Profile picture for carlosbz

Error in my income HAMP

Hi, after trying to Mod my loan for one year and a half, I could do it with Nationstar, I was with CitiMortgage but they put me in a forberance plan and after that they sell my loan to nationstar by now I am like 6 months behind. Well I finally got it, but the trial payment is too high, even more than 31% of my income gross. The representative from Nationstar tell me that the reason of my too high trial payments under HAMP is that the have modify my payments to 31% of my income, but the PMI is not included. Thats mean that my trial payments is the result of the 31% of my income + $172 (PMI). Is this true? After received the documents they said that "you told us that your monthly income was 4785.07" but I have never said that. No in the HAMP RMA, and my paychecks are not to high. How is the way to talk with them, since the representative don't tell me anything when I ask?
  • January 13 2011 - Vancouver
  • 0
    0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (2)

PMI is not included in the 31%.  You have to be persistent and keep calling, ask them how they calculated the 4785.07 and make sure they are not reading something incorrectly if this is not the correct number.
  • January 18 2011
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Christy Klingler

Just a heads up on HAMP if you receive your "permanent" modification that is for 5 years.  You are then subject to a rate increase of up to 1% a year until you reach market rate.  Also, while in your trial payment phase, they will report to the credit bureaus your status when you entered.  For example, if you were 60 days behind when you began your trial, they will report you 60 day delinquent the entire time you are in the trial period, even though you may be making your payments on time.  I would just keep calling back.  You will likely get a different representative every time you call, hopefully you'll get someone that can help you. 

  • January 13 2011
  • 1Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.