Some have stopped making the trial modification payments - Loan Modification Forum

exhausted girlfriend · 11-05-2009, 07:57 PM

I have run across a few threads where some have mentioned they are planning or have stopped making trial mod payments because Chase is taking so long. I thought it may be helpful to some who are thinking along these lines to open a discussion about it. Does anyone have any experiences with stopping payments of the trial modifications and what was your outcome?

shuladore · 11-05-2009, 08:05 PM

I have made 7 trial payments under HAMP .I debated it everytime after my third trial payment but decided for a few reasons to continue to make the payments. My reasons were to give them no reason to think I could not make the payment, because the govts wording on the 3 payments is vague, because all the reps told me to and because I did not want to get any further behind with more and more just getting tacked on to my loan. When I called tonight they said I am in quality control and did not want an 8th payment because it would skew # I am praying I am close.

exhausted girlfriend · 11-05-2009, 08:23 PM

shuladore,
when they ask you to stop making payments, they are working on the documents to send to you. Those numbers have to be exact. I am in the same boat as you except they did finally tell me that i was approved. you will probably get paperwork before the month ends. I was about to make payment number 7 on Nov 1 when i was told not to make it.

heidi79 · 11-05-2009, 08:36 PM

its obvious to everyone now that 3 trial payments is totally false, more like 6 to 7 payments, i don't know what people's experience has been in stopping payments but many are not making more than 3 and others stopping at 5 (because of the 2 month extention)

yomann · 11-05-2009, 08:42 PM

E.G. - thanks for starting this new thread.

Although, I am at the very front end of this process, (not in trial period yet) from what I am reading & comprehending from the posts scattered over many threads, once you are on trial payments (originally for 3-4 payments), it seems like a good idea to continue with 5,6,7 while the final documents are drawn up ....... ?
Why give them a reason for denial, and one can always rationalize them as rent payments.

BadBobMo · 11-05-2009, 08:56 PM

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"

exhausted girlfriend · 11-05-2009, 10:49 PM

yomann,

yes, you got it. approach this already understanding that the process takes a long time and they are overwhelmed. Just remember to send in new bank statements and pay stubs every 2 months. Don't wait for them to request them. Documents are too old after 60 days (or 90, can't remember).

i had gone through another modification process prior to the MHA so i already knew this 3 month trial would take at least twice as long. I applied for a Mod in Aril 2008, they didn't even start looking at my file till July and I wasn't approved for a mod till Dec 2008, which we didnt take. Fast forward to April 2009, we applied for the MHA and are now about to get final mod documents.

MyHAMP · 11-05-2009, 10:55 PM

Quote:

Originally Posted by yomann

Why give them a reason for denial, and one can always rationalize them as rent payments.

Bullseye, yomann!

Or consider them as first payments under your modified loan - what they will be if approved. Even if it takes 7 month, you will notice that the mod takes effect earlier - either with the 4th or 5th payment.

exhausted girlfriend · 11-05-2009, 11:04 PM

MhHamp,

So are you saying that when we finally get our loan mod papers, it will show those payments after #3 as permanent mod payments?

MyHAMP · 11-05-2009, 11:16 PM

Quote:

Originally Posted by exhausted girlfriend

MhHamp,

So are you saying that when we finally get our loan mod papers, it will show those payments after #3 as permanent mod payments?

As you probably know, if you were current prior to entering the HAMP-trial, made your HAMP-trial payments on time and were approved, you shouldn't have ANY late payment reported. Only DURING the trial. Once approved, they need to update and erase the lates.

What I was talking about was my argument from the other thread where the member stopped making the payments.

Legally, there ARE NO (4th), 5th, 6th, 7th or 8th TRIAL payments. That's why they have to tailor the modification agreement effective date based on either 3 or 4 trial-payments. If you made more than 3 or 4 trial-payments, the approved modifications go into effect retroactively.

exhausted girlfriend · 11-05-2009, 11:18 PM

myhamp,

aha, i see. i look forward to seeing how it is retroactive in my paperwork. We were far from current. our last mortgage payment prior to the trial was nov 2007.

davephx · 11-06-2009, 12:39 AM

Quote:

Originally Posted by MyHAMP

Legally, there ARE NO (4th), 5th, 6th, 7th or 8th TRIAL payments.

