Would you take a step rate or shoot for HAMP?

[ama125]

Not that I've been offered either one, but I may be in the near future getting a mod with a step rate that would mirror the terms of HAMP. So my question is, would you take a step rate mod with the same terms as HAMP or would you continue to fight and try and to get into HAMP? I can't say for sure, but I believe the BofA non-HAMP step rate mod would not require a trial period like the HAMP does (and we all see that getting in the trial does not guarantee one a permanent mod). Any thoughts out there on this?

[Melanie702]

I would. If it's the same terms, heck yeah! I would jump on it. I wish I was offered something as close as HAMP.

I called HOPE and they told me they couldn't do anything for me. She said all they do it send in our financial information. I said it changed since March (I apparently called them). She said I would have to everything on my own now. Not like they did anything for me. Sorry, don't mean to sound rude, but what good are they? I can do that myself.

[sniglet WA]

I would take it, as long as the payment starts out at around 31-33% of your gross income fully escrowed. How can you really go wrong. Say make the payments, stay in good standing and refi. in 3 to 7 years. Your credit should be better then and so should the economy.
Great question,
Sniglet in WA

[wonthefight]

I would definately take a streamlined loan modification than to trust the HAMP loan modification. I personally have had a streamlined modification through my loan servicer. There is an article about the Hamp program that is being posted on this forum. I listed below for you to review. Very scary...How things are being portrayed for the HAMP loan mods

HAMP Article

[NacaNation]

ama
I've noticed that BA/CW offers shorter time periods on their step rate loans compared to HAMP. So you're up to market rate after 5 years instead of 8. Maybe it's negotiable and they would agree to match the 8 years like HAMP.

I REALLY hate the whole "did I pass the NPV test" part of HAMP -you would avoid that mess.

[Garry]

Originally Posted by ama125

Not that I've been offered either one, but I may be in the near future getting a mod with a step rate that would mirror the terms of HAMP. So my question is, would you take a step rate mod with the same terms as HAMP or would you continue to fight and try and to get into HAMP? I can't say for sure, but I believe the BofA non-HAMP step rate mod would not require a trial period like the HAMP does (and we all see that getting in the trial does not guarantee one a permanent mod). Any thoughts out there on this?

I need to be on Hamp Ama, but I think the step rate deal would work for you. A bird in the hand is worth two in the bush.

[NacaNation]

ama
I've noticed that BA/CW offers shorter time periods on their step rate loans compared to HAMP. So you're up to market rate after 5 years instead of 8. Maybe it's negotiable and they would agree to match the 8 years like HAMP.

I REALLY hate the whole "did I pass the NPV test" part of HAMP -you would avoid that whole mess.

[CW California]

Originally Posted by ama125

Not that I've been offered either one, but I may be in the near future getting a mod with a step rate that would mirror the terms of HAMP. So my question is, would you take a step rate mod with the same terms as HAMP or would you continue to fight and try and to get into HAMP? I can't say for sure, but I believe the BofA non-HAMP step rate mod would not require a trial period like the HAMP does (and we all see that getting in the trial does not guarantee one a permanent mod). Any thoughts out there on this?

Ama I forget, do you own other property or was it just a time share? Given the choice, myself lol, rather than a BofA step rate I would try to go for a NACA fixed rate. No trial there either. A BofA step rate would be my last choice after everything else was exhausted including running nakid thru that dinner party. lol

[Garry]

I'm going to have to agree with CW, I know your circumstances have changed some. If your not sure you can qualify for the HAMP or just plain sick of trying, Naca may do better than a step rate.

[ama125]

Thanks for the input from everyone. CW - I do not have another property, just the timeshare which yesterday I got a UPS packet from that company offering to try and sell it on my behalf but I must "act fast" and notarize documents granting them power of attorney. I guess it's worth a shot...I've had it listed with another company for 2 years now. But this is the company that owns the timeshares so perhaps they could do better. I also got a call from someone in their corporate office that said if they sold it, all back payments and fees would be waived. Of course, being paranoid and distrusting these days, I am skeptical.

