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Can you do HAMP twice?

Discussion in 'Loan Modification' started by corex69, Jan 13, 2011.

  1. corex69

    corex69 LoanSafe Member


    I was looking at the government web site for answers, but was unable to find any. Maybe you guys can help. In January of 2010 I applied and eventually received a permanent modification with CHASE (May 2010). The payment was not that much lower, but I took it anyway because I had no choice in the matter. Fast-forward to January 2011 and I have a new baby and my wife lost her job.

    So, can someone re-apply for HAMP after being in a permanent HAMP? I ask here because CHASE has told me different things along the way.
  2. Michael Naz

    Michael Naz Michael Naz

    NO HAMP IS A 1 time SHOT..... if you dont get a perm modification then usually they will go to a internal bank MOD.... but HAMP is 1 time shot. That is the guidelines. If you are offered a HAMP perm after trial, and dont take it it will usually goto a PRIVATE internal MOD.... remeber this the MEDIA ALWAYS TALK ABOUT HAMP HAMP HAMP the numbers change daily but last i checked 7 % of loans modified are in HAMP.. the other 93% 2 million some mods are done outside HAMP... and alot of the time they dont even have a trial period, just perm right out of the gate.

    IF YOU GOT A PRIVATE MODIFICATION (NON HAMP).. and you have made 12 consecutive payments, YOU CAN RE apply and if you were never offered HAMP you could be reviewed for HAMP now.... wanted to touch on both answers...

    hopefully that helps
  3. Chadd

    Chadd LoanSafe Member

    Thank you for the detailed answer. I just received a in-house mod and wanted to know if I can reapply for HAMP, now I know!
  4. Maurice Bedard

    Maurice Bedard Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    If you had an inhouse mod, you can reapply for HAMP
  5. Chadd

    Chadd LoanSafe Member

    Thanks menace! To bad I have to wait 12 months.
  6. Michael Naz

    Michael Naz Michael Naz

    Hey I've seen people re default 3-6 months into paying I'n house mod and re apply or appeal desicion. If you are paying over 38% still with your mod , you are not I'n the deemed affordable 31-38%!! If you are anything I'n the 45-50% of What you make I'n a month going to your mortgage i would show the servicer and appeal. I've seen it all. Just depends how hard you want to play.... And how much proof you have showing your eligible for a HAMP mod. Hamp is not always the best just FYI i see best mods I'n house bofa with a principle forbearance sometimes reduction. Difference is one you have a 40 year not intrest ballon payment at end of loan with no payments or interest for 40 years, but when you want to refi or sell that loan is still there. Reduction is a true write off. Just wanted to clarify i get people calling I'n asking about principle reductions daily...
  7. Chadd

    Chadd LoanSafe Member

    Heres the deal. When I work the numbers Im still paying too much for my house. From a financial standpoint I SHOULD walk. The income they used is pretty much my highest 3 consecutive month income to date too, I bring in the most money during nov, dec, jan. The rest of the year can be pretty flat for me. I am also pretty confident that I was denied falsely for HAMP, imagine that lol. Which gives me the Idea that I SHOULD apply again, or maybe still appeal the decision if that is a possibility?

    I DO want to stay in my house. But I would like to get the best deal and make a responsible and sustainable decision. The problem is there is no transparency with my lenders guidelines, I believe my lender is deutsche bank. Now that I know the process of getting a loan mod I can go into it with a better game plan, ie not ever getting 90 days behind. Also with my new in-house mod it is a lot more affordable to stay and fight.

    My plan is to wait 6 months until summer hits and see what kind of financial situation I am in. I really dont have high expectations for this year and summer is usually pretty slow for me. Which leads me to believe that I will have a much lower income to report and possibly be able to get a better deal in the long run.

    I know I should be happy with what I got, and dont get me wrong I am. But in reality I have spent the last four months educating myself and with the help of this site I have gained a knowledge that I SHOULD use to the best of my ability. IF there is a better option out there I want to be sure I receive it.

    Thanks again for the insightful answer.
  8. nicolas

    nicolas LoanSafe Member

    Chadd, i'm wondering the same thing as you. I received a permanent in-house mod from wells fargo back in April 2010.
    The mod I got was croppy, it only reduced my monthly payments by $50 so i'm thinking of re-submitting a request and hope to get a better mod.
    in my case all they did was change my loan from an I/O to interest and principal and reduced interest rate from 6.75 % to 5.00 % for teh life of teh loan. All I got was a $50 reduction, My DTI is 44% so I'am above teh 31% for HAMP.
    Like you said, I have gain so much knowledge from reading this site that I believe I could probably request a new mod and maybe get a lower interest rate for 40 years.
  9. Maurice Bedard

    Maurice Bedard Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    I haven't seen a single word in HAMP directives that state that a borrower has to wait 12 months after an inhouse mod to apply or reapply for HAMP. It might cuase a fight with the servicer, but you should be able to do it. If it is a fannie mae or freddie mac loan, there should be a better shot.
  10. Michael Naz

    Michael Naz Michael Naz

    Yea you don't see alot of stuff that goes on I'n writing. But based on the 2-3000 mods I've seen personally i would say my opinion is correct. Not to mention, I work with all the big top dawg I'n the industry..presidents of banks escalations oh and treasury contacts. And Hamp is a 1 time shot. However you always can go Hamp after internal bank mod. Imagine if they followed guidelines by themselves this forum would not be here.

