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Will the Home Affordable Modification hurt my credit?

amyj1313
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My husband and I contacted our bank about participating in the new plan, and they told us that during the 90 day trial period our loan will show up as delinquent on all credit bureaus. I haven't been able to find any mention of this anywhere on the web, and want to make sure my bank isn't mistaken. Thanks, Amy :)

April 11 - US

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savalencia
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I'd just keep paying your trial, or pay according to the loan docs that you signed... And of course tell them this is their fault, you've been trying to get a straight answer out of them for 8 months! Just try to stay calm also... Try to understand that the program is new and there is a lot to know, we can't it would be great if these customer service reps knew everything, but I just don't think it is reasonable to expect that they do... Unfortunately... Try to keep a positive attitude, they seem to be working really hard to get these loans modified. Be appreciative. Just some advice on the tone that helped me the most when communicating with these people. We are fortunate to have this program, although getting it all finalized can be a major headache and stuff, just look on the bright side, at least your loan isn't with BofA or one of the other banks that is just being really horrible about getting loans modified. On the makinghomesafffordable.gov website they have a new report on the status of the program as of 9/30 and Aurora is actually one of the best in terms of getting people who qualify on the modification trial plan at least... Bright side! I know it is frustrating though:-)

November 04

Rmrichards1385
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another issue as well-since no one could tell me what to pay and Ive gotten so much misinformation to hold the funds and dont pay this amount bc it will change everything, this has made me start the program past due! Thats what they told me last time I called anyway, so Im pretty sure that forfeits the $5000 incentive from the government. Its an absolute mess and I really hope something turns around bc this is not how this is supposed to go.

November 04

Rmrichards1385
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saval-
yes I have Aurora and yes its the Home affordable modification. Its a complete mess. Im quite irritated. I spoke w them again yesterday to have an underwriter contact me and this time the rep said it does include taxes and insurance in the 31%, but she had never heard of HOA. Like I said, everytime I call, different answer. I plan on spending a great deal of time with them on the phone tomorrow. This is now 8 months since I started the trial payment, I can only imagine what my credit looks like bc of these people....

November 04

savalencia
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JR, but does that look at all three credit reporting agencies... I got my 3 credit reports through a service provided by my credit union and I paid like $30 but saw all of my 3 credit reports in detail with the score... I'll have to try the one you mentioned... But for me, 1 of the 3 agencies had the modification not affecting my score and the other two were bad... I need to pull it again I was going to wait until 2010 just give this all some time to set in. I think that the credit affect may be lessening already. I did get maybe one or two credit cards right around the time of the modification lowering my credit limit, but I really wasn't too worried about it. We have plenty of available credit and have been working really hard to get the debt paid down and save an emergency fund, so that we won't have to dig into our credit cards next time something goes wrong...

November 04

jrmckee01
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I pulled my credit last yesterday (AnnualCreditReport.Com - the real FREE one). Virtually no change for me. All of my other accounts are current and in good standing of course.

Aurora is NOT marking me late and never has in this process. I AM listed as "Paying under a modified agreement" on all three bureaus, but no derogs. Actually other than the "paying under a modified agreement" they don't have any payment history since the modification process started. So at least in my case, the last "old" payment (April I think) is the last activity I show. I'm sure it will catch right back up when it's finalized.

Lucky? Maybe, but I'm growing more and more skeptical of people "assuming" it will affect your score.

November 04

j.chase
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Yes if will affect your credit score. Under the trial, you are not making payments in accordance with the original note. Therefore the lender can, and usually will report you late. Expect a drop of 150 points to your credit score. It takes approximately 12-18 months after the modification is complete to repair or improve this score.

For more information please feel free Click On My Profile

Regards.

November 03

savalencia
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Check out the calculator here:
http://makinghomeaffordable.gov/payment_reduction_estimator.html

Notice that it says to include taxes, insurance, etc... It includes those into your payment... Unless you didn't get a HAMP modification, I know for a fact that your impound, principal and interest payments should only be 31% of your income.

http://www.makinghomeaffordable.gov/borrower-faqs.html#b8

See that link it says clearly... Are you positive that the increase didn't come because you had an increase in your income? It is just hard to beleive that they would really claim to not know that...

