Thought I was under a HAMP trial period. Just got a letter saying with my current level of Debt I have to work with a HOPE counselor and the letter also stated I wasn't under HAMP and would not be eligible to receive HAMP benefits.
I take it that I am under what you call a "Traditional Loan Modification".
What will this HOPE counselor do? What are they looking for?
Mortgage Loan Modification Answer:
HOPE NOW is a non-profit outreach agency whose counselors are supposed to be trained to help homeowners who are experiencing financial distress by assisting them with the loan modification process. In my experience, the counselors' knowledge vary widely and were not very helpful in more complicated situations.
Having said the above, perhaps you can contact a HOPE NOW counselor to go over your situation and seek their expertise and advice. It would be prudent to get a second or third opinion from other loan modification professionals as well. That way, you can gather more information and hopefully help you make better decisions.