I would change the word "legally" to "directively"

If they send you and your return the Trial Agreement (and they have to sign and return to you to be valid) it would seem however that you now have a "legal" contract with the servicer for 3 trial payments.

In my case they restarted the trial as of 11/1 ignoring the prior trial I had already made 3 payments on.

If someone has a trial agreement and is paying more than the agreement calls for it would be interesting to raise this issue with the servicer...if we dare

I reread my Agreement and I see nothing about them having the right to extend beyond the 3 trials (or 4 for some...or if last one after the 15th of the month have to do a 4th).

litehouse01 · 11-06-2009, 07:26 AM

I was told yesterday that I am extended until Jan2010 because they want to "see how we do" the day before the package was together and going to underwriting for review..so things turned on a dime for us within a day...its really weird because I had someone from the ERT and someone calling me from Loss Mit in seperate calls asking for the same info they needed. Now late yesterday ERT says the trial goes to Jan to see how we do? What does that mean I do not know

NorCA · 11-06-2009, 07:49 AM

Let me tell you guys something, at the beginning of this week after being on the HAMP since April I was told I would be starting a new trial plan since I am no longer on unemployment, I received the new HAMP Agreement paperwork yesterday
It states on the last page of the Q & A pages
" Under the Home Affordable program guidelines,you are not required to make additional trial payment in that extra month to obtain a modification. However, if you elect not to make the payment, your accrual for incentive payments will be reduced by one month. If this applies to your situation we strongly encourage you to make this extra payment to earn full government incentives. Also, we will apply that extra payment to the principal balance of your modified loan as a partial prepayment which will reduce the total amount of interest you will pay over the life of the loan."
There you have it, right off this new agreement You do not have to make additional payments to receive a modification!!
It also states that if anything in your situation changes you will have to start a new 3 month trial modification.

caldwellb02 · 11-06-2009, 08:18 AM

I'm speeking only as an observer of this process, because after 10 months I still don't even have a trial mod. If I got a trial that was equivalent (or nearly) to what i would pay in rent I probably would continued beyond the three months. I never planned to live for "free" and if they would take a partial payment that is 31% of my gross I would be paying that now. I just can't pay 60% of my gross. Good luck to you all and I hope it works for all of you.

zander · 11-06-2009, 08:28 AM

The person i talked to couldn't stress enough how important it was to continue to make payments even after the trial period w/ 1 mo extension was over or "they" would take it as you "opted out" of the mod program even though i kept questioning why i should do so without anything in writing now just to afraid i will have to begin again if i don't

zander · 11-06-2009, 08:34 AM

btw i don't know who "they" are because i can never get "them" on the phone!!

exhausted girlfriend · 11-06-2009, 08:40 AM

NorCa,

that section you are referring to is talking about the transition from trial mod to permanent. When they finally have the numbers worked out and a decision, there is usually a 1 month lapse where you get a choice of paying. This doesn't imply that you do not have to make any payments after 3 or 4 months.

deniseb · 11-06-2009, 09:52 AM

You are all right! Don't stop making the payments. I was told that my modification was close and did not make my Oct payment (the 5th payment). I honestly thought my paperwork would be coming (yeah, I know dumb).

I went through hell yesterday calling everyone that I could find after learning that I am now denied for missing a payment.

I can't apply for MHAP again, and they are offerring me a payment that is $570 more if I can come up with all that I owe ($8000).

They are definately playing the "gotcha" game with me. I'll be begging them to take my Oct and Nov payment today, so I can get back in line. Even if it takes 10 months, it will be better than the alternatives that Chase has to offer.

I have been at this since Nov 08.

JUST KEEP PAYING!

MyHAMP · 11-06-2009, 10:09 AM

Quote:

Originally Posted by deniseb

I can't apply for MHAP again

And that's where I'm having an issue with...

