Troubled Borrowers Get Booted from Mortgage Modifications
Homeowners who had trouble keeping up their mortgages found that they’d had their loan modifications canceled in April under the HAMP program because they were unable to make their adjusted payments or disclosed false information regarding their income.
With more than 122,000 borrowers having their trial modifications canceled and total of 277,640 having them canceled total, some say that the program failed to have the success it projected.
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Source: http://money.cnn.com/2010/05/17/news/economy/HAMP_modifications/index.htm?postversion=2010051716
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[tag]loan modification cancellation, trial mods cancelled[/tags]
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My trial mod was cancelled on April 8, after completing my third payment. I had made two additional payments after that(5). Next on due in a few days. I was not even notified and have yet to be notified that it was cancelled. I called every week, was told everything was fine it was in review, be patient, send no more paperwork. I had a fire in the house and had an insurance question, and was told denied back in April. They had my phone number and my financials incorrect, and said the NPV was not accepted. Called Hope Hotline Hope said I qualified, and got a phone conference with WF. Was told there was a “Glitch” in the system and alot of people were kicked out in April and they were working on it and devising a letter to be sent to all those involved. Told to resubmit income, hardship, and financials, and to fax for NPV results. I am the poster child for HAMP if it doesn’t work for me it is not going to work for anyone. And on top of it I have smoke damage in this house and will have to have it fixed and I don’t even know if we will be able to stay here after 11 years. If they do not lower my payment, I cannot pay the escalated payment or a payment difference, I used all my savings. I have no other choice, but to leave. I can rent a house for a 1000 less than my original mortgage payment was. The modification payment I can pay. Question do I still keep paying my modified amount until I get written proof?