HAMP Trial approved, 3rd payment just made on time, counseling complete.. What Next?

[Secret Agent Karen]

After talking with the required home counseling expert I'm suddenly scared. I worked on the loan Mod for 2 years with lost papers, lies, India, and you name it. Finally a person who was a single point of contact and succesfully was offered a good "temporary Mod" at 2 percent.

I know the final Mod will be different but the counclor scared me saying most of the final packages are not as attractive.

Has anyone gone from a good temp modification to a succesfull permanent one? What should I expect now? My distrust for this company is well earned on their part through the years. Please share experiences..

[Cat Damiano]

Hi,


Welcome to the forum and thank you for joining.........


Most of the trial modifications turning permanent as posted on the forum have been very similar to what the trial payments have been. A couple of items that may change this is if you have PMI (Private Mortgage Insurance) which is not part of the 31 percent to gross income calculations and also if you have an escrow shortage you would be able to either pay it up front or have the shortage spread out over a maximum of 5 years thereby raising the payment by the amount of the shortage.