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Loan Mod Profiles: Delayed Then Denied, Often Mistakenly

Homeowners rejected for mortgage modifications tell of errors by their loan servicers.

Based on stories from hundreds of homeowners, we’re showing what it has been like to seek a mortgage modification through the government's program. Earlier, we detailed what 373 homeowners told us about their experiences. To put a face on those numbers, we’re also profiling homeowners who represent common situations. This is the second of five.

David Moe, 70, of Reed City, Mich., had been in loan modification limbo for more than a year when he was denied. (Photo by Gary Howe/ProPublica)

Of the loan mod process with his mortgage servicer Chase, David says, 'It was just a rollercoaster ride.' (Photo by Gary Howe/ProPublica)

Since receiving Chase's denial, David says he and his wife are just waiting for a foreclosure notice. (Photo by Gary Howe/ProPublica)

'It's just a horror story,' David says, 'This is just a nightmare.' (Photo by Gary Howe/ProPublica)

Slideshow:
Download the audio.

Listen to David Moe talk about trying to get a loan mod.

Retired pastor David Moe describes the process of trying to get a loan modification -- only to be denied after more than a year -- as nothing short of "The Twilight Zone."

"I keep waiting for Rod Serling to walk out and sit down in my living room," he says.

Moe is one of more than 520,000 homeowners who have had trial modifications through the government's foreclosure relief program but have eventually been denied permanent modifications, according to Treasury Department data [PDF]. The program puts eligible homeowners in three-month trials, at which point their mortgage servicer determines if they qualify for a permanent modification.

An additional 538,000 homeowners have been rejected for even trial modifications by the eight largest mortgage companies participating in the program. (The Treasury Department has not released program-wide data.)

Program guidelines say homeowners can be denied for a number of reasons, including further reductions in income, missing trial payments or not being able to document their income. However, it appears that in many cases, servicer errors, such as losing paperwork and improperly calculating income, have caused denials.

Moe says he first contacted Chase, his mortgage servicer, in February 2009 when he and his wife had a large drop in income but still wanted to keep their home in upstate Michigan. After months of back-and-forth with Chase, Moe started a trial plan in October. More than six months later, Chase sent him a letter denying a permanent modification, saying he did not have enough income. Chase would not count the self-employment income that Moe earns from contract work with a local newspaper. Servicers are supposed to count self-employment income, according to program guidelines.

Chase spokeswoman Christine Holevas says, "We worked with the borrower, but we were unable to approve a modification."

Many homeowners believe their denials were the result of servicer mistakes. Belinda Stanley of Kentucky says her mortgage servicer gave her four different reasons for being denied, including that her husband made too much money. "What husband?" she says. "I've never been married."

The Government Accountability Office recently found that 15 of the largest 20 servicers made mistakes using [PDF] the computer model that determines if a homeowner qualifies for the program; they miscalculated income and did not properly determine if investors would make more money from a foreclosure or modification.

The sheer volume of documents involved in modifications also appears to cause mistaken denials. Banks report to the Treasury Department that "missing documentation" has been a major cause of denials, but homeowners say it's the servicers that regularly lose documents.

Since homeowners make reduced payments during the trial, if they are denied a permanent modification, servicers regularly ask for immediate payment to cover the difference between the reduced and full payments. They also often ask for accrued interest and late fees.

For homeowners like Sylvia Kambouris who were current before entering the trial period, they could end up worse off because of the trial. Kambouris, who lives in Massachusetts, says she was shocked to learn that because of her three-month trial, she had accrued $11,000 in back payments, fees and interest. She is now working to pay off that money, but on top of her full monthly payments, she says it's a challenge.

Stanley, the homeowner from Kentucky, just recently was contacted by her mortgage servicer about getting an alternative modification that does not fit the government guidelines. Among the outcomes reported by the Treasury Department, about a third of the homeowners denied government modifications end up in these in-house modifications from the mortgage servicers, but the quality of those modifications is not known. Historically, these proprietary modifications have not reduced monthly payments as much as those in the government program, and sometimes have even increased monthly bills.

When homeowners disagree with a denial, they have little recourse. They can voice concerns through housing counselors and the government-sponsored HOPE Hotline, which in turn can bring problems to an "escalation team" at Fannie Mae. Many homeowner advocates, however, criticize the process. Moe's housing counselor, Kitt Latsch from the Center for Nonprofit Housing in Fremont, Mich., says the escalation process is "about worthless" and just parrots back the servicer's response.

The Government Accountability Office recently said [PDF] that the escalation team is limited because it does not have access to a homeowner's loan files and does not conduct independent investigations.

ProPublica's Paul Kiel and Olga Pierce contributed to this story.

Have you been denied a modification? Please use the comments section below to discuss with other homeowners. And if you haven't already filled out our questionnaire, please tell us your story.

Tim and Mary Johnson

Aug. 18, 2010, 8:43 a.m.

We have been trying to modify our mortgage with EMC for over 12 months. Just two days ago we mailed our paperwork for the fourth time. (certified/overnight mail) My husband is unemployed 2-11 months out of any given year. Until the past 5 months we have always made out payments on time. in addition to the recurring unemployment, Our ARM comes due in September so, we have been trying to come to an agreement with EMC. We have told them that we do not wish to foreclose and would like to work something out. We do not want to default on our loan as it is not the “right thing” to do. yet at this point it may become a necessity. We cannot live our lives this way anymore. The modification process does not seem to be working for the people who are trying to resolve this responsibly. I am wondering if the mortgage companies are getting a “bonus” whether they help people or not?

I think we should have a CLASS ACTION against these big banks who are gutting homeowner out of their homes and the TARP MONEY we GAVE them..

Its a shame we have no JUSTICE…..

I have been working on a loan modification from Chase for one year next month.  I did all the right things.  I submitted all my documents, then called to confirm receipt.  I even had them tell me how many pages came through on the fax so I would know everything got there.  Then, I called every week.  Every month, I submitted new income documentation and a newly signed 4506T form, and called to confirm receipt. By the way, when I started the process I was not behind on my payments.  In November I was told my file was at the Underwriters and it would be about another 30 days.  One month later almost to the day, I was told that my file had just been sent to the Underwriters and that it would be about another 30 days.  When I responded with the fact I had been told that 30 days ago, I was told that notes from the conversation were not in my file.  I kept calling, they kept telling me the same thing.  Finally, in April, one of their reps slipped and told me I had been denied but I had not been notified.  When I asked why, she didn’t know.  She sent me another loan packet so that I could start over.  But after receiving it, I called to ask a question and was told I had received the wrong packet and a new one would be sent.  That was the second week of May, and although I have requested on three different occasions, no new packet has ever appeared.  No one notified me of the denial and no one would tell me why I was denied.  Finally, about 6 weeks ago I was told that I had been denied because I was Deliquent.  I thought that was the whole idea??  The rep that I was talking to also accused me of not caring about saving my home.  That did it for me.  I did some research and hired a third party to see what would happen.  Don’t know anything yet, but the lender received my newly submitted documents the first of this week.  My house is not a big, fancy home.  But in the course of this process, the value of my home has dropped about $25-$30,000 from two years ago.