As for NACA, I'm concerned that it would take too long to get things going. I've got that HEMAP loan I was approved for and I can only cancel it prior to disbursement of funds. We haven't gone to closing yet on it, but I know BofA has done something since it is listed on my account. PHFA said they haven't received the info from them yet. I don't know if NACA could get something submitted before then or not. My biggest concern is that once the HEMAP starts, I will be current again. My nego says Fannie Mae won't do anything for me if I'm current. UGH... this is all so frustrating. Maybe I should try NACA, but I'll have to wait for new pay stubs.

Thanks again to all who responded!

[shay01]

Originally Posted by ama125

Thanks for the input from everyone. CW - I do not have another property, just the timeshare which yesterday I got a UPS packet from that company offering to try and sell it on my behalf but I must "act fast" and notarize documents granting them power of attorney. I guess it's worth a shot...I've had it listed with another company for 2 years now. But this is the company that owns the timeshares so perhaps they could do better. I also got a call from someone in their corporate office that said if they sold it, all back payments and fees would be waived. Of course, being paranoid and distrusting these days, I am skeptical.

As for NACA, I'm concerned that it would take too long to get things going. I've got that HEMAP loan I was approved for and I can only cancel it prior to disbursement of funds. We haven't gone to closing yet on it, but I know BofA has done something since it is listed on my account. PHFA said they haven't received the info from them yet. I don't know if NACA could get something submitted before then or not. My biggest concern is that once the HEMAP starts, I will be current again. My nego says Fannie Mae won't do anything for me if I'm current. UGH... this is all so frustrating. Maybe I should try NACA, but I'll have to wait for new pay stubs.

Thanks again to all who responded!

Hi AMA,

I would take it...Shoot if they offered it to me I would in a heart beat...HAMP seems to not be going thru for many people so if you can get something even close why not take it.

[Garry]

Originally Posted by ama125

Thanks for the input from everyone. CW - I do not have another property, just the timeshare which yesterday I got a UPS packet from that company offering to try and sell it on my behalf but I must "act fast" and notarize documents granting them power of attorney. I guess it's worth a shot...I've had it listed with another company for 2 years now. But this is the company that owns the timeshares so perhaps they could do better. I also got a call from someone in their corporate office that said if they sold it, all back payments and fees would be waived. Of course, being paranoid and distrusting these days, I am skeptical.

As for NACA, I'm concerned that it would take too long to get things going. I've got that HEMAP loan I was approved for and I can only cancel it prior to disbursement of funds. We haven't gone to closing yet on it, but I know BofA has done something since it is listed on my account. PHFA said they haven't received the info from them yet. I don't know if NACA could get something submitted before then or not. My biggest concern is that once the HEMAP starts, I will be current again. My nego says Fannie Mae won't do anything for me if I'm current. UGH... this is all so frustrating. Maybe I should try NACA, but I'll have to wait for new pay stubs.

Thanks again to all who responded!

Maybe you jumping the gun Ama, why don't you wait and see what Moe has cooking. I don't think you need to go through Naca to get a good fixed rate, and I wouldn't like the idea of not being able to speak for myself with the bank. I don't think Naca can do any more for you than you are capable of yourself, you're a leader, not a follower.

[Melanie702]

I might try NACA again (the nerve of me). I signed up for their STD (eew not that kind) for October 12th I think it is.

[Garry]

Originally Posted by Melanie702

I might try NACA again (the nerve of me). I signed up for their STD (eew not that kind) for October 12th I think it is.

I think you got the shaft by the last person that denied you your trial Melanie, the person you talked to was a hater and should be fired. Keep calling and raising hell until you get the help you need, someone will care and help. Don't give up, that's what the hater wants you to do.

[jasonsmith123]

What is HAMP ?

[Melanie702]

Originally Posted by Garry

I think you got the shaft by the last person that denied you your trial Melanie, the person you talked to was a hater and should be fired. Keep calling and raising hell until you get the help you need, someone will care and help. Don't give up, that's what the hater wants you to do.

Thank you, Garry. I will. I'm just gonna go on for as long as I can. We also have the Nevada FMP here in Nevada. Nevada Foreclosure Mediation . Something I need to read more on.Not exactly sure how it works.

[Garry]

Originally Posted by jasonsmith123

What is HAMP ?

