Those Who Have Made a 4TH Trial Pmt.

[grullagirl]

Just curious as to how many have made a 4th trial payment and are on the HAMP Trial Modification Program.

My trial started 6/1 with pmts due 6/1, 7/1, 8/1, and they sent a fourth coupon for 9/1. I made that payment yesterday. I called Chase and they said, again, just keep making the trial payments, they are trying to get through them.

I'm very nervous but I think I'm being paranoid. They must have a mandate to get these permanent modifications done. I'm trying to stay positive and think that I'll log on to LoanSafe and see a rash of permanent modifications being approved. I think the in the next three weeks we'll see something start to happen.

[sealag]

I just made my 5th trial payment today.

[Liz Medrano]

I know this stinks...we too just made our 4th payment yesterday. I hope you are right and that we start to see some mods happen.

[Hard Times]

Did any of you have a terrible time just getting approved? How many months did you have to endure before the "underwriters approved" your mod? I started back in 10/08, and its again "in the underwriters hand".

If the underwriter approves a mod, does the underwriter call or the Loss Mitigation Dept? Or, do they just Fed-x out the mod and you have a surprise waiting at your doorstep one day?

Also.....how many of you were late or stopped making you payment before getting approved?

Also.....not to be nosey, but to better understand what these mods are offering......about how much was your monthly payment reduced to, and was it all the way down to 2%? Are they always trying to lock into that magic 31% number?

Also.....I am getting 3 calls a day from Wamu/Chase collections asking when I am going to pay my monthly payment. I tell them "it is in underwriting, and I am waiting the package before paying"......but they act as if I am lying, and just want me to pay my back payment. Should I continue to be courteous to them, or will hurt matters if I vent some steam on these collections people?

Thanks.

[Mountain life]

Hardtimes: Just curious, how long has the underwriter been reviewing your loan this time? Mine has been under review for two weeks, but it took three months to get there. I hope it works out for you.

[Liz Medrano]

Hard Times:

The very same day that the Obama plan was announced, I went on the WF website and requested assistance-I think that was at the end of March??

Anyways-We had been way into the foreclosure process-we had asked for help from WF back in 2008, they wouldn't do anything for us. So the inevitable happend we stopped paying, filed for ch7 BK, and the bank started the forclosure. Now mind you-My husband has a good job and reasonable pay; but I lost my job and have been out of work for over two years. They wouldn't budge to help us.

I was estatic when I heard about the HAMP program. They didn't contact us or anything. Our house was set for the auction date and low and behold a fed-ex package at our door with the HAMP progam paperwork. The bank suspended the foreclosure. Fast forward- we made payments 6/1, 7/1, 8/1, & 9/1. The payment is about half what it used to be; but still not at 31%-more like 37-38%. I am okay with that with the ch7 BK we were able to drop all of our debt except my student loans.

We don't have a final answer yet so we will have to wait and see what will happen. At this point I am okay either way....I just want to know-not knowing is killing me.

[Hard Times]

Mountain......This is the second go-around, as the first time they rejected me because my bank amount was a few dollars above the 3 month reserve (because I was told NOT to make a payment since the mod docs were being sent out!). It has now been a month since I was "told" that my package had been sent to the underwriters.

[Hard Times]

LIZ......Wow, you barely squeaked by before they auctioned your home....close call.

That is fantastic!!! Your payment is about 1/2 of what it used to be....who cares if it is not down to 31%.....I would jump on 38% if it reduced my payment in half. You are one of the very lucky ones! I only hope I can follow your footsteps.

So, filing for bankruptcy does not affect getting approved for a modification? I was under the impression that you should waite and do that after a mod is finalized (and ony if absolutely necessary).

Thanks.

By the way, did they give you 2% for this trial period?

Do they also mention anything about increasing the term from 30 to 40 years?

[Liz Medrano]

Hi Hard Times,

Yes we were very fortunate, I lost my job after my son died a few years ago so it was devestating to also loose everything else. Also this was our second save-I live in Florida and the Governor had stopped all forclosures during the holidays for three months so that also bought us more time. However a house can be replaced, a child can't. Anyways hopefully the final papers will come soon.

We were told over the phone that they were proposing as follows:
1-5 2% interest
6 3% int.
7 4% int.
8-40 4.75 no balloon needed.

