Did Anyone Get a Permanent Loan Modification under HAMP yet??

[hope67]

I know that some here must have completed the HAMP trial modification already, I'm curious did anyone receive the FINAL loan modification agreement?

[MyHAMP]

Very interesting thread. I would like to ask the members who received a final mod to post the amount of their trial-payments and the amount of the permanent modification. I'd like to see what difference there is - if any.

If you don't want to post your numbers, you can also post the change in % (i.e. permanent mod 5% less than trial-payment).

Thanks in advance!

[darkdays]

Would be helpful if people could also post original payment amount. Or as MyHAMP suggests percentages.

[aprilware2]

Originally Posted by darkdays

Would be helpful if people could also post original payment amount. Or as MyHAMP suggests percentages.

Hello I recieved my perm mod last thursday after making 5 trial payments
Original 1601 at 8.25%
Trial 735
Perm 901 at 2% for 5 years 3% 6th year 4% 7th year 5% 8-27years
Litton servicer

[Housebroken13]

Originally Posted by aprilware2

Hello I recieved my perm mod last thursday after making 5 trial payments
Original 1601 at 8.25%
Trial 735
Perm 901 at 2% for 5 years 3% 6th year 4% 7th year 5% 8-27years
Litton servicer

Did they reduce principal? What was done with the past due balance? Seems like you are in a step rate ARM. I don't know why they do this, they are just delaying the problem from happening again.....

[sahm2two]

Originally Posted by Housebroken13

Did they reduce principal? What was done with the past due balance? Seems like you are in a step rate ARM. I don't know why they do this, they are just delaying the problem from happening again.....

Yeah i'd like to know that as well! My current payment before trial mod was $1,700...and they only dropped it to $1,389 during trial period (I am grateful for that just not nearly a drop from $1,600 to $735!)

[coastalstorm]

Housebroken13, why do you feel they are delaying the problem? This looks like a good mod to me and it seems to be in line with other HAMP mods I have seen on this forum.

[aprilware2]

Originally Posted by Housebroken13

Did they reduce principal? What was done with the past due balance? Seems like you are in a step rate ARM. I don't know why they do this, they are just delaying the problem from happening again.....

left on home 186,000 new amount 192,000 past due 11,000 including late fees and mortgage payments . They didnt apply the whole 11,000 to the back end only 6,000 and forgae the rest. I guess u can call it an step rate.But my mortgage will never go back to 1600 only aroung 1100 for the life of the loan when i get to my 8th year also only extend my loan by 2month was 9/1/2036 now 11/01/2036

[hope67]

Originally Posted by aprilware2

Hello I recieved my perm mod last thursday after making 5 trial payments
Original 1601 at 8.25%
Trial 735
Perm 901 at 2% for 5 years 3% 6th year 4% 7th year 5% 8-27years
Litton servicer

Congrats..this is a great deal!!

Is this HAMP? I mean did the agreement state that it is a "Making Home Affordable Program"?

Would you please elaborate as to the docs you had to sign, was there an upfront payment? Did they request more docs from you? etc..etc..

[hope67]

Originally Posted by aprilware2

left on home 186,000 new amount 192,000 past due 11,000 including late fees and mortgage payments . They didnt apply the whole 11,000 to the back end only 6,000 and forgae the rest. I guess u can call it an step rate.But my mortgage will never go back to 1600 only aroung 1100 for the life of the loan when i get to my 8th year also only extend my loan by 2month was 9/1/2036 now 11/01/2036

You stated that they didn't apply the entire arrear amount of 11,000, did they apply the total amount of your trial payments to the balance?

[MyHAMP]

Originally Posted by aprilware2

Hello I recieved my perm mod last thursday after making 5 trial payments
Original 1601 at 8.25%
Trial 735
Perm 901 at 2% for 5 years 3% 6th year 4% 7th year 5% 8-27years
Litton servicer

That's a great deal! BTW, did you have a change in income during your trial? I'm asking because it is very unusual that the modified payment exceeds the trial payment under HAMP. Usually, it's the opposite..

[MyHAMP]

Originally Posted by Housebroken13

Did they reduce principal? What was done with the past due balance? Seems like you are in a step rate ARM. I don't know why they do this, they are just delaying the problem from happening again.....

