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JohnCA. · 07-23-2009, 12:22 PM

Heres my story:I bought the my house in Feb. 2006 $505,000. I have 80/20 loan with Suntrust, soon after 1st loan was sold to Wamu. Just like everyone else I was expecting to refi and get out of the 80/20 loan, but the market crashed (Value of house went down 37%). On top of that I had to collect unemployment for the first time in my life for 4 months at the end of 2007.Went back to work in 2008. Throughout the year I was a payment or 2 behind on both loans. At the end 2008 I found this forum and started doing some research on modifying my loans. Jan. 2009 I did my HUD counseling session, submitted my finances, and hardship letters to both lenders. After submitting everything I called both lenders every couple weeks to keep up on things. I'm glad I called , because Wamu lost my paperwork somehow. After talking to 2 supervisors, and being on hold for hours and days the paperwork somehow was found. May 2009 Wamu excepted me on the Trial Period Payment Plan(Trial payment $1953.00/ loan amount $433,000). The new payment was great, i was able to start getting on top of things again. I then called Suntrust, and told them my situation with Wamu. June 2009 Suntrust sent me a modification notice. 4.0% for 40 years on $103,000. I signed it and sent it off, and made my new payment of $431.00 July1st. So my second loan is finalized!!!!! Aug.1st2009 is my last trial payment to Wamu, but before they finalize they want to see updated financial info.Originally when i was accepted on the trial payment plan I submitted my roommate as income. The negotiator for Wamu said i wouldnt qualify for MHARP if I claim my roommate as income, for i will make too much qualify. So I took him off as rental income, and was eligible.
Heres were I need advice.My situation has changed since. I had to to leave my job of 12 years in April because they couldn't give me enough hours. I started working for a different company temporarily, and took another pay cut.I did get another roommate though. So right now its me and 2 Roommates. I'm just wondering should i claim both of my roomates as rental income or just use 1 of them wich puts me right about were i was financially when I was accepted for MHARP. I feel like Im going down the home stretch here, and I just dont want to screw it up. Any suggestions??????

07-23-2009, 12:22 PM	#1 (permalink)
JohnCA. Member Join Date: Jul 2009 Posts: 6 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Need Advice. Heres my story:I bought the my house in Feb. 2006 $505,000. I have 80/20 loan with Suntrust, soon after 1st loan was sold to Wamu. Just like everyone else I was expecting to refi and get out of the 80/20 loan, but the market crashed (Value of house went down 37%). On top of that I had to collect unemployment for the first time in my life for 4 months at the end of 2007.Went back to work in 2008. Throughout the year I was a payment or 2 behind on both loans. At the end 2008 I found this forum and started doing some research on modifying my loans. Jan. 2009 I did my HUD counseling session, submitted my finances, and hardship letters to both lenders. After submitting everything I called both lenders every couple weeks to keep up on things. I'm glad I called , because Wamu lost my paperwork somehow. After talking to 2 supervisors, and being on hold for hours and days the paperwork somehow was found. May 2009 Wamu excepted me on the Trial Period Payment Plan(Trial payment $1953.00/ loan amount $433,000). The new payment was great, i was able to start getting on top of things again. I then called Suntrust, and told them my situation with Wamu. June 2009 Suntrust sent me a modification notice. 4.0% for 40 years on $103,000. I signed it and sent it off, and made my new payment of $431.00 July1st. So my second loan is finalized!!!!! Aug.1st2009 is my last trial payment to Wamu, but before they finalize they want to see updated financial info.Originally when i was accepted on the trial payment plan I submitted my roommate as income. The negotiator for Wamu said i wouldnt qualify for MHARP if I claim my roommate as income, for i will make too much qualify. So I took him off as rental income, and was eligible. Heres were I need advice.My situation has changed since. I had to to leave my job of 12 years in April because they couldn't give me enough hours. I started working for a different company temporarily, and took another pay cut.I did get another roommate though. So right now its me and 2 Roommates. I'm just wondering should i claim both of my roomates as rental income or just use 1 of them wich puts me right about were i was financially when I was accepted for MHARP. I feel like Im going down the home stretch here, and I just dont want to screw it up. Any suggestions??????