False sense of security....

[kymmer116]

I was feeling good until I read that people are being denied even after the trial period. We were approved for the HAMP trial period program and I felt so much relief, but now not so much. I called my negotiator and left 3 messages but have not heard back as of yet. I did call the HPO and was told yes indeed people ARE being denied even if they make all of the trial period payments on time, I was even told to pay "extra" if I could. AND that all of these modification's have balloon payments attached to the back of the loan! NONE of this was mentioned to me at all. I feel that now we are totally being set up for failure. They even told me to make all of my regular payments on top of the loan mod payments, I can't affort that at all. What is going on? Is there anyone out there that has gone threw the trial period then got the final approval??? I was completely led to believe that all would be fine as long as we made our trial period payments and it would just "happen" We can afford the modification payment no problem and we are not in bankrupcy. Any thoughts?

[Evan Bedard]

Hi kymmer116,

They even told me to make all of my regular payments on top of the loan mod payments, I can't affort that at all. What is going on? Is there anyone out there that has gone threw the trial period then got the final approval??? I was completely led to believe that all would be fine as long as we made our trial period payments and it would just "happen" We can afford the modification payment no problem and we are not in bankrupcy. Any thoughts?

Do not make a regular payment on top of the trial payments as there is no need to, they are just trying to collect as much as they can from you. Also once the agreement is up they are more than likely going to ask for updated information to see if your situation has changed and then continue reviewal for a permanent modification. There are some who achieved a permanent mod immediately after the period was up and others have to resubmit their information..

[wichitabassplayer]

I just finished my trial period with AMSI about 1 1/2 months ago. My negotiator is Annie Hayes. She seems to be very helpful. Has anyone else dealt with her? Anyways, I have been in phone contact with here since the trial period started. At the end of the trial period, she needed updated paystubs and bankstatements. I has taken some time, but as I talked to her this morning, she says she is putting all the numbers together and will call me this week. I started this process in Feb 2009. One thing I do know, is that the government has paid them funds from the stimulus to help us keep our homes. The last thing they want on their hands is another foreclosure to deal with. I have not sent in another payment since then as I do not know how much the payments will be. So, hang in there.

[kymmer116]

Thanks for the response. Our negotiator is Luis, and he truly is wonderful!! He called me back yesterday (after I left 3 frantic messages for him) I know now that even the HPO is CS and not "schooled" on the fact's, they only want to see the money. Luis again stated everything that he already had told me. Yes you can be denied final perement assistance if you are late in the trial period and if you do not submit the additional doc's they request.

HPO told me yesterday that "all of these loan mod's come with a balloon payment, and that if you investor is no longer do mod's at the end of your trial period you will be denied" AND to pay extra, WTH! Luis told me to address all of my questions to him and he'll return the call, and he does!! I feel at ease for now. Our trial period begin's on Dec 1st.

Is our trial period payment going to be a different payment??? We were told $1948.51 for 3 mos then it will be that way for the remaining 5 yrs. My husband is a salaried employee so his check is the same every month, no overtime, or bonus etc.

[Evan Bedard]

Is our trial period payment going to be a different payment??? We were told $1948.51 for 3 mos then it will be that way for the remaining 5 yrs. My husband is a salaried employee so his check is the same every month, no overtime, or bonus etc.

Well your negotiator does not have the final say and they cannot guarantee that you will recieve a permanent modification at the same amount. I have actually seen quite a few cases that a homeowner was told they will pay a certain amount for the trial period, and come later when the paperwork arrives there was a completely different amount then what was stated. These banks have a good way of beating around the bush. Make sure to stay on top of your negotiator until you recieve the paperwork..

[kymmer116]

Originally Posted by Evan Bedard

Well your negotiator does not have the final say and they cannot guarantee that you will recieve a permanent modification at the same amount. I have actually seen quite a few cases that a homeowner was told they will pay a certain amount for the trial period, and come later when the paperwork arrives there was a completely different amount then what was stated. These banks have a good way of beating around the bush. Make sure to stay on top of your negotiator until you recieve the paperwork..