You simply didn't violate a HAMP-guideline because you didn't miss a trial-payment. BTW, did they provide you with a signed copy of the Trial Period Plan? If not, you can also argue you want to re-apply because technically, you weren't on the HAMP program in the first place (yes, that sounds weird - but from a legal POV, that's accurate).

exhausted girlfriend · 11-06-2009, 10:34 AM

denise,

You should send a detailed letter explaining why you didnt send in the Oct payment and express your desire to continue with the trial plan.

You'd be surprised what you could accomplish with a sincere explanation.

MZWITHHOPE · 11-06-2009, 10:50 AM

My situation is different, I stopped paying on my 5th payment because I got the denial letter but now they are trying to get me back on after they correct my income and property taxes and so I'm thinking I'll start again 12/1/09, hopefully or I will be looking for a rental during the Holidays!

motorcitymadness · 11-06-2009, 12:20 PM

Here's what I'm thinking. I've read all the guidelines for the Trial Period. I have a signed copy of my Trial Plan and it specifically states 3 trial payments. I have made all 3 on time and Nov. 1st would have been #4. I have not made it yet. I am going to make it before the 15th on November so it will be within my normal grace period. My reason for holding out is in hopes that maybe somebody will notice and contact me. I haven't been able to get a straight answer from anybody and frankly I'm just plain sick of it. Everytime I call I get the standard they are working on it and you can try back another time. If I didn't have a wife and kids to take care of I would cancel my homeowners, toss a match in the house and walk away. Ok, I probably wouldn't do that, but it sure sounds good.... Good Luck to everybody!!

exhausted girlfriend · 11-06-2009, 01:08 PM

motorcitymadness,

I really doubt you will be able to hear anything different because you stopped payment. You are about half way through the process. Hang in there. I got a deal i could never have imagined. It was worth the wait.

MZWITHHOPE · 11-06-2009, 01:16 PM

Exhausted girlfriend: Do you know who is your investor is? I'm not sure if you've mentioned it before.....I am very happy for you and hope we all get good news soon! If I would have not received the letter Saturday, I would've continued to pay as well. I hope they get me started soon again but I don't like starting over again but if I have to pay for another 6,7 or 8 months and get approved that is what I will do.

11-05-2009, 07:57 PM	#1 (permalink)
exhausted girlfriend Senior Member Join Date: Oct 2009 Posts: 260 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Some have stopped making the trial modification payments I have run across a few threads where some have mentioned they are planning or have stopped making trial mod payments because Chase is taking so long. I thought it may be helpful to some who are thinking along these lines to open a discussion about it. Does anyone have any experiences with stopping payments of the trial modifications and what was your outcome?

11-05-2009, 08:05 PM	#2 (permalink)
shuladore Senior Member Join Date: Aug 2009 Posts: 78 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Some have stopped making the trial modification payments I have made 7 trial payments under HAMP .I debated it everytime after my third trial payment but decided for a few reasons to continue to make the payments. My reasons were to give them no reason to think I could not make the payment, because the govts wording on the 3 payments is vague, because all the reps told me to and because I did not want to get any further behind with more and more just getting tacked on to my loan. When I called tonight they said I am in quality control and did not want an 8th payment because it would skew # I am praying I am close.

11-05-2009, 08:23 PM	#3 (permalink)
exhausted girlfriend Senior Member Join Date: Oct 2009 Posts: 260 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Some have stopped making the trial modification payments shuladore, when they ask you to stop making payments, they are working on the documents to send to you. Those numbers have to be exact. I am in the same boat as you except they did finally tell me that i was approved. you will probably get paperwork before the month ends. I was about to make payment number 7 on Nov 1 when i was told not to make it.

11-05-2009, 08:36 PM	#4 (permalink)
heidi79 Senior Member Join Date: Jan 2009 Location: Miami, Florida Posts: 252 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Some have stopped making the trial modification payments its obvious to everyone now that 3 trial payments is totally false, more like 6 to 7 payments, i don't know what people's experience has been in stopping payments but many are not making more than 3 and others stopping at 5 (because of the 2 month extention)

11-05-2009, 08:42 PM	#5 (permalink)
yomann Senior Member Join Date: Oct 2009 Location: Northern Calif. Posts: 94 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Some have stopped making the trial modification payments E.G. - thanks for starting this new thread. Although, I am at the very front end of this process, (not in trial period yet) from what I am reading & comprehending from the posts scattered over many threads, once you are on trial payments (originally for 3-4 payments), it seems like a good idea to continue with 5,6,7 while the final documents are drawn up ....... ? Why give them a reason for denial, and one can always rationalize them as rent payments.

