Wachovia/Wells Fargo Modifications
Hmp
Unfortunately you are correct, my husband does work for a mortage company (not the 2 you mentioned) and has told me that unfortunately due to government pressure, they are all being told to send out information about modification but sadly enough most people do NOT qualify. It is NOT easy to get a modification as many ADs online AND tv now indicate. Many people are being told from initial information taken, that they can start immediately paying LESS on their mortgages and then later they are told ooops sorry you don't qualify and then they are
"behind" on their mortgage payments. WHAT A MESS!!!
Also, these companies online that claim to assist in modifications are all scams. If you are eligible for a modification, just call and ask for one. You either qualify or you don't. You don't need to pay an outside company to help you. My husband has told me that HMP is really not working well and he deals with it every single day. If anyone wants to know more, I ma glad to ask him questions if needed.
Submitted by Mary Adkins Matthews on Thu, 12/03/2009 - 12:16
You are correct...Majority of people are not approved for a loan
You are correct...Majority of people are not approved for a loan modification and going through an outside company and paying them fees does not make a difference. Please understand though that alot of people have been approved and it has helped tons of people lower their mortgage payments.. I am a hud approved housing counselor and everyday I have seen people save anywhere from $200 a mth to $1500 a month on their mortgage payment. But what people do not understand is that it is all up to the investor and who actually backed your loan. If you do not have a Freddie Mac, Fannie Mae or FHA loan, you will not be approved for MHA.. You will only qualify for a regular Loan modifccation that the mortgage company makes up.. And it pretty much depends on the budget and what figures you give them. Everyday I talk to so many people who think that just because they are on unemployment and making $1500 a mth, when their regular mortgage was $3k amth, they should be approved and payment should be lowered. that will not happen.. If they see that you will still be short after lowering your mortgage to 31% of your income and still have to pay all of your other bills, expenses, debts then you will not be approved!! Whatever figures that you give them, have to show that you will be able to afford the new payment. There is so much involved with the process and peole are misunderstood... Its a great program, but not something that will help everyone!!
I will have to ask him
I will have to ask him but I am almost certain that he had told me that no one with an FHA is eligible. But he basically said the same thing you did, it has not helped many people at all. Without saying where he works, I will tell you that they have only modified less than 10 people out of the ones that did qualify. He said most people that do qualify will not save much and So far he said the average that he is seeing is about 80.00 a month
Submitted by Mary Adkins Matthews on Thu, 12/03/2009 - 21:13
Our first is with Wells Fargo and I have been trying since April
Our first is with Wells Fargo and I have been trying since April to get a mod. We were tunred down once because our income to debt was to high that even with the mod we still be be hurting. We tried again and finally gave up on trying to work out something with CC people and filed Chap7. Since we went in chap7 the mod got turned down for the 2nd time and we were told now we have to deal with the bankruptcy department. We are behind a few months and we just got papers from them asking the courts to take it out of chapt7 so they can work out some kinda loan mod with us. We talked to our Laywer and he said it was normal for them to do this so they can work with us and not the court trustee... So more BS we need to do sometimes we think its not worth it since we owe $429k and the houses around here in are selling for $330-$3340.
Aww. So sorry you are going through this.. Yes it is very diffic
Aww. So sorry you are going through this.. Yes it is very difficult to deal with a modification, especially when you are going through the bankruptcy process. They make things 10 times as hard...
And MCA, yeah they just passed the FHA modifcation law so its new.. It passed in August. http://makinghomeaffordable.gov/pr_07302009.html ... And it really does depend on who your lender is, because some companies are helpful and the process is easier, while others will rarely do it and put you through so much that it makes the situation worse.
Quote:Originally Posted by AnonymousYou are correct...Majority o
Quote:
Originally Posted by Anonymous You are correct...Majority of people are not approved for a loan modification and going through an outside company and paying them fees does not make a difference. Please understand though that alot of people have been approved and it has helped tons of people lower their mortgage payments.. I am a hud approved housing counselor and everyday I have seen people save anywhere from $200 a mth to $1500 a month on their mortgage payment. But what people do not understand is that it is all up to the investor and who actually backed your loan. If you do not have a Freddie Mac, Fannie Mae or FHA loan, you will not be approved for MHA.. You will only qualify for a regular Loan modifccation that the mortgage company makes up.. And it pretty much depends on the budget and what figures you give them. Everyday I talk to so many people who think that just because they are on unemployment and making $1500 a mth, when their regular mortgage was $3k amth, they should be approved and payment should be lowered. that will not happen.. If they see that you will still be short after lowering your mortgage to 31% of your income and still have to pay all of your other bills, expenses, debts then you will not be approved!! Whatever figures that you give them, have to show that you will be able to afford the new payment. There is so much involved with the process and peole are misunderstood... Its a great program, but not something that will help everyone!! |
Just wondering if that is 31% of your gross or net income?
Wells Fargo has me update all the paperwork every 30 days and do
Wells Fargo has me update all the paperwork every 30 days and does absolutely nothing. I have so far been able to delay the sale date each month, but surely that cannot last for long.
Hold on just a minute, I work for a mid sized mortgage company,
Hold on just a minute, I work for a mid sized mortgage company, we are near the top in the country for approving HMP trials though. I have worked on HMP, FHA, VA FNMA and now various conventional loans, in the loss mitigation department and we approve hundreds a day for HMP, FHA HAMP and traditional mods. I know that many other companies are lacking the staff to accomplish the amount of workload these programs are requiring. My suggestion is to keep calling and checking on the status. When you are faxing in your package make sure that you have a complete package. If you feel that your mortgage company is jerking you around, they most likely are not. They cant afford to have another property go to foreclosure sale. That is why they keep postponing your sale. They want to review your information, to see if they can keep you in your house. Mortgage companies are not in the business of selling foreclosed homes, but to keep your mortgage performing.
True not everyone qualifies, but if your payment is already under 31% of your gross income your mortgage company can review for a traditional modification. Also sometimes you may not qualify for either if your mortgage payment cannot be lowered enough to where it is affordable for you. Then you need to look at selling your house.
This is from 7/09 from the US Treasury, for HMP statistics
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MCA; people are approved for FHA HAMP, but with the FHA program
MCA; people are approved for FHA HAMP, but with the FHA program a traditional workout is suppossed to be looked at first, either a partial claim or a traditonal modification, then if neither are an option it can be looked at for HAMP. Yes sometimes a payment lowers $80.00, I've seen them decrease over $500. With FHA loans generally the upb is lower then a conventional loan, thus the decrease is lower as the payment would already be lower. FYI VA is also joining the HMP bandwagon, my company is still in the process of figuring out how the VA program will be determined