Hamp Questions Pre Filing

Danny B

LoanSafe Member
Jan 14, 2016
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One other thing Maurice, we would more than likely file Chapter 13 to keep our home. Would this make any difference
to US Bank if they knew that would be our second option after a Loan Modification denial. Should that be something
they should be aware of are does it not matter. Thanks.
 

Moe Bedard

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Yeah, some people do get 2nd loan modification. But these people who get foreclosed on no longer got to mortgage help forums like LoanSafe. They are too depressed.
 
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Rc3

LoanSafe Member
Nov 19, 2015
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We are so close in this process. I got an update last friday that nothing was new. I sent in a nice response and said thanks for keeping me up to date and how our lives are on pause...etc. Trying to play nice and get some sympathy from my rep. I got another followup today (7/20) asking for more docs but I feel better. They just wanted to verify there are no job changes and asked for my current insurance info since my last policy expired last week. Its current so I will send it over in the morning (stupid website is down tonight). She said the underwriter told her she is hoping to get a decision as soon as possible. It appears the only thing needed to finalize the review are those items. We will see.

I am with you on hoping they are finalizing the details and thinking a no means they wouldnt care if anything is new but might be wishful thinking

My update as of today (7-20-16), I submitted my paperwork 1-8-16 and as noted in above comments, I'm still fighting the process.
Today I was told (again) as of 6-27-16 it was with "underwriting" and there is no new request for any documentation. From 1-8 until now,
I have only been asked to send in more paperwork twice. I was told by me relationship manager last time I talked to them that they were
overwhelmed with apps and that is why it was taking so long. Again, not real comfortable it is taking so long, and to comeback after all
this time and say no would be a tough pill to swallow. I'm hoping, right or wrong, that the delay is the underwriter preparing an offer sheet
of what I possibly qualify for...obviously the Loan Mod is what we need.

And Maurice, I have read numerous articles of people getting a second loan mod...maybe that's just the 10% and I'm not hearing from
the 90% that you say are denied. Thanks for this site and your help.
 

Rc3

LoanSafe Member
Nov 19, 2015
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I was able to log in and get my insurance info late last night and sent it in verifying nothing had changed with our jobs. Not getting my hopes up yet but my rep said thanks and she hoped they could get it wrapped up this week. She has never given me any time indications before so I am hoping it is a good sign though since today is thursday I am not sure this week will really happen.
 

Danny B

LoanSafe Member
Jan 14, 2016
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I was able to log in and get my insurance info late last night and sent it in verifying nothing had changed with our jobs. Not getting my hopes up yet but my rep said thanks and she hoped they could get it wrapped up this week. She has never given me any time indications before so I am hoping it is a good sign though since today is thursday I am not sure this week will really happen.
I called this past Monday for my "weekly" update and my relationship manager who I have had through out the process told me once again, "It's still in underwriting and a decision has not been made". She went on to say that they have not requested any additional documents and that was a good thing. I also play the nice guy hoping that it will have some type of positive influence. I will say that fortunately I have had the same RM and she has been extremely pleasant and easy to work with. In our case, a strong possibility to keep the house will be Chapter 13 if denied. I'm not sure if this is something I should tell our RM and US Bank and it would be helpful, or it doesn't make a difference one way or the other. Bottom line is we want to and will keep the house through any means possible.
 

Rc3

LoanSafe Member
Nov 19, 2015
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Yeah, we also want to keep the house and we have positive equity. Obviously I didnt hear anything yet and kinda expected even though our RM seemed hopeful. She has been the same one throughout as well. I rarely call, I like email contact so I have proof of what was said and when. She is very friendly and does check in every week but I know there isnt much she can do. I try to play on her to feel bad for it taking so long and so she stays on top of it. If it goes through I honestly dont care how long it takes since its more savings but at this point I just want to know. Our home was discharged 6 years ago in Chap 7 so nothing effects my credit anyway on this. My only option though if I get denied is to make it current which is why I have saved everything I should be paying which the last statement was $15000 and I have just enough to make that but it sure would be nice to have some emergency funds set aside and be able to put some money into my wife's realtor marketing so we can actually do more than break even each month
 

Rc3

LoanSafe Member
Nov 19, 2015
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Hey see my new thread with questions but if anyone reads this thread in the future, 7 months and I am approved! Not sure if its a great deal but its a deal and it lets us keep the home!
 

Danny B

LoanSafe Member
Jan 14, 2016
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Hey see my new thread with questions but if anyone reads this thread in the future, 7 months and I am approved! Not sure if its a great deal but its a deal and it lets us keep the home!
Congrats RC3... I'm into my seventh month as well, hopefully I get some "good" news soon. Keep me posted on what your offer looks like and when your trial begins. Again, Congrats!! By the way, who is your RM (No name necessary, just initials are fine. Just curious).
 

