completing payments - time to completion

[playadave]

Hello all,

I will be making my final of the 3 payments under the Trial Period on November 16th for the December 1st payment.

I have completed all the requirements and even proactively updated them on property taxes, as they were just released, and updated information on my property insurance. My income has stayed the same.

Questions:

What have been peoples experience from time of 3rd payment to completion?

Has anyone submitted a letter with their last payment and would be willing to share?

I don't have a real complicated application so anyway to push to complete in 30 days? Should that be a good expectation?

[nativelasvegan]

hello playadave. Many here have completed their trial payments only to be told to continue making them. Apparently the investor has to approval the final loan modification and if this takes longer than the last trial payment, the servicer extends the terms. It would be nice to push for the final and your idea of a letter is a good idea. If I were lucky enough to be in a trial program and the last payment was being made, I would include a letter stating my compliance with the terms of the agreement and my expectation and the final modification would be coming in the next few weeks. Just be prepared for the trial to be extended as I have seen a lot of people here have experienced.

[MichiganBlues]

Hi playa -- We just made our SIXTH of THREE extended to FIVE trial payments.

Which makes perfect sense...if you don't mind following white rabbits down rabbit holes and having mortgage servicers play croquet with you as the hedgehog/ball...

[alisoncg]

Did any of you have a balloon payment in your paperwork? We were offered a Special Forbearance by Wells Fargo/ASC but they wanted a 4th payment of 21,000! Just curious about your offers.

[playadave]

Now here is an interesting issue:

If approved my CAP on my new HAMP loan is based on the Weekly 30 year mortgage rate as set by Freddie Mac. If WF delays processing past say 30 days and the rate goes up shouldn't I be able to argue/sue. Say the rate 30 days after finishing the 3 month trial is 5% but WF delays for another 60 days. After 60 days say the rate for some reason goes to 5.75%. This has a huge cost implications to me on the life of my loan and WF should be held responsible for the difference.

What do you think?

[playadave]

Here is the text of a letter I was thinking of providing with my final payment. Comments?

Pursuant to the Home Affordable Trial Period Plan (“The Plan”) Enclosed you will find check number ( ) in amount of $XXXX. This payment is my third payment in the Plan Period and concludes the requirements for me to make 3 payments to qualify for The Plan.

I have met all the requirements of The Plan and ask that Wells Fargo immediately move forward with processing to finalize the HAMP Program paperwork to finalize my HAMP Program application. I would consider a 30 day windows to complete the application as sufficient amount of time for Wells Fargo to properly process my application. I wish to remind Wells Fargo that under the HAMP program there is a CAP on the HAMP mortgage that is based on the Primary Mortgage Market Survey as set by Freddie Mac. Any delays past 30 days in completing my application places me in jeopardy of having a higher CAP rate if Mortgage rates move higher based on the Freddie Mac Primary Mortgage Market Survey. I feel it is the fiduciary responsibility of Wells Fargo to complete my application in 30 days or less to insure that this scenario does not present itself.

Please note that I have provided, and I have verified they are on record at Wells Fargo, an updated listing of my Property Taxes and Property Insurance to allow Wells Fargo to calculate to 31% my new payments as required by the HAMP Program. My income is still exactly the same as previously provided and documented in my original application. My income is a fixed income and will not change. My hardship, as previously document, has not changed.

As noted in my previous communication my PITA at 31% of income is $xxxx. Reducing this amount, per the HAMP guidelines, to 31% by subtracting Homeowners Association Fees, Property Taxes, and Property Insurance results in an amount of approximately $xxxx for the first five years of a new HAMP based mortgage.

If Wells Fargo is unable to complete my HAMP application by within 30 days of receiving this final payment or the amount of my new Mortgage payment is substantially different then documented above. Please contact me immediately at xxxxxx to discuss.

I have faxed this document to the Mortgage Processing division on the date indicated above.

Thank you for your time,

[caldwellb02]

you are a player! Great letter. If they do not comply, I would file a complaint with whoever oversees Wells Fargo. I would also send the letter and your complaint to your attorney general of your state as well as congressmen and Senators.