The HAMPster Wheel Game

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acesfull

LoanSafe Member
Nov 5, 2008
2,216
110
63
NEW JERSEY
Hi All Hampster Wheel Game Players

Could I suggest that when we are addressing other players, that we list our State and the number of months we've been living rent free?

NJ-- 5 months

thank you.
acesfull
 

TomEason

LoanSafe Guide
Jun 18, 2009
12,390
85
48
SF Bay Area CA
Hi All Hampster Wheel Game Players

Could I suggest that when we are addressing other players, that we list our State and the number of months we've been living rent free?

NJ-- 5 months

thank you.
acesfull
acesfull
Good point, and FYI, I'm continually telling posters in all forums on this site that no one can help them until we know what state they're in. After all, with 50 states, each with its own laws, there are no attorneys who even attempt to understand those statutes and applicable case law.
 

acesfull

LoanSafe Member
Nov 5, 2008
2,216
110
63
NEW JERSEY
hi All

I sent some bogus info to my servicer today.

On a financial statement.

I listed my IRA as having a balance of 1 million dollars.
I listed personal assests of 120k with 75k in coins and jewelry and 45k in paintings and antiques..

I want them to think they have a chance of getting something.
Remember my goal is to receive a hugh principle reduction say 100k.
Anything else and I WALK.. So I will play the Hampster wheel and keep stringing them along..

Thanks all

NJ-- 5 months Free
Acesfull
 

Liza09

LoanSafe Member
Aug 14, 2009
350
1
0
Tomeason - Thank you for starting this thread. I had tears running down my face from the laughter. And Surf (I hope you don't mind me calling you that), thanks for your input too. What a hoot! With all that we've gone through these past 3 years, laughter is what has kept us sane. Approximately 3 years ago we started on this wheel. I applied for loan mods on our personal residence and 4 rentals. I spent hours on the phone with customer service, sent in reams of paperwork, sent emails, escalated the files, sent in more paperwork...etc. In the middle of it all, we filed Chapter 7 BK. Talk about stalling. The B of A rep told me it would take MONTHS just to get our file out of the BK department. He was right. In the end, we got an in-house mod on one of our rentals (we will be moving into it after we lose our home), one lost to foreclosure, one sold by short sale, one currently in a short sale (which may or may not go to FC) and our personal residence is going to be a short sale through the B of A pilot program called the Coorperative Short Sale Program. They're even going to give us $2500 to move...whoo hoo! This program will give us 4 months to sell the house and if it doesn't sell, they will consider a DIL. Our properties went payment-free as follows: One rental 15 months, another 20 months, 23 months with the current short sale rental and our house is 23 months plus the 4 months they are giving us to sell the house. We never lied, we worked within the system. If the lenders would of offered us principal reductions on our properties (yeah, sure), we would of gladly kept the properties but we knew from the start we would keep an upside-down house.

I never thought it would take this long to lose the houses but I'm not complaining. The wheel has served us well.
 

exhausted3

LoanSafe Member
Mar 5, 2011
127
0
0
tomeason has been a tremendous help and hoping to get some guidance from him or someone equally as knowledgeable?

Was originally attempting a sincere loan mod and have since learned what a scam it is....

Contacted my servicer and they assured me the paper work was on it's way....will NOT however be sent certified, just regular mail...hmmmm...this was over 2 weeks ago...if they don't send it certified there is no way of proving I received it right? They can then say "we offered her a loan mod which she refused?" - does this EVEN matter if I am playing The Wheel?

MY QUESTION IS THIS...do I contact the local HOPE representative that has been "assisting" me and let them know this so there is DOCUMENTATION that I did noNOT receive paper work? Keep in mind TOMEASON pointed out that this organization was started by my servicer GMAC.

I am excited about THE HAMPSTER WHEEL and want to make certain to cover my a**....

I am NOT interested in a loan mod because I have learned it's a scam so I am not interested in this VERBAL offer either...

What is the best way to handle? Just let it ride and don't call attention?
 

acesfull

LoanSafe Member
Nov 5, 2008
2,216
110
63
NEW JERSEY
tomeason has been a tremendous help and hoping to get some guidance from him or someone equally as knowledgeable?

