[azdmsmith]

So the original reason my HAMP was denied according to the response the executive resolution person gave to the BBB was that my loan was less than a year old, was a 40 year loan, and according to my financial info I should be able to make the payments.

His boss then returned my call and after I told him the guidelines say nothing about a loan having to be more than a year old, he said it was because it was a 40 year mortgage and I have too much money in the bank. I told him nothing in the guidelines indicate that a 40 mortgage does not qualify for assistance. Doesn’t it seem like something is wrong with the fact that 4 months into this I have to explain the guidelines to them?

My analyst then returned my call and she said the only reason for the denial was that I had too much money in the bank.

The guidelines (FannieMae Announcement 09-05R) indicate that the imminent default screen must be applied to borrowers who are current, appear eligible for a mod, and have suffered a hardship. The imminent default screen includes the requirement that the borrower’s cash reserves are less than three times the current monthly mortgage payment, including tax and insurance payments.

Although executive resolutions included other reasons for my denial that are contrary to the HAMP, at least it appears the analyst knows what she is talking about (3 people, 3 different answers, only one of which is accurate according to the guidleines). I met the cash reserve requirement the day after my last bank statement closed (even if they insist on including accounts in my kid’s names and SS#s). She told me to fax in updated financial info and she will resubmit. My statement cycle closes next week so as soon as I can access updated statements I will give it a shot again. I am encouraged that they seem to have gotten past the fact that my mortgage is already a 40 year loan. Keeping my fingers crossed.