I recieved my HAMP loan docs, still too high - Mortgage Forum

Paulac · 02-09-2010, 02:36 PM

Hi and worst possible day for me. I recieved my approval docs today and they only lowered the payment by 200.00 a month. About 500.00 more a month then the trial payments.

I was quoted over the phone a 2% interest rate but the docs say 5.125%. I have a second loan and combined the loans together make a 2200.00 a month mortgage payment which I cannot afford. I'm crushed, is there anything I can do before the Feb 22nd deadline to talk to them to see if they can reduce any further? is this the last and final word on the situation? should I contact HOPE? any advise would be so much appreciated.

pc

Evan Bedard · 02-09-2010, 02:48 PM

Quote:

I was quoted over the phone a 2% interest rate but the docs say 5.125%. I have a second loan and combined the loans together make a 2200.00 a month mortgage payment which I cannot afford. I'm crushed, is there anything I can do before the Feb 22nd deadline to talk to them to see if they can reduce any further? is this the last and final word on the situation? should I contact HOPE?

Paulac- Does the payment they are offering come to 31% of your gross monthly income?

Paulac · 02-09-2010, 03:11 PM

yes I am on the phone with HOPE, we are conferencing in the Chase......I may need to retrench.

Mercury213 · 02-09-2010, 03:20 PM

I feel your pain. I'm in a similar situation.

Daisy Cutter · 02-09-2010, 03:41 PM

This is the first I have heard of a bank combining the first and second into one mod, and actually I wonder if that is even legal, and how it was accomplished? What type of loan was your second? Usually firsts and seconds are in completely different investment pools.

Depending on where you are located, and the value of the house you may be better off just leaving the first as is and paying that, and letting your second charge off and settling. Rolling the second which is a junior in with a first has a lot of disadvantages for the borrower, I wouldn't do it.

Paulac · 02-09-2010, 04:13 PM

Daisy, I was pretty upset when I posted that. They didn't combine the loans, I simply meant that my combined payments that I have to make every month would be 2200.00

I just got off the phone with HOPE and CHASE, they conferenced with me. The chase rep said if you dont' want to accept it then don't sign it, call back after the deadline and chase will put me in the in house program but they won't say if that would be any better.

I"m going to go see a housing counselor, see if they can do a strict real budget for me and give me advise on what to do..in the mean time, no sleep, stress, good thing I don't drink....lol

Paulac · 02-09-2010, 04:17 PM

Mercury, what are you doing about your situation may I ask?

The funny thing is, the original loan payment was close to 2k, they lowered it by approx 200.00 a month. My escroll payment for insurance etc. went up by over 100.00 a month so it's about the same after waiting a year. WTH, my trial payment was 1245.00 a month. that was affordable, just barely with the 538.00 for the 2nd. after taxes (ya, the real money you have in your pocket monthly) is 3100.00 with the new payments, I'd have less then 1k a month for food, gas, utilities, car payment etc. it's just not doable, even if I stopped paying credit cards and stopped eating. you know what I mean right? pc

Daisy Cutter · 02-09-2010, 04:18 PM

Well, for one thing a 5.125% loan is hardly a blowout special these days. Its basically a regular refi and not even a tremendous rate since some refis are coming in under 5% (I know, many posters here have been late and don't have equity)... so a 5.125 refi doesn't really take into effect any kind of hardship.

They passed you over for HAMP for some reason and gave you an in house mod, but not a great in house mod even.

Paulac · 02-09-2010, 04:23 PM

They told me this WAS a HAMP mod. If I don't sign it (which I won't do) I can call them back and request to be put in an inhouse mod. I hope I'm making sense. sorry, this stuff is all new to me.

wonderland · 02-09-2010, 04:24 PM

Also did you have P & I in the payment before? If not they probably added it in.

cliffdweller · 02-10-2010, 08:39 AM

Paul,
What did they use as the reason for your denial last Friday, if you don't mind my asking? What changed their mind...do you know? Thanks. I was verbally denied and I'm trying to get reconsideration without having to start over. Been at this since 11/09 and have made 8 trial payments.

cliff

Paulac · 02-10-2010, 10:03 AM

Cliff, they told me my balance was too high whatever that means!! Ya, I know I paid way too much for the house in 2006...then this tuesday I get a fedex with the approval for HAMP. Call them back, ask them why, they will tell you if someone took the time to update the file. if not, hang up and call back and you'll get a new customer care person and probably a new story. good luck, if you were denied for the HAMP, tell them on the phone when you speak to them that you'd like to participate in the "in house" modification plan. You haven't used up all your options yet. keep at it!! keep me posted.