With only minor exception, the Johnsons’ experience parallels mine.
We’ve now given up, We plan to stay in the home through the equity of redemption period, but any hope of retaining our home of more than 20 years has vanished. This could have been resolved by Chase if there’s been any intention of doing what they said they’d do, but the company bargains in bad faith, lies, is incompetent, or all three.
When we took out our mortgage in 2004, the value of our home was set by independent appraisers at $235,000. Today it’s worth less than $100,000, and we owe $152,000. There’s no way we can ever recover from this.
Our only consolation is that we’re not alone, and that Chase seems to be every bit absurd with hundreds of thousands of others as they’ve been with us.

I too was caught up in the HAMP nightmare.  Purchased our home in November of 2006 just before home prices fell miserably.  Since, my husband and I have lost over 40% of our income in this failing economy.  We could just refinance but we are so far underwater we can’t get a loan.  I tried unsuccessfully to get a modification with First Horizon starting July of 2009.  Same story as everyone else, no answers, just wait, and sending them the same paperwork mutiple times.  Then, mysteriously with no notice I get a letter from LBPS in May 2010.  This is now the company handeling my loan and First Horizon can no longer give me any information I must contact LBPS.  So, I start all over again with them, but quickly get and answer in about a 2 month period.  They are willing to take my mortgage from 1388.25 per month to 600. This sounds so good, I don’t even care if I screw up my perfect credit to make it happen, since I was told by the LBPS representative that I cannot save my house and my credit.  I have never been late on a mortgage payment in my 15 years of owning homes.  But they don’t give you all of the information, they make you pry it out of them.  I had to ask a multitude of questions to find out what this offer even meant.  So here goes…First of all, you don’t qualify for the government program, but we have something in house that we can offer.  We will lower your payment to 600 per month for 6 months to see how you do.  There is no guarantee that they will continue this offer at the end of the 6 month trial period.  This just gives us time to decide what we are going to do with you.  The 800 you aren’t paying will be added to the back of your loan every month for the whole time you are participating in the program.  So not only do they get their interest, and of course the money for taxes and insurace, they want the amount that you would normally be paying down on the principal because you signed a contract that said you would pay that amount each month.  Now when the program is up, you owe an additional 20,000 more on your house than you did when you started the program.  Providing they extend the offer for 2 years after the 6 month trial.  My question to them was, “how is this helping me?”  I am already upside down, and since when did putting me in more debt help me get out of debt?????  To this they proceed to tell me that they are expecting the market to rebound.  With current condition I am not expected to regain the value in my home for 17 years.  It makes me angry to even think about it.  With a small manipulation of a couple of numbers, they could solve all of my problems.  One, they could just lengthen my loan from a 20 year to 30, or two they could lower my interest rate to a current market rate, but their goal isn’t really to help me the homeowner, it is to get as much money as they can out of me.  I am disghusted with this whole process.  We have done everything right, except for purchasing a house at the worst possible time in history.  Now, we are stuck in perfect crappy financial storm, with no way out except to make more money.  I am just in awe of how something so incredibly simple has been made so hard and dirty.  But then I think, this is how our GOVERNMENT handles it too.  They just make more money and tax us more.  How did this happen to the good OL’ USA?????

This is the same nightmare that tens of thousands of people are in, and I cannot understand why the issue is not front and center daily. What does the government think is going to happen to the American Middle Class if this keeps happening?

It took me 16 months to get a permanent HAMP modification. This was after three denials, including my favorite: “your hardship is not a permanent situation.”  Huh?

I pressed and pressed and the HAMP escalations team did in the end help me when Chase tried to extend my HAMP trial period. It is a grueling process that takes hundreds of hours and causes incredible stress.

People are writing about it on shamethebanks.org, figuring out next steps on http://www.beingmiddleclass.org, and signing petitions and pressing everyone and anyone we can think of.

There will soon be no American Middle Class at this rate.

My wife and I are in our second go-round with Chase. They denied our first modification request because they said my unemployment was not a permanent situation. Well, 13 months out of work doesn’t seem temporary to me! The process has been mind numbing - you send in the forms, you wait, you call, they say please send updated forms, you send them, you wait, they say send updated forms, and on, and on, and on…It is criminal, period.

Rick Vitale/Karen Edwards

Aug. 18, 2010, 2:44 p.m.

Been on the program since the 1st week of January of this year. Have faxed and fed ex the same information over a dozen times:ie tax returns bank statements pay check stubs letters to certify that I am not married never have been married nor do I have any dependents( try to prove your not married…not like I have a not married liscence)
Still no end in sight I have complied with every request and have never missed a payment since it was reduced. I purchased my home in 1993. worked at the same job for 16 yrs and in the same feild for 25 years. Unfortorunately I had to change jobs due to economic times however I was lucky enough to find new employment in the same vocation but with lower pay. At the age of 57 I am blessed to find work. I have scaled my whole budget to continue to live within my means.The only way I am leaving my home is feet first! Still waiting from Bank of America for a verdict

My mortgage company used delaying tactics and resending of same papers many times.got me corned and one fine day send me a letter saying ,that my house is on AUCTION BLOCK.
Just to avoid being HOMELESS AND ON STREETS.had to File BANKRUPTCY CHAPTER 13
and spend $4000 FOR ATTORNEYS and of-course RUIN my CREDIT
The mortgage Companies are THUGS after TARP money we gave them…
LIVING WITH CHAPTER 13 FOR THE NEXT MANY MANY YEARS.

Donna Nittinger

Aug. 18, 2010, 3:46 p.m.

been there done that, all seem to be delay tactics designed to beefit the banks books in one way or the other.  we all know that “lost” paperwork is a lie, don’t we?  I’m noticing the technique used by others as well.

I Wrote to Anderson Cooper AC360 regarding Loan Modification nightmares and asked to have a program on CNN about this. It seems even the Major MEDIA not willing to deal with this (keeping them honest) because maybe than Chase and other banks would stop advertising in their program. The only way to resolve this issue with these banks is I believe if the media could start and every day pond these stories. So more and more people would be able to see it is a National problem.
I don’t believe that any bank has any intention of helping homeowners. These Banks just trying to buy time and drag it as long as possible so the market does not flood with foreclosures. We all heard about shadow inventory.
We the people have to find a solution because Banks will not help.

