Loan Modification Forum - LoanSafe.org - View Single Post

2much2pay · 05-04-2009, 08:50 AM

Hi Everyone,

I am looking for some answers about a modification. I've been reading stories in the forum but haven't found one quite like mine. I understand that all situations aren't the same. I wish I would've found this forum a year ago. I probably wouldn't be in the situation that I am in now. Well here's my story.....

I have a 20 year FHA loan with CW. Fixed interest rate of 6.375. Amount owed is 110,000. Property is valued at 121,00 in NC. I am almost 90 days past due and am trying to work with a non-profit organization but my appointment with them is not til May 6th. (2 days from now.) My Father has been ill and has caused me to miss work. He has serious health conditions and is in and out of the hospital. I haven't brought home a full paycheck but once this year. I contacted CW about a modification but they told me I am not qualified for it due to the fact that I just had one. They told me I have to make on time payments, consecutively, for 12 months before I can be considered for a modification. I cannot afford to pay 1,200/mo.

Back in 2008 I was behind, due to the same reason above. In Oct. I was offered a Partial Claim to get caught up on the loan but the terms were bad but I accepted it anyways. I know I was dumb for doing that but all I wanted was to keep my home and told myself I would bust my butt to make the payments. I was paying 1064/mo and was struggling to do that before they offered me the claim. Now that I have read about people denying their offers and getting better offers I wish I never accepted my offer. It didn't make sense to have me pay more monthly when I was struggling to pay the monthly payments before. I wanted to get a modification so I can afford to make the payments consistantly and not seasonal. During the warmer time of the year I can earn a full paycheck cause my Father isn't ill as often. It seems that you have to overcome your hardship in order to qualify for a modification. In my case the only way my situation would get better is for my father to be deceased. I hate to say that and wouldn't want that. It would only make my problems worse.

I spoke with a counselor from the HOPE HOTLINE and gave him my financial info. He told me I should be able to afford my home without a modification because I have a positive surplus of $600 a month after all expenses. This is true if I was able to work everyday, 40/wk. I have the potential to make 38,000/ yr. but havn't and have only brought home avg. 28,000 for the last 2 yrs. I did also give my spouses income to have the positive surplus. He is not on the loan but I was told I can add his income.

If my story has made any sense, and anyone out there with an answer please let me know. Can I qualify for a modification, after receiveing a partial claim? Do I have to make the 12 payments before I can qualify? Thanks....

05-04-2009, 08:50 AM	#1 (permalink)
2much2pay Senior Member Join Date: May 2009 Posts: 136 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Need HELP!! Hi Everyone, I am looking for some answers about a modification. I've been reading stories in the forum but haven't found one quite like mine. I understand that all situations aren't the same. I wish I would've found this forum a year ago. I probably wouldn't be in the situation that I am in now. Well here's my story..... I have a 20 year FHA loan with CW. Fixed interest rate of 6.375. Amount owed is 110,000. Property is valued at 121,00 in NC. I am almost 90 days past due and am trying to work with a non-profit organization but my appointment with them is not til May 6th. (2 days from now.) My Father has been ill and has caused me to miss work. He has serious health conditions and is in and out of the hospital. I haven't brought home a full paycheck but once this year. I contacted CW about a modification but they told me I am not qualified for it due to the fact that I just had one. They told me I have to make on time payments, consecutively, for 12 months before I can be considered for a modification. I cannot afford to pay 1,200/mo. Back in 2008 I was behind, due to the same reason above. In Oct. I was offered a Partial Claim to get caught up on the loan but the terms were bad but I accepted it anyways. I know I was dumb for doing that but all I wanted was to keep my home and told myself I would bust my butt to make the payments. I was paying 1064/mo and was struggling to do that before they offered me the claim. Now that I have read about people denying their offers and getting better offers I wish I never accepted my offer. It didn't make sense to have me pay more monthly when I was struggling to pay the monthly payments before. I wanted to get a modification so I can afford to make the payments consistantly and not seasonal. During the warmer time of the year I can earn a full paycheck cause my Father isn't ill as often. It seems that you have to overcome your hardship in order to qualify for a modification. In my case the only way my situation would get better is for my father to be deceased. I hate to say that and wouldn't want that. It would only make my problems worse. I spoke with a counselor from the HOPE HOTLINE and gave him my financial info. He told me I should be able to afford my home without a modification because I have a positive surplus of $600 a month after all expenses. This is true if I was able to work everyday, 40/wk. I have the potential to make 38,000/ yr. but havn't and have only brought home avg. 28,000 for the last 2 yrs. I did also give my spouses income to have the positive surplus. He is not on the loan but I was told I can add his income. If my story has made any sense, and anyone out there with an answer please let me know. Can I qualify for a modification, after receiveing a partial claim? Do I have to make the 12 payments before I can qualify? Thanks....