Wachovia and HAMP modification-anyone having success?

[TNT101]

Luckysigil

The July 15th 30 days refers to the payment is over 30 days late, from date it was due for the Wahchovia Mortgage.

Wachovia will not do anything but refer me back to collections until the loan goes past 30 days late. Then the Loan Mitigation department (1-888-565-1422) will start to discuss with you possible loan modification (MAP) plan. But first there is a 1 hour phone call to fill out a questionaire and then you get a list of all the documents they need you to send. I was able to fax all this to Loan Mitigation Department last night. Taxes for last year, Fed and State, and 3 months of checking accounts and (businesess) profit loss and monthly income and expense information. About 100 pages faxed.

I received a Wachovia letter this week that is a MAP offer. Higher payments per month than I currrently can not pay by $700 more. But this is for P+I. I was only paying the Interest only pick-a-pay option for the Jumbo ARM. This looks like a standard offer they make, about 4.5% interest rate. But this will not work for me. Total of $6,000 PI&T and HOA payments is 50% on the front end ratio; way over the standard 31% to get a loan approved. They have to make a better offer.

Time to make some phone calls and make sure all the documents I faxed arrived and are scanned into the computer records inside Loan Mitigation Department. May need to get the executives looking over this one soon -time is going by too fast. Foreclosure process will start soon once the 60 days past due on the Wachovia mortgage milestone is reached.

No mention of a HAMP criteria for loan modification for Jumbo loans so far. Not sure what to expect next. I did learn from my Wachovia phone conversation on July 21st that Wells Fargo is directing the MAP program to Wachovia. I wonder if they also have another program HAMP but just left that out trying the MAP offer first to see if I would take it.

I will update this thread more often, now that this is going into review for a modification of the loan. Hope to have more later this week

[phill4464]

It sounds as if we should not act on a Wachovia MAP, but to wait for the HAMP program. We owe over $400,000 on our house, and it is probably now worth under $300,000. After the freddy and fanny loans are worked on with the HAMP process, Wachovia will work on other loans (August someone says).

We are 2 months behind in payments, and have not recieved a letter yet from Wachovia.

Thanks . . . . .Phill

[FireandRain]

Originally Posted by TNT101

I wonder if they also have another program HAMP but just left that out trying the MAP offer first to see if I would take it.

YES!!!!! This is EXACTLY what they are doing. For sure. I had a MAP offer 2 weeks ago, still left my DTI around 60%... didnt accept... in foreclusre, waiting for the HAMP... My Wachovia rep said they might be "re-evaluating" my MAP for a possible principle reduction of 4%... didnt get any principle reduction in the first MAP... Make NO mistake about it... Wachovia IS stalling the HAMP to get as many folks to sign up for their less attractive MAP program. Although I had multiple reps at Wachovia assure me that if I agreed to the MAP offer that i would STILL be eligible to apply for the HAMP later, fact of the matter is I would be dropped WAY down on the list as my loan would no longer be in foreclosure... they are reaching out to those in foreclosure first..period.. My 2 cents... Ill keep you posted as well... I was 5 months behind before they filed my notice of default, entering into foreclosure process...

[halfdome]

This is so arbitrary and unfair,
I suppose people will be helped eventually,
but the lack of consistancy is awful.
My MAP offer is so much better that I had to take it,
but hoping for a HAMP eventually.
Guess I'll be at the bottom of the list for that...

[TNT101]

Originally Posted by FireandRain

YES!!!!! This is EXACTLY what they are doing. For sure. I had a MAP offer 2 weeks ago, still left my DTI around 60%... didnt accept... in foreclusre, waiting for the HAMP... My Wachovia rep said they might be "re-evaluating" my MAP for a possible principle reduction of 4%... didnt get any principle reduction in the first MAP... Make NO mistake about it... Wachovia IS stalling the HAMP to get as many folks to sign up for their less attractive MAP program. Although I had multiple reps at Wachovia assure me that if I agreed to the MAP offer that i would STILL be eligible to apply for the HAMP later, fact of the matter is I would be dropped WAY down on the list as my loan would no longer be in foreclosure... they are reaching out to those in foreclosure first..period.. My 2 cents... Ill keep you posted as well... I was 5 months behind before they filed my notice of default, entering into foreclosure process...