Please you all. Write an e-mail to CNN and ask if there could be a program about these loan mod nightmares.
Maybe if enough people will write CNN will start to report on it.
Thank You

Erich Riesenberg

Aug. 18, 2010, 4:22 p.m.

People should stop feeling guilty about defaulting.  Look out for your own economic interests.

A mortgage is a contract.  There are terms for violating it.  Times are tough, do what is best for you.

GMAC Mortgage gave us the run-around when we applied for a modification under HAMP. We had to send them the same paperwork over and over and when I called to check on the status of our modification request, no one seemed to know anything. It took almost six months to get an answer which was a denial and the denial letter states that we have “sufficient cash reserves.” Well let’s see… neither one of us has any kind of a retirement plan such as a 401k, we have $5.00 in our savings account which is required by the credit union, and oh yes, we have $1.21 in change between us. I guess that us having “sufficient cash reserves” is why we are two months behind on our mortgage payment. We live paycheck to paycheck and some months I do without my required medicine, ending up sick, because we don’t have enough money to buy it and other months the utilities don’t get paid, but According to GMAC, we ware able to afford our mortgage payment that went up $61.00 in February 2010. GMAC has been unwilling to work with us at all on a modification.

Much like Sylvia we were in the same boat. We were current on our mortgage however I could see it was getting harder and harder to make the payment. Our first loan mod was active for 7 months until we got denied. I can’t even begin to tell you how many times we resent paperwork. We’d call one day and they’d say we were all set.. then we’d receive a notice in the mail saying we were missing items. It was entirely frustrating.
The same day we got denied someone from Chase called saying that we were eligible to apply to another program.. BUT that we wouldn’t have to pay for October, it would start November. This too went on for almost 5 months. One person would tell me everything was received then we’d receive a letter in the mail requesting updates.. then we’d receive a letter in the mail saying we’d have a decision in 30 days.
Through the website Consumerist.com.. I found an executive email for Chase. This too proved to be a constant run around. They did absolutely nothing for us. So through all the miscommunications they said we were denied for lack of documentation. Then came the shocker.. They now wanted almost $8000 right then and there in missed payments and late fees. That ONE missed payment (that was REQUIRED to enter the trial program) turned into a few months behind, late payments etc.
I then turned to Chase about other options.. all that was left was Deed in Lieu or a Short Sale. We had our condo on the market for MONTHS with no viewings. We bought it for 203k.. right now we have it listed for 149k and still nothing.
The second I got all the paperwork in to start the Deed in Lieu process they started the foreclosure process and we were served papers. They filed the foreclosure paperwork WHILE they were selling our mortgage to IBM lending.
I really whole heartedly believe Chase is out there attempting to make it worse. We went from being on time.. to facing foreclosure in a year and a half. We were the perfect customers and notified them the second we saw a hard ship ahead of us.

What I would like to see is how many of the loans that were sold to IBM Lending were involved in some sort of mod/short sale/DIL process. I bet we might be surprised to see the majority of them were. Is this a new bank tactic - stall all programs for months and then right before they should be ready to go.. sell em to some other company.

So now we wait. IBM isn’t sure what they’re going to do with our mortgage. At this point I’m too tired and worn out to care. I just want them to take it. I know i busted my butt to go every other avenue besides foreclosure but there are no other options.

Did any one wrote to CNN yet??

Someone should write to CNN. I have been fighting with BANK OF AMERICA for 14 months. My story sounds the same as all of the other people on here. FRAUD IS BEING COMMITED. We should take this to the Supreme Court.

I’ve been caught in this modification nightmare since September 2009.  It’s a total government banking and mortgage scam.  They drive us to tears and suicide with the paperwork.  Then tease us with a three (that’s another joke) month “trial modification.”  The trial modification turns out to be a con to get more money out of us.  No trial modification should ever be offered until you are APPROVED!  Then it should be a trial to see if you can make the payment for three months and not a trial to see if you can survive another part of their scam.  The “trial modification” papers make you tink you are finally done wiht the months of repeated paperwork and you can relax and await your modification - as long as you make three payments on time.  What bologna!  We all know we are not going to win this never-ending battle with banks and the government.  So, the best thing to do is drag it out as long as you can, bug them as much as you can, let them know they are driving you to suicidal thoughts and you’ve written a huge letter to news stations in case you can;t take it anymore, make them have the sheriff throw you out of the house, have news teams there when it happens.  If nothing else, at least we can give them all the bad press we can offer.  But get a grip - you need to realize that this nightmare is not going to go away or cure itself.  The modifications are not going to happen.  Most mortgage companies are trying to out wait the unemployment benefits so they can foreclose.  The trial modifications are simply money for them to get out of you while they wait.  Aren’t they clever?  They have manipulated every government scam offer to the max.

Gabby Gerardo

Aug. 18, 2010, 6:28 p.m.

Hello,

My mother is going through the modification nightmare as well.  We live in Nevada & foreclosures are through the roof.  The banks don’t care & don’t want to help home owners.  They will probably write off the foreclosure.  Someone earlier suggested filing a class action law against these banks.  I agree and think this is a GREAT idea.  This is probably the only way the banks will FINALLY help home owners.  I’ve contacted the Nevada Attorney General and a class action attorney for info.  I think if more people call their AG to pursue a suit something will happen.  I am keeping my fingers crosses & will keep you posted.

Gabby Gerardo

Aug. 18, 2010, 6:34 p.m.

Hello,

My mother is going through the modification nightmare as well.  We live in Nevada & foreclosures are through the roof.  The banks don’t care & don’t want to help home owners.  They will probably write off the foreclosure.  Someone earlier suggested filing a class action law against these banks.  I agree and think this is a GREAT idea.  This is probably the only way the banks will FINALLY help home owners.  I’ve contacted the Nevada Attorney General and a class action attorney for info.  I think if more people call their AG to pursue a suit something will happen.  I am keeping my fingers crossed & will keep you posted.

luis a reyes c

Aug. 18, 2010, 6:59 p.m.

I HAVE BEEN WORKING WITH MY LOAN SERVICER, FOR ALMOST A YEAR THEY DID GAVE ME A TRAIL OF THREE MONTHS I KEEP PAYING AND FINALLY TELL ME THAT I WON’T QUALYFIED FOR A MODIFICATION

The conclusion above that said they’re just trying to get more money out of us is the same conclusion I came to in May.

That was after my sixth payment on a three-month trial mod. After payment six, I told Chase there would be no more payments until they reduced the plan to writing. A week later, they said they determined I “couldn’t afford to make the reduced payment on my income” so they were immediately canceling my modification and would move the payment back to the original amount.

