Loan Modification Forum - LoanSafe.org - View Single Post - My monthly deficit too high to get a mod?

terie · 06-10-2009, 04:40 PM

We applied to WF under the HAMP mod program(hardship). Payments are current, but we have run though our savings now. We were denied because our "our debt to income was too high and the investor didn't aprrove of that." We showed about $100 on the plus side, but then we found out they had added in $275 a month for gas?? We are always under $100 on that expense so it kind of outraged me they took the liberty to do that.
My question: We have a Fannie Mae loan. Isn't our "investor" Fannie Mae and isn't the object of the program to get your payment down to 31%? We've never missed a payment or been late. Is that part of our problem? We also put down 20%, maybe that was wrong too?? Sure our $345,000 Las Vegas house is worth about $200,000 now, but isn't this program supposed to help the home become afforable because my husband lost so much income? Can we go to another lender that is also a Fannie Mae lender and try to get them to work with us? At this point, Wells Fargo has NO incentive to modify our 5/1 IO ARM. Oh yes, they did offer one of their refi programs...with $8000 in closing costs!!!! Wells Fargo is scandalous in they way they treat people. What do we do now?? My neighbor has started to miss mortgage payments. I hope we don't have to ruin our credit rating just to get a mod. When it resets, we won't be able to afford the house. Help! I need ideas.

06-10-2009, 04:40 PM	#18 (permalink)
terie Member Join Date: Jun 2009 Posts: 13 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My monthly deficit too high to get a mod? We applied to WF under the HAMP mod program(hardship). Payments are current, but we have run though our savings now. We were denied because our "our debt to income was too high and the investor didn't aprrove of that." We showed about $100 on the plus side, but then we found out they had added in $275 a month for gas?? We are always under $100 on that expense so it kind of outraged me they took the liberty to do that. My question: We have a Fannie Mae loan. Isn't our "investor" Fannie Mae and isn't the object of the program to get your payment down to 31%? We've never missed a payment or been late. Is that part of our problem? We also put down 20%, maybe that was wrong too?? Sure our $345,000 Las Vegas house is worth about $200,000 now, but isn't this program supposed to help the home become afforable because my husband lost so much income? Can we go to another lender that is also a Fannie Mae lender and try to get them to work with us? At this point, Wells Fargo has NO incentive to modify our 5/1 IO ARM. Oh yes, they did offer one of their refi programs...with $8000 in closing costs!!!! Wells Fargo is scandalous in they way they treat people. What do we do now?? My neighbor has started to miss mortgage payments. I hope we don't have to ruin our credit rating just to get a mod. When it resets, we won't be able to afford the house. Help! I need ideas.