Rc3

LoanSafe Member
Nov 19, 2015
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Courntey, I just talked to her. I wasnt given a hamp mod, a standard mod which means all my terms remain the same. They basically took what I owed ($143k) then added on my taxes paid and interest accrued to give me a new balance of $154k. That was then done as a 40 year loan at my existing rate which is 6.375 so that is why my payments are almost the same as prior. No incentives since it is not a hamp loan. Not ideal but it gets us caught up with $15k saved for emergency. 1st payment is due 9/1. I plan to make these trial payments, get everything on track in my life then make a settlement offer on my HELOC that was discharged which I read you can do for 10-20%. After that I will deal with my horrible rate by refinancing which shouldnt be an issue. In a year I expect to owe $152k on this and assuming I settle the HELOC for whatever my home value was $233k and my income is now verifiable so I should be able to refine this to a better rate/term. So happy to have a plan in place. Good luck and I'd expect something soon since we started about the same time.
 

Danny B

LoanSafe Member
Jan 14, 2016
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Courntey, I just talked to her. I wasnt given a hamp mod, a standard mod which means all my terms remain the same. They basically took what I owed ($143k) then added on my taxes paid and interest accrued to give me a new balance of $154k. That was then done as a 40 year loan at my existing rate which is 6.375 so that is why my payments are almost the same as prior. No incentives since it is not a hamp loan. Not ideal but it gets us caught up with $15k saved for emergency. 1st payment is due 9/1. I plan to make these trial payments, get everything on track in my life then make a settlement offer on my HELOC that was discharged which I read you can do for 10-20%. After that I will deal with my horrible rate by refinancing which shouldnt be an issue. In a year I expect to owe $152k on this and assuming I settle the HELOC for whatever my home value was $233k and my income is now verifiable so I should be able to refine this to a better rate/term. So happy to have a plan in place. Good luck and I'd expect something soon since we started about the same time.
Didn't know US Bank would do inhouse mods. That's good to know. Yes, hopefully we will hear soon, it is really stressful and life is at a standstill.
My rate right now is 4.75 so I would be happy with a tax, insurance and missed payment combination rolled into scenario. We owe $133,500 and have an appraisal of $218,000. Just help me get back on track and keep the home and I will be thrilled. Let you know once we hear something.
 

Rc3

LoanSafe Member
Nov 19, 2015
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nice, yeah I was denied hamp and in house approved so maybe that was the delay. Same as you, just happy to be current. My life can start again. Nothing else to hear, just make my payments and nothing to sign
 

Danny B

LoanSafe Member
Jan 14, 2016
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nice, yeah I was denied hamp and in house approved so maybe that was the delay. Same as you, just happy to be current. My life can start again. Nothing else to hear, just make my payments and nothing to sign
Just an update. I started the process Jan 8th, had to submit an additional document Aug. 27th. I called Sept. 3rd and was told the document was accepted and it was (again) with the underwriter for review. I called Sept. 14th and told it was still with the underwriter and it could take 30-45 days for a decision (WTH). Called again today (9-20) and my relationship manager told me the underwriter was no longer there, not knowing if he had left the company or what but was no longer listed on my case. She said she would contact someone and see if they could get an underwriter on it ASAP. What the crap is going on. I asked her if the process would have to start all over and she said she didn't "think" so, hopefully they would review what was at hand and decide if I was eligible. Then, if eligible, they would send it to the investor for approval or denial. What kind of mess am I dealing here with?? Said she hope to have an update for me by Friday. Maurice, what should my next step be, complain, contact someone, wait until a decision is reached?? This is getting EXTREMELY frustrating and I'm now thinking I may not be getting honest answers.
 

Danny B

LoanSafe Member
Jan 14, 2016
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Ok, Friday the 3rd I call my relationship manager and I'm told I was approved for my Loan Modification. I was told my documents have been sent to the Title company and then should be sent to me by the 7th. I was also told my payment was due on March 1st, due before I even received my documents. My relationship manager stated they had to backdate the documents to save me principle. Also, my trial payments were $1149.03 and my new payments are $1280.46 keeping in my mind my original payment was $1285.40, she said they miscalculated my escrow ($7000) negative and they had to redo that. Finally, I was told the $17,000 that I was behind in payments would be put at the end of the note. This is a "Standard" modification, she said it was the better option for me as they didn't even look at the Hamp. She told me bottom line was that since it wasn't a refi, there was no payment reduction. She basically said was all they were doing was making sure I could keep and stay in my house. While I'm not sure if all this is correct, I just have a strange feeling about the whole situation. I haven't received my docs yet, so I'm not sure what other surprises may be lurking. Any help would be appreciated.
 

Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
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Southern California
www.loansafe.org
In my experience, you will never receive a complete and accurate accounting and you will almost never be able to verify any statements they make. You are essentially at their mercy. If I were you, I would just make the payment if you can and hope for the best with the loan mod docs.
 

Danny B

LoanSafe Member
Jan 14, 2016
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Thanks Moe, just to be done with it and move on, I will do just as you suggested...I still have my home, I can afford it, and I'm up to date!
Hopefully with the March payment and stating current on my credit report, I can slowly start rebuilding my credit as well.
 
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Moe Bedard

Call 1-800-779-4547
Staff member
Loan Safe Mortgage
Aug 10, 2007
26,851
466
1,000
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Southern California
www.loansafe.org
You are welcome and that sounds like a good plan. I wish you the best!