What to do now..denied HAMP because we can't afford it

[amyn22]

We have been on the "trial" period since October 2009. We were told at the beginning our payments would stay the same or go down from the trial but never go back to the old payments. Finally last month I contacted MAtthew Turk becuase we were getting the run around. He said he would do "everything" to help us, and have an answer in a month.

Today he calls and says we are denied because we "can't afford the property" He says we make the same as our bills. That is not true. We have about $500 after bills are paid each month and we showed that on the forms we sent in. I asked him what my options are and he said short sale or deed in leiu of foreclosure. I told him that "since we can't afford the property doesn't it make sense to give us the modification becuase we can afford those payments?" He told us that was just a trial.

Makes no sense. My husband called Freddie Mac and told the story and the lady laughed outloud saying we should have gotten the modification and she will file a complaint but that is all she can do.

What can we do now? We don't want to foreclose, we want to stay here and we are willing to pay the modified payments. Would wells fargo rather lose the whole amount of our property than just lose some of it?

I have been crying all day. We can't afford our full payments. They just went up $300 this month too becuase of higher taxes.

[redroad]

Hi, I'm sorry your getting the run around. Did the lady that your husband spoke with say that they are appealing your denial or? there are quite a few people on this forum who are still in the fight who were denied and fought the decision and had it overturned. Also if you have a freddie mac loan you should be immediately eligible for consideration for their alternative modification program which has the same terms without the incentive payments. Call them back and insist on speaking with someone who is able to answer the question if you are denying us then why have you not offered us the Freddie alternative program. I will post a link tomorrow for that program.

Post back with any questions and I wish you the best

[amyn22]

They offered us nothing. We have been working with MAtthew Turk who works in the president's office. How do we fight it to get things modified? Thank you.

[BIGJTE]

Just a suggestion but since you believe you have a surplus verify that they have the correct figures. Have them go over with you and also contact the executive office.

[amyn22]

Just a suggestion but since you believe you have a surplus verify that they have the correct figures. Have them go over with you and also contact the executive office.

I am dealing with the executive office. No matter what I said to him he kept saying "what it comes down to is you can't afford the property"

Then why not give us a modification!?!?!?!?

[sandycane]

Hi i'm with wells fargo and I got denied after making my 3 trial payments.I was not told nor was a letter sent to me.This is not the end of the road.I found out by calling and asking what I do for my next payment.The next day I called to talk to a rep they said I got approved for in house modification instead.I was shocked how quick they had approved the inhouse.The inhouse perm modification was the same as my trial payments on HAMP.Call and ask ,usually in house moves much faster.I did not have to make any more trial payments either.

[amyn22]

So I just called Wells Fargo and asked about an in home modification and she said that is what we were denied for today. She said because we show a deficit of $2500 a month. That is such bull! At the end of the month we had $500. Where are they getting this from!?!?

Anyways she said to call back in 5 days with the new income and loss information and we may qualify for an "out program" ( i think that is what it was called)
So I can qualify again?

[BIGJTE]

The in-house program don't have all the rules that HAMP have (which by the way has been constantly changing). Did you get a denial letter? I would also ask to speak with someone else.

[sandycane]

amy,the poster above you is correct .I would call and have them go over the numbers that you supplied.I would not tell them the numbers.Have them tell you so you can verify that they enterd them correctly. Dont tell them the numbers 1st because alot of the times they dont really check they will just lie and tell you whatever you want to hear.Wells fargo had my financials wrong the second time they had me fax and update.The point is you never know who is on the other end of the phone and if there doing there job correctly or just going through the motions.

[amyn22]

Thank you. But if MAtthew Turk in the president's office is telling us this, isn't he going through the numberS?

[sandycane]

I would ask for that denial letter too,because the rules are much more relaxed then hamp and until you see that letter of in house denial it may be a lie or mistake .

[sandycane]

Amy,if you plug your numbers in here,there are senior members here that will chime in and can tell you pretty close to whether there has been a mistake or not.

[redroad]

This is the Freddie Mac program that the servicer should/must be considering you for in the event that you were truly denied but at this point it is debatable whether they have grounds. Like has been mentioned above the single most common mistake that borrowers make in the loan mod. process is to make absolutely certain that the amount of gross monthly income verified by the servicer is the correct income. This is critical in the outcome of your HAMP mod.
HAMP Backup Modification - Freddie Mac

In order for someone here to be able to help you determine whether or not you have enough income for HAMP to be workable you need to list the following figures some of which you can get from your online portal to your mortgage account.

1) current unpaid principal balance (online portal)
2) gross monthly income for all who are on the mortgage or who are making contributions to the household who live in the household
3) number of months you are in default
4) on your online mortgage portal from the amortization schedule add the interest amounts of the months that you are in default and post the sum
5) what is your current escrow balance (online portal)
6) what is the normal monthly escrow payment

These inputs can give us a pretty close idea of how much smoke Mr. Turk is blowing.

If you really want to keep your house then you have to be willing to fight for it. Those who become pro-active in this process end up with favorable results. This forum has numerous people who are in various stages of the same battle as you and for the most part are willing to share any successes they have had.

Familiarize yourself with these servicer guidelines on Freddie's website:
Home Affordable Modification Program - Freddie Mac

By doing this you will be able to tell when the servicer is giving you the run around and it will build your confidence for the fight.

Post back with any results or questions because it helps others find solutions as well.

Finally I wish you and your Family the best and know you are not alone in this fight.

[mikedonovan85]

Thank you. But if MAtthew Turk in the president's office is telling us this, isn't he going through the numberS?

i had them mistake my credit report and report a $1000 for a credit card where it was only $20 per month. check items reported as credit card payments and the like as well as each and every expense. write them all down and total them on the phone. i did this a few times and now alwasys with naca and always ensure the number is right on the phone before review. often wrong numbers...

[amyn22]

What information do you need me to post? My financial?