Was originally attempting a sincere loan mod and have since learned what a scam it is....

Contacted my servicer and they assured me the paper work was on it's way....will NOT however be sent certified, just regular mail...hmmmm...this was over 2 weeks ago...if they don't send it certified there is no way of proving I received it right? They can then say "we offered her a loan mod which she refused?" - does this EVEN matter if I am playing The Wheel?

MY QUESTION IS THIS...do I contact the local HOPE representative that has been "assisting" me and let them know this so there is DOCUMENTATION that I did noNOT receive paper work? Keep in mind TOMEASON pointed out that this organization was started by my servicer GMAC.

I am excited about THE HAMPSTER WHEEL and want to make certain to cover my a**....

I am NOT interested in a loan mod because I have learned it's a scam so I am not interested in this VERBAL offer either...

What is the best way to handle? Just let it ride and don't call attention?
Hi Exhausted3
What state are you located? This matters. If your in a judicial state, the lender must prove everything they say. Therefore they cannot simply say oh we mailed her documentation and she refused to sign etc. They need proof of the mailing.
I not 100% sure how this works in non-judicial states that are not homeowner friendly.
To be on the safe side, when you call the servicer about your situation, you could simply record the conversion.
When they mention to you that the call is being monitored for quality training or whatever, you say I am recording this call for future legal remedies.
Good Luck

NJ- 5 months
acesfull
 

TomEason

LoanSafe Guide
Jun 18, 2009
12,390
85
48
SF Bay Area CA
tomeason has been a tremendous help and hoping to get some guidance from him or someone equally as knowledgeable?

Was originally attempting a sincere loan mod and have since learned what a scam it is....

Contacted my servicer and they assured me the paper work was on it's way....will NOT however be sent certified, just regular mail...hmmmm...this was over 2 weeks ago...if they don't send it certified there is no way of proving I received it right? They can then say "we offered her a loan mod which she refused?" - does this EVEN matter if I am playing The Wheel?

MY QUESTION IS THIS...do I contact the local HOPE representative that has been "assisting" me and let them know this so there is DOCUMENTATION that I did noNOT receive paper work? Keep in mind TOMEASON pointed out that this organization was started by my servicer GMAC.

I am excited about THE HAMPSTER WHEEL and want to make certain to cover my a**....

I am NOT interested in a loan mod because I have learned it's a scam so I am not interested in this VERBAL offer either...

What is the best way to handle? Just let it ride and don't call attention?
exhausted3
Thanks for your post, and your gracious remark. Let me be clear on why I started the thread. As you know, it was started for those who, like you, are frustrated and fed up with what the loan servicers have put us through. Most of "the players" are folks who have resigned themselves to the fact they'll never get a HAMP (or any other) mod. The players have decided to turn the tables (wheel) on the loan servicers and stay in their home absolutely as long as possible, mortgage payment free, thus allowing the player to, not only have some fun, but also save a pile of $$.

From your post it sounds as if you're kind of on the fence. If you perceive you still have a chance of getting a mod, then you will behave differently than those playing the game. To answer your question, if you want to make a last stab at getting a mod, you could call HOPE, but don't except any results. Remember HOPE NOW, and all the affiliated counseling agencies are funded by the loan servicers. As such, they owe no fiduciary duty to the borrower, and their actions are not closely watched over by any federal regulatory bodies. They are not your friends! And they are entirely ineffectual.

On the other hand, if you decide to really play the game, all the tips for your next move are contained on this thread. If you haven't already, read the posts starting from the very first one, followed by the excellent piece from SurfwhenUcan. Good luck and have fun!
 

DELL1

LoanSafe Member
Aug 4, 2010
391
5
0
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, it seems to me that before thinking about an attorney you need to thinking about your finances and how your home and it's debt obligation fit into it.

If getting behind is inevitable then NOW is the time to begin to understand THE WHEEL. The WHEEL is a metaphor for everything you will encounter on the trip. The servicers, the investors, the political landscape, legal landscape. EVERYTHING is the WHEEL. The systemic structure if you will.

