Posted by Bill/NY on 9/23/09 3:29pm
Msg #304711

trial payment package?

Anyone been contacted by National Creditors to do a "trial payment package"? They describe it as a "precursor to a borrower receiving a loan modification."

Reply by jba/fl on 9/23/09 3:32pm
Msg #304712

Huh?? "Trial Payment Package?

So you try out the payment, if you don't like it, try another payment? LOL - I'm stymied on this one. Think I should try to send my mtg. co. a payment of choice? Sounds like that pick a pay thing someone had. Wonder who gets the pmt? Person offering so they can pocket? and run on down the road?

Am interested to hear more about this one....

Reply by Shoshana/AZ on 9/23/09 3:45pm
Msg #304716

I think that's the new thing where the lender wants to make sure that the borrower can make the new payment before they finalize the loan mod. This is perfectly legit.

Reply by jba/fl on 9/23/09 3:48pm
Msg #304717

Are many lenders doing this? What else can you tell? n/m

Reply by CH2inCA on 9/23/09 3:55pm
Msg #304718

Re: Are many lenders doing this? What else can you tell?

True story; my own personal exp.
No secret I've been trying to modify my loan since Nov 2008. My first application was cancelled supposedly because I failed to return documentation. (they never asked for any)

BUT, anyway short story long; yes. The lender has sent me a letter saying that they will lower my payment for the next three consecutive months; "details to follow in a few days". I'm wondering if they will send a notary with the details. The person I set up payments with immediatly when I got the letter didn't seem to know, although she could see that this was what was in progress.

Reply by Shoshana/AZ on 9/23/09 4:08pm
Msg #304720

Re: Are many lenders doing this? What else can you tell?

I understand that many lenders are doing this. Oftentimes after the 3 month trial period even if you are making the payments, they'll say no deal.
I have heard that in bankruptcy court, that the judge can force the lender to lower the payments to 31% of income. I don't know if that is true or not.

Reply by Mary Ellen Harvley on 9/28/09 11:07pm
Msg #305515

Re: Are many lenders doing this? What else can you tell?

NCCI contacted me to go do one.

Said I needed to take one exterior picture, get some docs from the borrowers 9sounded like the same stuff you get copies for a RESPA), make sure everything was there, call UPS to come pick up the docs from the BO home, put them in the UPS envelope and leave.

Wanted to pay me $10-$20.

I declined.

Got called over the next 3 days 8 times to do this. I finally told them, you have called me 8 times to do this same one. I can not do it for the price offered.

She asked what I had been offered. I told her and she noted the girl's name, only the 1st one ever gave me a price.

She said that was wrong, they paid $20-$30 for it. It was a 15 mile drive one way and I know from experince that the BO NEVER have those docs ready when you get there. They don't even know what most of them are.

And never trust a company when they say, "It will only take you 10 minutes."

They called me back 2 weeks later--to do the SAME one!!! This time I was called 5 times in 30 minutes before they understood i would not do it for the price they offered.

Reply by jba/fl on 9/28/09 11:20pm
Msg #305517

Tell them your price - quit fooling around w/them.

Some of these schedulers have no concept of what is involved, no doubt about that.

Reply by Michael Sexton on 9/23/09 4:06pm
Msg #304719

I did one over the weekend. All I had to do was make sure the client had all the required stips. I did not notarize anything. She had to call for UPS pick up. I was instructed not to take the envelope. Then I had to take a couple of pictures. That was it.

Reply by Joe/NYC on 9/23/09 4:10pm
Msg #304721

What does something like that pay? Doesn't sound like much work to do.

Reply by Bill/NY on 9/23/09 4:41pm
Msg #304726

Did the borrower have to send any checks?

Reply by Jim/AL on 9/23/09 9:15pm
Msg #304748

What kind of pictures did you take? Interior, exterior,

family portrait? Sounds very different.

Reply by Jack/AL on 9/23/09 10:57pm
Msg #304766

Re: What kind of pictures did you take? Interior, exterior,

The trial payments are part of the H.A.M.P. The borrower has is believed capable of making payments on a restructured loan (with payments obviously being lower than previously). Lender says, "OK, we'll restructure, but first, show that you really are able to make the payments by doing so for three months." All legit. No upfront fee or payments, but some lenders really push to get that first pyment right away, even if it is done by credit card.