I asked for clarification: “You’re saying I can’t afford to make the payment I’ve been making for six months, so your solution is to move the payment back to an amount I can’t pay?”

The answer was, “Yes. And by the way, with late charges and the payments you’ve missed, you’re now $8,879.14 in arrears. Would you please sent that to us tonight by Western Union?”

If you’re going to lose your house, you’re going to lose your house. A trial modification only puts more money in the bank’s pockets (to pay executive bonuses, I assume), sets you up for a letdown, and only prolongs your agony.

When they offer you a trial modification, understand it’s a scam. Tell ‘em to stick it.

Chase is the absolute worst.  I was JUST informed yesterday that FHA loans only became eligible for a HAMP within the past month - according to Carol Masterson of the Chase Exec. Team in FL.  Well, according the HAMP Guidelines, she’s lying.  According to FHA/HUD Guidelines, she’s lying. 

When I asked her WHY no one made me aware of this within the past 19 months (began thsi process with Chase in Jan., 09), her response was, “well, I work for Chase in the Exec. Offces and I didn’t find this out until the other day.  My, your file’s thick!”  felt like saying, “my, your head’s thick!” because she also thought the other person on the note was my brother. 

She then went on to tell me, “the notes on your file are all very positive, so we’ll do what we can and move forward in a positive manner.”  Meaning what? 

I also asked her WHY I was offered an in-house trial when I’d requested a HAMP, for which I qualify.  She didn’t have an answer for that.  SO, it’s back to square one - again.

Maureen—

I didn’t get lied to by the executive office, I just got totally ignored.

The agent assigned to me was somebody named Talisha Smith. Put in several calls to her, reached only her voice mail, and she never even attempted to return my calls.

Guess Chase employees are too interested in collecting their bonuses than helping. Personally, I think Chase’s entire program is nothing but a sham to fool the feds into thinking they’re trying to help.

Chase has absolutely no interest in keeping homeowners in their homes. When the home have sat abandoned, they’re vandalized, develop mold programs, and deteriorate. Than Chase and the other bandit banks can run to the feds and beg for more bailout money.

If an individual attempted to steal at the rate Chase and the others are doing, we’d lock ‘em up and throw away the keys.

Joseph Israel

Aug. 18, 2010, 8:50 p.m.

These aren’t mistakes. A mistake is something that you didn’t intend to do.
These Banks are intentionally involved in takings.If they can stop many people from obtaining loans/mortgages and many people aren’t employed, sooner of later they can take their properties.
They have no intention of correcting any mistakes that they have committed.
JI

Hamp Underwriter

Aug. 19, 2010, 12:47 a.m.

I am a modification underwriter, that being said read this carefully! Trial payments are lower payments than your regular payments, trial payments are for three months. Listen carefully, dont make them. Yes you heard me right. Make your regular payment. That way if your denied (denial reasons to follow below) you will not owe any shortage for three months. Now this is why you are denied. Your stupid. Yes you heard me right. You are stupid because you do not know the guidelines. Here is a secret are you ready? Still reading after I called you stupid. Good for you. Writing a letter saying I cannot pay my mortgage do to my credit card balances are too high does not qualify for a hardship. Surprise. Yesterday I looked over six loans guess what all six said we cannot afford our mortgage payment. After looking at their files some things are the same cable over $100, cell phone over $175 credit cards way maxed out. Guess what you cannot afford your lifestyle you have been charging. A hardship is death, unemployment, lower income, medical. Not because little Jimmys back to school and supplies cost money. The number one reason why you get turned down are you ready ITS BECAUSE OF YOU. Tell me what good does it do to take your mortgage payment down to 31% of your gross income (thats what Hamp does) when your back end is over 50%. It makes no sense you still would be hurting. Thats why your denied, its because of your debt, your BACK END RATIO. Approving you for a mod only is a band aid. Your debt is killing you.
Now that being said here are some secrets to get an approval. Couple A married both work but income is lower now than when they bought the home, it happens. If your current mortgage payment is 31% of your gross income you will get denied Hamp goes to 31. Now the secret we do not verify if someone is working or not. If your smart you figure out what I just said. In other words if your mortgage payment together is 31% well then forget to say one of you works. But remember Hamp goes to 31% by lowering the rate to 2% and extending the term to 480. If couple A can reach that on one income, see my point.

Also get out of the house quick dont stay till foreclosre your credit gets wacked. THAT MEANS YOU CANNOT RENT A DECENT APARTMENT.

Now the irs deal if the bank sells the house for a loss say $50,000 we send you a nice 1099. The bank writes the loss off as a loss so the irs say thats income to you. That sucks. You pay taxes on the $50,000. Under certain circumstances you do not. Now the real headache its not the irs next year we will go after every borrower who owes us $50,000. We sue you. Your response I have no money. You will be working sometime we will garnish your wages. Not so cocky now are you.

Main points dont say living expenses are why you cannot pay your mortgage. Also this is funny people say my equity has gone down therefore I cannot pay. Well so what. You dont complain when it goes up.

Relook at couple A. Screw the bank forget to say your wife works. So you get a mod. Also if your sick dying grandmother is living with you because another bank kicked her out well my bank will not kick out grandmothers. Bad publicity.

DONT PAY ANYBODY FOR A MOD. Your bank does it for free. We dont like those companies. We deny those loans when they are on the fence.

hank colorado

Aug. 19, 2010, 1:17 a.m.

if your loan has been transferred to MERS you may apply fro ‘quiet title” and keep your home IF THE OWNER OF THE NOTE CANNOT PRODUCE THE ORIGINALLY EXECUTED DEED OF TRUST

HAMP Underwriter demonstrates clearly that the the mortgage lenders have no interest whatsoever in keeping people in their homes.

Of course credit cards were found to be maxed. They probably weren’t maxed before your income nosedived. Mine were paid in full every month … and then my household income took an instant 80 percent nosedive.

And the advice he gives here is a far cry from the advice your lender ever gave you. How many were told by their lender that a modification wouldn’t even be considered until you were several payments behind? So you played their game, only to discover that the leeches would then use it to come back and bite you on the backside.

As for the 31 percent of income payment limit, that’s another crock. In my case, my contracted payment was far in excess of the 31 percent of my gross family income — all of it! If they’d based it on just the income they would count, my payment would have been a highly affordable $350 per month instead of $1,260.

Also, had Chase simply lowered the interest rate to the touted 2 percent, it would have put my payment far below $350 .

As for creating taxable liability, nobody at Chase ever bothered to mention that fact. The carrot, which turns out was a spiked club, was nothing more than a ploy to squeeze just a little more money out of the unsuspecting homeowner.

