HAMP Loan Mod vs Reaffirmination of Mortgage ?

[lillywa1]

HAMP Mods and BK

A little history on where were at ....

reived papers yesterday regarding HAMP Trial Period.
Current loan payment ( never been in default ) $1,900.

Good old Wells Fargo gave me Trial period payments reduced by $300.00 ( woo-hoo ) so $1,625 for 3 months then it gets bumped up to $2,700 for ballon payment ? ( still trying to figure that part out )

Trying to work with them is like pulling teeth, i give up. Most likely I will be filing BK towards the end of this year. My question is ..... if i go through with this HAMP program can I include my house in BK ?

Meaning this isn't a " reafirmination of a mortgage right " ? Any feedback is appreciated. Thank You !!!!

[helpme2010]

HAMP Mods and BK

A little history on where were at ....

reived papers yesterday regarding HAMP Trial Period.
Current loan payment ( never been in default ) $1,900.

Good old Wells Fargo gave me Trial period payments reduced by $300.00 ( woo-hoo ) so $1,625 for 3 months then it gets bumped up to $2,700 for ballon payment ? ( still trying to figure that part out )

Trying to work with them is like pulling teeth, i give up. Most likely I will be filing BK towards the end of this year. My question is ..... if i go through with this HAMP program can I include my house in BK ?

Meaning this isn't a " reafirmination of a mortgage right " ? Any feedback is appreciated. Thank You !!!!

I have been through 2 loan mod 6-month forbearance plans pre-bk. I missed my final payment on my second plan. Like you, they kept bumping up the price on me by $500 each loan mod (the 3rd one was going to be more than my original payment).

I missed the final payment and filed bk. I recently discharged in chapter 7 and now they have sent me new loan mod packs. I am trying a new loan mod which I am hoping will lead to another 6 month forbearance plan.

I am pretty sure you are not held liable if you miss payments and your home will continue on with foreclosure if you do. But I am trying to get a concrete and clear answer from the members of this board about this too.

[Pandora]

are you surrendering the house in BK as you noted in a previous post? If so - then dont throw good money away at this point unless they truly offer you a full modification of the note and you plan on doing a pay and stay.

The "trial" they are offering sounds moreso like a forbearance agreement vs. a true HAMP, which is why your payment jumps up to $2700 after the 3 months. That payment includes your reg. mortgage payment plus any reduced amounts (i.e., $300 month) plus interest for those 3 months your payment was lowered.

[helpme2010]

are you surrendering the house in BK as you noted in a previous post? If so - then dont throw good money away at this point unless they truly offer you a full modification of the note and you plan on doing a pay and stay.

The "trial" they are offering sounds moreso like a forbearance agreement vs. a true HAMP, which is why your payment jumps up to $2700 after the 3 months. That payment includes your reg. mortgage payment plus any reduced amounts (i.e., $300 month) plus interest for those 3 months your payment was lowered.

Pandora, regarding lillywa's post, that looks like what they are doing, I agree. You brought up something about forbearance, which I incorrectly kept calling a loan mod. I filled out the loan mod HAMP forms so I kept calling it a loan mod on this board, until someone told me to call it what it really was, a forbearance. And yes, the forbearance was a short term plan that kept bumping up the payments. Mine was more generous, starting out around $1,100 including escrow or just under $1,000 without the escrow, for a 6 month plan, then they moved it up $500 a month, then the 3rd plan was going to go up another $500, putting me above what my original loan amount was.

I am hoping they send me another 6 month forbearance plan and I am hoping it will be below what my current loan rate is. This is of course post-bk.

[tcreegan]

Hi lilywa,
if i go through with this HAMP program can I include my house in BK ?
Meaning this isn't a " reafirmination of a mortgage right " ?

HAMPED or UNHAMPERED (sorry, can't resist an easy pun) it can go right into the BK, no problem. A reaffirmation has to be done between filing date and discharge date.

You can go for a loan mod anytime, but it only takes one hand count the number of people I've seen who really had the HAMP terms for the life of the loan.

Tom in Colo