applied for hamp in april 2010.
recieved trial mod packet july 2010 - 3 payments due: 08/01/10, 09/01/10, 10/01/10.
have made those payments on time.
have made two more payments also for 11/01/10 and 12/01/10.
was told my loan went to "underwriting" 8/12/10
was told my loan "passed underwriting" and is now "with the investor" 10/25/10
was told my loan had been moved to "final document review" and "pending permanent modification." 11/27/10
on 12/3/10 my file was "escalated". probably because i badger them about twice a day.
12/13/10 made 6th trial payment, and started really demanding that i speak with someone who could tell me what my documents might say.
12/15/10 finally got a call from curtis resinger in the home retention division.
he told me a couple of different things:
first he told me that he knows that i am going to get a decline letter due to a NPV fail. i told him i didn't think this was possible, because i should have passed NPV before getting a trial offer since my trial started after the June 1 policy changes. he said he would check into it and get back to me.
he called back telling me that NPV fail wasn't the reason that i am going to get a decline, and that that was basically a guess on his part. his new reason that i am going to be declined is that when my trial offer was beingh calculated, BOA failed to include my escrow in the math. (???) He said my best option now is to proceed with an in-house modification because with in-house there are fewer restrictions on what they can do to offer me something.
he needed me to fax a new hardship letter, 4 paystubs, 2 banks statements, 1 utility bill, and an expense worksheet. I faxed him these documents the next morning. he told me i would probably be able to get an offer within a week.
today he called me with preliminary numbers on what they could offer me in-house. he made sure to tell me nothing is set in stone of course:
potential offer: 2% first 5 yrs, up 1% each year to cap at 5% yr8. No extension of term or forbearence. would have 24 yrs left on the loan.
new payment would be $855/mo. (PITI)
HERE'S THE CATCH:
BOA can't go forward with the offer until a decline letter has been sent. in order to expidite this potential offer i would have to fax a letter to opt-out of the hamp program!!!
i decided to NOT opt out and wait for the decline letter.
late january 2011: new negotiator assigned to my account, danny briones. he tells me just to keep paying the trial payments.
mid may 2011: danny tells me it looks like it's going to be a decline and i should once again submit all the paperwork again to prepare for an in-house mod.
mid june 2011: i am told by danny and his supervisors that it absolutely verified that i am declined, and as soon as i receive my letter via fed-ex, they can quickly move on the in-house mod.
now i'm calling every day and yelling and screaming at anyone i can trying to get them to mail the damn decline letter.
HERE'S WHERE IT GETS PRETTY WILD:
july 20: receive a decline letter from BOA! stating the reason being excessive forbearance.
july 22: received a phone call from danny briones that i have been APPROVED FOR HAMP!
he tells me my docs are on the way via fedex.
july 25: i receive the docs, (details below) sign, notorize and send back.
july 27: boa confirms they received the docs
july 29: i receive a packet from FANNIE MAE with an in-house mod offer (for a much higher payment) because i had been declined from hamp! it's going to be another 3, possibly 4 month trial.
of course i freak out and call every number i can find.
August 3: danny briones assures me that the decline letter and the trial in-house offer were sent in error. he insists that my HAMP perm mod is official.
here are the before and after numbers
original loan amt: $137,000
6.625% 30yr fixed
pmt: $1134(PITI) (+$315/mo. HOA dues)
present gross income:$2400/mo.
HAMP trial modification pmt: $434/mo.
new loan balance: $131,000
new rate:2% first 5yrs, then 3%, then 4%, then capped at 4.25% to year 8 - 40 (loan term obv extended)
deferred balance due at the end of the loan: $40,450
yrs 1-5: $539
yr 6: $585
yr 7: $633
yr 8-40: $645
$1000/yr credit if all payments on time for the first 5 yrs
now i just have to wait for the final docs to be sent back to me signed by boa, and computers to update so i can pay online again.
it looks like i made it, but i'm not gonna celebrate till these final steps have been completed.
the moral of the story: hang in there peeps! this seemed impossible so many times and took me so long. i almost gave up so many times. i hope my story is helpful.