You will need to decide at some point, do you want to continue to keep the property long term and try to obtain modified terms, or do you want to ultimately exit the property with as little finacial damage as possible. Seeking modifacation is being in THE HAMPSTER WHEEL, seeking the cheese. The latter is playing THE HAMPSTER WHEEL game, screw the cheese, I'm just here for the ride!

This thread is for discussion of specific moves for those playing the game. I'd recommend you take a little time to appraise your situation as I have described above and then create a thread of your own in which you can post specifics about your situation, mortgage #'s, home value, budget, etc. That way the posters who feel compelled to advise have your pertinant information.
 

MargaretC

LoanSafe Member
Jan 4, 2010
522
1
18
Bay Area, California
California
15 months

I called Bofa today, my first phone contact. I spoke w/ a very nice man who is going to
mail me another HAMP packet even though my last one expired on 3/18/11.

I don't believe I've received an "intent to accelerate" from BOFA though so may have to
"submit" by next deadline, not when I receive that per Tomeason's recommendation.

I really don't want to give out our financials, is that irrational?
 

SurfwhenUcan

LoanSafe Member
Apr 23, 2010
1,766
11
0
Sunny San Diego
California
15 months

I called Bofa today, my first phone contact. I spoke w/ a very nice man who is going to
mail me another HAMP packet even though my last one expired on 3/18/11.

I don't believe I've received an "intent to accelerate" from BOFA though so may have to
"submit" by next deadline, not when I receive that per Tomeason's recommendation.

I really don't want to give out our financials, is that irrational?
Generally, Margaret, in order to play the game on a first mortgage, you need submit financials, otherwise you will unnecessarily shorten the time period you play. We normally recommend one not submit financials when entering into settlement negotiations on a second.

This is great news for you that they are telling you to resubmit. I hope you are socking away your mortgage payments or at least paying off debt to put yourself in a stronger financial position while you're living rent free. Go to Tom's first post and my first post on this thread and read them both twice. Good luck!
 

MargaretC

LoanSafe Member
Jan 4, 2010
522
1
18
Bay Area, California
We normally recommend one not submit financials when entering into settlement negotiations on a second.
I am not planning on entering into settlement negotiations w/ 2nd. I was planning on ignoring them and hoping the SOL runs out. However, since I cannot guarantee that, is it unwise of me to submit financials even though it's different bank that I have the first with?

Thanks again!
 

exhausted3

LoanSafe Member
Mar 5, 2011
127
0
0
Hi TOMEASON!
NO, no, no....PLEASE! I am not on the fence!!!! Ready to roll with you all! :)

Just concerned because I decided this after applying for the loan mod and don't want to mess things up.

I actually just got the papers back and it's SUCH A JOKE...they send papers telling me the following:

"This is in response to your loan mod.....Your acct was denied for HAMP under the Homeowner Affordability Modification Prog as the financial info you provided did not reflect sufficient income...blah, blah, blah.....

Your account was set up on a trail (NOT TRIAL mind you, but trail) modification program with trial payments of $......due.....

Further information regarding these trial payments will be sent under SEPARATE cover by our Loss Mitigation Department.

A letter was previously sent to you advising an escrow analysis can not (rather than cannot) be completed until the loan modification review has been completed"

Customer Care
Loan Servicing

I THEN get a call today looking for my payment so we can get this trail mod going! What a bunch of BS...yeah right....let me get that over to you right away....

TOMEASON, you are kind of like my guru at this point...I am just going to play the game and ignore any offers because none of them are sincere....did you catch that bit on how fradulent these Loan Mods are...I will ask my father what station he was watching this morning....interesting info for certain.

God what a fool I was for being so trusting that there may have been a chance!

Best! Thanks for all the help!
 

SurfwhenUcan

LoanSafe Member
Apr 23, 2010
1,766
11
0
Sunny San Diego
I am not planning on entering into settlement negotiations w/ 2nd. I was planning on ignoring them and hoping the SOL runs out. However, since I cannot guarantee that, is it unwise of me to submit financials even though it's different bank that I have the first with?

Thanks again!
What is an SOL? And here I was thinking I knew everything! (Or else my brain has reached maximum density and has started tossing out 3 letter acronyms to create more room)

Go ahead and submit. While they may seem like Big Brother, they aren't. Plus, last I checked it wasn't legal for them to share your personal information. You have to submit to play the game.
 

