Dont qualify

[ill1965]

My bank contacted me today. They say we do not qualify for the gov. Program. But they may have some other things they can do for us. Has anyone had this happen to them. We need help. My wife is on unemployment and so am i. But i being in the trades do get some hours once and awhile.

[mimirayo]

I would request WHY you were denied. Sometimes it is a matter of THEM getting the numbers wrong, not having the right paper, OR a reason that is not acceptable under HAMP.

For Example:A woman who was denied by Wells took it to court. Wells said they denied because she did not send in paper "X".In the courtroom she had to read the requirements in the letter from Wells and what they needed in order for her mod. Paper "X" was not on the list of what they requested.
With HAMP there is to be a 1000.00 principle reduction for timely payments each year. That will not happen with an "in house mod", I think that is why so may companies are now offering them. They make more money on in-house vs. HAMP

[MyHAMP]

Originally Posted by mimirayo

With HAMP there is to be a 1000.00 principle reduction for timely payments each year. That will not happen with an "in house mod", I think that is why so may companies are now offering them. They make more money on in-house vs. HAMP

That makes no sense to me. Under HAMP, the lender gets ADDITIONAL money - as well as the borrower..

[mimirayo]

If they do an "in-house mod" you don't get that yearly principle reduction....they make more money in the long run

[MyHAMP]

Originally Posted by mimirayo

If they do an "in-house mod" you don't get that yearly principle reduction....they make more money in the long run

I doubt it. The other incentives are more than the $1K/year.

You mustn't forget the government payments matching the lenders' payment reduction from 38% to 31% GROSS for the first 5 years which are not applied towards principal balance. There are also some other incentives only for the servicer/investor.

Here's the breakdown:

https://www.hmpadmin.com/portal/docs...nfirstlein.pdf

[gmorgan]

Originally Posted by mimirayo

... HAMP .... with an "in house mod", ...
... make more money on in-house vs. HAMP

This is a totally ignorant question, but what is the difference?

All these months, I've been operating on the assumption that
they were the same thing, but it appears that they are not.

I assumed that Wells Fargo, after denying me a conventional
refinance, sent me to the government plan. Now, I'm not sure.

How do I know?

[BadBobMo]

Yes make sure they their so no mistake on their behalf.

But they may have some other things

Look brothers/Sisters the HAMP has many, many guidelines with many, many changes.
They have singed up for the program and must start with the HAMP program if you request it! But as many Vet's here @ Loan.Safe know if you don't ask your off into 3-Month-Hell. Two things that keep's them form not trying to disqualify you with out just cause is (1) the second look, second them being kick-out of the program. (Fat-Chance)
ill1965 keep your eye's open regarding unemployment in the next couple of week their might be some relief coming your way!!
The $$$ incentives from the HAMP really is not alot of money to speak of over the course of a loan.
It's the Big-Bucks that they got that keep them in line! (What if Timmy got mad and wanted all is marbles back)?
Now hold on to your hat regarding In-House type Mod's.
This is more of a 2-Way Street. You can ask for the moon you might not get it, but that should not hold you back from asking!
Exsample how about 2% for reaming term of your loan! I've seen this on several loan mod's.
P.S. the more you are under the better deal!!
I will check back later to see what's up!

[MyHAMP]

Originally Posted by gmorgan

This is a totally ignorant question, but what is the difference?

All these months, I've been operating on the assumption that
they were the same thing, but it appears that they are not.

I assumed that Wells Fargo, after denying me a conventional
refinance, sent me to the government plan. Now, I'm not sure.

How do I know?

Did you already get any documents for the gov.-application?

Here's a site where you can compare your paperwork to:

https://www.efanniemae.com/sf/mha/mh...rrowersolicit/

[MyHAMP]

Originally Posted by BadBobMo

P.S. the more you are under the better deal!!

True. Oh wait, even if they approve our HAMP, I'll them them "keep it"..
we are so far under and behind, it's about time THEY pay US!

That's "change I will believe in.."
Hahaha....

[gmorgan]

Originally Posted by MyHAMP

Did you already get any documents ... ?
Here's a site where you can compare your paperwork ...

Thank you. Apparently, I'm inside the Wells Fargo system.

That's a bad place.