Do Trial Payment line the Servicers (chase) pockets???

[skylimit1959]

After reading
http://www.nclc.org/issues/mortgage_...Report1009.pdf

I realized I might not be able to save my friends homestead (Grampa's). After reading the above and FAS 5 & 15; I still don't know where the "TRAIL" Payments go to.

I have a gut feeling they DO NOT go to the Investors as the Principle / Interest Payments do.

I have a gut feeling these Trail Payments go directly into the Servicers coffers.

I successfully argued with Chase there was no need for a Trail period or payments and we directly were approved for Loan Mod (after a year of postponing until Gramps was on SSDI and secured renters).

thanks.
-Paul

[exhausted girlfriend]

The trial payments go toward your down payment for the permanent mod. my understanding is if you are denied a mod, the payments go toward your principle balance.

[c150000]

exhausted gf
i hope thats not how it works,!
for me i noticed when i made my 2nd trial payment one month i owed was gone
and a few hundred in suspense
and when i make the 4th next week iam hoping a another month will be gone
i think they wait until they have enough to make one full payment apply it and put the rest in suspense and do it again
thats what it says in my trial plan anyways,,,,,,,,,,,,hope so

[exhausted girlfriend]

c15000,

that is how my permanent mod broke down the numbers.

[exhausted girlfriend]

remember, i was in default. maybe trial payments are handled differently for those who were current when the began.

[c150000]

I was not current. When i started
do you know much about the bpo?
Iam confused.......it that the same that is on zillow..
If my loan is say 280.000 add 10.000 =290.00 or so what would my bpo
have to come in at?
And while you were wating and calling on your stats did you call
loss mit or somewhere else i have a feeling iam calling the wrong dept

[exhausted girlfriend]

c15000, i believe i was calling the modification dept. This could be different too depending on what region you are from. (i am speculating). I will call tomorrow to see what dept i had been communicating with. Sometime a couple of months ago, i was given a different number to call. This number has changed at least 3 times for me, but i didnt think anything of it.

A BPO is just a formal appraisal given by a Real Estate Broker. This can be a drive by or an interior one where they take pictures. I had both a drive by and an interior one.

[litehouse01]

Thats what they do the trial payment money is placed into your suspense portion of your account until there is enough there to make a full payment. anything left over stays in suspense until again there is enough there to make another payment.

[skylimit1959]

Thanks all. Today on Fox news they had a professor who hit the nail on the head; he laid out how the current plan places all control within the Services, NOT the investors. He laid out how the Servicers are Foreclosing on properties that are clearly upside down; when the Investors, Owners, Communities and our economy would clearly benefit from principle reductions.
-paul

[Marie T]

So it should work in favor of those of us whose servicer and investor are the same? Not that it has so far but I am hopeful!