Wachovia and HAMP modification-anyone having success?

[messi]

Wizard,

Were you able to sing up for it? What does the process entail? I just saw your post and called Wachovia but they are already closed until Monday.

[Wizard]

Messi:

You call the Customer Svce #, Give them your loan #, and tell them you
would like to apply for the HAMP! They will transfer you to that dept., after
a few questions! I was on hold with the dept., for about 1/2 before I could
talk to a Hamp Specialist, then I had the Oral Interview which took about
1/2 hr., they will be sending be a packet for requested docs, and paper to
sign which can be mailed or faxed back to them! They want the packet
turned in about 24-48 hrs back to them. The process will take anywhere
between 20-30 days and they will get back to you!

WIZARD

P.S. I'm waiting for my packet and ready to give them what they want!!!
Note: He did tell be that their will be an escrow impounded account for
taxes and Insurance!

[jdlsinAC]

Just got off the phone with Wachovia to submit phone application and it was confirmed that principle "forgiveness" is actually "forebearance". The amount "forgiven" is due to Wachovia upon sale of the property or fulfillment of loan modification terms. Just wanted everyone to be clear about this piece. It may hurt lots of people who need to sell their home in the near future, for whatever reason.

[messi]

Well I just got down completing my interview for the HAMP. The rep I spoke with wasn't very knowledgeable. She kept asking me for the same things over and over and kept putting me on hold and sounded a bit nervous. Now I just have to wait for the packet to submit whatever documents they ask for. According to the rep, if people do not submit the docs w/ in 24hrs they will be disqualified automatically from HAMP.

[messi]

Wizard,

Have you received your HAMP paperwork yet? I was under the impression we would have it w/ in 48 hrs.

[lkszip]

Messi and Wizard ... watching you both closely to see what happens so please keep us all updated!
Thanks - wishing you much luck!

[messi]

IKSZIP,

What stage are you at and what is your situation?

I have a pick a payment loan, I'm current but only able to make the minimum payment. I'm hoping I can get into an affordable fixed payment.

I just called to see if the paper work had been sent off and the rep said If I don't get it by MOnday to call them. I had my HAMP interview on Monday of this week.

[lkszip]

Messi,
I also have a pick-a-pay loan. I have been calling Wachovia since March when the HAMP program was originally rolled out (though not by Wachovia! ) asking for the program and that I needed help. They told me that because I was current there was nothing they could offer me (other than a 3 month forbearance - which entailed a lesser monthly payment for 3 months and then 3 days after the 3 months a balloon payment to make me current! I asked them where they thought I was going to get that money then, if I don't have it now! Hello??)
I then went through the Wachovia "Contact Us" website to let them know that I would not be making my payment as of September 15th; that I had called and tried to get assistance (as they request and offer) but to no avail. They called and asked for money. I said "uh no don't have any!". They said I would be hearing from the bank within 14 days for an "interview". Didn't hear anything.
I attended 3 days of the SF Naca Save-The-Dream event. When I finally got to the lender area they called me over and told me that because the investor on my loan was Fannie Mae, that they (Wachovia) could not give me any kind of decision on the NACA solution that was sent to them, but that they would forward everything on to Fannie Mae and that I should hear back from them within a week. Unfortunately, though they have called twice, I missed the call. They did not leave any kind of message.
SO ... if I don't hear from them by Tuesday of next week, I am going to call the representative from Wachovia that I saw at NACA. He gave me his direct line (we'll see where I end up!). I will also ask about HAMP at that time, as well as Wachovia's in-house MAP program.
So to answer your question, I am 60 days delinquent. I had talked to several people before I chose to stop paying, because giving up my 790 FICO score was very difficult for me, but all basically said that the only way to get them to listen to me was to stop paying. Shitty as that is!
I will post updates and you do the same
Good Luck,

Lisa

[housequake]

I got a package from lender after the phone interview. The papers say
Making Home Affordable on them. Is this the HAMP or MHA?

