Payments while awaiting Trial Mod paperwork

[ABC123]

I was told on Thursday that I was approved for HAMP and will be getting my paperwork within 10 days. (No I am not holding my breath...) I have a payment scheduled to be taken out of my account on the 31st for my Nov 1 Payment. It is scheduled at the regular amount- which I will not have available. Not making this payment will put me 90 days past due because I was already 30 days and then couldnt make Oct 1 and now will miss Nov 1.

My understanding is that once I get this trial mod paperwork, as long as I get it before Nov 15th technically my next payment will not be due till Dec 1.

Is it ok to not make this payment? Can they cancel my trial mod? Of course calling the bank is worthless because loss mit wants as much money out of me as they can. Anybody have experience here??? Thanks.

[Evan Bedard]

Hi ABC123,

My understanding is that once I get this trial mod paperwork, as long as I get it before Nov 15th technically my next payment will not be due till Dec 1.

Is it ok to not make this payment? Can they cancel my trial mod? Of course calling the bank is worthless because loss mit wants as much money out of me as they can. Anybody have experience here??? Thanks.

Usually they will tell you over the phone when your first payment will be do, they did not do this?

[MyHAMP]

Originally Posted by ABC123

I was told on Thursday that I was approved for HAMP and will be getting my paperwork within 10 days. (No I am not holding my breath...) I have a payment scheduled to be taken out of my account on the 31st for my Nov 1 Payment. It is scheduled at the regular amount- which I will not have available. Not making this payment will put me 90 days past due because I was already 30 days and then couldnt make Oct 1 and now will miss Nov 1.

My understanding is that once I get this trial mod paperwork, as long as I get it before Nov 15th technically my next payment will not be due till Dec 1.

Is it ok to not make this payment? Can they cancel my trial mod? Of course calling the bank is worthless because loss mit wants as much money out of me as they can. Anybody have experience here??? Thanks.

ABC123,

Here's how I understand it:

If the scheduled payment is your REGULAR payment, it's not the first trial payment so missing it shouldn't be an issue.

If you were just notified that they sent out the HAMP paperwork and that you should receive it within 10 days makes it also very unlikely that it's already due by Nov.1.

[ABC123]

Yes it is my REGULAR payment NOT a trial payment. My trial payment will not be due till Dec 1st at the earliest.

[MyHAMP]

Originally Posted by ABC123

Yes it is my REGULAR payment NOT a trial payment. My trial payment will not be due till Dec 1st at the earliest.

In that case, you are on the safe side. No need to make that regular payment when it comes to HAMP-approval.

[Evan Bedard]

Yes I agree with MYHAMP you should not have to make anymore regular payments until you receive the trial package..