Do they

[whirlingbirdie]

do a search for savings accounts when going through the HAMP process? I am putting as much money as I can into savings every month, and will have about $10,000 at the end of Nov. after 5 months of not paying. This won't be the total amount due however (about $13K) but I'm wondering whether I have to disclose this to them??

[caldwellb02]

Unfortunately, whirling, I do believe that has to be disclosed. I do NOT think they do a search of other banks, etc., for savings - I don't think that's legal. If you don't disclose though and it's found out after you get a mod based on what you did tell them, it could be fraud. I believe you are "allowed" to have less than 3 months mortgage payments without any ding. If your mortgage payments are more than 1/3 of $10,000, you might be okay. I'm NOT a lawyer, so you do need to do more research on this. Don't just go by what I say.

[whirlingbirdie]

Originally Posted by caldwellb02

Unfortunately, whirling, I do believe that has to be disclosed. I do NOT think they do a search of other banks, etc., for savings - I don't think that's legal. If you don't disclose though and it's found out after you get a mod based on what you did tell them, it could be fraud. I believe you are "allowed" to have less than 3 months mortgage payments without any ding. If your mortgage payments are more than 1/3 of $10,000, you might be okay. I'm NOT a lawyer, so you do need to do more research on this. Don't just go by what I say.

Ok, thanks. I'm just trying to have as much saved as I can but I can't save the whole mortgage payment (otherwise I'd be paying it) I'm about $400 short at the end of the month because of the problems with our escrow account and a pay cut. But I don't want to just blow it to blow it, either, though maybe I could use some to pay off credit card debt. Idk. Ugh. I just want this done!!