They want me to send requested documents (for the umpteenth time) then in 30 days or so, they will decide if I qualify for the trial period. This is already starting off pretty badly. The documents make no mention of how many trial payments or how long the trial will last.

Also, a big cut of our income will be excluded from consideration. Unemployment ins. must continue for 9 mos(which it doesn't) and SSI for 3 years(its evaluated bi-annually) Also, rental income only counts as 75%.

The effect of this is I will be reporting $3K income on a $600K balance.

Will I qualify?
At 31%, my trial pmt should be approx $1000?
I was told by NACA a principal forebearance is the ONLY option for me?
Do I send in the UI and SSI docs anyway? If so, how does it help me?

Appreciate ANY help on this matter. Thanks!

[needinganswers100]

I have been reading the generous comments of folks in loansafe forum for a long time. I’m hoping some of you might help me after 2 years of mind-numbing work, summarized here.

Naca has worked long and hard with me for two years. I’m self-employed.
I’m separated from my wife. I submitted a hardship letter to Wells Fargo detailing my new expenses and lower household income. I’ve been current on my payments for years.

I just received a HAMP Trial Period Plan from Wells that offers me a trial period payment of 900. – only about 60 dollars lower than my regular Wells mortgage payment! This trial payment includes about 290.00 in escrow payments.

(Also, even though I submitted to Wells a zillion documents, including 7 months of bank statements and my P&L, their Trial Period packet asks for my P&L again and that I fill out a financial form, among other things.) I thought I was done with all that!

Anyway, can anyone help me with these questions?
· Should I take this Home Affordable Trial Period offer? (I am told by Naca that, after this Trial Period, my monthly payment may turn out to be lower. They recommend I take it.)
· If I don’t want to continue with this HAMP program, can I voluntarily revert back to my existing Wells Fargo loan? I am concerned that if I accept this, I’ll be in a stressful picture a few months down the road, as accepting this particular payment proposal does not seem like a long term solution.
· Also, I wonder how it affects my credit score.
· Do I have any chance of combining my Wells and Wachovia loans into one, at some point? (I’m told there is another Federal program, for folks like me who’ve been current on their payments, that opens the door to combining a first and second mortgage into one?
My details:
1st mortgage - Wells Fargo. Balance: 83,000. 6.75% - 964.00 month.
Includes about 295.00 escrow. Fixed rate.

Secondary mortgage - 7.74% - 607.00 month. Fixed rate. Wachovia - Balance: 63,003. I've been current on both loans for 4 years (fell behind in '03.

My wife and I are separated as of a year and a half. I am a single parent of two. My wife's income no longer goes toward my household expenses. I have a small business. My wife is not currently named on the mortgages.

Last year's return had AGI of about 42,000. (my income and my wife's) We are filing jointly again this year. My business net profit from last year’s tax return is about 17,000.

My business P&L for this year, to date, is about 2,300 per month.

I am amazed at the support you all give folks who post on this incredibly useful site. These are tough times and this website is a God send. I’m close to hanging up the whole thing and keeping life simple for the first time in 2 years.

[housequake]

Originally Posted by housequake

I got a package from lender after the phone interview. The papers say
Making Home Affordable on them. Is this the HAMP or MHA?

They want me to send requested documents (for the umpteenth time) then in 30 days or so, they will decide if I qualify for the trial period. This is already starting off pretty badly. The documents make no mention of how many trial payments or how long the trial will last.

Also, a big cut of our income will be excluded from consideration. Unemployment ins. must continue for 9 mos(which it doesn't) and SSI for 3 years(its evaluated bi-annually) Also, rental income only counts as 75%.

The effect of this is I will be reporting $3K income on a $600K balance.

Will I qualify?
At 31%, my trial pmt should be approx $1000?
I was told by NACA a principal forebearance is the ONLY option for me?
Do I send in the UI and SSI docs anyway? If so, how does it help me?

