HAMP Process - Loan Modification Forum

whirlingbirdie · 10-02-2009, 02:36 PM

Has any been through the HAMP modification? We were told today we qualified and they would be sending out a packet. They asked how much of a down payment we could put down (I said $2000) She asked how quickly I could have it to them, I said within a week (have to transfer funds) We are currently 90 days behind. (mostly due to a reduction in income at my job) I called the executive office at Wells Fargo, and they are taking care of balancing out our escrow. (township double billed us which is what caused our mortgage to go up in the first place) from 2390.01 to 2999.00. FML.

Few questions:

What can I expect to get in the HAMP packet?
What info will they need? (I have already sent in pay stubs, verbally and written budgets, and hardship letters. Three times.)
How long will this take?
Do they stop the foreclosure process while the loan is being modified/reviewed?

What should "I" be doing in the meantime? How often should I call? Should only call the executive office or deal with L&M as well?

Thanks for any help.

poshtots · 10-02-2009, 07:45 PM

what the heck do you need a deposit for? Wells Fargo is a joke...be careful!

Hopefull2009 · 10-02-2009, 07:58 PM

Get comfortable and pull up a chair. You can read about all the different HAMP experiences so far. Many have entered trial periods, but it seems very few have actually been modified as of yet under this program. LOL - I myself am on my second "trial period."

Get ready for a long, frustrating process (not to discourage, but so you know what you're in for).

Keep in mind, their term "qualifying" and actually modifying are two different things.

Good luck!

whirlingbirdie · 10-04-2009, 05:47 AM

Ugh. I see what I am reading. My credit is already shot to hell, so that really doesn't matter at this point. I want them to balance out the escrow and give me my payments!! I will keep everyone posted!

jtmd99 · 10-04-2009, 03:47 PM

My HAMP application was accepted and forwarded to a negotiator about six weeks ago and I haven't heard from the negotiator yet.

At this point will it ruin my chances for the modification if I can no longer make payments while I am waiting for the negotiator to get back to me?

Your thoughts are appreciated.

10-02-2009, 02:36 PM	#1 (permalink)
whirlingbirdie Senior Member Join Date: Oct 2009 Posts: 56 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	HAMP Process Has any been through the HAMP modification? We were told today we qualified and they would be sending out a packet. They asked how much of a down payment we could put down (I said $2000) She asked how quickly I could have it to them, I said within a week (have to transfer funds) We are currently 90 days behind. (mostly due to a reduction in income at my job) I called the executive office at Wells Fargo, and they are taking care of balancing out our escrow. (township double billed us which is what caused our mortgage to go up in the first place) from 2390.01 to 2999.00. FML. Few questions: What can I expect to get in the HAMP packet? What info will they need? (I have already sent in pay stubs, verbally and written budgets, and hardship letters. Three times.) How long will this take? Do they stop the foreclosure process while the loan is being modified/reviewed? What should "I" be doing in the meantime? How often should I call? Should only call the executive office or deal with L&M as well? Thanks for any help.

10-02-2009, 07:45 PM	#2 (permalink)
poshtots Member Join Date: Sep 2009 Posts: 8 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: HAMP Process what the heck do you need a deposit for? Wells Fargo is a joke...be careful!

10-02-2009, 07:58 PM	#3 (permalink)
Hopefull2009 Senior Member Join Date: Feb 2009 Posts: 246 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: HAMP Process Get comfortable and pull up a chair. You can read about all the different HAMP experiences so far. Many have entered trial periods, but it seems very few have actually been modified as of yet under this program. LOL - I myself am on my second "trial period." Get ready for a long, frustrating process (not to discourage, but so you know what you're in for). Keep in mind, their term "qualifying" and actually modifying are two different things. Good luck!

10-04-2009, 05:47 AM	#4 (permalink)
whirlingbirdie Senior Member Join Date: Oct 2009 Posts: 56 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: HAMP Process Ugh. I see what I am reading. My credit is already shot to hell, so that really doesn't matter at this point. I want them to balance out the escrow and give me my payments!! I will keep everyone posted!

10-04-2009, 03:47 PM	#5 (permalink)
jtmd99 Member Join Date: Oct 2009 Posts: 6 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: HAMP Process My HAMP application was accepted and forwarded to a negotiator about six weeks ago and I haven't heard from the negotiator yet. At this point will it ruin my chances for the modification if I can no longer make payments while I am waiting for the negotiator to get back to me? Your thoughts are appreciated.

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