Some interesting facts about HAMP?

[Hstreet151]

Tonight while eating dinner the phone rang, lo and be hold it was AHMSI, I missed the call as I could not find the phone. So Since I spent most of the week on the phone with Jeane Drakes office (see my other topic) I called right back.

The person on the phone was very nice and informed me that I was due for 4 months of payments. And that they had received all of our paper work and we ware on the trail plan. While I was on the phone I caught what she had said about being 4 months behind. I said may I speak to a manager?

I spent over an hour on the phone with him and this what I found out about the HAMP program:

1.) If you are behind by 3 mo. you must make a payment plan to get the loan current or you will still, even under the HAMP program be in default, so any and all foreclosure notice would still be under review, though would NOT be submitted while you make your payments under HAMP's trail plan.

2.) If you are on the HAMP trail, your regular monthly payment is still due. So hence why we are late for the month of Oct. even though we made our Oct trail payment. So if I am understanding this correctly, the payments made under the trail plan goes into a expense account and are not applied to your monthly payment until after the 3 months are done.

3.) If you are denied a loan mod after the trail payment plan, meaning you made all of your trail payments under HAMP on time and did not get a permanent mod, the borrower must bring the loan loan current at the end. So if you had your monthly payments greatly reduced during the HAMP program, you are now 3 months behind and owe.

4.) You are late during the mod trail program. So in order to stay current, I guess you take your current monthly payment, and add the trail payment to that amount, or you are reported late to credit agencies, and you must come up with a forbearance agreement if you are denied a permanent mod to re-pay you monthly difference.

So in my case I have to bring the loan current (I think) through Sept. But now for the months of November and December, the collection calls will keep coming unless we pay the normal loan plus the trail plan? Am I understanding this correctly?

[kymmer116]

Ok, here is the info I got...

You are NOT to make your regular monthly payment's while in the HAMP on top of the trial payment (if you could pay that amt then you wouldn't be asking for the mod right?) That is also stated on the offer paperwork that you will recieve and have to return.

I spoke w/CS/LM last week and they did tell me to make "extra" payment''s on top of the mod payment, which I later confirmed w/my negotiator that was NOT necessary, and can actually hurt you while in the mod trial as it would be seen that you can make your regular payment so why should the gov help you out, make sense?

I would recommend contacting Ms Drakes office again and speak ONLY w/your negotiator. That is what I do, b/c the CS end are "programmed" to ask for money regardless and they are not the negotiator and don't alway's know what's up. It def seems to me that they don't have good communication between departments there. Good luck!

[Hstreet151]

Originally Posted by kymmer116

Ok, here is the info I got...

You are NOT to make your regular monthly payment's while in the HAMP on top of the trial payment (if you could pay that amt then you wouldn't be asking for the mod right?) That is also stated on the offer paperwork that you will recieve and have to return.

I spoke w/CS/LM last week and they did tell me to make "extra" payment''s on top of the mod payment, which I later confirmed w/my negotiator that was NOT necessary, and can actually hurt you while in the mod trial as it would be seen that you can make your regular payment so why should the gov help you out, make sense?

I would recommend contacting Ms Drakes office again and speak ONLY w/your negotiator. That is what I do, b/c the CS end are "programmed" to ask for money regardless and they are not the negotiator and don't alway's know what's up. It def seems to me that they don't have good communication between departments there. Good luck!

Thank you! What you are saying makes since. I have left a message for negotiator, but I have not heard back yet.

Maybe I should call Ms. Drakes office again and ask my questions since i can not get ahold of my negoiator.

[danid456]

Ok I have been calling everyone and no one returns a call. My person is pamela been calling for over a week and heard nothing. Called mrs drake and have heard nothing.

Everytime I call I get a CS person that isnt looking at my account at all just asking for a payment... Which by the way would have been there on the 2nd if they didnt reject my electronic transfer. Also no where in the paper work when I inquired about this did it say they will shut down my electronic transfer. Also just so you know they did this before I sent the paper work back to them. So here is the issue I read the paper work we were suppose to send in I determined that I didnt want to do it and so I didnt send it in. But they still shut down the e-transfer. So now I will go though this bs and deal with it since they wont turn it back on.

These people love to screw people. That being said my 2nd did a mod without a grip and that was GMAC who is known to be bad.... By the way look at the BBB on these people a D- is what they got.

[MyHAMP]

Originally Posted by kymmer116

Ok, here is the info I got...

You are NOT to make your regular monthly payment's while in the HAMP on top of the trial payment (if you could pay that amt then you wouldn't be asking for the mod right?) That is also stated on the offer paperwork that you will recieve and have to return.

I spoke w/CS/LM last week and they did tell me to make "extra" payment''s on top of the mod payment, which I later confirmed w/my negotiator that was NOT necessary, and can actually hurt you while in the mod trial as it would be seen that you can make your regular payment so why should the gov help you out, make sense?

Absolutely! In case you have the money to make the full payment...keep it in a safe place and if you are denied, you have it to bring your loan current again.