Appreciate ANY help on this matter. Thanks!

Anyone have any suggestions?

NACA told me that because my income was so low relative to my mortgage balance, that "setting aside" a portion of the principal balance
to make the payment affordable, would be my only option.

Does HAMP allow this "set aside" or "principal forebearance?
Wachovia rep didn't know anything about it.

Has anyone from ANY bank got a principal forebearance under HAMP
in order to reach an affordale payment?

If the mortgage under HAMP should be 31% of income, wouldn't less income be better than more income?

[darkdays]

Originally Posted by housequake

I got a package from lender after the phone interview. The papers say
Making Home Affordable on them. Is this the HAMP or MHA?

They want me to send requested documents (for the umpteenth time) then in 30 days or so, they will decide if I qualify for the trial period. This is already starting off pretty badly. The documents make no mention of how many trial payments or how long the trial will last.

Also, a big cut of our income will be excluded from consideration. Unemployment ins. must continue for 9 mos(which it doesn't) and SSI for 3 years(its evaluated bi-annually) Also, rental income only counts as 75%.

The effect of this is I will be reporting $3K income on a $600K balance.

Will I qualify?
At 31%, my trial pmt should be approx $1000?
I was told by NACA a principal forebearance is the ONLY option for me?
Do I send in the UI and SSI docs anyway? If so, how does it help me?

Appreciate ANY help on this matter. Thanks!

$3000 income on a $600K loan doesn't get you where you need to be for a 2% interest rate, 31% PITI for 40 year loan. You would need to be somewhere around $10K a month in income for that to work. Otherwise, they would need to reduce principal and add it to the back end which it doesn't seem we have heard any of.

[darkdays]

Originally Posted by housequake

Anyone have any suggestions?

NACA told me that because my income was so low relative to my mortgage balance, that "setting aside" a portion of the principal balance
to make the payment affordable, would be my only option.

Does HAMP allow this "set aside" or "principal forebearance?
Wachovia rep didn't know anything about it.

Has anyone from ANY bank got a principal forebearance under HAMP
in order to reach an affordale payment?

If the mortgage under HAMP should be 31% of income, wouldn't less income be better than more income?

Less income is not better than more income if you are so low because the test is whether the investor will benefit more by foreclosing or reducing the payment and if 31% of your income is about $1000, your mortgage payment would be even less because the 31% is PITI (principal, interest, taxes and homeowners insurance).

[messi]

Wizard,

Have you received your HAMP paperwork yet? I had my interview last week on the 19th. I just got off the phone w/ Wachovia and rep told me it could take up to two weeks, on Friday the rep told me I should have received it by now and to call MOnday to follow up if I hadn't received it by today.

[lkszip]

Messi, Wizard ... any progress on your mods?

[Wizard]

NONE YET/ PAPERWK RECEIVED BY WACHOVIA/ ALLOW 15-30 DYS FOR
RESPONSE. THEY SAID THEY ARE OVERWHELMED!!! don't you think?

WIZARD

[messi]

I'm still waiting for he HAMP packet that tells me what to send them. Its been over a week.

Wizard,

How long after your phone interview did you receive the hamp packet that tells you what you need to send them?

[AZOwner]

Please sign the petition but together by Sr. Member caldwell:

Everyone - here are is our petition on two places on the web. Please sign them. Send the links to your e-mail buddies. Put it up on your facebook pages. Lets make this happen!

PETITION TO THE U.S. GOVERNMENT FROM AMERICAN HOMEOWNERS | Petition2Congress |

TO THE UNITED STATES GOVERNMENT FROM AMERICAN HOMEOWNERS Petition

[messi]

just got off the phone w/ wachovia. Apparently the packet was never mailed out to me. The rep said she put it through the system now and I should be getting it by Saturday.

