The HAMPster Wheel Game

SurfwhenUcan

LoanSafe Member
Apr 23, 2010
1,766
11
0
Sunny San Diego
-The bank will see all the money you are saving by not paying the mortgage. All this money saved will make them know you're misleading them. You could always have your paycheck direct deposited to a "mystery" bank, but if you do that, then the bank will wonder why they don't see any direct deposits in the non-mystery bank statements that you're sending them.
This may have already been addressed, I haven't read all the posts since, but THIS question and ones like it are EXACTLY why we have this thread.

Walkthewalk, good question - save the money anyway. Put it in an account the bank doesn't know about. I mean, how much interest are you earning anyway during the 18 months this is all going on? 20 bucks? Let's say, worst case scenario, the bank calls and says "Surfwhenucan (we're not friends so he doesn't call me Surf), I would like to draw your attention to the interest income I find in your tax return. Can you provide the last two months statements please?" Surfwhenucan: "Oh thhhaaaatt, I guess I forgot to send it. No sweat Chuck (his name's Charles but I like to mess with him). On the way."

Can anyone guess what I do next?
 

WalkTheWalk

LoanSafe Member
Mar 15, 2011
26
0
0
Yes, I know what you would do (or wouldn't do, I should say) next.

The best advice, then, is to be prepared for the question and be ready for an answer (caring for an ill relative, for example, as tomeason pointed out in a separate thread I have on this subject).

Still, if they see the interest income and you simply "forget" to send in the statement, then the SS/HAMP/mod will never get approved or under review. Not sure what constitutes your file being under review, but am assuming all your docs must be complete, and if you keep "forgetting" to send them in, then it won't get reviewed and this "HAMPers" your chances of dragging out foreclosure for as long as possible.

Of course, odds are probably small that they'll even notice the interest income at all. Just trying to plan ahead here.

Thanks Surf, yes this is why this forum is so great.
 

TomEason

LoanSafe Guide
Jun 18, 2009
12,390
85
48
SF Bay Area CA
Yes, I know what you would do (or wouldn't do, I should say) next.

The best advice, then, is to be prepared for the question and be ready for an answer (caring for an ill relative, for example, as tomeason pointed out in a separate thread I have on this subject).

Still, if they see the interest income and you simply "forget" to send in the statement, then the SS/HAMP/mod will never get approved or under review. Not sure what constitutes your file being under review, but am assuming all your docs must be complete, and if you keep "forgetting" to send them in, then it won't get reviewed and this "HAMPers" your chances of dragging out foreclosure for as long as possible.

Of course, odds are probably small that they'll even notice the interest income at all. Just trying to plan ahead here.

Thanks Surf, yes this is why this forum is so great.
WalkTheWalk
I like your witty pun "HAMPers". And, I must say your attitude of anticipating a question and having a ready and cogent answer is what I do and would recommend. Not to beat a dead horse, but any interest received which shows up on Schedule B of your tax return might be explained this way. You had an interest bearing account, but have since closed it out of necessity (you can create a reason). Remember, even though the loan servicers might like to do so (or make borrowers believe they can), they are not authorized to conduct deep audits of a borrower's financial affairs.
 

airahcaz

LoanSafe Member
Sep 18, 2010
302
2
18
NJ
Please excuse my ignorance and intrusion to this great thread, but what's the strategy regarding deficiency once actually foreclosed on?
 

espo1357

LoanSafe Member
Mar 1, 2010
177
3
0
Please excuse my ignorance and intrusion to this great thread, but what's the strategy regarding deficiency once actually foreclosed on?
With your situation (80k cc debt), its obvious what you should do. For others, BK still makes sense in a recourse mortage, especially if you don't want any future headaches. For others in a recourse and foreclosure, aren't they NOT going after the deficiency?
 