Meanwhile, Chase and the other lenders were only setting themselves up to collect the loan guarantees by the federal government. (“See, we’ve really been trying, Mr. President, but all of our borrowers turned out to be deadbeats!”)

HAMP Underwriter reveals one final truth that too late becomes obvious: the lender makes the rules, changes the rules at will, applies the rules inconsistently, and never lets the borrower see the rules. Talk about an uneven playing field!

Then he calls those who tell the modifiers the truth about having a second income, “STUPID.” That’s not the way you spell HONEST, which people threatened with the loss of their home make every attempt to be — and which the mortgage lenders definitely are not.

I can only conclude from his remarks that the question regarding the difference between a mortgage modifier and a carp is true: one is a scum-sucking bottom feeder, the other is a fish.

Chase -24 months - same story as everyone else -we refuse to pay another dime as we would have been current if the 7000.00 we paid in the trial process was used as they said it would.  Nope credit report states we havent made a payment in 15 months and we are 10000.00 behind. NO-we paid 7000.00 trial mod and then payments everymonth after that calling weekly and denied -resend-lost -resend-lost-update etc.  We will let them foreclose and file bankruptcy as our credit is ruined anyway.  By the way less than 30000.00 left on the mortgage.  25 years living here.  STOP THIS INSANITY AND SOMEONE PLEASE HELP US.  Wish we never would have started this process-we would be fine.

I would have chosen another word instead of insanity. How about lender dishonesty? And that dishonesty has been abetted by an government gone insane.

I’m in the same boat. My son got sick then it was my wife. As a result we had to stop working. so i called wells fargo. Well, it’s been months now since i’‘ve been calling Wells Fargo and they’ve been giving me the run around. LOST DOCS, SIGNATURE IS MISSING, THIS DOCUMENT WASN’T REQUIRED BUT NOW IT IS….it’s just a big scam

It’s more than a scam, Florida, it’s a dishonest stall, And it the end, it all boils down to a matter of seeing how much money they can get out of you before they rob you of your dream.

They threaten, you tremble. They promise, you hope. They say “trust me” so, you pay. They foreclose, you’re out.

These people are masters at holding out the carrot, then smacking you with the stick when you reach for it.

Pastor Dave Please encourage these people to write to CNN. I wrote twice. I am not asking for a 2 minutes segment. I have asked AC360 for a 1-2 week 1 hour a day show. They have done it with other topping. This is the only way these Banks can be held accountable for their actions.

Hamp has a point, the one on the top of his/her head. No wonder the system doesnt work. Does any one find the rudeness of HAMP and every one else you have delt with unacceptable? We were doing fine, bought right, put 90k down, did an ARM due to the fact that we are both 100% comission, refied to a conventional after a couple of years and all was fine, the the gas prices went up, and Hummer sales went down and my husbands income tanked. I am a realtor, so things went down for me also. I started doing property managemnet to supplement and he had to go to used cars and basically had to start over and establish new clientel. this started in August of 08. Yes we had a lot on our credit card, but we were paying more than the interest. April of 09 contacted c21 mortgage (the company I work for) noting that trouble was around the corner. Denied hamp program because we didn’t make enough money. This was in Nov 09. We had gone through most of our saving at this point and missed 2 payments and partical on another. December 27th of 09 got a call, and yes all the months in between the same crap withthe lost paper work ect…a 6 month trial, in house, $300 less month starting Dec. 1, well its december 27, what ever. I sold my grandmothers jewerly, put my cat down because we could not afford to take care of her health problems. We managed the payments, got the credit card way down. Things were going better. We now get to the end of the trail period, come to find out they used the 6 month trail payments to make up for the past due, late fees, even for a person to drive by the property to insure in was in good shape. So now they say we are 5 months behind, with the late fees totaling over 12k. and get this, we sent last months payment, not the trail period amount either, and they returned it. They want it all up front. We would have 2 months of mortgage payments left. Obviouslly they do not think that those who are self employed or 100% comission need to have some savings to get through the slow months.  Got the noticed of intent to foreclose too. and the still waiting for loss mitigation to come up with some kind of answer. Call or email every day and still get the 24 to 48 housrs, then it becomes two weeks, yatta, yatta, yatta. Lets mention my credit score has gone form a 802 to a 620.

think HAMP’s comment should be forwarded to Pres. Obama, HAMP Escalation Team, OCC, FTC, BBB, AGO, GAo and every other letter in the alphabet.  Rude?  How about arrogant? 

HAMP - YOUR program is supposed to be helping people who’ve experienced valid hardship (divorce, reduced income, unemployment, sickness, death, etc.), NOT hurt us more.  In my opinion, the majority of us were faced with hardship stuations that were no fault of our own & were unavoidable.  YOU shouldn’t be working for HAMP with that kind of an attitude.  I’ll definitely forward your comments to the proper authorities, media, etc.

Chase bank should be shut down and Jamie Dimon imprisoned for the unethical practices that are allowed at that institution.

HAMP & DIMON:  As I’ve stated many times before, understand something.  The bigger they are, the harder they fall.  It’s only a matter of time.

Everyone believes that they are entitled to a modification and everyone believes that if they don’t get one that the bank is out to take their house.  Sigh
  While HAMP UW could have been more tactful,  I agree with his basic points.  Not everyone is going to qualify for HAMP.  Not every self appointed expert who believes that they qualify for HAMP does actually qualify. 
And Pastor Dave,
Kudos for being one of a few who can use proper grammer and punctuation, as well as spell.  Here’s why you aren’t getting a modification:


“If they’d based it on just the income they would count, my payment would have been a highly affordable $350 per month instead of $1,260.”

The lenders are not going to modify your payment to $350 from $1260.  A modification will modify (duh) the terms of your mortgage to achieve an affordable payment.  This is America, last time I checked we all thought capitalism was great, and that means the bank still wants to make money.  That means they can only modify your terms within limits, even under the government prescribed HAMP.  I mean, what kind of capitalistic government would tell its corporations they couldn’t make money??  It would take drastic extremes to modify the terms of your loan to reach a payment of $350.  So it’s time to bite the bullet because the truth hurts.  You can’t afford your house and it’s not worth it to the bank to make it affordable for you.  Foreclosure costs the banks a lot of profit potential, but they are willing to gamble that it might cost them less than letting you slide on that pesky note you signed.  That’s called business.  It’s not a conspiracy.  If you think it’s unfair, move to China.

Hamp – good information.  The entire program is a failure.  If I had to do it over again, I would have walked and saved myself years of stress, time, and money. 

