To put our story in a nutshell.........We already received HAMP which started on 1/1/2011 so we are a year and a half into it. At the time, we were 18 payments behind and of course foreclosure proceedings were started. When we finally got the HAMP.we got your typical loan, 2.75 for the first five years, 3.75, for the sixth year, and locking in at 4.75. They added all those back payments, taxes, and fees, to the back of the loan and kept the 25 yrs. we still owe on it the same. The current amount owed is 283,000 on a home that is worth 150,000 or less. I was so tickled pink to get the HAMP, I failed to take a really close look at the terms. Looking back now, the payment is much higher than our documented income was at that time. We have finally realized that this house is so underwater, it does not make good business sense to continue to pay for it. We are currently 2 payments behind and I will need to make a payment by the end of this month in order to not lose "good standing" with HAMP. I am not sure whether I should make that payment or not. The PRA program offered on the Making Home Affordable website says this program is available to people who lost good standing with their HAMP mods. If I thought they would defer or better yet, forgive some of the principle, therefore reducing our payment, we would stay. We love the house, neighbors, and neighborhood, but it's a house we will never own under these terms. Would it make sense for us to go back and try to prove that the original HAMP was miscalculated and try to get a better loan? Or does it make more sense to ride it out as long as possible and let them have the dam house? Most importantly though, is should I miss this next payment and lose good standing? I am so confused!
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