TomEason

LoanSafe Guide
Jun 18, 2009
12,390
85
48
SF Bay Area CA
With your situation (80k cc debt), its obvious what you should do. For others, BK still makes sense in a recourse mortage, especially if you don't want any future headaches. For others in a recourse and foreclosure, aren't they NOT going after the deficiency?
espo
Thanks for your post - you beat me to it. airahcaz, post foreclosure, a sold out junior recourse lender could sue for the money owed on the note, but it's just not happening anywhere. Not sure what state you're in, but all my personal experience is in CA, a trustee sale state. However, based on my observations, I've seen no evidence of any sold out junior recourse lender suing in any state.
 

airahcaz

LoanSafe Member
Sep 18, 2010
302
2
18
NJ
espo
Thanks for your post - you beat me to it. airahcaz, post foreclcosure, a sold out junior recourse loan could sue for the money owed, but it's just not happening anywhere.
sorry, what is a sold out junior recourse loan? 1st, 2nd, both?
 

espo1357

LoanSafe Member
Mar 1, 2010
177
3
0
Please Google for the answer to your questions. These are basic questions and are inappropriate for this thread. Thanks.
LOL. I can't tell if he/she is a bank manager or not?

Tomeason, you are the man. I am LMAO right now, because I am in a position to stay in my home for at least one year, and maybe two or three, and I am just starting my game with the bank.

Knowledge is not only power, but its liberating!
 

TomEason

LoanSafe Guide
Jun 18, 2009
12,390
85
48
SF Bay Area CA
espo
Glad you got a chuckle at that post, and thanks for your gracious remark! Sometimes I may tend to be a little abrupt in my posts, but a person has only so much time. I respond better to those members who display some basic knowledge and intelligence.

And, I'm glad you're enjoying the game and have mapped out your strategy!
 

willfightb4utakeit

LoanSafe Member
Mar 20, 2011
14
0
0
ca
OMG this sounds exactly like my story that I posted about 3 hours ago.... except I was playing to for keeps I didn't realize till the bank took my loan back and I started searching the interent for solutions it turns out they have done and continue to do this to MANY homeowners who really indeed need the assistance...

One thing I have struggled and believed they could modify my loan all this time, only for them to yank it from underneathe me without prior notice is this legal? Please help with any advise.... It's under the post called "from loan modification review......to REAL ESTATE OWNED...LITTON WTF? I could use any help i can get either walk away or save my home somehow just now sure how thanks!
 

TomEason

LoanSafe Guide
Jun 18, 2009
12,390
85
48
SF Bay Area CA
OMG this sounds exactly like my story that I posted about 3 hours ago.... except I was playing to for keeps I didn't realize till the bank took my loan back and I started searching the interent for solutions it turns out they have done and continue to do this to MANY homeowners who really indeed need the assistance...

One thing I have struggled and believed they could modify my loan all this time, only for them to yank it from underneathe me without prior notice is this legal? Please help with any advise.... It's under the post called "from loan modification review......to REAL ESTATE OWNED...LITTON WTF? I could use any help i can get either walk away or save my home somehow just now sure how thanks!
I'm curious. In your desperation, are you making multiple posts on many different threads? FYI, you might get help, but you are also likely to alienate many on these boards by your intrusion on threads where the frequent visitors are very likely uninterested.
 

willfightb4utakeit

LoanSafe Member
Mar 20, 2011
14
0
0
ca
Oh my no... I have only made the post here and just my original post regarding my situation.. I am sorry for any intrusion, that is not my attempt, I am merely attempting to seek help I have never been in this situation, first time homeowner, and so not aware or sure of my rights.. In any event I do apologize...Maybe you can point me in the right direction, for I'm not even really sure how to navigate around here lol.. and hopefully the direction you point me would not be out and away from this Forum lol
 

SurfwhenUcan

LoanSafe Member
Apr 23, 2010
1,766
11
0
Sunny San Diego
Yes, I know what you would do (or wouldn't do, I should say) next.

The best advice, then, is to be prepared for the question and be ready for an answer (caring for an ill relative, for example, as tomeason pointed out in a separate thread I have on this subject).

Still, if they see the interest income and you simply "forget" to send in the statement, then the SS/HAMP/mod will never get approved or under review. Not sure what constitutes your file being under review, but am assuming all your docs must be complete, and if you keep "forgetting" to send them in, then it won't get reviewed and this "HAMPers" your chances of dragging out foreclosure for as long as possible.

