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HAMP mod and fannie mae loan mod

Discussion in 'Chase Mortgage - Tell Us Your Chase Story' started by shelleyils, Mar 29, 2011.

  1. shelleyils

    shelleyils LoanSafe Member

    Does anyone know what the difference is between the two? We are just getting ready to send in our 1st trial period payment this week. They said we made too much to get the HAMP one. I mentioned before that they are claiming we make way more than we actually do. They had to add 125% to my son's ssi payments. What are the reasons they deny you ever after you made all the trial payments? I've asked chase several times if the perm mod will be more than our trial payments and they keep saying it might go up a few dollars. Not sure if I believe that. I've read horror stories where someone got a trial period payment that was doable, but then their perm mod was hundreds of dollars more than the trial.
  2. Michael Nazarinia

    Michael Nazarinia Michael Nazarinia - Mortgage Expert 800-779-4547

    HAMP modifications are just one of the several programs that they use to determine your new payment. HAMP generally speaking has the most defined guidelines, now with that being said I personally do not think "HAMP" is the best mod or should be talked about like it is the best mod. HAMP has a 3 month trial period payment which you are in now. During this time they review your docs to make sure that everything is correct and the person that put you in the trial did not miss something, which would let them disqualify you for the program. The horror stories are very true about after getting a trial period people are denied. Now as time as gone on it has got much better, in the way that they pretty much qualify you before hand and are not suppose to ask for any more docs. However they will review and review again your file to make sure no one made a mistake allowing them to deny you. SSI income as you are talking about is grossed up to x 1.25% because it is non taxable income. If your income changes, and you send it in, or they calculated your income wrong etc etc... By the end of the trial period you could be denied or have payments go UP, or go DOWN...

    Make sure you keep your income the same as you qualified with. Do not send any additional info in, unless they say something is now missing. Make sure to follow up, keep them on their toes. If by month 4 you do not have perm mod docs or "MAKING HOME AFFORDABLE Step 2 of 2" paperwork, this usually means that they somehow think you are not qualified for HAMP now, and are looking at internal programs for review. Flex modification, CAP, or STEP... all good mods, with the same goal getting you to an affordable payment of 31% of your gross income. You can check your payments by taking your gross income x .31 to see where you are now. See if it matches; if not just make a simple call to find out what income they have on file.
  3. Frustrated with BOA

    Frustrated with BOA LoanSafe Member

    I just paid month 2 of a 3 month HAMP trial mod with BOA. Today I received a fedex with a new 3 month trial Fannie Mae MOD. The Fannie Mae MOD is 400.00 less a month than the HAMP MOD. They took Jan-June 2010 as my income for figuring the HAMP MOD. We are making less than the $$ they figured. I am also getting ready to file Chapter 7. Should I stay with the HAMP mod, I only have one more payment due....and then I may get the permanent MOD...or should I take the Fannie Mae MOD and have this string out for another 3 1/2 months. I do want to keep my home. Fannie Mae is my investor with BOA as the servicer. I should point out that I also have a 2nd with BOA as servicer and Country Wide as investor. My 2nd is totally underwater and my BK lawyer will try to get it stripped. Just not sure which way to turn.....been working on this for 2 years and now I have 2 trial MODs.
  4. val4747

    val4747 LoanSafe Member

    Just wanted to make this real clear so everyone has the understanding corrected. SSI is welfare completely different than SS or SSDI. SSI cannot be used as income period. So they not only are doing this wrong but its illegal.

    Second Social Security Disability and regular Social Security is taxable depending if you have other income. IRS does not take kindly people stating that its not taxable. It is taxable and what the banks are doing is illegal. I told Chase that when the IRS audits me and finds out that they have overstated my income that I want them to be prepared to go to jail right along with me. As now they have lied about how much income I make. This is the reason why banks are in trouble. You can not round up money that people do not have to qualify them for a loan.

    Stop and think about it. I have never heard of people makiing enough SS or SSDI to qualify for a home mortgage by itself, thats just ridiculous. Banks are stupid anyway. Fight them on this especially with SSI I am sure the state that you live in would love to own your house with their money. SSI is for food shelter (not so you can own this is counted against you to even qualify for aid, be very careful with this) Social Security Disability and regular SS is your money because you earned it by way of contributing to the taxes.

    I am just giving you solid information. If you do not believe me check the IRS website about this and the SSA. Just educate yourself for any backlash that comes your way.

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