Paid 3 trial payments to ASC for MOD, now waiting. Any advice?

[aquarius129]

Hello, We started our loan modification with ASC / Wells Fargo last year. We were approved for the Making Homes Affordable program in November 2010. We had to make three trial payments starting January 2011-March 2011. At the time we were two months behind on our mortgage. We have make all of our payments and have continued to make the same payments. We recently got a letter telling us we were still delinquent and had to pay our past due by April 19th. When I talked to our Modification specialist he said they don't even start doing the permanent modification process until 30 days after your last trial payment which would be April 1st.

Today we got a note on our door saying that an independent field inspector from our mortgage company came by. What does this all mean? Should I try to make an extra payment at the beginning of April, or just wait it out. When we got our approval for the mod it said that our interest rate would be 4.75% but our current trial payments are only about $40.00 less then our regular payments that were at 6%. What happens now? Any help would be appreciated! Thanks!

[frd_m_fytr]

Yes do not trust anything they say at all period.. No matter what! One of their more notorious tactics is to stall and drag it out. If they show signs of stalling or misc. Issues like asking for documents over and over than it is probably a tactic.

Obviously the bank can't modify something they dont own or have no legal rights to. And as in many of the cases where a loan was pooled and securitized or has some kind of issue you can bet they prefer fraud & the felony of grand theft over simple honesty.

If the bank actually does own your loan then you should have no issues.

Just be prepared for anything when dealing the banks. The sooner you catch on the better you can protect yourself. Do Not Forget To Make Sure anything and everything is in writing even if it seems unimportant. I cannot stress the importance of this enough. Its amazing how something small could eventually become a big deal. Banks have plans and options and so should we.

good luck

[shortsale973]

Today we got a note on our door saying that an independent field inspector from our mortgage company came by. What does this all mean? Should I try to make an extra payment at the beginning of April, or just wait it out. When we got our approval for the mod it said that our interest rate would be 4.75% but our current trial payments are only about $40.00 less then our regular payments that were at 6%. What happens now? Any help would be appreciated! Thanks!

Hello, welcome, and thanks for sharing.
1st... Do not panic! The bank only came by to make sure the home was occupied and in relatively kept. condition.
2nd. Do not pay a penny more then you have to until you get everything finalized and/or in writing.
3rd. Only 7% of loan mods actually become permanent. I would actually start thinking more along the lines of a denial before an acceptance.
If you feel the bank isint hearing you or not actually going to help you, save your money....ride it out...and leave when the time comes.
Do what is best for you and your family.

FYI, If you are denied, you will have to pay the remaining balance due + any late fees. So beware.

[frd_m_fytr]

I would agree with the previous comment. Always expect the worst but do not worry about it. Instead use it to take whatever protective measures you can. Always keep in touch and stay on top of them. Do not be afraid to ask questions and to demand everything in writing. Document everything from the Times, Dates, Names and nature of business. You have the right to protect yourself and to understand everything.

It is important to organize and keep everything together. Also you may want to get all your documents onto a disc format. Go to the your cities recorders office and get the complete chain of title. In the between time the best advice I could give is to carefully review your documents for any errors or quirks. Research the names on documents and signatures

I simply noticed 1 escrow document with the name of the officer had the signature of someone else. That 1 signature has taken me through a non-stop discovery of notary frauds, forgeries, and recently through the SEC to discover our loan was sold weeks after it was made. I had no idea my situation was so common and these sites are invaluable.

No matter what it is a good idea to have all these documents and familiarize yourself with as much as you can. If not to help you than hopefully to be able to share whatever you learn to help someone else.

Stay positive and in control. 2 steps ahead of banks is really 1 step behind.

[BuriedinAZ]

After 16 months, we were "approved" by ASC for our Mod. After making 3 trial payments, they required our financials one last time before making the MOD permenant. They DENIED us! And we were then offered a HIGHER monthly payment to get us caught up on the amount in the rears. Had I been smart, or had I known about this forum back then ( about 1 year ago) I would have started my walk right then and there. Instead, I paid the amount past due (about 8K ) in one lump sum to be current again. Now, one year later we are 90 days late and anxiously awaiting a NOD and a Trustee Sale Date. DO NOT trust the bank. I did and got BURNED! Good Luck.

[shortsale973]

After 16 months, we were "approved" by ASC for our Mod. After making 3 trial payments, they required our financials one last time before making the MOD permenant. They DENIED us! And we were then offered a HIGHER monthly payment to get us caught up on the amount in the rears. Had I been smart, or had I known about this forum back then ( about 1 year ago) I would have started my walk right then and there. Instead, I paid the amount past due (about 8K ) in one lump sum to be current again. Now, one year later we are 90 days late and anxiously awaiting a NOD and a Trustee Sale Date. DO NOT trust the bank. I did and got BURNED! Good Luck.

Yes!!!!! I know the feeling all too well. Last year I to applied for a mod. loan twice, and twice denied. Then I got tagged w/ a deniel, a $4000 bill, and a notice of acceleration. We paniced and I dug deep and paid (idiot) just to get current. That was in sept'10. As of now, I am short selling. I personally feel that whole loan mod. game is a trap. When you apply for 1, i think they deny you on purpose just to see if you can pay the large sum and if you question it the bank will say, "well if you could afford to pay back the 8000 you were never in a hardship". Also, I think when all thse home owners apply, the banks pool all their info and report it to lenders, private investors....etc...

[Maxaloute]

You will not be approved. I have been trying to get a modification for 2 years. I have paid the requested 3 trial payments and then denied. I have appealed to get in the Hamp program as I was told that I failed to send in a form that is what has kept me out. This week I was told that my debt to income ratio was not acceptable. They now want to start another trial payment plan, this will be the 3rd or 4th time. They said they have an in house program they are working with people on now.
By the way I have spent over $300 faxing information to ASC and most of the time it was the same thing each time with the exception of my pay stub.

DO NOT trust anything you are told:Originally I was 2 payments behind when I called and asked what is the date to make my payment, I was given the date, when I called to make my payment on that day I was told your mortgage is in forclosure and it has been two years of nightmares. My depression at times has been at a dangerous state, I have gained 50lbs if not more.
I wish you the best