Got paperwork UPS!! ...small discretion...technicality?

[MamaBear911]

Hello All....
I got the paperwork for our Trial Payments today! We were told over the phone that our first trial payment would be November 1st. The paperwork says the first payment is due Dec 1st.
I freaked out because we made our last full payment October 15th and since they wanted the firstst trial on Nov 1st we are short on money due to timing of our next paycheck. We borrowed money from so we wouldnt miss that first trial payment.
THEN I REMEMBERED....from my research on this site the lender can't ask for the 1st trial payment for at least 30 days from the date of your last payment. Since we paid the OCT 15....thay can't ask for it until DEC????? Am I correct? If I am, what do we do? Skip the Nov payment?
Anyone have this experience?
Thanks for your help.....Mamabear

[Evan Bedard]

Hi Tluster,

THEN I REMEMBERED....from my research on this site the lender can't ask for the 1st trial payment for at least 30 days from the date of your last payment. Since we paid the OCT 15....thay can't ask for it until DEC????? Am I correct? If I am, what do we do? Skip the Nov payment?
Anyone have this experience?

If the agreement said to pay Dec 1st that should be your first payment for the trial period. Over the phone reps will do anything they can to squeeze another payment out of you, but the paperwork is official..

[MamaBear911]

Thanks,
I placed a call to the Home Retention Rep that has been helping me...We'll see what he says

[Evan Bedard]

Good luck and keep us posted!

[darkdays]

On the HAMP website it says that if the borrower is advised of the modification within the 1st 15 days of the month, the payment is due the 1st of the next month. If the borrower is advised of the modification during the last 15 days of the month, you have to skip to the next month. Seems you just got your papers today (?) and therefore, your 1st payment should be due December 1st. Always go with what is in writing before anything verbal. Best of luck to you!!

[MamaBear911]

Thanks!
Is that applicable to a Trial Payment Plan or just a permanent modifcation?
I don't want to mess up ANYTHING and risk getting turned down for the permanent mod...But also don't to cut them any slack (as we know they would NOT do for me) and overpay.....

[ABC123]

Can you please tell me where I can find that info on payment dates? I was told by my bank that my paperwork would be issued tomorrow or monday and I was to have a payment to them by Nov 1st. If that is not correct I need to be able to have something to tell them. I really could use the extra 30 days!

[Evan Bedard]

Can you please tell me where I can find that info on payment dates? I was told by my bank that my paperwork would be issued tomorrow or monday and I was to have a payment to them by Nov 1st. If that is not correct I need to be able to have something to tell them. I really could use the extra 30 days!

When you receive the paperwork it will tell you when to make your first payment. If you have not received your paperwork yet, I do not see why you would have to make a payment on the 1st of Nov. They may just be trying to squeeze a payment out of you..

[ABC123]

On the HAMP website it says that if the borrower is advised of the modification within the 1st 15 days of the month, the payment is due the 1st of the next month. If the borrower is advised of the modification during the last 15 days of the month, you have to skip to the next month. Seems you just got your papers today (?) and therefore, your 1st payment should be due December 1st. Always go with what is in writing before anything verbal. Best of luck to you!!

Where can I locate this? I know that my bank will not abide by this unless I call them out on it... they are very shady.

[darkdays]

It's under HAMP supplemental directive 9-03. www.hmpadmin.com

Commencement of Trial Period

A borrower’s trial period starts on the Trial Period Plan Effective Date, which is a field in the Trial Period Plan that is completed by the servicer. If the servicer transmits the Trial Period Plan to the borrower on or before the 15th day of a calendar month, then the servicer should insert the first day of the next month as the Trial Period Plan Effective Date. If the servicer transmits the Trial Period Plan to the borrower after the 15th day of a calendar month, the servicer should use the first day of the month after the next month as the Trial Period Plan Effective Date. This determination should be based on the date of the cover letter used to transmit the Trial Period Plan to the borrower.
For example, if the servicer completes the Trial Period Plan and transmits it to the borrower on June 2nd, the servicer should use July 1st as the Trial Period Plan Effective Date. If the servicer completes the Trial Period Plan and transmits it to the borrower on June 27th, the servicer should use August 1st as the Trial Period Plan Effective Date.
The date that the first trial period payment is due under the terms of the Trial Period Plan must be the same date as the Trial Period Plan Effective Date. The servicer must receive the borrower’s first trial period payment on or before the last day of the month in which the Trial Period Plan Effective Date occurs ("Trial Period Offer Deadline"). The servicer must consider the Trial Period Plan offer to have expired if the servicer does not receive the borrower’s first trial period payment by the Trial Period Offer Deadline. Servicers are reminded, as provided in Supplemental Directive 09-01, that the servicer may, in its discretion, consider the offer of a Trial Period Plan to have expired at the end of 60 days if the borrower has not submitted both an executed Trial Period Plan and complete documentation as required under the Trial Period Plan. Further, a servicer must not execute the Trial Period Plan or return it to the borrower until after confirming the borrower meets all eligibility criteria based on the borrower’s verified documentation.

[MamaBear911]

Update!
I called the Home Retention team again and spoke with someone. I told them my understanding of the guidelines meant that since we received our package after the 15th we do not have to pay for Nov and start our trial payments on Dec 1st?? He said "that is true". I said "so, our first payment is Dec 1st?? we don't have to pay for Nov?" he said "what you said is true." Guess he didn't want to say too much

So...thanks everyone I will let you know how the permanent modification goes!
Say prayers for us!

[darkdays]

Update!
I called the Home Retention team again and spoke with someone. I told them my understanding of the guidelines meant that since we received our package after the 15th we do not have to pay for Nov and start our trial payments on Dec 1st?? He said "that is true". I said "so, our first payment is Dec 1st?? we don't have to pay for Nov?" he said "what you said is true." Guess he didn't want to say too much

So...thanks everyone I will let you know how the permanent modification goes!
Say prayers for us!

Best of luck to you! Again, your paperwork says December 1st so that is what is important; the supplemental directives back up what your paperwork says.

[imlars]

Hello All....
I got the paperwork for our Trial Payments today! We were told over the phone that our first trial payment would be November 1st. The paperwork says the first payment is due Dec 1st.
I freaked out because we made our last full payment October 15th and since they wanted the firstst trial on Nov 1st we are short on money due to timing of our next paycheck. We borrowed money from so we wouldnt miss that first trial payment.
THEN I REMEMBERED....from my research on this site the lender can't ask for the 1st trial payment for at least 30 days from the date of your last payment. Since we paid the OCT 15....thay can't ask for it until DEC????? Am I correct? If I am, what do we do? Skip the Nov payment?
Anyone have this experience?
Thanks for your help.....Mamabear

Go by the paperwork. Verbal doesn't hold up in court. Send a certified check or money order along with the agreement and all of the financial documents that they ask for. Keep a copy of the tracking number on the return label and you can get proof of delivery online.

[davephx]

I would call them to confirm not till December 1st.

You might have been caught in the redos like Citi did where we start over again but must have made all the prior trial payments. Your situation sounds logical if you paid Oct 15th.