I agree that trial payments are a joke.  The bankster puts that money into a suspense account and although they are required to apply to a homeowner’s monthly payment when enough money is accrued, the bankster doesn’t do it.  So I would agree, make a regular monthly payment, if you can.  But there’s a problem there.  Are you still listening?  I won’t call you stupid, but just making sure you’re still listening.  The problem with making the regular monthly payment is that most of us in this position are not able to do so. 

If we were, we wouldn’t be asking for a mod.  Listen carefully, a hardship should not have to be defined.  The banking industry (including mortgage brokers, bankers, appraisers, underwriters) in concert with the government is wholly responsible for this housing crisis.  The hardship is the deregulation of the financial industry in addition to the should-be unlawful securitization of home loans. 

I do understand there are people applying for mod who do not qualify.  However, the reason most homeowners are denied are because of the ridiculous, poorly written guidelines, probably written by the banksters.  To keep it simple for you (wouldn’t want to call you stupid), that would be the same banksters who hired by mathematicians to create the complex formula of securitization. 

Here’s a secret for you.  The guidelines you refer to are so complex it takes a person of above average intelligence to decipher them.  And even after they are deciphered, it is crystal clear the program sucks and the banks are, as usual, going to make a butt load of money by convincing people they are going to help while going behind their backs to steal their homes (by the way, that’s called foreclosure).  If you already knew that, good for you.

Another little tidbit you are probably obtuse about is the reason the credit card debt is so high is because homeowners borrowed from their credit cards to keep their mortgage payments current.  I’ll help you here too:  that’s called trying to be responsible and do the right thing.  However, since you are an employee of one of the biggest crooks in the US, you are probably not privy to the fact that homeowners have a deep sense of responsibility, trust, and integrity.  I’ll let you look up those words later on your own.

So guess what?  The reason you denied those loans are because people did anything and everything they could to keep their home. (That’s called trying to be responsible.) 

HARDSHIP IS YOUR INDUSTRY SCREWING THE AMERICAN HOMEOWNERS. 

See my explanation above about screwing homeowners.  Since death, unemployment, lower income is a hardship, I will dance in the streets on the day the banking industry implodes and suffers a slow death, the employees are unemployed, and your income is lowered and perhaps you too will need a loan modification. 

Hopefully your little Jimmy will have state assistance to buy his school supplies because you’ll be out of a job.  There will no new home loans.  HAMP will be a thing of the past and the need for underwriters, well, you’re probably smart enough to figure that part out on your own.

Your suggestion that people lie on their applications by failing to disclose an income is a great suggestion.  However, you fail to comprehend there are homeowners who have a conscious (that’s the little voice inside you that says do the right thing) and will not lie because of the penalties involved.  So if you are smart, you will not promote people to subject themselves to a crime. 

I am a leasing agent. I rent to people who have gone through foreclosure and since it will be the status quo in just a few short years, that is a moot point.  People who have gone through foreclosure WILL be able to rent a home. 

Try to garnish my wages.  I’ll quit.  How cocky are you now?  Take the default judgment you have against me and shove it where the sun doesn’t shine.  I will hire the best attorneys money can buy (and yes, I will have money because I’m not paying for a house that is worth 50%+ less than what it should be) and hide my assets in corporations or trusts.

Guess I might see you in the unemployment line.

Maureen is right. And to sigh: we know some banks are logged in here. Which Bank are you with? Also there is a different between Capitalism and Dictatorship. Currently I believe we dont have to move to China because we can find little dictators who run our government here called Bankers.

sigh - not everyone thinks they are entitled to HAMP.

There are many people who are trying to take advantage of that failed program, but I do believe the majority requesting assistance do qualify.

A review of the Treasury’s “report card” is evidence enough that the banks are not in the mod business.  Capitalism at it’s finest.  Let’s screw the homeowners even more than we have when we originated the predatory loans.  Now that we have a chance, let’s through those loans in a pool, register them with the SEC, (that’s called securitization or slicing and dicing), get insurance against them when (notice I didn’t say IF), foreclosure, collect insurance on the failed asset, and resell that asset.  Hey, that’s a win, win, win for this capitalistic bank.  Hot damn.  Screw that homeowner.

Capitalistic government?  You probably meant the Department of Sachs, I mean Treasury and the government in bed together.  That’s the definition of a capitalistic government.

You are naive to think it costs the bank to foreclose.  Read up on this subject.  You’ll learn about the enormous profits banksters are making from foreclosing.

There is a conspiracy.  It’s called abuse of capitalism.  Maybe you should be the one moving to China.

Lori.  Thank you for telling him.

Maybe the Banksters getting nervous. Has anyone wrote to CNN yet? Because if this will get on CNN for a week or two every night I believe the Banks will start to negotiate.

Gabor, you’re welcome.  Banksters will start to get nervous when their gravy train of foreclosures stop.  When they get too big for the britches.  Their portfolios are so heavily invested in the home loan sector that they will fail, and they will fall.  And we won’t pick up the pieces.  We’ll sweep them under the rug!

hamp underwriter

Aug. 19, 2010, 8:45 p.m.

You people are mean.

You never heard of people complaining when they lost their job and sold their home and made money because values went up. Only now do they complain. Basically you wrote your name on a paper saying you will borrower money then pay it back. Why should that agreement be changed? Do you really think you will make the same income over a 30 year mortgage? Of course not. Shit happens.

The banks do not want your house back. Also banks only get paid by the government if a hamp loans closes. Now back to the banks not wanting your house back. You take out a mortgage for $200,000 its worth now $150,000 the bank will sell it for $100,000 the bank has lost $100,000 plus fees of about $20,000. Therefore the banks do not want your house back. WE PRAY EVERYDAY YOU IDIOTS WILL PAY YOUR LOAN OR MOD LOAN EACH MONTH EVEN THOUGH YOU SHOULD WALK AWAY BECAUSE OF NEGTAIVE EQUITY. We do not want your home back. Trust me. Honestly you should walk away. After all the banks are mean why continue to pay each month on a bad investment to a mean bank that wants your house.

We live in a capitalist society for now. Strong survive weak fail or the weak go to the government for help because they cannot manage their allowance. You lost your job that means your life style changes, that means no house.

The other problem here where is your savings account. Oh I forgot americans dont save. You must have a good car a good tv a good house but you have no savings. You want to look good. On paper your bad.

Me no credit cards with a balance, my car 7 year old civic paid for, bills rent (yes rent) cable, water electric, cell, auto insurance. I save my entire second paycheck each month. I will pay cash for your house in another year.

Ask yourself this question all of you should. I drive by you in a 7 year old civic to my apartment you drive by in a $400 a month car to your expensive house. You think your better than me. Guess what I save my entire second paycheck. Your 401k is less than what you owe on your house your car your credit cards. Your upside down. Im not. Also I will not run to the government because I mismanaged my finances. As I said earlier your income will not be the same over a 30 year mortgage. That means save money. Dont cry to the government you baby.