If the HAMP waterfall method determines an initial 2% interest rate, EVERY loan under HAMP has this interest-adjustment. Many people forget that the first increase in payment doesn't occur in 5 days - it occurs in 5 years. In addition to that, the interest never increases by more than 1%/year. When you reach the 5% interest after 8 years, many people will also have a higher income by then.

Paying $900 instead of $1,600 for the next 5 years sounds good to me.

[aprilware2]

Originally Posted by MyHAMP

If the HAMP waterfall method determines an initial 2% interest rate, EVERY loan under HAMP has this interest-adjustment. Many people forget that the first increase in payment doesn't occur in 5 days - it occurs in 5 years. In addition to that, the interest never increases by more than 1%/year. When you reach the 5% interest after 8 years, many people will also have a higher income by then.

Paying $900 instead of $1,600 for the next 5 years sounds good to me.

My trial payments went towards my contratual mortgage payment of 1601. That what i was told and i could see it on my online account . THEY WOULD HOLD IT IN A SUSPENCE ACCOUNT until i had enough to make a full payment.
Also My hamp no my income didnt change from last year except i had alot of overtime that they did calculate in for this year.I keep cose contact with the loss mitigation manger at litton . He called me back every time I leave him a messege he walked me through the process. Im jus glad its over for me now. GOOD LUCK TO YOU ALL

[MyHAMP]

Originally Posted by aprilware2

My trial payments went towards my contratual mortgage payment of 1601. That what i was told and i could see it on my online account . THEY WOULD HOLD IT IN A SUSPENCE ACCOUNT until i had enough to make a full payment.
Also My hamp no my income didnt change from last year except i had alot of overtime that they did calculate in for this year.I keep cose contact with the loss mitigation manger at litton . He called me back every time I leave him a messege he walked me through the process. Im jus glad its over for me now. GOOD LUCK TO YOU ALL

Interesting..

I was always under the impression that the permanent payment was equal or (very often) lower than the trial payment. The trial payment was set up to assure that a borrower will be able to pay his new permanent payment.

According to the HAMP-guidelines, they have to use 31% of your gross income to determine your payment. Now in your case, your permanent modified payment is 122% of your trial payment and I'm curious where these additional 22% are coming from..

An increase of almost 25% makes me wonder what the purpose of a trial payment actually is. If it would be 22% LESS - OK - BUT more?

[aprilware2]

Originally Posted by MyHAMP

Interesting..

I was always under the impression that the permanent payment was equal or (very often) lower than the trial payment. The trial payment was set up to assure that a borrower will be able to pay his new permanent payment.

According to the HAMP-guidelines, they have to use 31% of your gross income to determine your payment. Now in your case, your permanent modified payment is 122% of your trial payment and I'm curious where these additional 22% are coming from..

An increase of almost 25% makes me wonder what the purpose of a trial payment actually is. If it would be 22% LESS - OK - BUT more?

My mod payment of principal and interest is 726.00 and the escrow amount is 176.00 total 902.00 for 5 years. then six year 809.70 principal n interest 7th year 895. principal and interest 8-27 year 981.00 principal n interest

[licouple]

It looks like they did not orginally calculate in the overtime correctly. When they went back and updated it the numbers changes. If you look at the Fannie Mae FAQ that is on this forum in many places and on Fannie's website you wil see that the amount can be adjusted without a new trial period if teh amount does not change by more than a certain percentage (I believe it is 25%). I would assume it would be similar for all investor not just Fannie.

[hope67]

Originally Posted by MyHAMP

According to the HAMP-guidelines, they have to use 31% of your gross income to determine your payment. Now in your case, your permanent modified payment is 122% of your trial payment and I'm curious where these additional 22% are coming from..

I'm wondering about the same thing!! Unless it is not HAMP!!

[aprilware2]

Originally Posted by licouple

It looks like they did not orginally calculate in the overtime correctly. When they went back and updated it the numbers changes. If you look at the Fannie Mae FAQ that is on this forum in many places and on Fannie's website you wil see that the amount can be adjusted without a new trial period if teh amount does not change by more than a certain percentage (I believe it is 25%). I would assume it would be similar for all investor not just Fannie.