Fireandrain

I talked to Wachovia today. Same story so far, HAMP is only for the "others" right now; don't know when it might cover the variable rate loans and Jumbo loans if ever.

I was not aware that if you decline the first MAP offer that they would reconsider making a better offer. Did you have to call the Executive number to argue that they need to step in? When I discussed with MAP program I got the line that they probably would offer a 38% (PI+Taxes) of Gross Income. That is 7% more than HAMP program. Was your first MAP offer for a monthly payment about the 38% of gross?

Also, with the California Foreclosure Moratorium in place does this stop them from sending out the notice of default letter? or does this change the foreclosure clock for you? Not sure what the moratorium does, based on July 15th start of the 3 month moratorium.

I am trying to figure out how much delay there is if I reject a MAP offer to try and get a better offer or see if the HAMP would cover my situation by a delay of 1-2 more months, game of chichen process. Seems like you are into this process longer than we are, we are about 45 days passed due on payments and an underwriter has my file of documents that they received yesterday. I was told today that I could expect to hear from the underwriter by next week, possibly a MAP offer. If it is 38% of gross I am not inclined to accept that since it does not include my HELOC second and the HOA monthly fees. Payment of PI&T at 38% is a real nail biter to try and cover with an additional $650 in HELOC and HOA dues added on top of that. I would still have loan total that is over the value of the home by $125K. Looks like it would be better to do a chapter 11 and rent at half the price I would have to pay on the combined mortages under their MAP guidelines they explained to me today. I would appreciate your thought on this.

[FireandRain]

TNT,

My MAP offer left my DTi around 60%! Not even close to the 38% you were informed of. My NID was filed when I fell 5 months late. The official word is that MAP is a non-negotiable offer. However, since Wachovia is very close to HAVING to offer HAMP, I imagine they will be doing some last minute re-working of MAP to push us into MAP. Just my theory given my conversation with Wachovia's Exec team.... Call those numbers, dont bother with loss mitigation. My. 02.

[TNT101]

Originally Posted by FireandRain

TNT,

My MAP offer left my DTi around 60%! Not even close to the 38% you were informed of. My NID was filed when I fell 5 months late. The official word is that MAP is a non-negotiable offer. However, since Wachovia is very close to HAVING to offer HAMP, I imagine they will be doing some last minute re-working of MAP to push us into MAP. Just my theory given my conversation with Wachovia's Exec team.... Call those numbers, dont bother with loss mitigation. My. 02.

FireandRain,

This makes no sense to me why you did not get the same type of 38% DTI ratio offer. I wonder what the MAP offer will be to me when it comes?

Thanks for your recommendation, it is worth a call to the executive team to see if I can get the right MAP offer from the begining. Better to ask for what you need/want at a level that can make that decision and get through this process with the least amount of pain. Better to get the underwriter to make a good offer the first time rather than fighting to change the underwriters offer. (The underwriter would fight against a change to what they offered to justify what they did; in effect arguring against your plan to the excutive team member.) I will keep you posted.

[Wizard]

