Down Payment for HAMP?

[whirlingbirdie]

Is it normal for a servicer (Wells Fargo) to request a down payment for HAMP? When I was on the phone with someone the other day, she asked me how much I could send in as a good faith payment and how fast. I have no problem getting money together but would want to know what it was being applied to, and whether or not it was necessary. Thanks! I wouldn't send anything in without it being in writing, and told her that as well. She kind of backed off then.

[Evan Bedard]

Hi whirlingbirdie,

Is it normal for a servicer (Wells Fargo) to request a down payment for HAMP? When I was on the phone with someone the other day, she asked me how much I could send in as a good faith payment and how fast. I have no problem getting money together but would want to know what it was being applied to, and whether or not it was necessary. Thanks! I wouldn't send anything in without it being in writing, and told her that as well. She kind of backed off then.

She is just trying to get as much money out of you as possible. Do not send them any money until you get an agreement in writing first.. There is no down payment for the HAMP program..

[whirlingbirdie]

Ok thanks. I didn't think that there was. She was asking how fast I could get it together and send it. I just basically said I wasn't agreeing to anything unless I had it in writing, and she was like uhh no you don't have to agree to anything, I was just wondering how quickly you could get us a payment. Thanks. These boards have been SO informative!!

[MyHAMP]

Under HAMP, your first payment will be your first Trial Period Payment - and that should only be slightly more than 31% of your current gross income - so as Evan pointed out, there is no such thing as a down payment or "as much as you can"-payment under HAMP.

[minknmelissa]

This is what happened to me but they told me it would be my second payment and they were using money in my suspense account towards first. I would really like to know how they get away with these things