Wachovia and HAMP modification-anyone having success?

[messi]

Finally!! I received my HAMP packet today. I hope to have everything ready to fax by tomorrow.

[Eastbay]

Hello Messi, can you give us an idea what they are asking for?

My story is here:

Wachovia/NACA story from San Francisco

[Eastbay]

Hello Messi:
Can you give us an idea what they asked for in the packet?
My story is here
Wachovia/NACA story from San Francisco

[lkszip]

Can you fax?? or does it need to be mailed? (Haven't done mine yet, because I was going to send Priority Mail ... with signature confirmation of receipt!!!)

[messi]

You are right. There is no mention of being able to fax it. It also stated there was a self addressed envelope to mail everything back but I don't see one. I guess I will mail it priority mail as well. I could have sworn I read posts stating we could fax everything in. I'll call and find out.

[lkszip]

let me know what you find out. I think I would mail with signature confirmation just to be safe.

[messi]

I guess we have to mail it. Have you filled out your 4506-t form? I asked the rep what form number I needed to put in for step 6 and what I needed to put in for Requested period on step 9, she said all i had to do was sign it and leave that blank. She didn't sound to confident when she was telling me though.

[Wizard]

Messi:

You need to mail it, they will not accept faxes on the Hamp!!!

WIZARD

[Wizard]

Messi and Ikszip:

An update:

I spoke to wachovia this a.m. and my package is being processed, they have pulled
a credit report and ordered a drive-by appraisal of the property, all documents are
complete and I should know with 7-14 days. The notification will come in the mail with
any appropriate papers to sign for the program with trial pymnt schedule! Also I contacted chase which holds my small second and they said as soon as I get the
confirmation that the hamp is complete on the first, they want a faxed copy to add
to my original paperwork that I sent to them and they will start the Hamp process
on the second! They are bound by the government to modify your second providing
the first has been modified!

WIZARD

[messi]

Well I just fedex'd my hamp packet. They should receive it by Monday. Hopefully this will go smoothly.

[beachdremr1]

Messi,

Keep us posted on the details please.
I to just recieved my packet and am filling it out to send back asap. My balance is now up to 509k with all of my back payments and late fees so I'm curious if they will include all of that or not. Also very curious on what the payments would look like. My home is now worth only about 200K ( gotta love California right now in this crash!). Only 1 income right now and paying anything is tough but I'd rather not eat than lose my home.
Thanks for everyones input, it's nice to have the support group.

[MyHAMP]

Originally Posted by beachdremr1

Messi,

Keep us posted on the details please.
I to just recieved my packet and am filling it out to send back asap. My balance is now up to 509k with all of my back payments and late fees so I'm curious if they will include all of that or not. Also very curious on what the payments would look like. My home is now worth only about 200K ( gotta love California right now in this crash!). Only 1 income right now and paying anything is tough but I'd rather not eat than lose my home.
Thanks for everyones input, it's nice to have the support group.

You can actually determine the payments on your own using the "waterfall" method. 31% of the borrower's GROSS income.

[beachdremr1]

Thanks for that info MyHamp, that very helpful!

[MyHAMP]

Originally Posted by beachdremr1

Thanks for that info MyHamp, that very helpful!

It's been my pleasure!

[lkszip]

Wizard, keep us updated. I will be sending my package priority mail with signature confirmation request on Monday.
Messi, sorry I didn't get back to you... I already filled out a 4506-T and for line 6 put in the 1040 -- and will do so again. Wizard, any advice (even though Messi sent package already?). Thanks!
Lisa

[Wizard]

Dear Ikszip:

Just give them what their asking for, nothing less, nothing more! Believe me they will pull a credit report along with your electronic taxes via IRS for
the last 2 years! Just be candid, but don't give them more then they are
asking for!!!

Keep the faith!!

WIZARD

[starstruck]

Originally Posted by Wizard

Dear Ikszip:

Just give them what their asking for, nothing less, nothing more! Believe me they will pull a credit report along with your electronic taxes via IRS for
the last 2 years! Just be candid, but don't give them more then they are
asking for!!!

Keep the faith!!

WIZARD

Hi Wizard,
Im new here but was happy to see that your HAMP mod went through. I'm on step 9 with Wells Fargo. What can I expect to happen next and how long unitl I get my Mod?


this is what I have when I check my status


Step Name Status
Step 1 File Set up COMPLETED
Step 2 Trial Period Agreement Sent COMPLETED
Step 3 Request for Income Document Sent COMPLETED
Step 4 First Payment Received RECEIVED
Step 5 Second Payment Received RECEIVED
Step 6 Third Payment Received RECEIVED
Step 7 Documentation Under Review COMPLETED
Step 8 File to Negotiator COMPLETED
Step 9 Workout Approval Process IN PROCESS
Step 10 Agreement Sent to Borrower NOT STARTED
Step 11 Received Signed Agreement NOT STARTED
Step 12 Loan Current Thru Workout NOT STARTED

What can I expect next? Thanks in advance for your help

[Eastbay]

HAMP packet recevied on Saturday.

[Wizard]

Starstruck:

Probably 15-20 days or less depending on the work load!

Wizard

[starstruck]

Originally Posted by Wizard

Starstruck:

Probably 15-20 days or less depending on the work load!

Wizard

thank you... Just a few more question if you don't mind. 15-20 days this my final mod comes? Or can I still get a denial ( hope not) they haven't asked me for updated stubs/ financials ...will they? And do they need to come to my house for apparisal? Are there any out of pocket fees I need to pay? Sorry for all the questions. Thanks n advance

[Wizard]

Possibility for furthur docs, 15-20 days for an answer if you qualify or not, then begins the trial payment period of 3 mnths or so. So, as you can see
its a process.

Wizard

[starstruck]

Originally Posted by Wizard

Possibility for furthur docs, 15-20 days for an answer if you qualify or not, then begins the trial payment period of 3 mnths or so. So, as you can see
its a process.

Wizard

actually I did the 3 months trial already my 3 payment was nov. 1st that's why I was asking those questions... Sorry if I was not clear before

[Wizard]

Then under normal circumstances that should be it!!

WIZARD

[beachdremr1]

OK anyone have any insight on this.
Got my HAMP packet from WACHOVIA last week and am sending that out asap even though I have till Nov 19. But just received a certified letter letting me now my house will go up for auction on DEC 18! The HAMP letter states it will hold off any foreclosure while the mod process is being reviewed but now I worried! They say they take about 30 days to make their decision on the trial and it sure is cutting it close.

Also does anyone know their criteria on which they make their decision? Since they go off gross income it looks like I have more disposable than I actually have, and at the 31% mark I am really cutting it close so I'm nervous. I read somewhere that in order for them to try and meet your income they may also extend you into a 40 year loan.
Any info is much appreciated, Thanks

[MyHAMP]

Originally Posted by beachdremr1

Also does anyone know their criteria on which they make their decision? Since they go off gross income it looks like I have more disposable than I actually have, and at the 31% mark I am really cutting it close so I'm nervous. I read somewhere that in order for them to try and meet your income they may also extend you into a 40 year loan.
Any info is much appreciated, Thanks

Check out this "waterfall"-thread:

Waterfall Calculation for HAMPS