Yes I know litton did they even told me the amount they used was 600 higher then what i bring home. And they said something about 25% like you just said. I dont care at this point I know I can pay it even if i have to get an second job.And the MAIN thing of all I get to keep my house its my first home.

[aprilware2]

Originally Posted by hope67

I'm wondering about the same thing!! Unless it is not HAMP!!

My mod is under the Hamp the loss mitigation manger was telling me if I pay on time every year for the first 5 years. They will take off 1000.00 each year totaling 5000.00 of my principal balance.

[MyHAMP]

Originally Posted by licouple

It looks like they did not orginally calculate in the overtime correctly. When they went back and updated it the numbers changes. If you look at the Fannie Mae FAQ that is on this forum in many places and on Fannie's website you wil see that the amount can be adjusted without a new trial period if teh amount does not change by more than a certain percentage (I believe it is 25%). I would assume it would be similar for all investor not just Fannie.

Yes, that's correct. This "change in income" is the only logical reason for this increase between trial and permanent mod. Everything else - especially the way the interest adjusts - looks like HAMP to me..

I was just confused because aprilware2 wrote that the overtime wasn't a factor LAST YEAR and that they considered it THIS YEAR, so I was under the impression that there was no change in income between the first evaluation for HAMP trial-payments (that must have been this year as well) and the final review.

[MyHAMP]

Originally Posted by aprilware2

My mod is under the Hamp the loss mitigation manger was telling me if I pay on time every year for the first 5 years. They will take off 1000.00 each year totaling 5000.00 of my principal balance.

Oh yeah! That's 100% genuine HAMP..

[sahm2two]

Originally Posted by MyHAMP

If the HAMP waterfall method determines an initial 2% interest rate, EVERY loan under HAMP has this interest-adjustment. Many people forget that the first increase in payment doesn't occur in 5 days - it occurs in 5 years. In addition to that, the interest never increases by more than 1%/year. When you reach the 5% interest after 8 years, many people will also have a higher income by then.

Paying $900 instead of $1,600 for the next 5 years sounds good to me.

I wonder what makes it determine 2%......I would love a 2%!!!

[aprilware2]

Originally Posted by MyHAMP

Yes, that's correct. This "change in income" is the only logical reason for this increase between trial and permanent mod. Everything else - especially the way the interest adjusts - looks like HAMP to me..

I was just confused because aprilware2 wrote that the overtime wasn't a factor LAST YEAR and that they considered it THIS YEAR, so I was under the impression that there was no change in income between the first evaluation for HAMP trial-payments (that must have been this year as well) and the final review.

Well I meant to say i guess I didnt make any overtime las year but then this year I did so litton factor that in.Litton calculated my year to date income bac in Sep. And the tacked on my one time job supplement pay for not getting a raise this year. LITTON looked at all overtime and increases in pay and thats why my loan mod is higher then my trial.

[sahm2two]

Originally Posted by aprilware2

Well I meant to say i guess I didnt make any overtime las year but then this year I did so litton factor that in.Litton calculated my year to date income bac in Sep. And the tacked on my one time job supplement pay for not getting a raise this year. LITTON looked at all overtime and increases in pay and thats why my loan mod is higher then my trial.

This makes me nervous. My husband works overtime 2-3x a month. So, when we sent in pay stubs it showed that overtime. His income (gross without overtime) is $3,499.00...but according to the pay stubs we sent it was $4,250.00 (roughly) with overtime.

I applied for HAMP at the end of July...so when I look back at year to date then....it would appear if that's how they calculate it his monthly would be $3,617.00. So, that's about $800 less in income than sent in.

This is Your Current Debt-to-Income (DTI) Level		47%
Target DTI under the Home Affordable Modification		31%
Potential New Monthly Payment If You Qualify		$1121
Potential Monthly Payment Reduction If You Qualify		$572

That is according to IF they figure it out looking at year to date income when sent in at end of July.

[MyHAMP]

Originally Posted by aprilware2

Well I meant to say i guess I didnt make any overtime las year but then this year I did so litton factor that in.Litton calculated my year to date income bac in Sep. And the tacked on my one time job supplement pay for not getting a raise this year. LITTON looked at all overtime and increases in pay and thats why my loan mod is higher then my trial.

Ah, OK, that explains it. Thanks!