For needanewjob questions for you

[concernedva]

I have made my third trial payment as of 10/1.

Making 4th trial payment tomorrow.

We are still waiting to be assigned a negotiator. They told us we were missing paperwork at the beginning of Oct., it took them until October 30th to get everything scanned in according to Mortgage Outreach.

The weird thing is even though they say they have everything, it is still saying on my online account that they are waiting for documents. Also they have applied some of my unapplied funds from my trial payments to my account already. I am starting to wonder if this is a good or bad thing. when we spoke to Mortgage Outreach last week they didn't say anything about being denied.

I wish we could just get an answer from them, this is really starting to wear on me physically and emotionally.

I am wondering also will they give in-house mods if you are turned down for HAM, if you don't have a Freddie or fannie loan. Any thoughts?

I would really love to hear from Needanewjob in particular about this.

Thanks!

This post was made by someone else. We would like to have feedback on this one.

[crewof5]

Just bumping this so hopefully needanewjob will see it

[vmuffin555]

Needanewjob, i also have a few questions and first let me apologize if you're being bombarded.

I'm not behind on my mortgage - yet. I pay my prop taxes and insurance separate from my mortgage because my taxes are way too high. I believe i qualify for a loan mod per the HAMP guidelines but after reading through this forum i see that you're being forced to open up an escrow if you proceed with the loan mod. If i have to open up an escrow i'm afraid my mortgage will be double if not, more after the loan mod. Does Citi offer any other type of loan mod that can assist me? Let me know if you need details, such as #'s.

Thanks in advance!

[langlang]

If you qualify for the HAMP program, your TOTAL monthly payment would be 31% of your gross income. So that includes taxes and insurance. Not sure if that would be helpful for you or not.

[vmuffin555]

the value of my house is high. do i run the risk of being denied for the HAMP or any other loan mod?

[langlang]

Originally Posted by vmuffin555

the value of my house is high. do i run the risk of being denied for the HAMP or any other loan mod?

I guess you should start a new thread for this. But if you have significant equity in your house, then yes that could be a problem in getting a mod.

Basically, the logic from the bank's side is, why not just sell your house if you have equity and can't afford it? Equity will also exclude you from HAMP.