Old 11-01-2009, 05:11 PM   #1 (permalink)
Member
  
 
PhildVegas's Avatar
 
Join Date: Sep 2009
Posts: 16
Nominated 0 Times in 0 Posts
TOTW/F/M Award(s): 0
PhildVegas is on a distinguished road
Trial Payments and Escrow

Quick question: since my trial payments are being held in a special fund with none of the monies being directed into my escrow account, what happens when taxes come due on 12/1 (the due date of my final trial payment)? The escrow fund is short of the monies needed to make the payment.


PhildVegas is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote Share with Facebook
Old 11-01-2009, 05:28 PM   #2 (permalink)
Senior Member
  
 
MyHAMP's Avatar
 
Join Date: Oct 2009
Location: Florida
Posts: 724
Nominated 0 Times in 0 Posts
TOTW/F/M Award(s): 0
MyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond repute
Re: Trial Payments and Escrow

Quote:
Originally Posted by PhildVegas View Post
Quick question: since my trial payments are being held in a special fund with none of the monies being directed into my escrow account, what happens when taxes come due on 12/1 (the due date of my final trial payment)? The escrow fund is short of the monies needed to make the payment.
Is it HAMP? If so, your payments in that fund will be applied to your account once the fund reaches or exceeds a regular monthly payment under your current mortgage.
MyHAMP is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote Share with Facebook
Old 11-01-2009, 06:23 PM   #3 (permalink)
Senior Member
  
 
davephx's Avatar
 
Join Date: Jul 2009
Posts: 1,163
Nominated 0 Times in 0 Posts
TOTW/F/M Award(s): 0
davephx has a reputation beyond reputedavephx has a reputation beyond reputedavephx has a reputation beyond reputedavephx has a reputation beyond reputedavephx has a reputation beyond reputedavephx has a reputation beyond reputedavephx has a reputation beyond reputedavephx has a reputation beyond reputedavephx has a reputation beyond reputedavephx has a reputation beyond reputedavephx has a reputation beyond repute
Re: Trial Payments and Escrow

I believe there are held in suspense until final mod is approved or denied unless I am remembering wrong...which my now is very possible that I am going insane.

If escrow is set up I believe the servicer has to advance the funds. If you have an escrow shortage when the final mod is done it seems you have to come up with the shortage at that point but not totally sure.
davephx is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote Share with Facebook
Old 11-01-2009, 06:51 PM   #4 (permalink)
Member
  
 
PhildVegas's Avatar
 
Join Date: Sep 2009
Posts: 16
Nominated 0 Times in 0 Posts
TOTW/F/M Award(s): 0
PhildVegas is on a distinguished road
Re: Trial Payments and Escrow

It is MHA; dave, you are correct that these funds are held in a separate fund until mod is final. We've always had an escrow and the new modified payment includes PITA. So, it makes sense that they would advance the funds to pay the taxes, then reimburse themselves from the funds set aside from the trial payments.

Thanks for your input!
PhildVegas is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote Share with Facebook
Old 11-01-2009, 07:10 PM   #5 (permalink)
Senior Member
  
 
MyHAMP's Avatar
 
Join Date: Oct 2009
Location: Florida
Posts: 724
Nominated 0 Times in 0 Posts
TOTW/F/M Award(s): 0
MyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond repute
Re: Trial Payments and Escrow

Quote:
Originally Posted by PhildVegas View Post
It is MHA; dave, you are correct that these funds are held in a separate fund until mod is final. We've always had an escrow and the new modified payment includes PITA. So, it makes sense that they would advance the funds to pay the taxes, then reimburse themselves from the funds set aside from the trial payments.

Thanks for your input!
Our HAMP trial payments were/are also held on a suspense-account - BUT only until that account reached a balance which covered a regular payment. This is also a guideline under HAMP.
MyHAMP is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote Share with Facebook
Old 11-01-2009, 07:58 PM   #6 (permalink)
Senior Member
  
 
davephx's Avatar
 
Join Date: Jul 2009
Posts: 1,163
Nominated 0 Times in 0 Posts
TOTW/F/M Award(s): 0
davephx has a reputation beyond reputedavephx has a reputation beyond reputedavephx has a reputation beyond reputedavephx has a reputation beyond reputedavephx has a reputation beyond reputedavephx has a reputation beyond reputedavephx has a reputation beyond reputedavephx has a reputation beyond reputedavephx has a reputation beyond reputedavephx has a reputation beyond reputedavephx has a reputation beyond repute
Re: Trial Payments and Escrow

Maybe servicers are handling differently. I'm over normal payment in 3 trails but has not been applied.
davephx is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote Share with Facebook
Old 11-01-2009, 08:04 PM   #7 (permalink)
Member
  
 
PhildVegas's Avatar
 
Join Date: Sep 2009
Posts: 16
Nominated 0 Times in 0 Posts
TOTW/F/M Award(s): 0
PhildVegas is on a distinguished road
Re: Trial Payments and Escrow

Hmmmmm. Interesting, MyHAMP. The two payments I've made more than cover one month's payment, and the second one posted 2 1/2 weeks ago. They remain in the non-interest bearing account that is described in my MHA Modificaiton Trial Agreement. There is language in this document that states: The servicer will hold the payments...until they total an amount that is enough to pay my oldest delinquent monthy payment on my loan in full. I have been/am current on my account. Perhaps that is the difference?

Thanks for your guidance!
PhildVegas is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote Share with Facebook
Old 11-01-2009, 08:56 PM   #8 (permalink)
Senior Member
  
 
MyHAMP's Avatar
 
Join Date: Oct 2009
Location: Florida
Posts: 724
Nominated 0 Times in 0 Posts
TOTW/F/M Award(s): 0
MyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond reputeMyHAMP has a reputation beyond repute
Re: Trial Payments and Escrow

Quote:
Originally Posted by PhildVegas View Post
Hmmmmm. Interesting, MyHAMP. The two payments I've made more than cover one month's payment, and the second one posted 2 1/2 weeks ago. They remain in the non-interest bearing account that is described in my MHA Modificaiton Trial Agreement. There is language in this document that states: The servicer will hold the payments...until they total an amount that is enough to pay my oldest delinquent monthy payment on my loan in full. I have been/am current on my account. Perhaps that is the difference?

Thanks for your guidance!
You're welcome, PhildVegas!

The bold part was what I meant. And yes, If you are current, it might take longer than the 3 or 4 trial payments to actually fall behind "enough" so that such delinquency would be equal to or greater than a regular payment.

We are far behind on our mortgage so that might explain the difference.
MyHAMP is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote Share with Facebook
Old 11-02-2009, 04:07 PM   #9 (permalink)
Member
  
 
nell79's Avatar
 
Join Date: Apr 2009
Location: Utah
Posts: 14
Nominated 0 Times in 0 Posts
TOTW/F/M Award(s): 0
nell79 is on a distinguished road
Re: Trial Payments and Escrow

They held my payments in suspense until I had enough for the regular payment, then posted it to my account, but didn't take out for escrow. We were current at the time we got accepted for the HAMP trial mod.

Our taxes are due Nov 30, so we shall see what happens. They tell me it will all be worked out and not to worry about it.
nell79 is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote Share with Facebook
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On



All times are GMT -7. The time now is 01:57 AM.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2009, Jelsoft Enterprises Ltd.
SEO by vBSEO 3.2.0
Copyright 2009 LoanSafe.org and MoeSeo Inc. All Rights Reserved. Home Loan, Loan Modification & Foreclosure Help Forum - LoanSafe.org

1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 100