Home Loans and Support

Filling out HAMP Application?

Discussion in 'Deed in Lieu of Foreclosure - Do You Need Help to ' started by DefaultInNorCal, Jan 19, 2011.

  1. DefaultInNorCal

    DefaultInNorCal LoanSafe Member

    Months before my husband and I decided to walk away, I spoke with someone at Bank of America regarding HAMP. At the time, we were actually trying to do a refi with HARP, but it turned out our LTV ratio was terrible, so we didn't qualify (this was actually our final attempt to "save" our house before we decided that it just wasn't worth it). In any case, we ran some numbers on the phone and realized our incomes were too high to qualify.

    Fast forward to now. We haven't paid our mortgages for two months. I haven't answered any phone calls or letters, and I have made no attempt to contact the bank. We did, however, recently receive a HAMP application via Fed Ex.

    I've been told that we should go ahead and fill it out. My issue is that I feel like we've already provided them all the info. (Un)fortunately, we don't have any real hardship - we have simply decided that it makes absolutely no financial sense to keep our place. Is it OK to fill out the forms again and have them go through the motions of possibly ordering past tax returns, pulling credit scores, etc?

    For those who are aware that they will "not qualify", have you filled out the entire form honestly, or have you just left out pertinent info? Or, should I not even bother with trying as in the end, it doesn't really make a difference?

    Any input would be most appreciated. Thanks!
  2. Michael Nazarinia

    Michael Nazarinia Michael Nazarinia - Mortgage Expert 619-379-0654

    Yes you could stay there rent free...for possibly 10-12 months play the game with them then walk
  3. Michael Nazarinia

    Michael Nazarinia Michael Nazarinia - Mortgage Expert 619-379-0654

    It sounds like you've made up your mind about letting your home go.
    How much are you upside down? Do you just want to leave the area or just frustrated they, Bank of America won't help?
    What is your current rate,balance,and gross income? do you have a 2nd also?
    Are you ready to play their game? I personally like to get some sort of submission started to keep your case opened and in review. If you haven't noticed from some other folks, it seems the sevicers have a selective black hole at the end of the fax machine that seems to eat or vaporize every 8th or 9th page even though you show all pages were transmitted?
    Even if you don't qualify for a HAMP mod ( Less than 7% completed mods are HAMP), There are are several other mods you may qualify for. even with great income low DTI. If you like your home, neighborhood, and its just the payment or interest issue, you may have other options.
  4. DefaultInNorCal

    DefaultInNorCal LoanSafe Member

    I appreciate the replies. My story is posted here:

    Based on our analysis of the situation (and after confirming our thoughts with an attorney), we have decided that letting the house go is the best solution. We tried working out a solution with the bank a few months ago but felt like we got a slap in the face. Had we over-extended ourselves in the beginning, they would be able to help us; instead, since we were responsible buyers, the door was pretty much closed to any options.

    I still believe we are making the right decision, but I admit I question it daily. At this point, we're not really wanting to "play games," but at the same time, if we are able to buy a few more months of time, that would be nice.

    I guess we'll fill out the paperwork with the informaiton requested, and we'll just see what happens...

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