[raharkne]

Well everyone, I started this thread in May 2009. I received a written HAMP plan from Wachovia for the 3 month trial effective 7/1/09. Made third trial payment 9/1/09. I immediately called Wachovia and asked for my permanent modification. I was told I'd receive it in 2 or 3 weeks. The next correspondence I received was to tell me that my loan would transfer to Wells Fargo effective 10/1/09.

So I waited till 10/5/09 and made my fourth payment to Wells Fargo. I called them and was told to mail them a hardship letter, one month of pay stubs and a monthly budget. They told me this would "expedite" the process as they await paperwork from Wachovia.

Somewhat frustrated, I tried to reach my NACA negotiator but the voice mail was full. I logged into the NACA site and it showed Servicer Proposal Information, HAMP Approved, Step 60 months @ 2%, LOL not to exceed 4.86%.

This is what NACA proposed, except they asked for 2% fixed for 30 years. Their message asks whether I want to accept it. I am trying to decide whether to accept it and NOT send new papers to Wells Fargo. My income increased a little bit, and I am afraid they will re-calculate my 31%. I am only just able to make the new payments and if they raise it, I won't be able to pay. Right now my payment is about 45% of my net pay. Another 45% goes to my student loans and daycare. The only way I am able to pay my utilities is that I stashed my income tax return for last year and am using it bit by bit.

But, God willing, if I get my final approval, in 5 years, the little one will be out of day care and maybe I can see light again. Hopeful but wary.......
...would appreciate any tips on how to deal with the bank on this one!
So close I can taste it....

[Wizard]

messi:

3-4 days for packet

wizard

[lkszip]

Just finished with the HAMP interview. Need to send in docs. They said I should hear whether or not I qualify within 30 days. We'll see.....

[Ramz858]

Here's the number I used today to get an immediate HAMP interview w/ Wachovia:
877-546-8827
It took about 25 minutes, they want to know what outgoing $ you pay toward credit cards, installment loans, mortgage, HOA dues (eg all bills that show on your credit)

I have been been less than 30 days late on my mortgage for about a year and a half (never more than 30 to save my credit)

I already got a MAP modification about 5 months ago, they took me out of pick a pay, gave me fixed 40 yr 6.175%, and reduced neg am principle by $90k, but my monthly payment only went down by about $100, so it's still killing me

I am self employed, and applied today w/ a front end Debt to income of about 45% ($2500/month mortgage w/ HOA dues to $5600 gross income)

My overall debt to income is very high, about 75%, Wachovia didn't seem to mind, I will just be required to sign a document stating that a HUD sessison could help me

Make sure you state to the rep that takes your HAMP app that your mortgage is your #1 priority

The rep asked me what payment I could afford, I threw out $1800 including taxes and HOA, which is 31% of my gross income

The rep wanted details of what hardship caused me to fall behind.


The rep stated that the HAMP program just got intitated w/ Wachovia as of last week, who knows?

So far so good, they are sending me the packet via UPS priority.

The rep asked me when I could resume payments, I threw out the date of 1/15/10 and he took it...told me that my payments are "frozen" until then, that I don't have to make any payments until then in order to finish the HAMP process, and I would not be reported to the credit bureaus, I had him notate that on my account and I ill definitely make follow up calls to be sure

Bottom line is don't be afraid to apply for this HAMP program! Sqeaky wheel gets the grease.

Here are the HAMP requirements:
http://www.treas.gov/press/releases/...guidelines.pdf

[pickahell]

Originally Posted by Ramz858

Here's the number I used today to get an immediate HAMP interview w/ Wachovia:
877-546-8827
It took about 25 minutes, they want to know what outgoing $ you pay toward credit cards, installment loans, mortgage, HOA dues (eg all bills that show on your credit)

pdf

Ramz858-
This number for Wachovia doesn't work. Is there a correct number, or is Wachovia disconnecting numbers once people start using them. Thanks.

[halfdome]

Ramz858
I am self employed as well. Did they ask for a profit/loss?
What sort of numbers did you have to provide?
Thank you, looks like you're getting somewhere!