You have Aurora??

November 03

Rmrichards1385
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saval-
thats insane. I cant believe how much of a mess this is. I accepted their response when they told me all of those things dont include the 31% and signed the paper work and sent it to them! So everything is completely incorrect. Have you found any documentation stating that it is supposed to include everything? It seems hard to find exact guidelines of the HAMP. I dont even know if they would be willing to help me considering they gave me incorrect information, but I signed the docs bc I put to much trust in my mortgage company...

November 03

savalencia
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Okay, I just looked back at my statements... I know that my modification was official as of 10/1, I was sent a bill on 9/12 for that payment and it was still the old terms. Then sent an escrow statement on 9/25, new terms, they recalculated my escrow, after the loan docs so my payment went down $10 (approx) but that statement was all up to date, showed my correct principal and interest payment. I'm trying to remember when I sent in the official docs. Maybe around 9/10, I paid a payment on 9/15 according to the loan docs that was $10 more than the escrow statement and now my subsequent statement and online account show my payment to be... They applied that $10 extra to the foreclosure fee that I should never have been charged... So the statement I received on or around 10/15 was all updated, I'd say it took them two to three weeks to send me the escrow statement, then maybe another week and my online account was totally updated...

November 03

savalencia
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Hmm... My account online is all up to date. I haven't called for a while I just figure it's done, I've been paying through my banks online bill pay and I can see how they are applying my payments to principal, interest, and impound. It has been really exciting to see the principal payments, since I was previously on an int only loan. My only complaint/question is they still have a "foreclosure fee" on my account. Hey, JR, how about on your statements that come in the mail? Are those all correct now? Mine are and they show the incentive principal reduction accruing... I forget how that is paid out, I am thinking that after 12 months of payments are made then they pay out the the accrued principal reduction incentive, but I have been meaning to look that up.

November 03

jrmckee01
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Hello again!

I didn't technically skip a payment, as I essentially had to pay ahead to start the process. Savalencia and I were both paying a month ahead in order to minimize the possibility of being marked late.

I finally got all of my docs notarized and sent back. I DID NOT send a payment with the notarized docs. My account on the website is down and is called unavailable at this time. I hope that means I'm being moved over to the new terms. I send a paper check for the Nov. 1st payment due. RMRichards, just keep calling until you find someone smart and can answer your questions. If you've send in the notarized docs, keep paying the new payment every month. I think the person you talked to didn't understand you were mod'ed. My online account showed I owed 3 payments too, but that's the "Old" payment.

Sav - How long was it between sending in the notarized docs and your account and statements showing the new payment and terms?

November 03

Christine Hynes, "LoanModSpecialist"
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Christine Hynes, "LoanModSpecialist"

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Since they put your straight into a trial loan mod, the answer is yes, please read this article for details.

http://www.callalms.com/blog/2009/how-loan-modification-affect-credit-report/

November 03

savalencia
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Of course the test worked!
Anyway to answer your question, I never skipped a payment, I paid modified payments until my loan mod was official, then I paid according to my loan docs (the new ones). What they did was they took all my trial payments 5/1-9/1 and applied them to my interest only payments pre-mod payments and the difference/amount still owed they added to the principal of my loan. So I paid one payment each month, I've never missed a payment... Although others like JR (below) skipped a payment... SO as far as them telling you that the 31% does not include your taxes and insurance, that is wrong, very wrong. My payments are ~31% including, taxes, HO ins, and flood ins. It should also include HOA if you have that too... I'd keep calling until you get someone good, or get someone who will communicate with the underwriter. There are people that are really helpful and some know less about HAMP than you or I... You have to find someone that is a good listener, so you can tell them the whole situation... Ah, I don't envy your situation right now, but I'm sure it is almost over... Let me know if you have any other questions I can help you with. Best of luck!

