Obama 'home affordable program' and CH7

[gophermn]

[pa308]

So are you saying that you are current on your mortgage, and your mortgage is going to adjust your mortgage??

[gophermn]

Yes, when I filed my paperwork to the mortgager which took almost 3 months, they called and said they are going to reduce my payments $330 per month and this will be for a trial basis of 3 months. Following the 3 month period they will then keep or lower my rate but for some odd reason they didnt say to what %. Again this is all part of the Obama stimulus plan.

For some reason they are not allowed to tell me what my rate will be in 3 months. I for one dont want to get locked into a loan without knowing the rate so I am going to call them back and get an idea what it will be - or - verify whatever papers I sign are not locking me into a rate I don't yet know.

Confusing, I know but this is a fairly new program and I just dont see a lot of responses on my reply. Once I find stuff out I will be sure to update everyone.

My main question was if I got with this Obama plan, will my mortgager begin reporting on my credit report taking the IIB off? I suppose this might be a question for my BK Attorney.

[lrprn]

Gopher, it's wonderful that you've been able to benefit from the Home Affordable Program! Thanks for sharing your experiences so far and keep us posted on how things continue on from here.

[HHM]

I hate to say it, but Obama's Hope for Homeowners is more aptly titled, Wishful Thinking for Homeowners

[pa308]

Yes, when I filed my paperwork to the mortgager which took almost 3 months, they called and said they are going to reduce my payments $330 per month and this will be for a trial basis of 3 months. Following the 3 month period they will then keep or lower my rate but for some odd reason they didnt say to what %. Again this is all part of the Obama stimulus plan.

For some reason they are not allowed to tell me what my rate will be in 3 months. I for one dont want to get locked into a loan without knowing the rate so I am going to call them back and get an idea what it will be - or - verify whatever papers I sign are not locking me into a rate I don't yet know.

Confusing, I know but this is a fairly new program and I just dont see a lot of responses on my reply. Once I find stuff out I will be sure to update everyone.

My main question was if I got with this Obama plan, will my mortgager begin reporting on my credit report taking the IIB off? I suppose this might be a question for my BK Attorney.

I thought you had to be in like foreclosure to get any relief, not up to date on payments......Did you reaffirm your mortgage in your bk?

Please do keep us up to date, there may be others here interested.

[jencz]

Hi everyone,

I had started a new thread on this subject a few months ago, so I thought I would add to this one.

I was discharged from my BK in April 09 and no, did NOT reaffirm my mortgage. I too filled out the paperwork (hardship) on WAMU/Chase's website and on the HOPE website and finally received a package in the mail.

WAMU/Chase is starting us on a trial 3 month period, reducing our payment by $300 each month. We had to sign an agreement to the trail period but it does state this is temporary and does not garrantee a permanent modificaton. Along with this package we must send new financials as well as pay stubs and a signed 4506 (something to pull our previous tax returns).
We must also include our first payment and it must be to them no later than the 1st of each month.

I did ask them if we could still modify our mortgage or payment even though we discharged this debt in BK and they said yes. I am just waiting to see what the final modification will look like, if there is any.

I will keep you all posted.

[gophermn]

JENCZ - glad to see I am not the only one in this mess.

pa308 - as far as i know I don't think you have to be in foreclosure to get the benefits. I'm not. Yes my home was IIB but per the petition I am making payments out of good faith and yes I have been ontime with payments.

As jencz said, it takes some time but you will be pushed to a reduced mortage for 3months as a "trial basis". The loan mod counselor said once the 3 months is up, they will then re-adjust my mortgage and let me know what my new rate will be. For some reason again, they couldn't tell me what the new rate will be in 3 months. To give you a idea how bad it is out there, my home mortage is $290000 and the mortager said the value they pulled (god knows from where) was $140000. I almost threw-up!

So jencz - please let us know if the new rate is more attractive or not.

Again, we will keep everyone up to date.

[Stilltheone]

I thought you had to be in like foreclosure to get any relief, not up to date on payments......Did you reaffirm your mortgage in your bk?

Please do keep us up to date, there may be others here interested.

When we tried to use the program, we were told you had to be late, by about 3 months.

[Rahaton]

We were only 1 month behind, but we had not been able to catch up for a couple of months.

[PoorGrammyinBK7]

If you get the loan modification on a discharged debt, doesn't that revive your liability for the debt?

[Flowers]

I am working with Chase on the Obama MHA plan.
I had not made a mortgage payment since March 2008.
Filed BK 11/08 and in -between tried to do a loan modification with Chase.
(which did not work since Chase wanted a $5k downpayment loan modification and I had to pay my lawyer $3k for the BK)

once in the BK though they did not approach me about collections or modifications until I was discharged.
Discharge came in 3/09.
In 5/09 I received an offer for MHA plan, and a payplan for 3 months.

I paid 5/1/09, 6/1/09, 7/1/09. Modification is not with the underwriter yet.
So another payplan amount is due for 8/1/09.

I am very concerned about what the final interest rate and terms will be.
I can only wait I suppose.
Just like the rest of you.

[gophermn]

When we tried to use the program, we were told you had to be late, by about 3 months.

Nope - got my packet today and I am not late on payments.

[IBroke]

I am very concerned about what the final interest rate and terms will be.
I can only wait I suppose.
Just like the rest of you.

Did you read this link?
Especially page 10 - the "Waterfall Method".
It describes how they should modify your loan to get you to the 31%.
Should give you an idea..

https://www.efanniemae.com/sf/guides.../2009/0905.pdf

[Flowers]

Update:
Today, August 27, I made payment #5 to Chase Home Mortgage on the trial period payplan. I still await the final paperwork for the loan modification. Will update when I finally hear from the bank.

I am very interested to find out what the final interest rate and terms will be.

I am working with Chase on the Obama MHA plan.
I had not made a mortgage payment since March 2008.
Filed BK 11/08 and in -between tried to do a loan modification with Chase.
(which did not work since Chase wanted a $5k downpayment loan modification and I had to pay my lawyer $3k for the BK)

once in the BK though they did not approach me about collections or modifications until I was discharged.
Discharge came in 3/09.
In 5/09 I received an offer for MHA plan, and a payplan for 3 months.

I paid 5/1/09, 6/1/09, 7/1/09. Modification is not with the underwriter yet.
So another payplan amount is due for 8/1/09.

I am very concerned about what the final interest rate and terms will be.
I can only wait I suppose.
Just like the rest of you.