patrick.net

Thanks for that Greg. I'm content with whatever happens, and I don't particularly care about dragging it out, other than my probably naive hope that the settlement and this being an election year, etc may mean that Principal Reduction is a possibility. It would be really irritating if I missed it by a month or two.

The loans started with and are serviced by Wells, so I think it's full freight, although the investor on the big one is BAC.

I never applied for HAMP, but I did some prelim stuff with the bank in 2011 and some non-profit groups, but nothing applied to me really. Now, the settlment cash is for private bank loans, not the GSEs, which finally fits me.

Do you think there's no point in applying then?

toothfairy says

Hey I might buy something you have a garage door opener?

I do. But it's the manual kind. :)

CL says

Do you think there's no point in applying then?

If you really want to keep the house and modify the loan, it's worth a shot. Just don't expect any principal reduction.

If you are well-underwater, you may be best just to move on and start enjoying your new life as a renter.

And I bet in 2-3 years you'll be able to buy back the same house for even less if you wanted to.