I am stumped... How many trial payments needed?

[Skipper]

Hi all,

I cannot seem to locate the guidelines as to how many trial payments are required, before a MHA modification can be made permanent.

I am not referring to extensions and such, just the original trial payment guidelines.

I know in certain cases it is three, and in other cases it is four.

Does anyone know the answer or have a link to an answer?

Thanks!

Skipper

[AZOwner]

Skipper - is your loan backed by Fannie or Freddy?

Everything I have seen stipulates 3 months, however, after 3 months, people are still making their payments, by return receipt, to the bank, even if they don't have the envelope. Some folks have been on trial payment period for 6 months . . . I don't have a rhyme or reason . . . someone else here likely does!

Thank you all for posting. We have a larger initiative going on to provide the American Homeowner a voice to get the system in some kind of order.

Please, Please, go to the Huffington article and post a message to the article, link above. We need to bring this fight back to the forefront. If you won't sign the petition, please leave a note at Huffington. Highlight some of your challenges with the issues.

Together we can make a BIG difference, individually we are a drop in the bucket.

Thank you.

Here are links to both.

http://www.huffingtonpost.com/richar..._b_342665.html

http://www.petition2congress.com/2/2564/petition-to-us-government-from-american-homeowners/

[Skipper]

Originally Posted by AZOwner

Skipper - is your loan backed by Fannie or Freddy?

Everything I have seen stipulates 3 months, however, after 3 months, people are still making their payments, by return receipt, to the bank, even if they don't have the envelope. Some folks have been on trial payment period for 6 months . . . I don't have a rhyme or reason . . . someone else here likely does!

Thank you all for posting. We have a larger initiative going on to provide the American Homeowner a voice to get the system in some kind of order.

Please, Please, go to the Huffington article and post a message to the article, link above. We need to bring this fight back to the forefront. If you won't sign the petition, please leave a note at Huffington. Highlight some of your challenges with the issues.

Together we can make a BIG difference, individually we are a drop in the bucket.

Thank you.

Here are links to both.

http://www.huffingtonpost.com/richar..._b_342665.html

http://www.petition2congress.com/2/2564/petition-to-us-government-from-american-homeowners/

Hi,

It is a Freddie loan.

S

[sahm2two]

Originally Posted by Skipper

Hi all,

I cannot seem to locate the guidelines as to how many trial payments are required, before a MHA modification can be made permanent.

I am not referring to extensions and such, just the original trial payment guidelines.

I know in certain cases it is three, and in other cases it is four.

Does anyone know the answer or have a link to an answer?

Thanks!

Skipper

Skipper,

I as well have Freddie and in my paper work it states three trial payments.

[ama125]

It's a 3 month trial if you are in default, 4 months if imminent to default.

[Skipper]

Originally Posted by ama125

It's a 3 month trial if you are in default, 4 months if imminent to default.

Thanks....

Again, made the first, now waiting for the remaining docs for the second and third...

Breathe.... Breathe....

S

[Evan Bedard]

Thanks....

Again, made the first, now waiting for the remaining docs for the second and third...

Breathe.... Breathe....

S

Hi Skipper,

What do you mean waiting on the paperwork for the first and second?

[heidi79]

what's happening now is people are making as many trial payments as the SERVICER is taking in processing the mod to permanent, i think so far all permanent mods reported on the forum have been 5 to 7 months.

[Skipper]

Originally Posted by Evan Bedard

Hi Skipper,

What do you mean waiting on the paperwork for the first and second?

Hi Evan,

I received a letter from BofA at home via a fedex a few days ago, along with a payment coupon for my first trial payment. In this letter it was explained that I would be receiving an additional package soon.

Although it is not on MHA letterhead (it is a BofA letter), it stated the following:

...In the next few days, you will receive a package with additional details and documents that you need to return to us so we can complete the three-month trial modification process and determine your eligibility for the permanent modification of your loan. There are no fees associated with this program. If we determine that you are not eligible for a permanent modification under the Home Affordable Modification Program, we will contact you to review other options.

When I called BofA to inquire, I was told (by the negotiator and also the Office of the Chairman) that once the first trial payment is made, the remaining documents and final two payment coupons will be sent out.

In addition, my negotiator once again confirmed that I have been submitted and approved by Freddie Mac for the MHA HAMP program.

I should have another payment due 12/1 and again on 1/1.

Keeping the fingers crossed!

Skipper

Evan, what do you think?

[Skipper]

Here's what I got.