True, but I am wondering if they (banks) are lifting some restrictions. Our negotiator did say that if the paperwork comes and the amt is different to call him. When I did call in 24 hrs after our verbal approval the payment amt due Dec 1st was the same that I was quoted. We have everything escrowed, always have and I have read on here that some didn't and were surprised when the payment went up then what they were orignally quoted. I have been VERY proactive over this entire process and I am hopeful for the future.

[Evan Bedard]

True, but I am wondering if they (banks) are lifting some restrictions. Our negotiator did say that if the paperwork comes and the amt is different to call him. When I did call in 24 hrs after our verbal approval the payment amt due Dec 1st was the same that I was quoted. We have everything escrowed, always have and I have read on here that some didn't and were surprised when the payment went up then what they were orignally quoted. I have been VERY proactive over this entire process and I am hopeful for the future.

Great job on staying all over your case! Youe negotiator seems very good as well and he seems like he is there to help you.

Good luck and keep us posted!

[brynne]

I've read not to bother the negotiators and also that you have to keep calling. What is your best suggestion? I've put in 2 calls to James Brantley, our negotiator and he has not contacted us. In fact when I called the person that answered the phone said the negotiator was waiting for me to send more paperwork but nobody informed me of that. It was just dumb luck that I called and found out on my own. Thoughts?
Thank you!! This is an awesome forum and I'm so happy for those who have succeeded.

[Evan Bedard]

Hi Brynne,

I've read not to bother the negotiators and also that you have to keep calling. What is your best suggestion? I've put in 2 calls to James Brantley, our negotiator and he has not contacted us. In fact when I called the person that answered the phone said the negotiator was waiting for me to send more paperwork but nobody informed me of that. It was just dumb luck that I called and found out on my own. Thoughts?

Oh it is crucial that you stay on top of your case and call your negotiator at least once or twice a week..

[wichitabassplayer]

Well, I just got my loan mod papers yesterday from AHMSi with the approval for the same amount of payments that were on the trial period. If people are getting denied, then it is usually because there income status has changed. Hang in there. I started this mod process in Feb 2009. It takes time because there are so many applications. I made my third trial payment Sept 1. My first payment now is Nov 1. Believe me, they do not want your house. They would rather have the money.

[Hstreet151]

Originally Posted by wichitabassplayer

Well, I just got my loan mod papers yesterday from AHMSi with the approval for the same amount of payments that were on the trial period. If people are getting denied, then it is usually because there income status has changed. Hang in there. I started this mod process in Feb 2009. It takes time because there are so many applications. I made my third trial payment Sept 1. My first payment now is Nov 1. Believe me, they do not want your house. They would rather have the money.

AWESOME!!!! This what I needed to hear!!

[kymmer116]

Originally Posted by wichitabassplayer

Well, I just got my loan mod papers yesterday from AHMSi with the approval for the same amount of payments that were on the trial period. If people are getting denied, then it is usually because there income status has changed. Hang in there. I started this mod process in Feb 2009. It takes time because there are so many applications. I made my third trial payment Sept 1. My first payment now is Nov 1. Believe me, they do not want your house. They would rather have the money.

Thank you!! I so needed to read that!!! Our situation was never a decrease in employment. We just needed to have the interest rate reduced that is all we want. I honestly think that is crazy to try to get a principle reduction for a house you bought years ago. It's like buying a car and driving it off the lot to only turn around a few years later and try to get your loan amt reduced. It just doesn't make sense to me anyway.

[lennox]

Thank you for sharing! You have no idea how much hearing your story makes me feel better about this whole process.

And....Congratulations!!!

[wichitabassplayer]

Oh, by the way. I was approved for a modification while I was in chapter 13 bankruptcy. They just pulled the amount out of my chapter 13 plan and put it on the end of the note. This was a regular mod by AMSi, not from the government. So, if you are not in that bad of shape as I was, then keep your chin up because they are approving mod's, just behind with all the applications.

[townie271]

Congratulations Wichita!!!!!!!!!!!