I Have Not had any Luck with Wachovia! I have been calling them since
January this year almost on a weekly basis and for the last 2 months on
a every other day and now daily!!!
I have spoken to all Department: VIP Center, Loan Counseling, Pre-deliquent
dept., and loss mitigation dept.s. The program "HAMP" was to start August
1st, and has been delayed due to the governments constant changing of the rules.
Another factor is that Whacovia is trying to streamline their computer
systems to handle the new program> I was told that to check back on a
weekly basis, something should happen sometime this Month? Bottom line
their program will mirror the Government's program: Floor to 2%, Ext., to
40 Years, Principal foreberance as a last result, but will have to be paid back if the home where to be sold or refi'd; the target is 31% payment for you house note including taxes and Ins. It will go from 2% for 5 years and the gradually top to a fixed rate of around 5.0-5.42% fixed for the balance of the loan between 5-9th year, and will stay fixed for the balance of the loan.. Granted Wachovia hasn't been at the forefront of the modification program!!!! Especially when it comes to forgiving of principal! I Believe they were a recipient of TARP FUNDS ALONG WITH
THEIR PARENT WELLS FARGO!!!!!!!!
AN Application will be taken over the phone which will then be given to
underwriting, along with a signed affidivit, other documents such as current
loan Mortg., statements for first and second loans, pay stubs, 1 years tax
return, copy of property tax and insurance statements will be asked to be
faxed or mailed later. This process I'm told could take a total of 30-60
from start to finish!
31% payment will hold for 5 years, but when you go from the 9th-40th yr
due to the rate going from 2% floor to around 5%-5.25% fixed. i.e.,
on 340,000 @ 2% would start @ 1050.00+ txs+Ins. and go to 1500.00+txs and Ins., for the 9-40th years opposed, 6-8% arms w negative amortizations. The program buys you time!!!!!! Roughly 10 years, fixes your
% rate to around 5%, no negative, and keeps you in your home!! IF THE
Loan is paid on time for the 1st 5 years the government will make a onetime
payment of $ 5,000.00 towards your loans principal balance. The servicer
also make money in the deal.
Valuable phone #'s:
WACHOVIA LOSS MITIGATION DEPT 888 565-1422
WACHOVIA VIP CENTER 1-800 909-1825
WACHOVIA PRE DELIQUENT DEPT 1-866 975-5640
WACHOVIA CUSTOMER SERVICE 1-800 642-0257
My suggestion would be to continue to pursue them with the Hamp
program, because the is much value to be had vs the MAP program
from what I have read in the past 6 months! When all said and done
if people can hold off and I know that easier said then done, their is
value to the HAMP, IF AND WHEN WACHOVIA GET'S THEIR ACT TOGETHER!!
I THINK AT THE END OF THE DAY, WACHOVIA WILL DO THE RIGHT THING
FOR IT"S CUSTOMERS, ITS" IN EVERYONE'S BEST %!!!!!!

WIZARD

[TNT101]

Wizard,

Thanks for the encouragement. The HAMP offers sounds like it is on the right track but without a proper loan to match the current value of the home this is another banking scheme that the existing homeowner is duped into thinking it is a good offer. This is the same offer that got customers into trouble before. Low interest to by an overpriced home. In this case; a MAP or HAMP loan is in effect a refinancing that does exactly what Variable Rate loans with teaser interest rates did in the past. It helped home vaues go up. In the case of MAP or HAMP the banks keep on their books the inflated prices of homes and the home owner is paying to buy the overpriced (pay mortgages on homes that are valued in the marke at less than the current loans). They should go to jail for this scheme. All the home loans should be reset to current value of the home if the homeowner is underwater; then the interest rate calculated to get to the 31%. Anything other than doing this I think is a criminal act by the banks and the Federal Government should make this a requirement.

Back to MAP and HAMP loans.

HAMP sounds so much better but not sure they will apply this to the Variable rate Jumbo Loans (over $729K) Wells Fargo acquired from World Savings. My loan was in 2006 and is a California loan. The real kicker is that moved and bought a home of about the same value from another California county. My property taxes went from $5,000 per year to $12K per year thanks to pop 13. This extra $600 per month property tax was a real problem to handle. This makes new home purchases a burden, not just the loan companies were raking in the money. County coffers were getting more from new buyers. Those who had money on older homes and just refinanced their loans were making out like bandits compared to the people moving into and within California. This is one of the reasons why some people are not able to make things work even with lower interest loans. The unfairness of Prop 13 to the younger generation and immigrants is something that needs to be changed in California. Trying to modify a mortgage without the HAMP guidelines will run into this discrepancy with taxes from one customer to another. I can see why loan companies might offer different payments for MAP due to the effect taxes has on the monthy payments for a home.

I will post any new HAMP information as I go throught with the MAP offers, when I eventually get one.

Right now I am not happy with no reduction in principle. If anything were to happen to my income, pay cuts or job loss; then I would have no option to sell the home. Right back to where I am now, can't refy, can't sell and can't pay the loan and all my reserves gone. This is a high risk situtation.

