HAMP Modification Documents

For those interested, here are some Wells Fargo (America's Servicing Corporation) HAMP documentation (pdf) (ht Dave).

A few notes:

The borrower is delinquent and hasn't made a payment in about one year.

The trial modification plan (three months) calls for three payments of $1170.82 per month (includes an escrow account for taxes and insurance). This is about $1000.00 less than the borrower's previous monthly payment.

The borrower owes approximately $330,000 (including missed payments). Wells Fargo is waiving the late fees if the borrower completes the trial modification plan.

A similar house has recently sold for $150,000 (distressed sale), so the borrower is probably $150,000 to $180,000 underwater.

Comparable houses rent for close to $1,500 per month. So the borrower is paying less than the going rent on the modified loan.