11-05-2009, 08:56 PM	#6 (permalink)
BadBobMo Senior Member Join Date: Feb 2008 Posts: 194 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Some have stopped making the trial modification payments 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"

11-05-2009, 10:49 PM	#7 (permalink)
exhausted girlfriend Senior Member Join Date: Oct 2009 Posts: 260 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Some have stopped making the trial modification payments yomann, yes, you got it. approach this already understanding that the process takes a long time and they are overwhelmed. Just remember to send in new bank statements and pay stubs every 2 months. Don't wait for them to request them. Documents are too old after 60 days (or 90, can't remember). i had gone through another modification process prior to the MHA so i already knew this 3 month trial would take at least twice as long. I applied for a Mod in Aril 2008, they didn't even start looking at my file till July and I wasn't approved for a mod till Dec 2008, which we didnt take. Fast forward to April 2009, we applied for the MHA and are now about to get final mod documents.

11-05-2009, 11:04 PM	#9 (permalink)
exhausted girlfriend Senior Member Join Date: Oct 2009 Posts: 260 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Some have stopped making the trial modification payments MhHamp, So are you saying that when we finally get our loan mod papers, it will show those payments after #3 as permanent mod payments?

11-05-2009, 11:18 PM	#11 (permalink)
exhausted girlfriend Senior Member Join Date: Oct 2009 Posts: 260 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Some have stopped making the trial modification payments myhamp, aha, i see. i look forward to seeing how it is retroactive in my paperwork. We were far from current. our last mortgage payment prior to the trial was nov 2007.

11-06-2009, 07:26 AM	#13 (permalink)
litehouse01 Senior Member Join Date: Sep 2009 Posts: 497 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Some have stopped making the trial modification payments I was told yesterday that I am extended until Jan2010 because they want to "see how we do" the day before the package was together and going to underwriting for review..so things turned on a dime for us within a day...its really weird because I had someone from the ERT and someone calling me from Loss Mit in seperate calls asking for the same info they needed. Now late yesterday ERT says the trial goes to Jan to see how we do? What does that mean I do not know

11-06-2009, 07:49 AM	#14 (permalink)
NorCA Member Join Date: Sep 2009 Posts: 21 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Some have stopped making the trial modification payments Let me tell you guys something, at the beginning of this week after being on the HAMP since April I was told I would be starting a new trial plan since I am no longer on unemployment, I received the new HAMP Agreement paperwork yesterday It states on the last page of the Q & A pages " Under the Home Affordable program guidelines,you are not required to make additional trial payment in that extra month to obtain a modification. However, if you elect not to make the payment, your accrual for incentive payments will be reduced by one month. If this applies to your situation we strongly encourage you to make this extra payment to earn full government incentives. Also, we will apply that extra payment to the principal balance of your modified loan as a partial prepayment which will reduce the total amount of interest you will pay over the life of the loan." There you have it, right off this new agreement You do not have to make additional payments to receive a modification!! It also states that if anything in your situation changes you will have to start a new 3 month trial modification.

11-06-2009, 08:18 AM	#15 (permalink)
caldwellb02 Senior Member Join Date: Nov 2008 Location: Northern CA Posts: 1,783 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Some have stopped making the trial modification payments I'm speeking only as an observer of this process, because after 10 months I still don't even have a trial mod. If I got a trial that was equivalent (or nearly) to what i would pay in rent I probably would continued beyond the three months. I never planned to live for "free" and if they would take a partial payment that is 31% of my gross I would be paying that now. I just can't pay 60% of my gross. Good luck to you all and I hope it works for all of you. __________________ http://www.petition2congress.com/2/2564/

11-06-2009, 08:28 AM	#16 (permalink)
zander Senior Member Join Date: Nov 2009 Posts: 62 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Some have stopped making the trial modification payments The person i talked to couldn't stress enough how important it was to continue to make payments even after the trial period w/ 1 mo extension was over or "they" would take it as you "opted out" of the mod program even though i kept questioning why i should do so without anything in writing now just to afraid i will have to begin again if i don't

11-06-2009, 08:34 AM	#17 (permalink)
zander Senior Member Join Date: Nov 2009 Posts: 62 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Some have stopped making the trial modification payments btw i don't know who "they" are because i can never get "them" on the phone!!