Our BK is already discharged and everything so the bank can deal with us directly-I think it is more complicated for people in the middle of a BK. God is helping us here.

[grullagirl]

Liz,

You are so right, a house can be replaced, a child can not. Am so sorry for your loss. We lost my husband's adult son nine years ago next month.

As for the terms of your modification, it sounds good. Let's pray and hope that these trial period agreements start to turn into permanent modifications.

We made our first phone call re: house payment reduction/relief in Nov. 08 and have been dealing with Chase weekly since Jan. 09. What a process!!!

Cheers.

[Liz Medrano]

grullagirl,

Thank you for your kind thoughts. My son was 22-but no matter what age-there's nothing like losing a child. I think he's in heaven pulling strings so that we can keep our home.

Have a great day and I wish you the best on your housing relief.

[Hard Times]

Liz.......Sorry to hear about your loses, especially your son. God is looking out for you on this mod.....I can only pray that I will get interest rates close to what you got....that would definately save my home.

Did you have to negotiate any to get these great rates and the 40yr term, or was it just handed to you like that?

Do you think it helped you since you had filed for bankruptcy and had that behind you? I have not, and wonder if lack of filing bankruptcy will hurt my chances of getting a HAP mod. Any idea here?

Thanks.

[flyingpuppy99]

I have been trying to get a mod since November of 08. Chase cashed my 4th trial payment last friday. I am upset and worried about my 3rd trail payment which CHase did not take the right amount out of my bank. They took $400 less then they should have. I called them right away. I called for 3 days and was transfered 3-6 times each day. Chase said it was my banks fault. My bank is saying it was an electronic withdrawl so it was Chases fault.

They lowered my payment from $1593 to $1452. Not sure how they thought that was going to help. Also when I called they are giving me no updates and telling to to just keep making the trail payments until I get the Mod details in the mail. What a joke.

[Hard Times]

Flying ***.........Yes, I would be worried. Chase can use that wrong payment as an excuse to Reject your final mod approval. Maybe they deducted the wrong amount on purpose as a "loophole" to reject you. Amazing how low they can go in their greed for wealth.

I think I would try to make a payment for that difference, and maybe they wont reject the final mod.

Were you behind in your payments before getting the trial mod?
Is this mod actually a HAMP mod, or just a stand Chase "mod"?
What % rate do you have over the trial period, and what does it adjust to over the next years?
Seems like you should have gotten a larger payment reduction......unless you were already paying close to the 31% target.

[flyingpuppy99]

HT...

I did send them the missing $400 with a letter. I also sent a copy of that letter to my attorney general's office. I contacted them back in May with all the problems I was having with Chase.

Chase told me not to pay April and May so I would qualify for a forbearence. Day before the 1st payment was due they denied me for excess in income. They did not add my mortgage payment into the whole deal.

So that is when I filed a complaint with the AG office.

I received a fedex package with the MHAP documents a week later.
I have not received any reduction in my intrest rate.
Only in payment. No mention of any kind of modifiying my loan yet.

I am not sure what the 31% is. I make around 2200 a month gross depending on if we are allowed to work 40 hours or not.

I do have the transaction sheet from the bank showing they did to request the correct amount. I also sent that to the AG's office. I documented all the phone calls and put all of that into my letter also.

I will find out Chase's responce this week to the letter the AG sent them.

Amy and AL will be the next people I write to. I am also thinking of contacting the law office here in MN that is taking action against Banks.

Just tired of all of this. I did the right thing by contacting Chase back in November when my hours were reduced. But I am getting no where with them. I had to be very rude to some one on the phone the other day to make the daily collection calls to stop. Not sure what I said but they have not called in over a week now.

[Hard Times]

Flying puppy doggie........Good that you sent the $400. Sounds like they only gave you a "forebearance", not an Hap mod? I have seen others on here who think they are getting a trial mod, and its really a forebearance....these banks can be tricky.

You need to read what the HAMP plan is all about......it is supposed to try to get your mortgage down to about 31% of your gross income. So, you had a mortgage of $1600, and income of $2200.......you are way up at about 73%. So, under the Hamp plan (if you qualify), they would attempt to get your payment way way down to about $700/mth. However, I dont know your details.....maybe a spouse has an income to add to yours.....or assets in the bank, etc. etc. However, sounds like they just tried to give you a temp. forebearance, not a real Hamp trial mod.

