Now what do I do?

[Cape Cod]

I have been trying to get a modification since October 2008. I did finally get a band aid mod in June with a 500 reduction in payment till March 2010. I was laid off in oct 2008, found a job March 09 and was laid off again in Aug. 2009. today I final received my modifications trial payments paperwork. I did not make any trial payments until I received this paperwork. I have been paying my band aid mod payment and have been 30 days behind at times. My husband has started to receive overtime, which happens this time of year, and probably will last till end of January (maybe). I haven't collected unemployment for a month. But I am working on a possible extension for a short time. I based the the trial payment on my husbands income only. But now his income has increased and I might collect some unemployment. So what should I do now? Go with the trial payments for three months Nov, Dec and Jan. and wait and see after or call citi and tell them income has changed. What will happen after the trial payments are over. Balloon payment, what??? I am going to read the the paperwork I just received over the weekend very carefully.

It makes me mad because this happened last year when my husband got overtime. I couldn't do anything till it ended. then it took me this long to get anything and now we are back in boat again.

Please can anyone give me advice to what to do.

[darkdays]

Originally Posted by Cape Cod

I have been trying to get a modification since October 2008. I did finally get a band aid mod in June with a 500 reduction in payment till March 2010. I was laid off in oct 2008, found a job March 09 and was laid off again in Aug. 2009. today I final received my modifications trial payments paperwork. I did not make any trial payments until I received this paperwork. I have been paying my band aid mod payment and have been 30 days behind at times. My husband has started to receive overtime, which happens this time of year, and probably will last till end of January (maybe). I haven't collected unemployment for a month. But I am working on a possible extension for a short time. I based the the trial payment on my husbands income only. But now his income has increased and I might collect some unemployment. So what should I do now? Go with the trial payments for three months Nov, Dec and Jan. and wait and see after or call citi and tell them income has changed. What will happen after the trial payments are over. Balloon payment, what??? I am going to read the the paperwork I just received over the weekend very carefully.

It makes me mad because this happened last year when my husband got overtime. I couldn't do anything till it ended. then it took me this long to get anything and now we are back in boat again.

Please can anyone give me advice to what to do.

You will be asked to confirm your income during the trial period. The HAMP directives something about they should only change your payment if your increase in income is 25% or more than when you first started the trial. Go check out the directives. www.hmpadmin.com

[abcxyz]

Originally Posted by Cape Cod

I have been trying to get a modification since October 2008. I did finally get a band aid mod in June with a 500 reduction in payment till March 2010. I was laid off in oct 2008, found a job March 09 and was laid off again in Aug. 2009. today I final received my modifications trial payments paperwork. I did not make any trial payments until I received this paperwork. I have been paying my band aid mod payment and have been 30 days behind at times. My husband has started to receive overtime, which happens this time of year, and probably will last till end of January (maybe). I haven't collected unemployment for a month. But I am working on a possible extension for a short time. I based the the trial payment on my husbands income only. But now his income has increased and I might collect some unemployment. So what should I do now? Go with the trial payments for three months Nov, Dec and Jan. and wait and see after or call citi and tell them income has changed. What will happen after the trial payments are over. Balloon payment, what??? I am going to read the the paperwork I just received over the weekend very carefully.

It makes me mad because this happened last year when my husband got overtime. I couldn't do anything till it ended. then it took me this long to get anything and now we are back in boat again.

Please can anyone give me advice to what to do.

I woudln't mess with contemplating to pay or not to pay the trial payments or the amounts either. Pay the amount that the docs say. If you don't, they will disqualify you IMMEDIATELY from my understanding.

No balloon payment at the end, what happens is they add back the amounts you didn't pay (i.e., the difference between your original mtge payment and the reduced trial period payment) each month of those 3 trial payments and add it to the principle of your mortgage.

why havent you been collecting unemployment for a month??? you should be filing a claim immediately upon being laid off...

[Cape Cod]

I haven't been collecting. Because the paperwork was sent to my former employer and my former employer before that to be filled out by both law firms so that my amount to collect can be established and that I was laid off and not fired or quit. I found out today that my former employer was away on vacation in Turkey and Greece for two weeks and is back now. He said he would fill out the paperwork and return it to the state asap. I wish I could go on vacation and never return

[Needanewjob]

Originally Posted by Cape Cod

I have been trying to get a modification since October 2008. I did finally get a band aid mod in June with a 500 reduction in payment till March 2010. I was laid off in oct 2008, found a job March 09 and was laid off again in Aug. 2009. today I final received my modifications trial payments paperwork. I did not make any trial payments until I received this paperwork. I have been paying my band aid mod payment and have been 30 days behind at times. My husband has started to receive overtime, which happens this time of year, and probably will last till end of January (maybe). I haven't collected unemployment for a month. But I am working on a possible extension for a short time. I based the the trial payment on my husbands income only. But now his income has increased and I might collect some unemployment. So what should I do now? Go with the trial payments for three months Nov, Dec and Jan. and wait and see after or call citi and tell them income has changed. What will happen after the trial payments are over. Balloon payment, what??? I am going to read the the paperwork I just received over the weekend very carefully.

It makes me mad because this happened last year when my husband got overtime. I couldn't do anything till it ended. then it took me this long to get anything and now we are back in boat again.

Please can anyone give me advice to what to do.

You should be fine through underwriting of this modification. I suggest you just make the payments as stated. Your husbands overtime is not guaranteed income, and your unemployment should start receiving it is only temporary.. If your payment needs to be adjusted at the end of the trial then it will be... Once all three trial period payments are made and all the verification documents are collected, only then will it be sent for final approval. This process can take another 30 to 90 days after all trial period payments are made and docs collected.. Your income should be fine, a lot of people have there income change during the trial, the people that get declined are the people that lie about there income to be put on the trial.. There is no point to that..

(I work at Citi in loss mitigation and i'm in the 5th month of my trial period with Saxon, it's a long stressfull journey)