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snapple candy · 07-31-2009, 09:09 AM

I read an article a few days ago that some pushing being done to make lenders tell you exactly why they are denying you. Right now there are no laws that require them to disclose it. Until there is, we are at their mercy. You better believe their attorney's working overtime to find the loopholes.
I dont understand the debt to income ratio all that clearly and from what I have experienced doesnt impact the mortgage payment determination. Perhaps now that it is time for the rubber to meet the road on final mods, they are starting to look at all these issues closer. Keep in mind it has taken them months to come up to speed with processing trial mod plans. Now that a bunch are coming to finality, I suspect the same is happening for how to process perm. mods. The percentage of qualified, educated closers for these lenders has got to be few and far between. AACPA, with that much income, I cant for the life of me figure how that equates to, to little income. How much underwater are you? I am wondering if that plays a factor in it as well. Recent articles lead to mods being allowed only where home is only up to 25% of total value underwater. I am getting ready to make my 3rd trial payment and my income about $3300-$3500 mth tops. Im 100K under water. We'll see. It appears we are all in the same boat. At their mercy.

07-31-2009, 09:09 AM	#6 (permalink)
snapple candy Senior Member Join Date: Feb 2009 Posts: 1,777 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My Loan Mod UPDATE: Also DENIED!! I read an article a few days ago that some pushing being done to make lenders tell you exactly why they are denying you. Right now there are no laws that require them to disclose it. Until there is, we are at their mercy. You better believe their attorney's working overtime to find the loopholes. I dont understand the debt to income ratio all that clearly and from what I have experienced doesnt impact the mortgage payment determination. Perhaps now that it is time for the rubber to meet the road on final mods, they are starting to look at all these issues closer. Keep in mind it has taken them months to come up to speed with processing trial mod plans. Now that a bunch are coming to finality, I suspect the same is happening for how to process perm. mods. The percentage of qualified, educated closers for these lenders has got to be few and far between. AACPA, with that much income, I cant for the life of me figure how that equates to, to little income. How much underwater are you? I am wondering if that plays a factor in it as well. Recent articles lead to mods being allowed only where home is only up to 25% of total value underwater. I am getting ready to make my 3rd trial payment and my income about $3300-$3500 mth tops. Im 100K under water. We'll see. It appears we are all in the same boat. At their mercy.