Approved for HAMP trial mod with GMAC but wrong income was used.

[duchess]

First of all I'd like to thank everyone on this forum for the valuable information. I've got a first and second ($604k & $250k) with GMAC and started the mod process in early May. Still current but struggling to make the payments. I was approved yesterday for a trial mod under the HAMP but the payment is only $200 less ($3,600 vs. 3800 int. only) than I currently pay. The problem is that they calculated my monthly income $3,600 too high. My first trial payment is due July 1st. After reading through the servicer guidelines it appears that they can change the final monthly payment if your income drops during the trial period and you still have a pass on the NPV test.

Any thoughts on what I should do? I'm leaning towards making the trial payments and hoping they can change the final payment using the correct income.

Thanks

[Moe Bedard]

duchess.................your payment must be saving you much more than $200 if it was interest only previously and now should include Principal, Interest, Taxes, and Homeowner's Insurance as well..................


the 31% is off of the gross income.......not the net (take home) income........so was the gross income accurate, because they verify this information from the financial documents, tax returns, bank statements, and check stubs........if it is not, I would suggest that you contact GMAC and go over the financials with them.

[duchess]

***- You are correct regarding the overall savings. My current rate is 5.5% interest only. With taxes and insurance the payment comes to $3,825. The modified payment of $3,600 includes principal, but is doesn't help much in terms of monthly cash flow. The payment on the heloc second is $2,500 and monthly gross income is about $8,000. That doesn't leave much left over.

GMAC used pay stubs I provided and simply miscalculated the gross income. I'm worried that when I resubmit my pay stubs I won't pass the NPV test.

Thanks

[Moe Bedard]

that would appear to be a catch 22 then..................because in order to get a payment on the first lien to 31% of gross income and once the final modification is in place............a chance to modify your second lien under the program.............you would need to contact GMAC and point out the error...............otherwise.........there isn't much else you can do.