HAMP Denied after making 4 months trial payments

[Mermaid]

Has this happened to anyone else???

When the customer service rep entered my data to see if I was qualified, he used my NET income instead of my GROSS (this is the explanation another rep gave me when I called to find out why I was denied, it was very clear to her what had happened).

Do they keep a record of the initial calculation that were made to pre-qualify??? Keep in mind I DID NOT GIVE INCORRECT INFORMATION.

Now I am two months behind on my mort payments. They tell me that I have been assigned a "counselor" and she will call me. What can I expect from this call? I am getting more and more upset, & don't know what to do. I am now in worse shape than I was.

[ConsiderThis]

I understood the guidelines to say that if you make the trial period payments then modification is mandatory.

Wells Fargo did a somewhat similar thing to me, they sent me a letter saying that if I called in and scheduled trial period payments by October 6, I would "finalize" the agreement.

Then, after WF lawyers refused to vacate a hearing on the Motion for Summary Judgment, and they got a stay of discovery (I have a counter claim for bad faith) the lawyers had my trial period canceled (the very next day). So, Wells Fargo gets money but I don't get the security that I should have.

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[MyHAMP]

Originally Posted by Mermaid

Has this happened to anyone else???

When the customer service rep entered my data to see if I was qualified, he used my NET income instead of my GROSS (this is the explanation another rep gave me when I called to find out why I was denied, it was very clear to her what had happened).

Do they keep a record of the initial calculation that were made to pre-qualify??? Keep in mind I DID NOT GIVE INCORRECT INFORMATION.

Now I am two months behind on my mort payments. They tell me that I have been assigned a "counselor" and she will call me. What can I expect from this call? I am getting more and more upset, & don't know what to do. I am now in worse shape than I was.

Mermaid,

You are lucky in a bad luck situation!

Simply request another trial - and now using the correct GROSS income. Your monthly payments are going to be higher but the good thing is, you will pass the NPV for sure (since you already accomplished that with a lower payment).

In your case, it's obvious who made the mistake so you shouldn't have an issue in getting on a new trial. It certainly s***s to be on a trial again but the payments on that trial will be where they are supposed to be.

Don't be too sad about the 4 months - you actually saved money.

Now a message to EVERYBODY: MAKE SURE your trial-payment is close to 31% of your GROSS. If not, something went wrong and you need to have that fixed! Keep in mind that even when you consider yourself "lucky" that you are paying far less than 31% of gross (like Mermaid did), it's very likely you will be denied.

[Mermaid]

Helllo MYHAMP: You already figured out (in another thread) that I would not qualify for HAMP mod (gross is $3830, 1st mort is $1184).

The problem is that because they approved me for the trial in error I am two months behind on my mort and four months behind on working on (hopefully) a traditional mod.

I have had a major pay cut. I have been struggling to keep up with all my bills. I have cut ALL unnessaries. I do not have the money to catch up on the mort.

Can they start foreclosure on me because I am (according to them) two months behind on my mort from the reduced HAMP trial period payments?

I am a Viet Nam era veteran. Tho the loan is not a VA loan, do you know if there is VA help?

[concernedva]

I think they will set you on a 12 month repayment period.

[MyHAMP]

Originally Posted by Mermaid

Helllo MYHAMP: You already figured out (in another thread) that I would not qualify for HAMP mod (gross is $3830, 1st mort is $1184).

The problem is that because they approved me for the trial in error I am two months behind on my mort and four months behind on working on (hopefully) a traditional mod.

I have had a major pay cut. I have been struggling to keep up with all my bills. I have cut ALL unnessaries. I do not have the money to catch up on the mort.

Can they start foreclosure on me because I am (according to them) two months behind on my mort from the reduced HAMP trial period payments?

I am a Viet Nam era veteran. Tho the loan is not a VA loan, do you know if there is VA help?

Ah, sorry, of course, that was you!
I've been trying to help a couple of people - (made about 350 posts during one month). Again, sorry for that confusion.

IMO, they blew it in the first place and they should find an in-home solution - at least. I highly doubt they will foreclose on you. As concerndva said, some sort of repayment plan is very likely.

Even if they don't agree on that, being 2 months behind is not much. You can set up a repayment-plan on your own by paing a small amount in addition to your regular payment. You needn't catch up all at once. I don't think it will take long before you will catch up the first month and for being 30 days late, they won't (and I don't even think - can't) foreclose.

With that said, keep on asking for an in-home modification. It might help that you have a case that they totally mishandled your HAMP-approach. Even a blind can see and understand why you're behind right now. It was THEIR fault!

[Mermaid]

Thank you MyHAMP (you are busy!). I will continue to call them and insist on a sensible resolution.

[MyHAMP]

Originally Posted by Mermaid

Thank you MyHAMP (you are busy!). I will continue to call them and insist on a sensible resolution.

You're welcome!

(Trying) to help is fun!

[Sunbeam]

Mermaid, Hamp is right....they should give you an in house. I got screwed up with Citi when they told me I was approved under HAMP and then it turned out I was not because it was my 2nd mortgage and other debt putting me in harm's way. But I persisted and was given a traditional modification through Citi/Freddie that I can live with. Good luck and document every contact you have with these guys! There are a lot of people there who don't know what they are doing, but if you keep at it you will find the one gem who can help you out.