Strategic_Default

LoanSafe Member
Oct 10, 2010
536
7
0
Rancho Cordova, cA
CA
5 Months

Just sent in the 5 additional requested documents yesterday (3 of which were "missing" in the first submission even though I did include them). Now I keep waiting.

Bye the Way... I've reached my goal. No NOD yet means that I'll be in my house until at least August!

Exhausted - Is there any way you can appeal the denial of HAMP? I know some people have gotten 30 days to appeal. Anything like that in the paperwork?
 

SurfwhenUcan

LoanSafe Member
Apr 23, 2010
1,766
11
0
Sunny San Diego
Strategic - thanks for that - you have now proven that my brain has indeed begun throwing out small acronyms - I knew SOL meant that in the not so recent past, and I really racked my brain before posting my question : )

dab - HAHAHAHA, believe it or not, that was the first thing I tried plugging in : )
 

alston1421

LoanSafe Member
Nov 18, 2010
105
2
0
Reston, VA
Hi all! I am new to this thread but not new to the HAMPster wheel game... I can't believe I just spent over an hour reading all the hysterics and fun times in the 7 pages of this thread.

I am still in the wheel searching out the cheese mainly because I can't fathom losing my home. I have been jumping through hoops left and right for Chase since this madness began in July 2009 (first attempt to seek out a mod) and I feel like my file has been escalated to everyone on the planet (HAMP solutions center, Congressman, Chase EO reps x3) but ultimately all are USELESS in my efforts to capture the cheese. Now 21 months later I am slowly getting absorbed by this bog that Chase has created. I've sent so many reams of paper to Chase via FAX that I have lost count, and I couldn't even begin to count how many mods I've applied for... since I can't tell (and neither can Chase) when one mod was closed out/finalized as denied and another one was open.

As others have noted, we have got to BAND together and keep on fighting the good fight.

I am in VA (DC metro area) and would love a referral to a reputable foreclosure attorney if anyone has one. The two I've met with seem educated but I get the message that they can only talk the talk, and won't walk the walk for me.

I have a REST report, I'm qualifed for HAMP but can't get approved for a mod "due to investor restrictions" on my loan, for example minimum allowable interest rate is 5% I'm told... not sure I believe them. So I'm still spinning around in the hampster wheel and am skeptical as to if nearly $7500 monthly gross income will do the trick to refi a I/O mortgage of $409K.

freedomwon and DELL - I LOVE LOVE your avatars.

DELL - I saw your posts from a month ago or so RE: your file was with a local congressman after you got a REST report via Charlie and Levi (I think I got mine about the same time as you in late Jan.)... I take it that you and I both are still spinning in circles though....
 

DELL1

LoanSafe Member
Aug 4, 2010
391
5
0
Hi Alston, sorry to hear the cheddar is eluding you. That's life in the WHEEL.

It seems that you have painted your servicer into something of a corner though and that of "investor restrictions". I've heard various story from the WHEEL master and I believe none of it. You can go down to your county recorders office and find out who owns your mortgage/trust deed. This is not conclusive however as mortgages are held in various pools, some of which can have restrictions like, "we don't allow anymore than 5% of all loans in pool to be modified". Once I got the reason in writing I was able to push back against it and found out everything I'd been told was BS. That's about when they switch OOP specialists on you.

I did use my Congressmans office and after we sat down with my REST report it became clear to him I qualified so he has been a very important ally in fighting for the cheese. In fact he interceded on my behalf with OCC and OOP to get my first sale date postponed. I found out from my recent denial thru him from HAMP they were using the wrong income figures AGAIN!!!! so we got that cleared up and my file is under consideration for HAMP with correct figures...I can smell the cheddar now.

thanks for the shout out on the avatar...it's my Earth Friendly transportation...

.FW got me goin on it...still working on those t-shirts
 

alston1421

LoanSafe Member
Nov 18, 2010
105
2
0
Reston, VA
Thanks Dell... Yes, I'm still after the cheddar... just sent these boneheads another 30 page FAX tonight... We could FAX our life history it seems and there'd still be something missing/lost in oblivion. Can I ask: what does OOP stand for?

Good luck to you!