AHMSI and HAMP Trial..Questions for those in or passed Trial period

[toughtimesin08]

I am about to enter my HAMP Trial period...pmnts due 11/1, 12/1 and 1/1. I have read previously on this board that some people are getting denied even if they complete the trial with making payments on time. I have also read tat some people end up on an extended trial period, even though they have made payments on time.

I am just curious to hear what the experiences are of those who have entered the trial period, made their payments for the trial period on time and reached the end of the trial period. What has happened for you and what has your experience been like with AHMSI and the HAMP Trial period? Thank you for sharing!

[kymmer116]

Yes it is true that you can be denied final approval after the trial period ends. I am not sure about an extended trial though, I have read that some other mortgage co are doing that. We enter our trial on Dec 1st I am nervous and cautious as well, b/c I think that IF you get denied at the end, then yes this is setting you up to fail. But I'm keeping my fingers crossed that all will go smoothly. I have heard they are backed up in the Treasury dept b/c of all of this too. Good luck...

[MyHAMP]

I've seen it happen - but it's not the rule. DenieLisa was "temporarily" denied after their second trial payment for a failed NPV-test. I couldn't find a logical reason for that and when they investigated the case, they found out the servicer only submitted one of her two incomes to treasury - so she was denied BUT could start the trial again. So that was an error. Once you came that far, be consistent IF you are denied because it is not normal!

Unless you have changes in income or something groundbraking takes place on the housing-market in your neighborhood (all of a sudden, home values change dramatically which is very unlikely), you should be fine.

Although servicers/treasury run a final NPV-test at the end of the trial, they already ran the identical test at the beginning - so as I said, if nothing changed, the result should stay the same.