Now What!!????

[dodgrfan]

So we sent our documents to AHMSI on Sept. 22. Received a phone call from Valerie stating all was good and we were being assigned a negotiator. On Oct. 16, our negotiator calls me to tell me that we are eligible for the HAMP program. She goes on to tell me about the trial payment plan scheduled to begin on Dec.1, also saying the mod itself would be a step interest rate and would begin in Mar. 2010. The packet of docs was to arrive in 7-10 bus. days and arrives on Wednesday 10/21. Before the conversation ends, she verifies some of our info. My wife is self-employed (1099) and I ask if her income has been adjusted to reflect losses, income taxes, etc. She responds with "I don't think her income was calculated correctly. Let me look at this and get back to you on Monday (10/19). Monday comes - no response. I proceed to leave a VM each day, followed by an email on Friday 10/23. I get a response today stating that when my wife's income was calculated correctly, WE NO LONGER QUALIFY FOR THE HAMP PROGRAM - disregard the packet of docs - we will review your account with our escrow dept. and see IF you qualify for a traditional mod. So now what? What's the difference b/t the HAMP mod and a traditional one? I emailed her back to say if we can't get a mod, we'd be forced to claim BK and they can have the house. HELP!

[cleach]

It's always something, isn't it? Hope you're able to get to the bottom of this. Good luck!

[St.LouisBlues]

once the customer says "yes"...stop talking

[dodgrfan]

So what the diff. b/t a traditional mod and the HAMP?

[heidi79]

dgr,

their internal mods are usuall fixed around the 3 to 5% rates for 5 years, they have done many 30 year fixed programs though, there won't be "trial payments" before the final docs are sent to you. their program won't include any of the hamp guidelines.

the hamp has a floor of 2% (even though they don't have to go that low) HAS to be fixed rate, includes an incentive for them and for you if you pay on time, HAS to include taxes and insurance in the new payment.

in my personal opinion, you might be better off with their internal plan, many people are making the "trial payments" under the hamp program and then are being denied!

keep us posted.

[lennox]

If I can ask....was your wife's income more than they orginally determined or less? Also, what prompted you to ask if they calculated her income correctly....just curious.

I think you should feel pretty good AHMSI is offering to look at an in-house modification. It seems like most servicers are saying "tough luck...that's it," when denying people on HAMP modifications.

I do imagine it has to be really frustrating to be given good news, only to have it taken away. But then again, if they are offering you other options to help you...it wouldn't hurt to "suck up" to the negotiator.

T

[dodgrfan]

Originally Posted by lennox

If I can ask....was your wife's income more than they orginally determined or less? Also, what prompted you to ask if they calculated her income correctly....just curious.

I think you should feel pretty good AHMSI is offering to look at an in-house modification. It seems like most servicers are saying "tough luck...that's it," when denying people on HAMP modifications.

I do imagine it has to be really frustrating to be given good news, only to have it taken away. But then again, if they are offering you other options to help you...it wouldn't hurt to "suck up" to the negotiator.


lennox-

We gave them her 1099 gross which needed to be adjusted to reflect taxes, etc. That's what they did when we first applied for the mortgage. I asked them regarding this because we had a friend that was 1099'd who went through the same sit. with their mortgage provider. When it was recalculated, their trial plan went down to reflect the adjusted income. I have no problem sucking up to whoever I have to. I'm just frustrated because they had all of the info in front of them from the beginning. I'm going to email Jeanne Drake and find out it was offered, then pulled off the table. I don't want to sneak around our neg. back, but I need someone to tell me what's the real deal.

T

Originally Posted by heidi79

dgr,

their internal mods are usuall fixed around the 3 to 5% rates for 5 years, they have done many 30 year fixed programs though, there won't be "trial payments" before the final docs are sent to you. their program won't include any of the hamp guidelines.

the hamp has a floor of 2% (even though they don't have to go that low) HAS to be fixed rate, includes an incentive for them and for you if you pay on time, HAS to include taxes and insurance in the new payment.

in my personal opinion, you might be better off with their internal plan, many people are making the "trial payments" under the hamp program and then are being denied!

keep us posted.

heidi79 -

On an internal mod, they only fix the int. for 5 years?

[dodgrfan]

So our negotiator calls yesterday. I ask again about why we all of a sudden didn't qualify for HAMP. She says it was MY income that was the issue. I press on and find out they are calculating my overtime pay into my gross income. I thought overtime was voluntary and couldn't be used??? When we applied for the mortgage we were told overtime can't be included because its not guaranteed income. Can they do this? She seemed confused when I called her on this. Said she needed to show someone else and get back to me.

[danid456]

You are correct they should not bring anything in that isnt a guarantee. They tried the same with me cause I am in Sales saying that with my bonus and commission that we were over. I explained the same thing to them that you did. This isnt a guarantee and only my base salary is and that when I got the loan they didnt look at that. I was told they are looking into it. I talked with another person in Jeannes office and he stated that I was correct. fficeffice" />>>