Anyone do the Making Home Affordable program?

[TwinMomPlus]

If so, how did it turn out?

[chaoticzenmom]

We're in the middle of it now. NOt sure how it will turn out. We called and got pre-qualified. Then, they sent us a packet of info with our trial payment amt. I wasn't quite comfortable with it, so I called with the intention to cancel the mod. The cust. service person said to continue with the mod, but pay the full amount instead of the modified amount in order to keep my credit from being affected. That they don't report it, but anything other than the full amount gets put into a different account and shows up as late. So, I have paid 2 payments (I pay them by phone to be sure it's there and that costs 20 dollars since I pay the full amount, not modified amt.) Then, I check my account online to make sure the full amount was posted.

On the first paperwork, they wanted lots of information, tax returns, budget, etc. They haven't asked for our bank records yet. They may require us to go through credit counseling, but since most of our credit is due to medical stuff, maybe they won't. Even if they do require counseling, it's just a phone consultation, not the credit counseling where they take your bills and negotiate/pay them. We'll have more information in a month. We have decided not to do anything that will hurt our credit in order to do this because if we don't get it modified, we'll refinance as soon as possible.

[TwinMomPlus]

Thanks! Yes I have heard terrible things about how this can ruin your credit. I found an old thread on credit.com about it but some people came back and said that after their remod was finally put through, their credit started to get better again but that during the trial payment period, it gets ruined.

This really is our best option so if our credit takes a hit then such is life.

We already filled out the app and sent in all the required paperwork. How long does it take to get the trial payments?

[chaoticzenmom]

They said 45 days and it took that long. We called at the end of November and they sent us the paperwork at the end of January with trial payments to start March 1st.

[swsoup]

We've applied three times to this program since last June. We can't seem to get approved even though it appears we qualify. Our loan is with Chase (formerly WAMU). You can learn a lot about Making Home Affordable at www.loansafe.org. Some servicers are better than others, and Chase is about the worst! Good luck!

[TwinMomPlus]

Originally Posted by swsoup

We've applied three times to this program since last June. We can't seem to get approved even though it appears we qualify. Our loan is with Chase (formerly WAMU). You can learn a lot about Making Home Affordable at www.loansafe.org. Some servicers are better than others, and Chase is about the worst! Good luck!

Oh no! You should call to speak with a HUD-approved housing counselor for free. 1-888-995-HOPE. They will help with the Making Home Affordable Program.

[swsoup]

Oh no! You should call to speak with a HUD-approved housing counselor for free. 1-888-995-HOPE. They will help with the Making Home Affordable Program.

We did talk with a HOPE counselor. After our denial, she recommended that we sell our home. Yesterday, after talking with Chase, I learned that they incorrectly inputted data, adding $600 to our monthly expenses, so they are re-looking at things. I'm not holding my breath, but I'm certainly hoping we'll be approved. I heard today on the news that only some 200,000 have been helped through Making Home Affordable.....

[TwinMomPlus]

Wow, that's a lot. Isn't it ending this summer?

[swsoup]

The program was intended to help 7 - 9 million...so 200,000 isn't a lot, IMO....

[Norasmomma]

Originally Posted by swsoup

We've applied three times to this program since last June. We can't seem to get approved even though it appears we qualify. Our loan is with Chase (formerly WAMU). You can learn a lot about Making Home Affordable at www.loansafe.org. Some servicers are better than others, and Chase is about the worst! Good luck!

And Chase is even worse with former WAMU customers I swear.

To the OP-good luck, this program is nearly impossible to actually get, I have Ocwen and they gave me the total runaround, I sent in all paperwork 3xs, each time they said they did not have it. I had copies, faxes, they even read my fax to me. It was in underwriters, we got an in-house mod while we were going through all of the waiting, we heard nothing then got our first denial letter for not sending in the proper paperwork I had sent it in 2xs before that, next got another denial for, ummmm LACK OF PAPERWORK!!!!! I finally gave up, they got me to cave, talking to call center reps in a foreign country is only something I care to do so many times. We totally qualify, they kept sending us denials for paperwork faux pas. I'm so over it, I hate my mortgage company, Ocwen is the worst company ever to deal with.

Oh and BTW-with ANY mod your credit takes a hit because they report you as paying "LESS than original agreement" at least that's what stupid Equifax is stating on my credit report, it's in the potentially derogatory field Transunion and Experian report it as "a modified agreement". Not sure why that is. It really pisses me off

I obviously have had issues with this, my mortgage company sucks.

[TwinMomPlus]

Wow, I am so sorry to hear that. I have read WAY more horror stories than success stories, that is for sure.

[Norasmomma]

Originally Posted by TwinMomPlus

Wow, I am so sorry to hear that. I have read WAY more horror stories than success stories, that is for sure.

Of course these companies don't want to do this I mean on a large scale it's A LOT of money to lose. With us I think they make more if we did actually default and it went into foreclosure due to the fact my house could easily be sold for more than we owe. I seriously think this program is a scam, at least with my company. I've read pages and pages on the rip off report about Ocwen and how they basically are thieves and steal people's houses, I loathe them. My mortgage was sold to them which sucks.

I personally believe they f'd up my stuff on purpose to get me to give up.

Also after I posted last night, the company has the discretion to say "paying less than agreed" or "modified agreement", unless it is the gov sponsored program. I have an in-house so now I've got to fight to get this off my report, I'm scared my score has dropped significantly due to this BS, because that statement is almost as bad as a default or a foreclosure. I am beyond angry about this, it seems very illegal to me-I have NEVER even been LATE!!!! Now my credit may have taken a hit due to my company's reporting of my mod-they suck!

Monday I'm making phone calls-LORD help me

[TwinMomPlus]

I have read on another forum that had a trhead dating back to early 2009 and people came back this year and updated that their credit began improving once they were out of the trail period. So that is one small bit of good news.

That stinks your bank is so awful. I have BOA and they are okay, never had a problem and they always respond to my emails and even just waived a late fee. So fingers crossed it isn't too horrible.

I know banks don't want to participate because it isn't in their best interest. but I don't think the program itself is a scam. Obama started it to help people but getting banks to cooperate is difficult. They know what they can get away with and they push the envelope very much so.

I suggest that anyone who has trouble call the Hope line on the MHAP website to speak with a HUD counselor. They may be able to sway your bank!