Making Home Affordable - Home

[Melanie702]

Originally Posted by jasonsmith123

What is HAMP ?

Hi Jason, fellow Las Vegan.......

https://www.hmpadmin.com/portal/index.html

There's been an update on their website. Haven't read it yet.
https://www.hmpadmin.com/portal/docs...date100109.pdf

[Garry]

Originally Posted by Melanie702

Thank you, Garry. I will. I'm just gonna go on for as long as I can. We also have the Nevada FMP here in Nevada. Nevada Foreclosure Mediation . Something I need to read more on.Not exactly sure how it works.

When they think they have defeated you, you need to put the hammer down twice as hard. Let them know you're not going away, you're not the usual sucker they think you are. Call the Federal Trade Comission and start filing complaints with anyone you can above the bank.

[Melanie702]

Originally Posted by Garry

When they think they have defeated you, you need to put the hammer down twice as hard. Let them know you're not going away, you're not the usual sucker they think you are. Call the Federal Trade Comission and start filing complaints with anyone you can above the bank.

I sure as heck will. They have really upset me. As a matter of fact, I'm going to go to the FTC website right now and file a complaint. I have emailed and left messages for so many of the peeps in OOP and not ONE has returned my call. They probably sit there thinking I'm the crazy one and sit there laughing at us. Sheeeeit!

[Garry]

Originally Posted by Melanie702

I sure as heck will. They have really upset me. As a matter of fact, I'm going to go to the FTC website right now and file a complaint. I have emailed and left messages for so many of the peeps in OOP and not ONE has returned my call. They probably sit there thinking I'm the crazy one and sit there laughing at us. Sheeeeit!

That's what I like to hear, direct your anger back at them where it belongs and stay hot and heavy on their asses. This sh*t will come to an end one way or another, if they want to fight, lets fight.

[Melanie702]

Originally Posted by Garry

That's what I like to hear, direct your anger back at them where it belongs and stay hot and heavy on their asses. This sh*t will come to an end one way or another, if they want to fight, lets fight.

I'm in the ring, with my dukes up!

[Garry]

While you are at it, call all of your friends and relatives, they know you need help and will be angry when they hear the sh*t the bank is putting you through. Bad news speads like wild-fire, lets start dropping the matches. Without us, the bank has nothing, they loose.

[ama125]

Originally Posted by Garry

Maybe you jumping the gun Ama, why don't you wait and see what Moe has cooking. I don't think you need to go through Naca to get a good fixed rate, and I wouldn't like the idea of not being able to speak for myself with the bank. I don't think Naca can do any more for you than you are capable of yourself, you're a leader, not a follower.

Not to worry, Garry. If my investor was BONY, then I would try NACA since many with BONY have successfully gotten the 2% fixed for remaining term. I also know from other posts that NACA does not like term extensions.

My DH ran our numbers and here's the deal...

At my current rate of 6.5% with 26 years remaining, I will pay approx. $812,000 in principal (P) and $421,000 in interest (I). This is a total of 1,233,000 over the remaining term.

Now, let's say NACA proposed 2% fixed for 26 years, that's 502,000 in P and 111,000 in I, totaling 613,000. We're talking a huge difference here... taking a loss of 620,000. Do you think Fannie Mae would agree to such a thing? I doubt it!

Now, let's look at the figures for a step rate at a 40 year term similar to HAMP based on the FDIC NPV model's calculations. According to it, at an affordable rate of 31% DTI, my interest for the first 5 years would be 2.4%, year 6 at 3.4%, year 7 at 4.4%, and year 8 capping at 5.25% for the rest of the loan. I would pay 383,000 in P and 392,000 in I, totaling 775,000. The difference from my current loan is 457,000. My nego says Fannie Mae is more likely to approve me for that.

I am wondering if each lender/investor has a cap on how much they are willing to eat. Don't get me wrong, I'd love to get 2% fixed for life, I just don't know how reasonable the expectation would be. I just don't want to waste my time trying for it to find out it would never be an obtainable goal.

[Garry]

I know you have your head screwed on straight Ama and will do what is best for yourself and your family, what I am wondering is this, is the 2% Naca has gotten some what it took to get them to 31%? I have a feeling it is, not sure how that would effect you.