Anybody passed trial payment and was denied later?

[jieen1506]

Hi, I am headache with this questions now.

Has anyboday already passed trial payment period ( made trial payment amount as requied) but later was denied?

What happened ? Reduced your credit score ( if before trial payment credit is good) , starting foreclosure ? ......

Please share your experience. I am scared of taking risk now to take the Obama Home Motification Offer which I fighted hard for the past 6 months.

thanks,

[another_number]

Hello. I'm hoping someone will reply to this because I'm wondering the same thing. I just read the following 2 sentences in someone's post (on a related forum) which scared the hell out of me. Is it really true that the unpaid balance (i.e. entire loan amount) will become due after 90 days in a forbearance agreement trial period if the loan can't be modified due to income (or lack thereof)?

...

Because Fannie is the investor on our loan, we have to enter into their forbearance plan for 90 days (or not pay our mortgage for 90 days) in order to just be considered. There is no guarantee that we will then qualify. If we don't, according to the documents, the unpaid balance will become due after these 90 days.

...

Also... Is Obama's Making Home Affordable Plan a viable option for those who have Fannie Mae backed loans without going into default through a forbearance agreement?

[MyHAMP]

I'd like to expand that question: Anybody passed trial payment and was denied later due to failed NPV?

[itladyintexas]

We have been denied and went through not 3 but 5 months of Trial period payments all of them on time. We were just notified today that our loan cannot be modified because of the package of loans sold to the Investor. This does not make one bit of sense to me. We submitted all of our documents down to the letter following all of the advise on this great website. You can imagine the punch in the gut when we got the notification from Select Porfolio Servicing. I work at a nonprofit keeping disadvantaged and homeless off the street and we work close with NACA, Acorn and all the rest. I'm saying that because we sought advise before submitting the documents. The payment they arrived at basically took the monthly payments we had been making prior to losing our jobs and added the escrow items and that was our option. This amount of course is higher. They advised us that they would consider forgiving our arrearage if we could provide income documentation to support this new large payment. If we could do that then we would not have applied for HAMP and would never have gotten behind in the first place. They then offered to give us $5,000 to move out. The problem is that we put $100K down and numerous other items purchased out of our own monies. To take the $5,000 to walk away when homes in our community have been on the market for over 2 years is crazy. Can anyone tell me how are they coming out on the winning end for the investor? We have made all of the payments on time. We were so desparate that we asked them would they consider just allowing us to pay this trial at least through next year as we try to look for higher paying jobs comparable to what we lost a couple of years ago. They have not responded. Lastly, we paid a large amount of money for repairs after Hurricane Ike because our Insurance Carrier Farmers denied our claim stating that the backup sewage and other problems where not caused directly by the wind. All of this came out of pocket. FEMA has never compensated us and we are still writing. My husband was recently diagnosed with Parkinsons and we have a 9 year old adopted grandson (his mother passed away). We just want to stay in our home like the rest of us our here on this forum. Thank you all for being so supportive. As you know, this is a tough battle.

[DenieLisa]

Originally Posted by MyHAMP

I'd like to expand that question: Anybody passed trial payment and was denied later due to failed NPV?

Yes, with SPS. However, when I run the FDIC npc calc. I pass with a $30k benefit from modification....go figure!

[MyHAMP]

Originally Posted by DenieLisa

Yes, with SPS. However, when I run the FDIC npc calc. I pass with a $30k benefit from modification....go figure!

The FDIC-model is NOT the NPV-model. Not even close because it doesn't take escrow into consideration - and many other factors are missing as well.
Now did your income change over that time? I'm curious because we are with SPS as well...and when exactly did they tell you you wouldn't qualify for HAMP?