Looks like Wachovia is kicking the can down the street for another 5 or 10 years and many MAP owners will be back with Wachovia asking for help if they take any income hit in the first 5 years of their MAP. The home will be still underwater by big numbers. False home loan value is still on the books for Wachovia. Why doesn't the Fed force the home value to get reset so the MAP or HAMP books for the bank are set right. I don't think I will invest in any banks for a long time. This mess is not getting fixed with MAP or HAMP offers. Why would the Government let Banks do this to customers and keep the value of the homes at the higher price, when the homeowners are hostage to this scheme. It is in effect a refinancing loan with the same gimic; selling an Overprice home ( MAP or HAMP loan) justified by a low interst loan to qualify the customer. When will the government and the justice department try to do something right for the people? This is not willing-buyer and willing-seller capitalism model working; this is power dictating to the masses another scheme to avoid honest banking valuation of what their assets are really worth.

This is not good for the country.

The homeowners are slaves to these bad MAP/HAMP with inflated loans on the hope that given enough time the house will go up in value. But the cost of selling an home will add another 7% on top of the mortages owen on the home if you must sell. In my case that would mean another $75K on top of the $125 under value of the home to my existing home loans. How long would it take to have my home appreciate $200K just so I can sell the home an walk away with $0; that would mean 20% home value appreciation to just break even. I doubt that this would happen in 5 years. Bankrupcy looks like a better option. Banks have to honestly book their assets, I only pay the current market value for a home to stay in and if I want to buy in the future I pay a true market price for the home and get the market interest rate on the loan or I don't/can't buy. Renting at a lower price than paying MAP/HAMP monthly payments would allow savings of $20K per year. In 5 years I would be $100K better off.

[Wizard]

Just got off the phone this AM, 8/04/09 with Wachovia's VIP Center, after a lengthy
conversation I was told that Wachovia will be rolling out their Version and the Governments Version of the Hamp program on or about AUGUST 30th!!!!This will come
after computer systems adjustments and tweaking, customizing these programs based
on individual needs of their customers many such as myself in california and many other states whom are underwater in their properties. My personal understanding is
that their WILL BE a % adjustment in a homeowners' principal balance based on
how much they are underwater. The HAMP MODEL, MAP MODEL and whatever Wachovia comes up with will be guidelines for whacovia to follow, but each Modification will be tailered to the individual homeowner with his or her situation!

WIZARD

[Persistent1]

I have been calling Wachovia on a regular basis for the last few months, and have been given a new "target" roll out date for the HAMP every time. In my most recent conversation, I was given the same timeline that WIZARD identified above. At least Wachovia is now keeping the story consistent.

In addition to what WIZARD already shared above, I was also told that the e-mail address that I was previously given (lmo_processing@wachovia.com) was no longer going to be used for accepting modification documentation, and that documentation would only be accepted as a hard copy sent to the mailing address. It was confirmed to me that the hard copy mailing address is as follows:

Wachovia Mortgage
Loss Mitigation
4101 Wiseman Blvd
Mail Code TX 1617
San Antonio, TX 78251

Here is another carrot for everyone - in my research of the Home Affordable Modification Program (HAMP,) I found the administrative website used by the servicers/banks to download the guidelines, forms, etc., pertaining to the HAMP. It contains program guidelines, supplemental directives, a description of the NPV (net present value) model used in the process, etc. This will give you a roadmap of the qualification and documentation criteria used for the federal HAMP:

https://www.hmpadmin.com/portal/index.html

What I can't figure out is whether or not the banks (i.e. WF / Wachovia) that have taken TARP funds are REQUIRED to do the modification for anyone who qualifies under the Dept of Treasury criteria. Any answer to that (that can be backed up) would be greatly appreciated.

Good luck to everyone.

[TNT101]

Persistent1 and Wizard,

Time will tell if the end of August is right. I was told August 1st at the end of July for the HAMP program. Today I received two computer calls that left me a message. Saying thanks for the last documents, it will take about 10 days to process the information. But last Friday I was told by a Loss Mitigation Staffer that I would get a proposal early this week from an underwriter. I hope that if the HAMP is coming they will delay the offer until HAMP rules are in effect.

