Ok, so I called Wells in a proactive approach and try and apply for HAMP. I have an FHA with a 4.25 rate. I am current on my loan as of now. They wanted to me go on a reduced payment plan (the rep could not confirm i would be protected from a bad credit reporting/delinquent on slow pays) so i denied that. I was then transfered to the Home Preservation Dept. The Home Pres Dept assured me it will show on my credit as a slow pay BUT with CN and show I was current and not delinquent. Im not sure how this will effect my credit, which is very good currently.
Now he said that I had to do the 3-9 month trial period of reduced payments to show i can make the payment. after the trial period i will then be reviewed for an in-house refi or HAMP.
My question is what can I expect? Will this hurt me credit wise? Do I have and protection?
He went on to tell me there would be no ballon payment at the end of the trial it would be rolled into the loan mod.
right now the finical info that they took from me shows -$250 monthly. My DTI mortgage to income in about 48%
What does everyone gather from this?
I spoke to a woman in the Executive Mortgage Dept. She told me I would know going into my trial period if i was qualified for a HAMP. Right now under this Special Forbearance Plan I'm not sure she was correct.
I do not want to get screwed by this Forbearance and I know nothing about it because up until this point I have only researched the HAMP process.
Thanks in advance everyone!