Wilshire approved us for trial mod but without details?

[GonnaMakeIt]

We were verbally approved for a trial modification under HAMP on 10/12 and received our package with payment amount, due dates etc but no information about the rate or about our delinquent amount due etc....? Is this normal for this stage in the game?

[SillyWorld]

Just the usual Bla Bla Bla Trial payments you cannot be late or miss any payments all must be in there hands on time every month for next 3 months then if all is well art the end of the 3 you may qualify for the loan MOD or program they are setting you up to then it starts all over again and at the end of the next 3 it will be made permanent if all 6 were in office on time

[MyHAMP]

Originally Posted by GonnaMakeIt

We were verbally approved for a trial modification under HAMP on 10/12 and received our package with payment amount, due dates etc but no information about the rate or about our delinquent amount due etc....? Is this normal for this stage in the game?

That's normal. We just made our third trial payment and still don't know what the terms will be. Although there's no doubt it will be beginning at 2% and extended to 40 years based on debt/income. But the rest is unknown..

The real "facts" show up on the Modification Agreement and not on the Trial Period Plan.

[yomann]

Originally Posted by MyHAMP

That's normal. We just made our third trial payment and still don't know what the terms will be. Although there's no doubt it will be beginning at 2% and extended to 40 years based on debt/income. But the rest is unknown..

The real "facts" show up on the Modification Agreement and not on the Trial Period Plan.

Thanks for that clarification and input.
My take is if the 3 or 6 month Trial Period payments are equal to fair rental value of my home, I would also go for it - really have nothing to lose, and MAY gain something really worthwhile if the Perm. Mod. works out.

[MyHAMP]

Originally Posted by yomann

Thanks for that clarification and input.
My take is if the 3 or 6 month Trial Period payments are equal to fair rental value of my home, I would also go for it - really have nothing to lose, and MAY gain something really worthwhile if the Perm. Mod. works out.

That's how I see it as well. Although they (usually) don't forgive principal, going the HAMP-way is still the best option if comparable rentals are more in your area (not even to mention moving-expenses). And I'd rather own than rent if it costs the same. Makes you feel much better..

I always consider HAMP to be some kind of "rent-to-own" on properties that are underwater. And you are right - it might pay off one day.