[MyHAMP]

Originally Posted by Hstreet151

2.) If you are on the HAMP trail, your regular monthly payment is still due. So hence why we are late for the month of Oct. even though we made our Oct trail payment. So if I am understanding this correctly, the payments made under the trail plan goes into a expense account and are not applied to your monthly payment until after the 3 months are done.

You're close..

The lender has to keep the money of the trial-payments on a seperate account UNTIL these funds reach the amount of a regular monthly payment due under your current loan. Example:

Current payment: $1,800
Trial payment: $1,200

Money from first trial payment is not applied in the first month of the trial period plan. However, after you made the second payment, you paid a total of $2,400 which exceeds your regular payment of $1,800. The $2,400 are now applied to your loan.

[Hstreet151]

Originally Posted by MyHAMP

Absolutely! In case you have the money to make the full payment...keep it in a safe place and if you are denied, you have it to bring your loan current again.

Big help that is right?

I mean people needing help with there payments, clearly not in a postion to make the normal payments, but just in case you better save your money. It would be funny if it wasn't so true!

Originally Posted by Evan Bedard

Also we are finding that hardly anyone is getting approved for a permanent modification after the agreement is up. This program is not working at all like expected...

[Hstreet151]

Originally Posted by MyHAMP

You're close..

The lender has to keep the money of the trial-payments on a seperate account UNTIL these funds reach the amount of a regular monthly payment due under your current loan. Example:

Current payment: $1,800
Trial payment: $1,200

Money from first trial payment is not applied in the first month of the trial period plan. However, after you made the second payment, you paid a total of $2,400 which exceeds your regular payment of $1,800. The $2,400 are now applied to your loan.

So it is a trail plan/forbreance repayment plan so to speak?

[MyHAMP]

Originally Posted by Hstreet151

So it is a trail plan/forbreance repayment plan so to speak?

Yes, that is correct!

[MyHAMP]

Originally Posted by Hstreet151

Big help that is right?

I mean people needing help with there payments, clearly not in a postion to make the normal payments, but just in case you better save your money. It would be funny if it wasn't so true!

Yeah, it sounds silly and it is. We certainly aren't in the position to put anything "aside" and already are far behind - so that was no concern to us.

[Hstreet151]

Originally Posted by MyHAMP

Yes, that is correct!

I think everyone then should expect the worse, and start planning now for what will happen and that will be a denied permanent mod.

Yeah, it sounds silly and it is. We certainly aren't in the position to put anything "aside" and already are far behind - so that was no concern to us.

So are saying you are just losing your house?

[MyHAMP]

Originally Posted by Hstreet151

So are saying you are just losing your house?

Hopefuly not. We are in the middle of the HAMP trial period plan and are keeping our fingers crossed.

[Hstreet151]

Originally Posted by MyHAMP

Hopefuly not. We are in the middle of the HAMP trial period plan and are keeping our fingers crossed.

So are you setting aside your monthly payments? To cap at the end of the trail program?

[MyHAMP]

Originally Posted by Hstreet151

So are you setting aside your monthly payments? To cap at the end of the trail program?

No. Our Trial-Payment under HAMP is $1300 and the regular payment is $3400. We are already so far behind that it wouldn't make a difference to come up with that "change" - we are about $111K behind. We neither have that amount nor $3400/month, so we are hoping for a mod.

[Hstreet151]

Originally Posted by MyHAMP

No. Our Trial-Payment under HAMP is $1300 and the regular payment is $3400. We are already so far behind that it wouldn't make a difference to come up with that "change" - we are about $111K behind. We neither have that amount nor $3400/month, so we are hoping for a mod.

Well I wish I had some encouraging words, but me I always expect the worse. That being said, I will keep making my monthly trail plan payments, and see what happens, because that really all I can do. At the end, I will sell myself on the streets I guess to make up the short falls.

This is kind of like the powerball, only we buy each ticket for the trail payment amount and have hope that after we bought the ticket we have our numbers picked. I bet the there the same odds. Now if only I had an extra buck for the powerball ticket.

[MyHAMP]

Originally Posted by Hstreet151

Well I wish I had some encouraging words, but me I always expect the worse. That being said, I will keep making my monthly trail plan payments, and see what happens, because that really all I can do. At the end, I will sell myself on the streets I guess to make up the short falls.

This is kind of like the powerball, only we buy each ticket for the trail payment amount and have hope that after we bought the ticket we have our numbers picked. I bet the there the same odds. Now if only I had an extra buck for the powerball ticket.

As aside note: About 2 years ago, my mother had 5 out of 6 at the florida lottery. Missing number was 19 - she picked 21. Missed $10 Mio. by two squares. Although she got 6K - that really hurt - especially in our situation..

[Hstreet151]

Originally Posted by MyHAMP

As aside note: About 2 years ago, my mother had 5 out of 6 at the florida lottery. Missing number was 19 - she picked 21. Missed $10 Mio. by two squares. Although she got 6K - that really hurt - especially in our situation..

Thats still cool though.

So what everyone else hearing are we all hearing the samething?