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ngramm · 08-10-2009, 02:56 PM

Dear Mr. President,
I qualified for a modification under your new plan and I thank God.
The only problem that I have is with Freddie Mac grossing up (adding 25%) my income which is 1700 gross unemployment and 1550.00 SS. I have been given a payment of $1232.00 a month by Wells Fargo for my mortgage, which is more than 31%.
Wells Fargo and FreddieMac insist that I add 25% to these gross amounts. Why do they insist on adding 25%? Is this right and legal? I can afford to pay 1000 to1050 a month. My original payment is $1377.00 which includes P and I and homeowners insurance. FreddieMac was contacted by Wells Fargo and they will not change their minds. I should pay about $1061 according to your plan Making Homes Affordable.
I feel and I know you feel that these giants got substantial help. Why are they now not extending the same help to us? I am a staunch supporter of your administration.
I have lived here for 35 years. Please help.

08-10-2009, 02:56 PM	#16 (permalink)
ngramm Member Join Date: Jun 2009 Posts: 12 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Modification lingo Grossing up Dear Mr. President, I qualified for a modification under your new plan and I thank God. The only problem that I have is with Freddie Mac grossing up (adding 25%) my income which is 1700 gross unemployment and 1550.00 SS. I have been given a payment of $1232.00 a month by Wells Fargo for my mortgage, which is more than 31%. Wells Fargo and FreddieMac insist that I add 25% to these gross amounts. Why do they insist on adding 25%? Is this right and legal? I can afford to pay 1000 to1050 a month. My original payment is $1377.00 which includes P and I and homeowners insurance. FreddieMac was contacted by Wells Fargo and they will not change their minds. I should pay about $1061 according to your plan Making Homes Affordable. I feel and I know you feel that these giants got substantial help. Why are they now not extending the same help to us? I am a staunch supporter of your administration. I have lived here for 35 years. Please help.