People grow up.

Now the truth. We have a first amendment. Therefore I can call you idiots.

The real truth you hear people being told the banks cannot help you due to you are current. Thats basically correct. Thanks to our moron leaders I hate democrats they created a test called imminent default. It must be run if you are two months or less delinquent. If you fail you cannot get a mod even if your back end is 65% and we can get you to 31%. Why do people fail, if you have three months reserves three months of mortgage payments you fail. Thats the government for you. All banks follow this government rule. It sucks. 

So per our communist leaders in order to get help your credit must be ruined by being three months late, have no savings and be dependent on the government. Sounds like oboma voters.

Now people do get help dont forget that.

All banks follow the same hamp rules.They are tough. I honestly say if I look at 10 loans its possible all ten would get denied. Goes back to my previous post if I can bring you down to 31% per hamp but your back end is over 50% you get denied. Move on. By taking you to 31 I am only giving you a band aid. Its your back end thats killing you. Remember banks dont want your house back we dont get our money back. Surprise.

Remember your income your job will not be the same over 30 years. So prepare.

I wish you people who complain go away. You waste my time. You take time away from me approving loans for people who honestly need help.

Hardships per hamp to qualify for a mod (death, medical, loss of overtime bonus commission) also more.

By the way we are america business need to make money. Dont forget that.

1. banks do not want your house back HONESTLY. We want you to pay your bill. IMAGINE THAT. You loan money to someone and they want you to pay. WOW.
2. hardship is not living expenses increased.
3. you should walk away.
4. over 30 years income changes.

NOW THE MOST IMPORTANT REASON TO DONT DO A MOD.

1. HAMP EXTENDS THE TERM TO 480 BESIDES DOING 2%. THATS 40 YEARS. Lets say you already paid for five. Will you be alive in 40 years? How old are you now? Think about it.
THE BANKS ARE TRICKING YOU TO TAKE THE HAMP PRODUCT! YOU WILL NEVER GET YOUR MONEY BACK! Dont do it. walk away file bk. Also remember the rules for hamp are created by your government.

Thank you, Gabor.  I really can’t get over the audacity of some people, HAMP UW, for one.  Sigh also needs to read a little more because, as Lori said, people don’t think they’ re entitled to a HAMP.  We’ve read the guidelines, had attorneys read and give us their perceptions on them, then go from there.  I’d love to know who HAMP works for because I’d be willing to guess it’s Chase - I’d be quite surprised if it isn’t. 

HAMP:  Understand (that is a synonym for “do you get it?” just to clarify for your minute, dishonest little pile of gray matter that exists in between your ears) I have copied your comments into a letter which I’ve sent to the following agencies:  SIGTARP, HAMP/MHA Escalations, AGO, BBB, Exec. Comm. at Chase (just in case Jamie signs your paycheck - you know, that little piece of paper you receive for treating people like crap every day), OCC, NACA, NCLC, FTC, Fed. Reserve, Richard Zombeck of the Huffington Post, ABC, CNN, CBS, etc. with the media, Pres. Obama, Barney Frank (yes, HAMP Darlng, I live in MA and have spoken with Barney Frank - also just found out my father knows him personally!), and everyone else I could possibly think of.

I sincerely hope YOU have a back up plan because you may be spending quite a bit of time in the unemployment line when we’re through with this.  As a public school teacher, I find it deplorable, to say the least, that people like you are setting an example for the future of our country,  I hope to God you don’t have children of your own. If you do, I pity them as they have a poor example to follow as they mature.

Just in case you’re having difficulty comprehending (that’s another synonym for “get it?”) any of our comments, please feel free to let us know and we’ll be more than happy to clarify them for you. (OH!  CLARIFY:  to make clear, to simplify).

Get it?

I guess the Hamp Underwriter have no clue. When Banks give mortgages to anyone they insure it in case of default. Sometimes they charge mortgage insurance to the homeowner, but most of the times the banks just buying their own insurance in case of mortgage default.
This is why Henry Paulson was so anxious to get the 800 billion dollar bail out so Insurance companies such as AIG could cover the losses on insurance payments to the banks. It is just not explained to the public. So believe me any home the banks foreclosing on it has been paid by these Insurance companies. In fact if the home has dropped in value the bank still teceive the original mortgage amount.

HAMP:  We’re MEAN????  How old are you, 5? What’s wrong?  Truth hurt?  If you can’t take the heat, get out of the kitchen.  Or, do what some of my younger students have done when they get “mad at the mean kids” at recess:  take your ball and go home.

We’re far from mean.  We’re hard working people who continue to support our families and have been faced with unavoidable hardships.  According to our lenders, and I believe this is ALL OVER Chase’s website, “we want to keep you in your home; call us if you need help and help is what you’ll get.  We’re here for you.”  What a crock - that’s the LAST thing this bank is willing to do.  NO ONE is complaining, rather we’re working our tails off to make sure we keep our families secure and stable.

Shit happens?  Really?  So your method of dealing with this would be to be irresponsible and walk away.  Nice.  My car is also 7 years old, I bought within my means but had to kick out my ex-fiance because he was like you - didn’t care about being responsible.  As a result, he couldn’t hold a job after we bought our home, lied through his teeth (sounds like you understand what that means - the vocabulary term would be “dishonest”), and left me paying all of the bills. 

Raw deal?  Not really.  I have 2 children, a very stable teaching position, stable income, and basically make the Cleaver Household look like “Hell’s Angels Gone Wild.”  I also have a very comfortable, modest HOME (not just a HOUSE) I’m fighting like crazy to keep for my family.  Regrets? None.  I have the financial ability to commit to a modified payment that’s aligned with MY income alone.

IDIOTS?  Not even close. If you’d like to continue to go down this road, do so with caution as your words will come back to haunt you.  You admitted to telling people to lie about their income.  You admitted the trial payments are a farse.  You, in capital letters none the less, broadcasted to the American public that HAMP IS TRICKERY.

Sounds to me like employees like YOU are the problem.  Capiche?  Oh, that’s Italian for “get it?”

hamp underwriter

Aug. 19, 2010, 9:34 p.m.

I am so scared.

Remember people your government created the rules for hamp. Also its VOLUNTARY for the banks to participate. You go after the banks and they will no longer take part in hamp. The banks will not help people by offering hamp we will just foreclose. So go ahead go after the banks for being apart of this VOLUNTARY program.

You just dont seem to get it. Most people behind on their mortgages are maxed out on their credit cards therefore their back end is too high. Therefore they should file bk then they can have more money for savings or what ever. They can buy their house back ( or a better house) in four years for 50% less. What logic is it to stay in your home and suffer. I am helping here.

