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Should I 'opt out' of HAMP?

Discussion in 'Bank of America Mortgage Help' started by lemonmama, Jul 9, 2010.

  1. lemonmama

    lemonmama LoanSafe Member

    Hey everyone,

    It's been a while since I posted because my frustration has gotten to all-time highs. A few months back I was diagnosed with lupus and my doctor said stress can make me sicker. Well, that's what's happened.

    Anyway, here's the update and the question:
    - I requested HAMP in November of last year. After many, many months of calling the regular lines and getting NOWHERE, I sent an email to OOP and got results fairly quickly. Still had some hiccups, but nothing too major.
    Unfortunately, I was also told that I probably wont qualify for HAMP. My negotiator said she would put the application in anyway. I was also advised to miss some payments so I could qualify for an in-house mod.

    - Yesterday, I was voicing my frustration about the HAMP process to my negotiator and she replied with an email offer for an in-house mod. (Yes - I missed payments). The mod itself looks great and I want to take it. She said I could have paperwork in less than 2 weeks - completely wrapped up and DONE.

    HOWEVER... she needs me to officially email her and opt out of MHA. This means (I think) that I will never be able to apply again, right? I am terrified that the in-house mod will fall through and then I will never be eleigible for HAMP because I elected to opt out.

    Anyone else think I am being paranoid, or better yet - got any facts about what happens if you 'opt out'?

    Thanks a million!
    Jess
  2. Evan Bedard

    Evan Bedard Call 1-800-779-4547 Loan Safe Mortgage

    Hi Jess,

    Personally I do not think you are being paranoid at all. That sounds fishy that she says you are required to send them an email stating you opt out of HAMP to qualify. This does not make sense to me at all, but maybe she is just trying to cover all the bases to show they ran your account for HAMP.. I would ask to speak with her supervisor or manager just to make sure that this is required for the mod. A lot of these in-house modifications reflect exactly what HAMP has to offer so it would be terrible if she did not live up to her word.. Plus you will not have to go through the exhausting trial period prior to a final mod.
  3. lemonmama

    lemonmama LoanSafe Member

    Hi Even,

    Thanks - I agree that the way the request was made is a little strange. I've been thinking about this and I think she had to ask me to do this because my application is still being reviewed for MHA. I am pretty sure they can't have two modification reviews going on one account at the same time.

    Still, I am going to ask her what the ramifications will be if I opt out.

    Thanks!
    Jess
  4. Moe

    Moe Call 1-800-779-4547 Staff Member Loan Safe Mortgage

    Email back or send the opt out with the condition that you elect to opt out based on the information provided or based on the conversation with so-and-so that you will be given an acceptable in house modification.
  5. underwatertoo

    underwatertoo LoanSafe Member

    I was told my investor did not participate in HAMP and will request an in-house mod which would take 7 to 10 business days to get an answer back. Well, it's been 30 business days and still no word yet. Two weeks to get everything "warped up" may be best case and can easily turn into six or more weeks.

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