hamp and haup programs how do you qualify?

[LindaLu]

I think I'm getting the run around with Wells Fargo..I just can't get these programs in place..They lead me to believe I am on their trial period for these programs and when the trial period is over they tell me I wasn't and was just on a temporary forebearance and since my financial situation didn't change I can't get the programs..Well my fiancial situation is reason I qualify???????  They won't and haven't even run me through the programs..I think they are doing some kind of in house thing on me and this has hurt me because all my payments in the 3 month plan they put me on keep going into unapplied on my loan since they aren't the amount of my actual payment and I don't get credit for making a monthly payment because they are in unapplied and somehow end up in escrow or going toward the principal and looks like I am further behind on my mortgage than I really am and eventually went in foreclosure..

I can't get a straight answer from them...I had 6 of their reps on the phone tell me I was on the 3 month trial for the programs and when the plans break after I don't make the balloon payment the tell me I was never on a trial period for it.

I need help in getting my loan into this program or I will lose my house...They won't qualify me for any program unless I give them $4000 as a down payment that I don't have..

/Anyone know of any other way to get in this program?  Im at my wits end.

Thanks for any advise

[Anonymous]

What circumstances have changed since you bought the house that makes it necessary for you to get a modification.  Just wanting one is not usually enough.

Also, they often do want a large upfront payment for the modification once you do qualify.  It depends on how far behind you are, if they had to send you into foreclosure, etc.  In my case it was roughly one and a half payments worth (it was 1 full payment and then some fees/program charges).  The plus side is that at least in our case we got to skip the next month's payment. 

One thing to remember is that these programs are not guarnateed or required.  Both the banks, and the government, are picky about the files so if everything is not perfect, you will get denied.  You can of course re-apply if you feel you should have been approved.  Also, if during the trial period a payment is even 1 day late, they can stop the program (and by 2 day late, we are talking the 2nd of the month, not 1 day after your grace period)

[LindaLu]

thanks for responsiding Mickie

My siutation changed due to job loss of my ex husband ...we divoriced last year and I am trying to maintain myself but the payment is too high..we have interest rate at 8 percent...I never made one payment late during both trial periods with the lower rate.. but when it came to the balloon payment that they told me to send in a financial hardship letter in because they don't expect me to be able to pay it and that I was "under review" and then they don't get to me quick enough and then beings I was in foreclosre ( but then suspended when I made my first payment of the trial period) it goes right back into foreclosure..and this is the cycle I keep going in...then when I call after I go back into foreclosure they try to tell me it wasn't a trial period for the lowering of the interest rate...also I was told no down payment was necessary once it would be approved in these programs but lowers my payment if I do make one...

I filled out a whole bunch of paperwork back in Februrary for it that was overnighted and I overnighted back..it said the HAMP program right on the paperwork ..but they tell me now that the plan broke and wasn't modified in time that I wasnt on it...You say to re apply...well I would gladly!..but they won't let me....they rep yesterday just said I don't qualify for anything but I think she was just trying to get me off the phone because all along I was told I was a good candidate for it and should have no problem qualifiying..So do you know how I apply for one of these programs on my own?  Obviously my mortgage company is not helping me get anywhere with this

thanks!

[Anonymous]

you can not apply on your own or really force the issue more than calling back.

One thing, was the home originally in both you and your ex's name and under both of your income?  It may be simply that your income does not qualify for even the new reduced amoutn so you keep getting kicked out of the program.  If they can not get your mortgage payment down to 31% DTI (I believe that is the number) then you will not qualify generally.  SO if with the reduced interest, your paymnet still ends up at say 35% DTI, they will probably not qualify you.