Denied hamp need to explore alternatives

[12Chas]

I was told by a real estate agent that HAMP 2 is a "sure thing". I have been desperately seeking a home loan modification for 14 months. I reapplied in February 2012. After jumping through the myriad of hoops they put you through, they sent me five letters. One that we can't help you because you don't live there. I made it abundantly clear that this is my primary residence. Another letter said that I can afford to make the outrageous mortage payments, still another that I don't make enough to qualify, another asking for documents that I already provided - and are current, another that they received all documents - nothing else is needed. In the end, they said, we're gonna just let you flounder in the water and drown.

So now I'm up the creek and need to know what to do if I have to default on the mortgage. Do I continue to pay my other creditors? What if they turn around and foreclose, what do I do then? I vaguely heard about bankrupcy; I'd like to find the ins and outs of what might happen and how to deal with it without reading 200 pages of rules, regulations or going to 20 different websites and trying to wade through this nightmare. I wish I had time for it, but I don't.
Thanks.

[freedomwon]

Hi 12Chas - Do you have you most recent HAMP denial in writing? Who is your loan servicer? Have you received a Notice of Default? Can you tell us what state you are located in? You have 30 days to appeal their decision in writing & you DO NOT need your servicers permission to appeal.

If you are serious about gaining knowledge about various alternatives & loan mod programs, filing bk, & figuring out a strategy, there are no short cuts. BK should be your absolute resort. You will need to put in the time just as the rest of us have to research the various threads here on Loansafe. NOBODY will fight for your home like you will. There is a wealth of information available to you here & it's all FREE.

[12Chas]

I'm in California. Struggling to keep current on the mortgage. Just about exhausted all my savings, selling stock, depleting IRA, etc. I called Seterus the mortgage holder and was told that she'll email directly the person handling this and ask to clarify why I got all these letters telling me vastly different reasons why, and to call 48 hours later. I called 2 days later and another person just gave me the runaround, basically saying in the end "you're screwed".
She didn't mention anything about appealing. I specifically asked her about that and she didn't address that. Would it necessarily have to be in writing? I really doubt that it would make a difference anyway. The last person there I spoke with recommended refinancing through Quicken Loans, B of A or Wells Fargo - she named these. I figure if I can't get a home loan mod, it may be tough to do this.

[Cat Damiano]

HI 12Chas,


If the property is underwater, then you would have to see if you qualify for HARP as that is the only refi program out there that seems to be working for underwater mortgages currently.

Here is the criteria;

You may be eligible for HARP if you meet all of the following criteria:
· The mortgage must be owned or guaranteed by Freddie Mac or Fannie Mae. If you’re not sure go here.
· The mortgage must have been sold to Fannie Mae or Freddie Mac on or before May 31, 2009.
· The mortgage has not already been refinanced under the HARP Program.
· The current loan-to-value (LTV) ratio must be greater than 80%.
· The borrower must be current on the mortgage, with no late payments in the past six months and no more than one late payment in the past 12 months.


Also, try posting the required figures into the following thread so that they can take a look and see why you keep being denied and what you would qualify for in regards to a modification.

Post them here;

Find out Now If you even QUALIFY for a Loan Workout Solution. Post Your Situation

[12Chas]

And then these !@#$%^&* send me a letter that my deductible on my insurance is too high. It's gotta be within their stated parameters. They can't do this, can they?

[freedomwon]

And then these !@#$%^&* send me a letter that my deductible on my insurance is too high. It's gotta be within their stated parameters. They can't do this, can they?

12Chas - Under the HAMP guidelines, the loan servicer must set up an escrow account for taxes & insurance. I'm not familiar with a ceiling amount for an acceptable deductible.

When my loan servicer BofA began the HAMP process with me, they actually INCREASED the deductible from $1500 to $2500 which in turn lowered the premium slightly. It seems the servicers do as they damm well please. Remember HAMP has "guidelines" it is not law, therefore, can not be enforced. That's the BIG PROBLEM with HAMP.

btw - What is your current deductible?