HAMP mods and US Bank mortgage

[sillywalks]

Hello, all! I have a mortgage with US Bank. My payment is $1395 (escrow included). It would really help to lower this payment. I ran through the HAMP calculator and it would only reduce my payment by $35. When I talked with the bank, they said I would need to go through the HAMP process before they would even consider any other type of mod.

My question is do you think it would be worth going through the process? Does anyone have experience with a bank being willing to do a mod beyond the HAMP? Any experience specifically with US Bank?

Anyone know how willing the bank would really be, assuming that HAMP is not really going to help me?

I do plan on keeping the house, but not reaffirming (assuming I file).

Thanks!

[tcreegan]

Hi again sillywalks,

Last few months of 2009 and first months of 2010 I was trying to negotiate a HAMP w/ GMAC (unsuccessfully) News reports at the time put the success rate around 50% A local HUD counselor said they had about a 20% success rate. I have never heard of a lender going below HAMP, but I suppose stranger things have happened. Hopefully someone w/ your same lender can share their experience!

Tom in Colo

[IBroke]

U.S. Bank was our investor - the lan was serviced by SPS. They approved our HAMP and reduced the monthly payment from $3,900 to $1,300 - after almost 2 years without making a payment. We signed the permanent HAMP mod and got it notarized - so did they. After 6 months of making payments, they thought they could revoke the mod. We didn't agree, our attorney didn't agree and finally, the judge didn't agree either and ordered them to comply.

I recommend you visit loansafe.org as well - THE info-source when it comes to mortgages.

[missjean]

Hi sillywalks!

Hubby and I received a HAMP with Chase in November, 2009 that lowered our payment from $1785 to $1204 (escrow included). It went through fairly easily; the trial period lasted for 6 months. We were told (when we first applied) that if we did not qualify for HAMP that Chase had its own modification plan, but would not discuss it with us until the HAMP process was completed.

I don't know if the bank's modification plan would be comparable to the HAMP but you might want to check it out.

[sillywalks]

Hi again sillywalks,

Last few months of 2009 and first months of 2010 I was trying to negotiate a HAMP w/ GMAC (unsuccessfully) News reports at the time put the success rate around 50% A local HUD counselor said they had about a 20% success rate. I have never heard of a lender going below HAMP, but I suppose stranger things have happened. Hopefully someone w/ your same lender can share their experience!

Tom in Colo

Hey, Tom! That's kind of what I was wondering. It seems a lot of people have been unhappy with the HAMP process and end result, and if there is not anything useful on the other side (i.e. a deal with the bank), I might be better off just leaving things as is.

Thanks, as always.

[sillywalks]

U.S. Bank was our investor - the lan was serviced by SPS. They approved our HAMP and reduced the monthly payment from $3,900 to $1,300 - after almost 2 years without making a payment. We signed the permanent HAMP mod and got it notarized - so did they. After 6 months of making payments, they thought they could revoke the mod. We didn't agree, our attorney didn't agree and finally, the judge didn't agree either and ordered them to comply.

I recommend you visit loansafe.org as well - THE info-source when it comes to mortgages.

Wow - HAMP seems to have really benefitted you! It must of been a real stress when they tried to back out! I wish HAMP would make such a difference for me!

[IBroke]

Wow - HAMP seems to have really benefitted you! It must of been a real stress when they tried to back out! I wish HAMP would make such a difference for me!

Oh absolutely. But it was a blow when we received a phone-call in the morning after making new payments for half a year, telling us "your mod is cancelled" - Although you have a fully executed agreement in your hands..

[Pandora]

trial started Sep 09, made 7 trials, finally approved HAMP Feb (?) 2010 ( last trial payment returned and reapplied as 1st payment under HAMP) - payments went from $2209 total (1st (1330) and 2nd (879)) to $652 PITI. 2nd being stripped - water fall rate 2%, 3%, 4% locks at 5% life of loan. Got our 1st $1K credit applied already - been 1 year this month on HAMP.

Nightmare? without a doubt..... Worth it? Absolutley.