I could be wrong....others comments?

[Liz Medrano]

Hard Times,

Did you have to negotiate any to get these great rates and the 40yr term, or was it just handed to you like that?

I just requested help from the "new" program..I didn't negociate but my income used to be in the high $70K's and losing that made the mortgage unaffordable. I think the only way that they could make it work for us was at those rates...it is still above 31% - more like 38% but since we got rid of our other debt we can handle the the 38% (so if they do give us that, I will be happy-remember we haven't got it in writing yet) - even if i have to go work at Walmart. I am an Accountant and there just aren't any jobs here in Florida.



Do you think it helped you since you had filed for bankruptcy and had that behind you? I have not, and wonder if lack of filing bankruptcy will hurt my chances of getting a HAP mod. Any idea here?

Yes I think, not sure, but do think it helped us. We already have our discharge and got rid of our other debt. I just thank the good Lord and count my blessings- our house was set to go to auction. I think that is why WF went very fast with us. Since they signed on right away we were saved-if we had been with some of the other banks that just came onboard with HAMP, we would have been out of luck.

[flyingpuppy99]

HT...

I received the MHAP. Or that is what all the papaerwork said. It stated my trail payment was based on information they had on my income. And that a pernament mod payment could be higher or lower based on all the new paperwork I sent in.

I was offered a forebereance back in April $1230. This is the one they denied the day before I was to make my first payment.

What is the HAMP. I have the "Making Homes Affordable Plan"

I do not have any other income at the moment. I took money out of my 401K to make the 4 trail payments. I did have more income when my BF was working. But right now he has not worked since May and we are still waiting on his short term to kick in.

[snapple candy]

flying puppy,
HAMP is the Making Home Affordable Program. It sures sounds to me like they did not accurately calculate your monthly payment. It should be about 31% of your gross monthly income. I have heard of some going as high as 38%. Personally, i got got the 31% payment. When it comes time to determine the final payment, you will need to be firm in what "should" be used as income figures. They may have deined your forbearance back in April because you were eligible for the HAMP program. I turned down a loan mod back around that time and then demanded the HAMP program which I finally got but not without a fight. I suggest reading up on all the guidelines so you are prepared to fight for the right payment amount, as well as long term "terms" on your loan. They tried to give me a payment amount that wasnt affordable and I turned it down.
Hard times. trial mods dont get % rates attached to them. Payment is set at 31-38% of your gross. Until your loan is permanently modified, you pay or accrue the original interest rate. Your trial payment amount does not usually pay it in full and that portion is then capitalized and put on back end before final terms and payments determined for perm mod.

[Hard Times]

Liz.....thanks for answering those 2 questions above. Yes, count your blessings....you are very fortunate to get these great terms. I am still waiting and waiting.......

[Liz Medrano]

Hard Times,

no problem, that is why we are all here to share our experiences. I will keep you in my prayers. I just keep calling WF every other day to check on status.

[Hard Times]

Flying puppie dog......I think we use different abbrev for the same thing....MHAP or HAMP or HAP.....i believe we all mean the same thing---- Obama's Making Home Affordable Plan. Did you compute what percentage of your income they were trying to get you to? Based on your earlier comments, it seemed to me that they did not get you down into this target range.....but i could be wrong.

[Hard Times]

Liz.....I see you must be online now. I asked on another post someplace if there was a way for us to have an instant message, or a live chat room. Is there such a thing here?

[Liz Medrano]

Not that I am aware of.

[Hard Times]

Snapple candy......You said the following:

Originally Posted by snapple candy

Hard times. trial mods dont get % rates attached to them. Payment is set at 31-38% of your gross. Until your loan is permanently modified, you pay or accrue the original interest rate. Your trial payment amount does not usually pay it in full and that portion is then capitalized and put on back end before final terms and payments determined for perm mod.

Are you positive about this? I thought that they were supposed to lower the interest rate for the trial period to the lowest range, and then also use that lower range for the first period of the final modification. However, I would be very happy with this also.....just to get a payment in the 31 - 38 percent range would be a huge blessing.