November 02

savalencia
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Ah, I just typed a really long response and I lost it:-( So this is a test before I try again.

November 02

Rmrichards1385
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Hey Saval-
I dont know if you remember me, bu I was actually on here FOREVER ago when everything first got started. I got my approval docs at the beginning of October! which is great! BTW October puts me at about 7 months since I first started the trial payments! Every month I called them, and every month they said to just continue sending in the trial payment. I signed them and returned them, but was a little confused about what to pay for the nov payment coming up. So I called Aurora and they said to call us right before u make that payment bc if you send the wrong amount (trial payment or new modified pymnt) then it could mess w all the numbers and throw the system off. So I waited and called right before I would send my November payment and then they told me to hold the funds, bc they havnt completed it yet and to call back in 2 weeks to find out if they give you an ok to pay the new modified payment. I then called today (5 days later) bc I wanted to make sure that was correct bc it just felt odd not sending in a payment and they now tell me that I should have sent the modified payment and it states the adjustment started on 9/1 so Im now two months past due bc I was only sending in the trial payment amount (which is about $200 less than the new modified amount bc of taxes and ins which they claim is not part of the needing to get you to 31% of your gross income). And she gave me some 3 times the monthly payment I need to pay to bring it current! IDK what to do! I just got the approved paperwork in october so how in the world would I know to pay the modified amount (that Ive never seen) a month prior?!?! Its such a mess, how do I pay a company that every time I call is a different amount?!? After u sent back the notarized finalized paperwork to ALS did you send in the modified payment that month too? Before you even heard anything back?

November 02

savalencia
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They called me today too. They told me to pay my September payment... The one due 10/1, yep, just pay it and they are working on getting the docs out. I guess that is in contrast to yesterday they told me to wait until I receive my docs to pay... And they reapplied my regular 7/1 payment... So what it looked like to me is that they applied it, then reversed it... But they messed with the dates so now it looks like they applied it twice then reversed it after... Idk... Weird. I'm guessing just a mistake. So now I am thinking it may be more than a few weeks before I receive the docs, maybe more like a month or more... Ah, patience...

August 27

jrmckee01
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ALS called me again today - to say my new docs were done and being sent out "soon". That was literally all the phone call was about.

Can't wait to get this set in stone and get on with life! Be patient!

August 27

savalencia
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Hey JR - I called yesterday to get a status update the lady said there were so many notes she would rather just email my underwriter for the status and call me back. So she called me back today... I guess my mod effective date is 10/1 and they are just waiting for the docs to be completed, then the underwriter will review them and send them to me... They are estimating I should receive them in the next week or two. It seems strange though that your docs can be rerun so quickly and mine are taking FOREVER... But oh well... Good to know my effective date, so maybe I won't have to pay a 10/1 payment? She said I should wait to receive my docs to pay 10/1... I just want my docs already!

August 26

jrmckee01
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1. I called ALS on Friday - My marriage cert was recieved and name change has been approved. New Docs will be sent out by this Friday.

2. I woudn't worry about the $125 fee. The Docs say that any outstanding fees are waived. The Loan Mod overrules anything currently on your account, I think.

3. Yes the 550-0508 customer service reps are MUCH more informed than the loan mod numbers.

August 24

savalencia
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Hey JR - I just checked my account online and the one glimmer of possibly good news is when I go to make an online payment the amount is now back to my modified payment amount... They do have that $125 foreclosure fee on the online form though... It doesn't say foreclosure fee. Did you get any fees like that? Do you know what the timeframe is going to be to get your docs rerun? Hopefully quickly!

August 21

SirKala2000
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Yes. It will have an impact to your credit. You are technically defaulting your payment as agreed. The service lender user the term "trial Period" really this is just a payment arrangement. After the 3 month period, the service lender will review your stated income and other required information and this is when they will actually determine if you qualify for the modification or no. KEEP IN MIND..YOU MAY NOT QUALIFY FOR THE MODIFICATION AND BY DOING THE 3 MONTH PERIOD.. YOU WOULD HAVE ALREADY DEFAULTED ON YOUR ORIGINAL PAYMENT THUS PUTTING YOUR ACCOUNT IN FORBEARANCE STATUS.