11-06-2009, 08:40 AM	#18 (permalink)
exhausted girlfriend Senior Member Join Date: Oct 2009 Posts: 260 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Some have stopped making the trial modification payments NorCa, that section you are referring to is talking about the transition from trial mod to permanent. When they finally have the numbers worked out and a decision, there is usually a 1 month lapse where you get a choice of paying. This doesn't imply that you do not have to make any payments after 3 or 4 months.

11-06-2009, 09:52 AM	#19 (permalink)
deniseb Senior Member Join Date: Oct 2008 Posts: 72 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Some have stopped making the trial modification payments You are all right! Don't stop making the payments. I was told that my modification was close and did not make my Oct payment (the 5th payment). I honestly thought my paperwork would be coming (yeah, I know dumb). I went through hell yesterday calling everyone that I could find after learning that I am now denied for missing a payment. I can't apply for MHAP again, and they are offerring me a payment that is $570 more if I can come up with all that I owe ($8000). They are definately playing the "gotcha" game with me. I'll be begging them to take my Oct and Nov payment today, so I can get back in line. Even if it takes 10 months, it will be better than the alternatives that Chase has to offer. I have been at this since Nov 08. JUST KEEP PAYING!

11-06-2009, 10:34 AM	#21 (permalink)
exhausted girlfriend Senior Member Join Date: Oct 2009 Posts: 260 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Some have stopped making the trial modification payments denise, You should send a detailed letter explaining why you didnt send in the Oct payment and express your desire to continue with the trial plan. You'd be surprised what you could accomplish with a sincere explanation.

11-06-2009, 10:50 AM	#22 (permalink)
MZWITHHOPE Senior Member Join Date: Sep 2009 Posts: 44 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Some have stopped making the trial modification payments My situation is different, I stopped paying on my 5th payment because I got the denial letter but now they are trying to get me back on after they correct my income and property taxes and so I'm thinking I'll start again 12/1/09, hopefully or I will be looking for a rental during the Holidays!

11-06-2009, 12:20 PM	#23 (permalink)
motorcitymadness Member Join Date: Jul 2009 Posts: 29 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Some have stopped making the trial modification payments Here's what I'm thinking. I've read all the guidelines for the Trial Period. I have a signed copy of my Trial Plan and it specifically states 3 trial payments. I have made all 3 on time and Nov. 1st would have been #4. I have not made it yet. I am going to make it before the 15th on November so it will be within my normal grace period. My reason for holding out is in hopes that maybe somebody will notice and contact me. I haven't been able to get a straight answer from anybody and frankly I'm just plain sick of it. Everytime I call I get the standard they are working on it and you can try back another time. If I didn't have a wife and kids to take care of I would cancel my homeowners, toss a match in the house and walk away. Ok, I probably wouldn't do that, but it sure sounds good.... Good Luck to everybody!!

11-06-2009, 01:08 PM	#24 (permalink)
exhausted girlfriend Senior Member Join Date: Oct 2009 Posts: 260 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Some have stopped making the trial modification payments motorcitymadness, I really doubt you will be able to hear anything different because you stopped payment. You are about half way through the process. Hang in there. I got a deal i could never have imagined. It was worth the wait.

11-06-2009, 01:16 PM	#25 (permalink)
MZWITHHOPE Senior Member Join Date: Sep 2009 Posts: 44 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Some have stopped making the trial modification payments Exhausted girlfriend: Do you know who is your investor is? I'm not sure if you've mentioned it before.....I am very happy for you and hope we all get good news soon! If I would have not received the letter Saturday, I would've continued to pay as well. I hope they get me started soon again but I don't like starting over again but if I have to pay for another 6,7 or 8 months and get approved that is what I will do.

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