Other people say they are being responsible for maxing out their credit cards to pay their mortgage. People thats not responsible.

Also banks were forced to offer fannie and freddie loans with a back end of 65%. Thats crazy. The government forced fannie and freddie to do this to help low income people into homes.

If I see you in the unemployment line lets see um I will own a house outright (buying in one year) paying cash and I will not have a car payment. Therefore my unemployment will cover all my bills. Since I will not have a mortgage payment or a car payment. Hell I will even have money left over.

Oh by the way WE LIVE IN A FREE SOCIETY
WE HAVE SOMETHING CALLED A FIRST AMENDMENT. I can state my opinion. Also people are free to lie. Have you heard the news. People can lie and say they received a purple heart when in fact they have not. Thank god for the first amendment.

You say I work for Chase hum.

Im going to work tomorrow hopefully I can help people who actually need help and not be bothered with people like you.

No, I said it wouldn’t surprise me if you worked for Chase.  If you don’t want to be “bothered” by people like us, WHY are you bothering to read and contribute your opinion?  Interesting.

First Amendment:  Doesn’t state “it’s ok to lie,” although that’s definitely your perogative to do so.  However, people don’t have to agree with you or accept your views, just as you’re not obligated to do so with anyone else’s views.

You say you help people?  From your comments, and this is just my opinion, which I have the right under the 1st Amendment to voice freely, it definitely doesn’t sound like it.

In all honesty, I don’t care who you work for nor what choices you choose to make each day.  As an honest person (and usually to a fault), I know my integrity is in tact.  I can sleep at night and look at myself in the mirror knowing I AM honest as I choose to be so.

HAMP. sounds like you have some issues that go deeper than loan modifications and I hope, for your own sake, you seek professional help for them.

Best of luck.

Gabor - I do not have to represent a bank to reject comments that the banks and the government are out to get Joe Homeowner.  Our entire political system is based on lobbying and kickbacks. That doesn’t mean that the bank is out to get you anymore than it means the oil and insurance companies are.  (Wait, you mean they are??)  Abuse of capitalism?? Not exactly virgin grounds for the banks or any other of America’s biggest corporations.  Banks may be worse than some, but that’s beside the point.  The point is that the HAMP program and modifications are not part of a conspiracy.  They were placed to help people.  You can argue that they are ineffective, poorly implemented, understaffed, etc… but arguing that they are part of a big conspiracy for the bank to take your home so they can profit on a foreclosure is… madness.  And so is arguing that there was a giant conspiracy to drive values up.  It just happened.  Everyone was complicit, and nobody cared as long as they were making money.  Until it crashed.  Now everyone feels stupid, some of us feel validated, but you feel like your owed something.  I disagree with that.   
I took your advice to do a little reading up on banks profiting on foreclosure.  Most sources that claimed they did all centered around guarantees, mortgage insurance and servicers incentive.  A little more research shows that even taking those into account, a foreclosure is still a losing proposition or offers so little profit as to be negligible.  Certainly, there are some situations where the bank would profit on a foreclosure, but the majority would result in a loss. This holds especially when propery values have plummeted and there is no equity to recover any losses in a bank owned sale. 
And my favorite part, Lori,  after a lecture on how you are responsible and have a conscience (that’s the little voice inside you that tells you to do the right thing, conscious is the awareness of self and the world around you) you comment as follows:

“Try to garnish my wages.  I’ll quit.  How cocky are you now?  Take the default judgment you have against me and shove it where the sun doesn’t shine.  I will hire the best attorneys money can buy (and yes, I will have money because I’m not paying for a house that is worth 50%+ less than what it should be) and hide my assets in corporations or trusts. “

Not much of a conscience there, in fact its every bit as dishonest as what HAMP suggested.
Lost value as your excuse for not paying a debt.  Perhaps you should try this argument with your car dealer?  But wait, it’s a giant car dealer conspiracy to have cars depreciate, that way they can repo them for a profit.
Somebody should alert CNN!!!

hamp underwriter

Aug. 19, 2010, 10:08 p.m.

Thank you for your advise. Im going to the government for help. They can pay my counseling. The government can fix everything.

You know what will help me, paying $100,000 cash for someones house who paid $300,000 three years ago.

Yes I read your opinions, what you dont want me to? Dont you want to beat me up. I will keep reading what you have to say.

Dont forget hamp is voluntary YOU GO AFTER BANKS AND THEY WILL NOT OFFER HAMP. That means a lot people wont get help.

Also remember we do help people!!!!! Its only you mad people that post.

Heres another secret I keep giving secrets.

Trial payments are due on the first not the second. You make one late payment you get kicked out. Of course your not notified. We assume you read your paperwork that states you make a late payment your done. So you can go four months making trial payments, then hear nothing from us. Do to you were late one day. Of course your documents are missing and you have to refax them after you make a late payment your documents are expired. You want to start over send in new docs BUT REMEMBER TRIAL PAYMENTS ARE DUE ON THE FIRST.

Heres another secret. You people hate me why do I keep giving you secrets. Lets say you get approved on the 1st through the15th for a hamp then your next payment is due in 15 days or so due on the first. However if you say I do not accept the hamp i need to talk to my spouse i will call you on the 16th and then you call on the 16th and accept I rerun hamp for an approval which means your payment first trial is not due in 15 days its due in 45. Its due on the first of not next month but the month after. I am so nice. Thats the secret accept on the 16th so you dont make your payment in a couple weeks if you accepted on the 15th. You make it 45 days later if you accept on the 16th or later.

Dont beat me up too much or you wont get any more good advice. Such as the advice above.

hamp underwriter

Aug. 19, 2010, 11:08 p.m.

one more thing usda is part of the government they insure mortgages. all mi companies accept hamp. The one mi company that does not us guessed it usda. They dont do hamp. One part of the government wants to help people congress and oboma and one part does not usda. People who have mi covergage through usda are getting screwed. You blame the bank dont forget to blame usda they are your government.

This article is part of an ongoing investigation:
Foreclosure Crisis

Foreclosure Crisis: Banks and Government Fail Homeowners

Banks and the government have fallen short in helping homeowners in danger of foreclosure.

The Story So Far

Systemic failures at the country’s banks and mortgage servicers have exacerbated the most severe foreclosure crisis since the Great Depression, and government efforts to limit the damage have fallen short. ProPublica created an unrivaled database of homeowners who have faced foreclosure, opened a Facebook page to encourage homeowners to share their stories, wrote profiles of some of them, and incorporated their experiences into our reporting. We also provided a comprehensive rundown of the numbers behind the crisis.

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