First, a letter shows up via Fedex which indicates my "new" monthly MHA payment amount, and to pay "today".

I made the payment early last week, and on Friday, true to their word, another Fedex came with a complete set of MHA modification documents, and of course, a list of all of the required documents (which have already been sent...).

The only anomaly is that the trial payments are listed due on 12/1, 1/1 and 2/1, not counting the payment I made the first week of November. It will be interesting to see how it all is reconciled.

Good luck to all.

Skipper

[jhn_plsn]

I have not seen many trial periods that involved paperwork. Is this the norm? Maybe I just missed that part of some posts. I would like to see some paperwork on my trial for my 2nd, but was told verbal trial only.

[sahm2two]

Originally Posted by jhn_plsn

I have not seen many trial periods that involved paperwork. Is this the norm? Maybe I just missed that part of some posts. I would like to see some paperwork on my trial for my 2nd, but was told verbal trial only.

My trial period was sent via FEDEX on 9/11 and there was papers that needed to be signed and sent back. I'd be leery of sending off a payment with just "verbal" approval.

[sahm2two]

Skipper - I would be contacting them to make sure you do not need to make four payments! They should honor the first one!

[Skipper]

Originally Posted by sahm2two

Skipper - I would be contacting them to make sure you do not need to make four payments! They should honor the first one!

Hi Sahm,

I think they will. In the mod paperwork (which I just returned from Fedexing back to them!) it stated that if I had already made a payment, that I could skip the next one that is due (12/1) and begin with the 1/1 payment.

My thoughts are these; now that I have returned the completed documents for the trail period, that I am going to make the 12/1 and 1/1 payment on time, and then if needed, the 2/1 payment.

I do not want to give them any reason to delay a permanent approval...

Sahm, two quick questions, since you are ahead of me; first, did your receive any correspondence back once you returned your completed trial documents? Also, did you have your signature notarized on the agreements that you signed? I could not find an answer to the second question, so to be safe I had my signature notarized...

Thanks and again, congrats on your progress!

Skipper

[sahm2two]

Originally Posted by Skipper

Hi Sahm,

I think they will. In the mod paperwork (which I just returned from Fedexing back to them!) it stated that if I had already made a payment, that I could skip the next one that is due (12/1) and begin with the 1/1 payment.

My thoughts are these; now that I have returned the completed documents for the trail period, that I am going to make the 12/1 and 1/1 payment on time, and then if needed, the 2/1 payment.

I do not want to give them any reason to delay a permanent approval...

Sahm, two quick questions, since you are ahead of me; first, did your receive any correspondence back once you returned your completed trial documents? Also, did you have your signature notarized on the agreements that you signed? I could not find an answer to the second question, so to be safe I had my signature notarized...

Thanks and again, congrats on your progress!

Skipper

Skipper,

I did NOT have it notarized. After the docs were sent back I called in to make sure they got them...there were a few minor things they said needed to be fixed...but they were able to do right over the phone. I, then made my first payment at the end of September for 10/1. I did after making trial payments got a paper statement in mail that said to comply with whatever agreement I had made with BoA...another words disregard the statements that said to make my old payment.

[MommyBook]

Hey Skipper!

I've been MIA for a while, but I see you got your mod! CONGRATS!

It sounds different than the usual MHA mod. I'd call Regina to confirm it was the correct paperwork.

Congrats!

[Skipper]

Originally Posted by sahm2two

Skipper,

I did NOT have it notarized. After the docs were sent back I called in to make sure they got them...there were a few minor things they said needed to be fixed...but they were able to do right over the phone. I, then made my first payment at the end of September for 10/1. I did after making trial payments got a paper statement in mail that said to comply with whatever agreement I had made with BoA...another words disregard the statements that said to make my old payment.

Thanks Sahm... I decided to err on the side of caution by having it notarized... Hopefully it shouldn't hurt...

Skipper

[Skipper]

Originally Posted by MommyBook

Hey Skipper!

I've been MIA for a while, but I see you got your mod! CONGRATS!

It sounds different than the usual MHA mod. I'd call Regina to confirm it was the correct paperwork.

Congrats!

Hi Mommy,

I did talk to Regina, and this is on the up and up... I was just curious about the need to have the signatures notarized. The instructions did not say to, but there is an area that kind of implies that a notary may be needed.

How are you?

Skipper

[tiredofwellsf]

We have been making "trial payments" and applying for new mods every 3 months for 2 years now....I kid you not. We are now attempting Short Sale.