What is the real story on HAMP?

[Lajazz947]

Quick:

I received an in house mod two years ago from Wachovia.

I got a HAMP 11 months ago.

Wachovia says that's it.

3rd party loan mod companies say that after 12 months another one is possible.

Everything I read says its a one shot deal.

Am I wasting my time with these companies? I enquired simply because I figured they might know something I don't. I know that they have a vested interest in being positive foe the business but at the same time why would they waste their time since I dont pay unless they are successful?

I am perfectly capable of going through the process again but I need to get this straight so that I know how many bullets I have in my gun or am I out of ammo?

Thakks for all your help.

[HHM]

First, HAMP expires in Dec, 2012 anyway.

It is pretty much a one shot deal.

If you got the standard HAMP modification, it is not as if you can get a "better version" of it.

[SMinGA2]

If you've received an inhouse mod & HAMP mod in the past 2 years, and you're now behind and/or cannot handle your mortgage payment, perhaps its time to assess whether or not you can afford the house?

[albacore44]

Quick:

I received an in house mod two years ago from Wachovia.

I got a HAMP 11 months ago.

Wachovia says that's it.

3rd party loan mod companies say that after 12 months another one is possible.

Everything I read says its a one shot deal.

Am I wasting my time with these companies? I enquired simply because I figured they might know something I don't. I know that they have a vested interest in being positive foe the business but at the same time why would they waste their time since I dont pay unless they are successful?

I am perfectly capable of going through the process again but I need to get this straight so that I know how many bullets I have in my gun or am I out of ammo?

Thakks for all your help.

oh , there you are again. off topic, but what did you ever do about your 2nd ?

[Lajazz947]

What did I do with the second?

oh , there you are again. off topic, but what did you ever do about your 2nd ?

Nothing, absolutely nothing.

Nearly 4 years and no real issues with them.

Not to big a second, about $60K.

if I can I will settle with them but I gotta watch the 1099.

To answer a question about keeping the house, I can afford the house but it is a terrible stretch.

The only luxury ( if you can call it that ) we have is catholic school for the boys which is vitally important here in Los Angeles with its school district a war zone.

If I could get just $500 to $600 off the monthly note and in April my auto title loan comes off along with a tax lein then I would be OK until things get better.

I do see the point though.

[Lajazz947]

First, HAMP expires in Dec, 2012 anyway.

It is pretty much a one shot deal.

If you got the standard HAMP modification, it is not as if you can get a "better version" of it.

What is the " standard " HAMP modification? Are there tiers to this thing?

[SMinGA2]

From one parent to another - you have to do what you feel is right for your kids.

The only luxury ( if you can call it that ) we have is catholic school for the boys which is vitally important here in Los Angeles with its school district a war zone.