I received a letter from Wachovia, before last Friday's call, that came in with a drop in the loan principle from Wachovia; but, the new monthly payment is $800 more than I was currently paying. No idea if this is just an outline or what the terms and conditions are. Since this is not a final proposal I will let time pass. Hope to have the HAMP, or whatever they call the new program that is about to happen at the end of August, guidelines provide a better offer. Need both the current principle to be in line with current home value and the payment something I can afford for an ongoing monthly payment.

I have time but I am not sure others can keep from getting into foreclosure while Wachovia gets this program sorted out.

Hope you and the many others in this same fix can finally get some progress. At least you know that one of us has seen a decrease in the loan offer, mine was $75K off of a 970K principle, even thought this is not an official offer yet. So hope you also can get a principle reduction before they calculate your interest and monthly payment.

Keep you hopes up and calling to get your situation resolved. And keep sharing what you know.

By the way, my Wachovia letters and calls have the option of sending documents by mail or fax. The Loss Mitigation department fax number is 1-800-313-0892. I used it last week so I may still be OK to send docs this way too. Snail Mail is too slow. I can confirm they have the documents the next day with a phone call -if I send it late the night before by Fax. It may take another day for Wachovia to scan it in my records but once it is there anyone can review them electronically. Works well.

TNT101

[messi]

I'm getting really tired of hearing that the hamp program will be rolled out "next month" since March when it was announced. Hopefully it will be ready for us to apply for soon. Here is what I received from wachovia via email today:

"Thank you for your continued interest in the Homeowner Affordability and
Stability Plan (HASP). There are two parts to the HASP. The Home
Affordable Refinance Program (HARP) is a refinance program specifically
for Fannie Mae or Freddie Mac mortgage loans. However, since your
mortgage loan is not a Fannie Mae or Freddie Mac loan, it is not
eligible for a refinance through the HARP.

The Home Affordable Modification Program (HAMP) is a modification
program for borrowers who are in default or for those who are at
imminent risk of default.

To be eligible for the HAMP the following criteria must be met (meeting
this criteria helps determine eligibility, but does not fully qualify
you):

1) Loan was originated prior to January 1, 2009
2) Property is one to four units, one unit must be borrower?s primary
residence
3) Documented financial hardship and income verification
4) Unpaid principal balance of mortgage can be no greater than $729,750
5) Mortgage must be fully escrowed for taxes, hazard and flood (if
applicable) insurance
6) The Loan to Value (LTV) must be greater than 80%
7) Borrowers who have more than 20% equity in their home may not qualify

HAMP has begun to be offered to our Fannie Mae and Freddie Mac
customers. We will expand the offer to additional customers of our
portfolio and anticipate this to occur after August 2009.

Your loan has been notated that you are interested in the government
program. If your loan is eligible for a loan modification through the
HAMP, you will be contacted".

I guess I just need to be patient. I am still current so I have time.

[buz2004]

OK LOO AT THIS!YouTube - Foreclosure Rebellion

[TNT101]

messi

HAMP is being done by Wachovia for Fannie and Freddie loans and they are also going to do this for other loan types, the Jumbo non-conforming loans.

https://www.hmpadmin.com/portal/docs/sd0901.pdf

This is a web site that has the criteria for HAMP.

Anyone can prepare a hardship letter which is essentially any document that states why you are about to not be able to keep paying your mortage. Whachovia is obligated to investigate this loan and see if you qualify for the HAMP program. They will need income statements, etc that are in the web site document. If you qualify even if you are not delinquent then they must provide to you a response for why you do not qualify for HAMP program or what they will offer to you. There are other alternatives (which are documented as HAMP- HAMP1, HAMP2 .... HAMP5).

