on happily ever after
it is what it is.............

[litehouse01]

I too hope that if we get denied for HAMP they put us in an inhouse mod..I also hope they roll in any arrearage in the back of the loan like the hamp plan does........I think they should focus on if we are all timely and consistent with our trial payments and show good faith return all documents jump thru whatever hoops please for the love of god give us a chance to save our homes..........and after that if we can't cut it..oh well If I get the chance to get a perm mod they will never have a bit of trouble out of me again......I will be grateful for the chance..I just hope it comes thru before I have a heart attack and die from the stress of it all.......