Just wanted to know if anyone has had any luck with modifying a jumbo loan with EMC. Submitted my loan
modification package approximately 6 weeks ago based on substantial hardship. Although, I do not qualify under the Obama plan because my loan is a jumbo loan, I was told that all EMC loan mod requests are on hold pending the finalization of the fed guidelines. Was told that the guidelines would still be used to evaluate all applications even if you do not qualify under the Obama plan. Both my husband and I are self employed but we both have verifiable incomes and receive 1099s with direct deposit of our income into our bank accounts. We purchased our home when the market was high in 2006. Our home has lost over 600K in value since then. Meanwhile, my husband and I have seen a drop in income of over 100K significantly affecting our ability to continue to pay a high mortgage and make ends meet. (The drop in income is also verifiable on our 1099s). We are unable to refinance due to the fact that we owe more on our mortgage than the home is worth. We love our home and hope to keep it. We have asked EMC for a reduction in interest rate. Our current rate is 6.37 percent, fixed for 30 years. Not bad compared to the plight of others, however, at the end of the day, the terms mean nothing if you cannot afford it. We have requested and hope to get an interest reduction from EMC. Any help or thoughts will be appreciated as we embark on this process.