So get busy and read this link and then go back with your hardship letter and ask them to evaluate you for HAMP since you are in about to fail to make your payments. What I did was stopped payments and at the same time called after 30 days late and said OK you now need to get my loan reviewed for HAMP, MAP or whatever you have. They start working on this more seriously when you are behind in payments. After I submit the required information to the Loss Mitigation Department in a phone interview then I submitted all the documents they need to make a determination if I qualify for HAMP. All foreclosure steps are on hold until they make the evaluation. If I qualify then I willl be getting a Trial Agreement Lettter and a offer for a loan modification. They can do this now if they want to. But there are some new rules for getting rembursed for difference on the Modification loan and the old loan; Wachovia would get 1/2 the difference in the payment for 3 years after the Modification. Not bad deal for banks who hold these "bad" loans. But they must reduce your payments to as close as they can to 31% front-end Debt to Income ratio (actually must be less than 32% but guideline is 31%).

Wachovia can start all the paper work now since they can't offer the letter of the loan Modification until all the paper work is done. That would take 2 or more weeks and they must send to you the Trial Agreement and Modification Offer information. All this could be in place so that by 9-1-2009 when they can start the new reimbursement from TARP money your loan could be one of the first ready to sign.

Lots of good information at the web site. So get your information ready to go back to force them to see you have imminent problem on your loan of defaulting so they will tell you if you qualify for a Mortgage Modification under HAMP. Keep pushing.

TNT101

[OTDave]

Thanks TNT, today the lady at Wachovia was really trying to push me back into the MAP I refused and when I asked if it was true that they had only processed 2% of the eligible loan mods I was told that it was none of my business.

I did see that the $729,750.00 is for the "mortgage loan prior to capitalization"
so the one I have that started at 629,000 and is now 752,000 qualifies. I would think they would want to work with us to get us back to making our payments.

[FireandRain]

Update on my MAP situation. I refused Wachovias original offer a month ago (no princ reduction). I received a call from the underwriter of my original MAP pffer, said he wants my latest pay stubs, said that Im going to offered a 2nd MAP offer with an 18% principle reduction! We'll see, he said assuming i qualify, and i think I will, no change in income since last MAP offer a month ago, this time I'll be offered an 18% principle reduction in the 2nd MAP offer. My guess is that, with the HAMp rolling out in the next couple of weeks, this is Wachovias last ditch effort to work me into their MAP offer, this time with the added incentive of an 18% principlel reduction. My loan, pick a pay, is at $631K. So, with 18% principle reduction this would reduce my principle by $118K! If it comes through, Ill have to seriously consider this... I am currently in foreclosure, no sale date yet, still 'paused" while working on modification.... This is the first ive heard of a 2nd MAP offer...can only mean Wachovia is realizing that they WILL have to offer HAMP soon...

[JustSimpleInfo]

I hope this helps others:

http://www.treas.gov/press/releases/...lic_report.pdf

My gf has a Wachovia Loan, and she has gotten the run around and has missed last month and will probably be late on the next one. Wachovia is such a pain, but after research I found this PDF document on the treas. website. check it out. Says there are two different Wachovia companies that are offering this HAMP program. The first one Wachocia Mortgage has labled 60,000+ eligible loans, with only 2-3% offered. not fair... Offered since July 1

then the other Wachovia Bank just launched on July 29th, and has only 2,900 listed as eligible.......

not sure why the difference in companies, but I am assuming the first must be those that have Fannie mae,Mac loans...i could be wrong

hmmmm..........i know this is new to them, but I wish they would do the right thing with all there customers... people dont want to lose there house, make it easier to do business with your company and when the market and people get back into financial order they will be more inclined to use your services again, but Wachovia must not see that...or is it BofA now? or wells fargo that owns them...


Well I hope this website PDF helps people, gives you an idea of what other companies have done and the date they started....

I will keep you updated on my gf progress with this nightmare..
I will encourage her to also try the NACA route too if this doesn't work out or should she try to do both? Or wait on the NACA?