Of course, odds are probably small that they'll even notice the interest income at all. Just trying to plan ahead here.
Under review: Pretty much anything after submission and prior to seeing an actual mortgage statement from your lender showing the new payment. For instance, if you have received an approval letter, you are still under review. If you have received a trial plan, you're still under review. Even if you've received a permanent mod agreement, it is safe to assume you're still under review if the terms of that agreement have not been reflected on a mortgage statement.

Of course, odds are probably small that they'll even notice the interest income at all. Just trying to plan ahead here.: Little secret here - if someone hands me all of their documentation, the first things I throw out of the "Submit" file are any bank accounts that aren't with their mortgage lender or used to deposit income. It's never been an issue. This doesn't apply to major accounts that show significant numbers on the tax return because those are usually above the radar - although, if someone has significant assets, I am usually pretty upfront with them on their chances of success - for mods, it kills your chances, for the Wheel, it shortens your horizon. So if you have assets, the more creative you are, the better your chances with either strategy.
 

TomEason

LoanSafe Guide
Jun 18, 2009
12,390
85
48
SF Bay Area CA
Oh my no... I have only made the post here and just my original post regarding my situation.. I am sorry for any intrusion, that is not my attempt, I am merely attempting to seek help I have never been in this situation, first time homeowner, and so not aware or sure of my rights.. In any event I do apologize...Maybe you can point me in the right direction, for I'm not even really sure how to navigate around here lol.. and hopefully the direction you point me would not be out and away from this Forum lol
You might go to the Forum Home and look through the forums and threads. Several are focused on major lenders. And others on loan modifications and foreclosure prevention. Good luck.
 

willfightb4utakeit

LoanSafe Member
Mar 20, 2011
14
0
0
ca
You might go to the Forum Home and look through the forums and threads. Several are focused on major lenders. And others on loan modifications and foreclosure prevention. Good luck.
Thank you so much I appreciate your time for making me aware that some might not even see this that could or would help, thanks again this forum seems to have a lot of information that could have very well helped me while I was being pulled along by the lender this last year and half...wish i would have know about this then thanks again! Best of luck to all!
 

renee626

LoanSafe Member
Sep 11, 2008
40
0
6
HI Dell, Tom and Exhausted --

I am following your thread and dying to have any suggestions on a foreclosure attorney (Iam not nay foreclosure at the moment but it seem always to be looming--- would really be great to get someone to scour through my papers and the paper trail of correspondence between and Bank of America countrywide to me untangled.

Also is there some step by step explanation of the HAMPster Wheel? someone on another thread recommended it to me but I am not sure what that means. thanks
 

renee626

LoanSafe Member
Sep 11, 2008
40
0
6
HI Dell, Tom and Exhausted --

I am following your thread and dying to have any suggestions on a foreclosure attorney (Iam not nay foreclosure at the moment but it seem always to be looming--- would really be great to get someone to scour through my papers and the paper trail of correspondence between and Bank of America countrywide to me untangled.

Also is there some step by step explanation of the HAMPster Wheel? someone on another thread recommended it to me but I am not sure what that means. thanks
 

MargaretC

LoanSafe Member
Jan 4, 2010
522
1
18
Bay Area, California
I thought I was going to let things naturallly take their course, but after reading this thread, I'm having second thoughts! I've made no payments for 15 months, and kinda want to be done due to the fact that my house is getting somewhat dilapidated, stove broken, I'm using a hotplate for my family of five, etc. HOWEVER, the extra cash and getting what I can out of the banks is tempting!

I am a little uncomfortable sharing my financial info with the bank.

Thank you!
 

TomEason

LoanSafe Guide
Jun 18, 2009
12,390
85
48
SF Bay Area CA
HI Dell, Tom and Exhausted --

I am following your thread and dying to have any suggestions on a foreclosure attorney (Iam not nay foreclosure at the moment but it seem always to be looming--- would really be great to get someone to scour through my papers and the paper trail of correspondence between and Bank of America countrywide to me untangled.

Also is there some step by step explanation of the HAMPster Wheel? someone on another thread recommended it to me but I am not sure what that means. thanks
renee
I suggest you go to the very first thread starter post and subsequent posts. This will fill you in on the goals of the players on this thread.