    We could have a great call and both learn something i tried emailing you can't find it so email me please
  11. nicolas

    nicolas LoanSafe Member

    Charlie Rose, so you think I have a shot at getting a much better mod than the one teh servicer gave me. right now my DTI is at 45% of my monthly gross so I believe that definitely I have a nother shot at it. Mines was an in-house mod not HAMP. I basically was forced into signing the agreement since I loan was an I/O and teh money going towards it was a waste. but now That I have a final mod [secured in april 2010] paying P/I I want to re-apply for HAMP or hopefully get a better in-house mod. Please any insight advise would be really appreciated.
  12. Maurice Bedard

    Maurice Bedard Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Rose- this poster was asking about a HAMP after an inhouse, not two HAMPs in a row. You need to read these more carefully sometimes to give answers that make sense.
  13. nicolas

    nicolas LoanSafe Member

    Menace, I'm asking specifically about applying for a second in-house mod. I know that HAMP is a one shot deal.
  14. Michael Naz

    Michael Naz Michael Naz

    Him speaking for himself, sounds like i can answer this just fine?
  15. Michael Naz

    Michael Naz Michael Naz

    Yes absolutely you have a change to get a way better mod than 45%.... for sure... You are not in the deemed affordable range of 31-38% like you should be... This is the key to modifications bank throw out the blind MOD offers all the time, that mod makes no sense but they have you backed up into a corner and force you to do it or what..... THEY WILL FORECLOSE .. its unfair and crazy. The Report will show you what your payment should have been have you made 12 payments?... I have seen them go back before 12 and you can fight with them, ive seen both outcomes EXPLAIN that there was not affordable in anyway but i had to take it you guys forced me or i would have lost my home. Appeal the MOD, with a LOE to pres office, and anyone else you want to include. The REST Report will check you for not only HAMP... but FLEX , CAP, and STEP MOD programs the banks offer. either way man you should be paying no more than 38% of your GROSS income on your mortgage.

    I hope i answered this correctly for you menace made me out to be stupid. lol he hurt my feelings -jk I just hope i have answered your question. Looks like we are on same page maybe menace didnt understand.. i dont know either way still have questions dont hesitate to ask.
  16. Maurice Bedard

    Maurice Bedard Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    This appears to say that he is asking about applying for HAMP after getting an inhouse. Yes he can apply for a HAMP mod even if he previously applied for a HAMP mod and was turned down for a HAMP mod and was given an inhouse mod. If he was offered a legitimate HAMP mod, and turned it down, he is not eligible for a HAMP mod.

    My response was to the original questioner.
  17. nicolas

    nicolas LoanSafe Member

    Hey Menace, quick question my in-house modification was issued in late April 2010 and my first modified payment was due and paid on July 1st, 2010.
    Do the 12 months period starts after the first modified payment in in July 01, 2010 or do I start counting base on teh date when i signed the in-house mod ? The reason why I'm asking is that i would like to re-apply for an in house mod but I read here that you have to wait for 12 months to reapply.
    so do i start from teh date of when i signed the in-house mod or from 1st modified payment ??
    any advise would be appreciated. Thanks
  18. Erik Sandstrom

    Erik Sandstrom Mortgage Expert - Call 1-619-379-8999 Staff Member

    I think the best thing for you to do is call your servicer, explain that you're experiencing an additional hardship and are considering re-applying for another modification. Just ask them, don't say anything about the 12 month rule, just ask. See what they say...If they say 12 months, call again - ask another rep. Do it 3 times and see if you get the same answers.
  19. Maurice Bedard

    Maurice Bedard Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Nicholas- If the first payment was due July 1st, the effective date would have been June 1st. With mtg payments, the payment is due at the end of the month, after the previous months interest has accrued. I would expect that the 12 months would end May 31st, but servicers hire and pay people who won't know anything about effective dates. Either way, though, your 12th payment would be due May 31st/June 1st.

    Is there a reason you do not want to apply for a HAMP mod or are ineligible for one? You could just try sending in a HAMP application right now, and see what happens. The worst that could happen is a denial. And under HAMP rules, the servicers are suppose to look at other options after a HAMP denial, and by then, your 12 months will almost certainly be up. We are already almost in Feb, with 30 days or more to review an application, if you applied, it would be March before they issue a HAMP denial, and another month to review for another inhouse mod. I personally would just go for it.

    If you got a mod earlier, you must have met guidelines at that point. Depending on how much your income has decreased, and the value of the property, it is really possible that you will qualify again.

    Erik above is right. Calling the servicer can't hurt anything, but even if they say you can't reapply, they can't stop you from sending in the HAMP documents.
  20. Chaos

    Chaos LoanSafe Member

    Charlie - can you apply if you turned down the HAMP BEFORE the trial started

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