[PERSISTENT32]

I just attended the NACA Homesave program in Atlanta. NACA is a non profit organization that has relationships with banks to get lower interest rate which in turns lowers your monthly mortgage payments. I spoke with Wachovia on the spot. NACA suggested my mortgage payments be $631. When I spoke to Wachovia's loan modifier on the spot. I was told my interest will be reduced from 7.75 to 3 percent the lowest they can go. In addition, principle reduction of 25k. My monthly payments would go from 1333.33 to 825.00. They have to order a BPO and the manager has to sign off on the principle reduction. I will know if the principle reduction is approved by next Tuesday. I am so happy my interest rate is being lowered.

[SillyWorld]

Originally Posted by PERSISTENT32

I just attended the NACA Homesave program in Atlanta. NACA is a non profit organization that has relationships with banks to get lower interest rate which in turns lowers your monthly mortgage payments. I spoke with Wachovia on the spot. NACA suggested my mortgage payments be $631. When I spoke to Wachovia's loan modifier on the spot. I was told my interest will be reduced from 7.75 to 3 percent the lowest they can go. In addition, principle reduction of 25k. My monthly payments would go from 1333.33 to 825.00. They have to order a BPO and the manager has to sign off on the principle reduction. I will know if the principle reduction is approved by next Tuesday. I am so happy my interest rate is being lowered.

Congrats on the offer!!! Is your loan FHA by any chance..???

[Wizard]

Persistent32/ Congrats!!!

With the 3% and the principal reduction of 25K, and your payment
svgs to 825.00 from 1333.33. What % was the 25K of your loan?

Again, Congrats!!!

WIZARD

[AzSunshine3]

FireandRain

I did get a second MAP offer from Wachovia which I did take. It wasnt as good as the first MAP offer. It did reduce my principle by 20% and the payments are about 31% DTI. The kicker is that the first 6 years are interest only and the 7 year it jumps up to a payment I cant afford. I asked for the HAMP program and they said they already considered me for the HAMP and the MAP - and the MAP is what they thought was best for me - ha ha . Basically they told me that I cant just ask for the HAMP Program - they decide what they will offer me even if I qualify for the HAMP. I did the math and Im way better off with the HAMP in the long run.

This was August 1 , so my plan is to wait till Wachovia is forced to offer the HAMP and apply for it . Im courious as to what your MAP offer will be - interest only??

[FireandRain]

AZSunshine,

Well, my first MAP offer (a month ago) was interest only first 6 years, then princ/interest 40 years year 7-40, interest rate started at 4.5%, going up by half point or thereabouts each year to year 7, then fixed at 6.5%. The main reasons I rejected the first MAP offer:

1. So close to HAMP being rolled out by Wachovia.

2. First MAP offered NO principle reduction.

So.... waiting to hear back from my MAP underwriter about their second offer. Funny thing is, its now Friday 8/14 and the HAMp is supposed to roll out in 3 days 8/17!

Curious if I will hear something today. Regardless, I imagine I will have 7 days to ponder the new MAP offer which will set me up fine to apply for HAMP.

I'll ALMOST miss all of this crazy strategizing!

[messi]

has anyone been able to re-confirm the hamp roll out for Monday? I've spoken two three different reps and one told me she didn't have a date yet but to call back on Monday, and the other two told me it was ready but it was going to roll out in two weeks.

[PERSISTENT32]

I am currently in the HAMP program-loan modification. I went to a NACA save the dream seminar here in ATLANTA, GA. I was told the HAMP program was not going to restructure your loan. If you are behind in your payments they would just tack it onto the back of the loan. Therefore you may end up with a higher payment. I already made my 2nd trial payment. I waited 12 hours to finally speak with a Wachovia Loan Modification officer. She gave me her name and number and told me I would hear back from her by 08/18/09 (tomorrow) she had to order a BPO.

I sent her two email and left two voicemails and I havent heard from her. I called loss mitigation because I told them I didn't want to be in the HAMP program I want my loan restructure with the principal reduction and the whole nine interest reduced. I was told to keep making the HAMP payments until I either received my final loan modification in the mail or the rep contacted me with the restructure she promised face to face. If she doesn't call me by noon tomorrow I will be calling the executive office of Wachovia. If they dont resolve the issue. I am contacting the CEO-Robert Steel, Phone:704-374-6161, FaxL 704-383-0996.