August 21

savalencia
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No, just the addition of a $125 foreclosure fee to my account yesterday... I have my maiden name on the original loan too, but I faxed my marriage cert in with my modification package, although I still have to go by my maiden name when I call... I noticed the lady who called and left the message saying I was approved said both my maiden and my current last names... I've called a few times though and they definately say I am approved... When I'll get my docs, that is another story... So I paid my 9/1 payment Monday, because I figured what are the chances they will send them within the next week or two. I called first to see if they had mailed them. The lady on the phone laughed. Ah, I'm glad she finds this entertaining. But I'm sure soon enough I'll have them in my hot little hands... Maybe September... They told me my trial was extended 2 months, so September and October... Maybe I won't have to pay a November payment.

August 20

jrmckee01
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Anything for you? All of my online stuff still says the same thing.

I have a bit of a roadbump on my part. My wife still had her maiden name on the doc's and the notary wouldn't let us sign. So I had to fax ALS a marriage cert and get the docs re-run.

So close, and a wrench in trying to sign the papers!

August 20

savalencia
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Have they updated your account online? I just got an e-statement today, that says I owe the old amount times 3... And of course nothing is changed on my online account...

August 13

savalencia
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Wow, that is great news! Congratulations... Maybe mine will come today? Ah, that would be so great. You seem to be like a day ahead of me for everything else. I'll keep my fingers crossed... I pay all my bills online and had my mortgage scheduled for tomorrow so I just went in and changed it to the 21st just in case my packet comes and I don't have to pay this month.... Congratulations again, that is really great news!

August 13

jrmckee01
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GOT MY PACKET!!! UPS bought the highlight of my day yesterday. A whole bunch of stuff that must be signed and notorized.

But the important part is:

Year 1-5 = 4.75%
Year 6-30 - 5.25% Fixed
New payment starts 10/1/2009, so no 9/1/2009 payment due!!!
They re-evaluated my impound account, which made my estimated taxes go up a bit. Odd since my property taxes are way down from last year. Just a minor inconvenience here.

Looks stunningly easy to read and understand. Off to the notory tonight, they only give you 7 days to get them signed and back to ALS.

Unbelievable!!!!

August 13

savalencia
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Oh man, is this a roller coaster or what?! I mean the last few weeks I was happy and confident that everything was good, then I spent yesterday on edge... My conclusion was they want you to pay a payment each month I don't know why they sent that letter to me... Of course I'm planning to pay a payment in August... I will pay my September payment in August. The whole thing is just too weird. I also have enough saved that if they want me to pay again I could... I asked the rep, Bertha that yesterday. I said if you really want me to pay another payment right now, I will I just want them to acknowledge that I paid my payment due 8/1.

So do you call the 550 number? Because the people there seem not as helpful and you are on hold longer. The number that is the best is 866-459-3054... Ahhh, well it is comforting to know that you received the same letter. I kept thinking that the person that told me that the docs were in the mail was just wrong and it would probably be like yours they'll mail them out in August.

I just want this to be over already...

August 04

jrmckee01
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Hi there -

I saw you posted on the loansafe.org forum about the weird letter in the mail. I received the same one, and talked to a clueless rep on the phone, who also couldn't understand how my payments were being applied, or even if I needed to pay an August payment!

When ALS called me to say I was approved, I'm almost certain she said the docs wouldn't be run and mailed until after Aug 1st, so I think you're OK. She also said I was good until the Sept 1st payment, so I cautiously sticking with that plan. I have some money set aside in case it falls apart and I have to make (another) Aug payment.

It definitely sounds like we're one of the lucky few to get this far!

August 04

savalencia
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Congratulations to you too!

July 15

jrmckee01
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Same here! Good job - congradulations! Payment is close the trial payment, and docs come beginning of August. Nice!

July 15

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