Question about trial pmts?? - Loan Modification Forum

Slim Shavings · 10-26-2009, 07:18 PM

I keep reading about people paying three and four months trial pmts before they get their modification. Why do you have to do that?
All I'm trying to get is an interest rate deduction and I see no reason to pay them for three or four months and then get denied. i can use the money to move if I have to.
What happens if I tell them either its a yes or no and no trial pmts

??

heidi79 · 10-26-2009, 07:22 PM

people in trial payments actually have the trial payment agreement, after being pre-approved through the obama admin's home affordable modification, that's they way the program works.

SillyWorld · 10-26-2009, 07:38 PM

If your Loan is FHA by any chance you can get a streamline for rate reduction

Slim Shavings · 10-26-2009, 08:15 PM

Quote:

Originally Posted by SillyWorld

If your Loan is FHA by any chance you can get a streamline for rate reduction

Whas Dat ???

To many schemes!!

SillyWorld · 10-26-2009, 08:32 PM

If you are charged a MIP on your mortageg payment and have an escrow then you are on an FHA loan most likly

Slim Shavings · 10-26-2009, 09:34 PM

Quote:

Originally Posted by SillyWorld

If you are charged a MIP on your mortageg payment and have an escrow then you are on an FHA loan most likly

I know its and FHA loan but i don't know what kind of escrow your talking about I do taxes and insurance And what is MIP. I'm old

MyHAMP · 10-26-2009, 09:47 PM

Quote:

Originally Posted by Slim Shavings

I know its and FHA loan but i don't know what kind of escrow your talking about I do taxes and insurance And what is MIP. I'm old

Mortgage Insurance Premium...

Escrow = Account that collects payments for property-tax, home-owner's insurance, home owner's association fee (HOA, if applicable)...

SillyWorld · 10-26-2009, 10:25 PM

Quote:

Originally Posted by Slim Shavings

I keep reading about people paying three and four months trial pmts before they get their modification. Why do you have to do that?
All I'm trying to get is an interest rate deduction and I see no reason to pay them for three or four months and then get denied. i can use the money to move if I have to.
What happens if I tell them either its a yes or no and no trial pmts

??

Maybe this link can help if you do have an FHA
Streamline can get you current rates

http://www.loansafe.org/forum/fha-lo...-new-post.html

Slim Shavings · 10-27-2009, 08:00 AM

Guess I don't qualify. i'm 22 months behind according to them.

8 months actually according to info I faxed to them with pmt records. But its been sold three times in the last 8 months

SillyWorld · 10-27-2009, 11:01 AM

Quote:

Originally Posted by Slim Shavings

Guess I don't qualify. i'm 22 months behind according to them.

8 months actually according to info I faxed to them with pmt records. But its been sold three times in the last 8 months

Then you are suppose to call FHA if your behind more than 3 months

Slim Shavings · 10-27-2009, 12:38 PM

Quote:

Originally Posted by SillyWorld

Then you are suppose to call FHA if your behind more than 3 months

Well I guess I screwed up. Just tracked the mortgage down a while back and got started in this. Who would you call at FHA and what would be the reason. It seems awful funny that If i'm 22 months (as they say) behind that nobody got a hold of me till this September?

10-26-2009, 07:18 PM	#1 (permalink)
Slim Shavings Senior Member Join Date: Sep 2009 Posts: 260 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Question about trial pmts?? I keep reading about people paying three and four months trial pmts before they get their modification. Why do you have to do that? All I'm trying to get is an interest rate deduction and I see no reason to pay them for three or four months and then get denied. i can use the money to move if I have to. What happens if I tell them either its a yes or no and no trial pmts ??

10-26-2009, 07:22 PM	#2 (permalink)
heidi79 Senior Member Join Date: Jan 2009 Location: Miami, Florida Posts: 252 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Question about trial pmts?? people in trial payments actually have the trial payment agreement, after being pre-approved through the obama admin's home affordable modification, that's they way the program works.

10-26-2009, 07:38 PM	#3 (permalink)
SillyWorld Senior Member Join Date: Apr 2009 Location: Central Pennsylvania Posts: 1,140 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Question about trial pmts?? If your Loan is FHA by any chance you can get a streamline for rate reduction __________________ Central PA, USA Waiting NACA Approval With Citi ON FHA MORTGAGE 05/18/2009 Ginnie Mae investor Is NACA Becomming a SCAM..?

10-26-2009, 08:32 PM	#5 (permalink)
SillyWorld Senior Member Join Date: Apr 2009 Location: Central Pennsylvania Posts: 1,140 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Question about trial pmts?? If you are charged a MIP on your mortageg payment and have an escrow then you are on an FHA loan most likly __________________ Central PA, USA Waiting NACA Approval With Citi ON FHA MORTGAGE 05/18/2009 Ginnie Mae investor Is NACA Becomming a SCAM..?

10-27-2009, 08:00 AM	#9 (permalink)
Slim Shavings Senior Member Join Date: Sep 2009 Posts: 260 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Question about trial pmts?? Guess I don't qualify. i'm 22 months behind according to them. 8 months actually according to info I faxed to them with pmt records. But its been sold three times in the last 8 months

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