New Here; a few questions.

[redcoff]

Hello,

I'm new here to the boards and have mostly been lurking. We have been going around and around with Countrywide/Bank of America since April of 2009. We were preapproved to be escalated on July 2, 2009 and nothing was done with our account for two months. Initially they said we were declined because our "excuse" didn't quality. I won't get in to that here, but I'm positive that bank of america would be ashamed of the publicity they'd get regarding their denial of our initial request...I've kept on them, calling weekly sometimes and spending 3+ hours on the phone trying to get to the right dept. We FINALLY got a package via Fedex requesting information regarding our situation. It seems like they are getting a little more streamlined in the last few weeks but perhaps this is more run around. They did confirm they received my package and that we can continue to contact them every week to find out what's going on.

My question is, do you have to make the trial payments in order to expedite your modification or can you continue to make your old payments? Do trial payments have the same grace period as standard payments. (my husband only gets paid the first of the month so that's always the date we pay online.) I'm terrified that if I make a trial payment they will report me as late or delinquient. Right now our trial payment is $400 less than our normal payment. Our first trial payment isn't until December 1st, I'm hoping that perhaps our workout will be done by them. And, about how long after they receive packages have most people gotten a workout? Sorry so many questions, thanks in advance.

[Evan Bedard]

Hi redcoff welcome and thank you for joining.

My question is, do you have to make the trial payments in order to expedite your modification or can you continue to make your old payments? Do trial payments have the same grace period as standard payments. (my husband only gets paid the first of the month so that's always the date we pay online.) I'm terrified that if I make a trial payment they will report me as late or delinquient. Right now our trial payment is $400 less than our normal payment. Our first trial payment isn't until December 1st, I'm hoping that perhaps our workout will be done by them. And, about how long after they receive packages have most people gotten a workout? Sorry so many questions, thanks in advance.

Well actually many homeonwers are being reported as deliquent while on the trial period. Also after the period is complete, if they deny you for a permanent mod you will be stuck owing all the past due amounts and that much closer to foreclosure. If you do not want to enter this program you need to explain this to BofA and tell them you want to do a regular traditional mod that has nothing to do with the HAMP program..

[hope67]

As far as I know, you must make the trial payments in the exact amount stated in the agreement, you must try to make them by the due date. With that said, at least the first payment you should make it no later than the due date, as to the following payments, you can make them anytime during the month, for example, the one that is due on Jan 1, you can make it anywhere between Jan 1 and Jan 30th. however, if you pay the 2nd and 3rd payments after the 15th day of the last month of the trial period, they will extend your trial period to 2 more months (possibly more).

I'm assuming that your trial period is 3 months.

Here are the guidelines:

Trial Payment Period
Servicers may use recent verbal financial information to prepare and offer a Trial Period Plan. Servicers are not required to verify financial information prior to the effective date of the trial period. The servicer must service the mortgage loan during the trial period in the same manner as it would service a loan in forbearance.
The trial period is three months in duration (or longer if necessary to comply with applicable contractual obligations). The borrower must be current under the terms of the Trial Period Plan at the end of the trial period to receive a permanent loan modification. Current in this context is defined as the borrower having made all required trial period payments no later than 30 days from the date the final payment is due.
The effective date of the trial period will be set forth in the Trial Period Plan. In most cases, the effective date is the first day of the month following the servicer’s mailing of the offer for the Trial Period Plan. The trial period extends for two (or more if necessary to comply with applicable contractual obligations) additional payments after the effective date.

https://www.hmpadmin.com/portal/docs...cer/sd0901.pdf

[redcoff]

Originally Posted by Evan Bedard

explain this to BofA and tell them you want to do a regular traditional mod that has nothing to do with the HAMP program..

What would be the main differences between the HAMP program and a regular modification?

at least the first payment you should make it no later than the due date

So for us, we will need to make 2 mortgage payments with our November 1st paycheck? One for the regular november payment and one later in the month for the December 1st Trial Payment to arrive to them no later than December 1st? Also, we are on a 4 month trial payment.

Thanks a ton!!

[Evan Bedard]

What would be the main differences between the HAMP program and a regular modification?

Not much difference besides there are not as many strict requirements and there is no trial period you will have to go through. Look in the success section here in the forum. I have been seeing quite a few people getting approved for a regular mod lately..

[jojolala]

Originally Posted by Evan Bedard

Not much difference besides there are not as many strict requirements and there is no trial period you will have to go through. Look in the success section here in the forum. I have been seeing quite a few people getting approved for a regular mod lately..

Evan, then would you recommend that I take my bofa negotiator up on the offer to take me off of the MHA mod track and ask her to pursue an in-house mod, as she had offered to do earlier this week? (I am past mod trial period by about 45 days).

(Sorry to jump on this thread for my own question.)