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

nathanb · 06-10-2009, 11:06 PM

Hi Terie,

WF pulled the same flipping crap on me. At first they said I was denied because I “may” qualify for a refi. I pushed the issue got 5 different answers until I found out my back end DTI was over 40% and they want it to be under. The numbers they used were totally wrong. My monthly credit cards they decided were $200 per mo higher than what I said and double dipped on my health benefits that are already taken out of my check. Of course no one will tell you or even think-“hmmmm, I am denying this person, maybe I should go over the numbers to make sure I have it correct”. My rep in executive office said we still needed for wait for the decline on the Refi, and I was declined. I send in my credit card statements proving my real cc debt and she resubmitted for HAMP. However, something I did not bring up (mostly because I am back in the running for the program with my situation fitting in the tiny window parameters) is the HAMP plan that the banks are supposed to go by says nothing about back end DTI being under 40%. It even said if OVER 55% then you have to do credit counseling….leading you to believe people over 55% are still eligible. Also, the guidelines say if you pas the NPV test (you can get the excel sheet to run for yourself in an old post) they MUST modify. Press them to find out if you passed this. I have asked in my situation and I have yet to find someone who even knows what that is, so It may be a bit of a challenge. Call the executive team if not already…they will pick you up if loss mitigation made an error or dropped the ball. Without them I would have been lost in the shuffle after the initial HAMP decline. Now my app for the HAMP is being reviewed on the executive side.

I have heard 100-200 surplus on your monthly expenses are what they want to see. At first I was -50 each month, have few things changed since then and when I sent in the credit card stuff I redid my expenses and I am around $150 surplus….and they have not told me that was the reason. I really think it is something else. You may want to press the issue and see if the back end DTI was the issue.

I asked before and did not get a response-does anyone one what authority we can go to when the participating banks are not complying with the terms of the program???

06-10-2009, 11:06 PM	#26 (permalink)
nathanb Senior Member Join Date: Mar 2009 Posts: 100 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: My monthly deficit too high to get a mod? Hi Terie, WF pulled the same flipping crap on me. At first they said I was denied because I “may” qualify for a refi. I pushed the issue got 5 different answers until I found out my back end DTI was over 40% and they want it to be under. The numbers they used were totally wrong. My monthly credit cards they decided were $200 per mo higher than what I said and double dipped on my health benefits that are already taken out of my check. Of course no one will tell you or even think-“hmmmm, I am denying this person, maybe I should go over the numbers to make sure I have it correct”. My rep in executive office said we still needed for wait for the decline on the Refi, and I was declined. I send in my credit card statements proving my real cc debt and she resubmitted for HAMP. However, something I did not bring up (mostly because I am back in the running for the program with my situation fitting in the tiny window parameters) is the HAMP plan that the banks are supposed to go by says nothing about back end DTI being under 40%. It even said if OVER 55% then you have to do credit counseling….leading you to believe people over 55% are still eligible. Also, the guidelines say if you pas the NPV test (you can get the excel sheet to run for yourself in an old post) they MUST modify. Press them to find out if you passed this. I have asked in my situation and I have yet to find someone who even knows what that is, so It may be a bit of a challenge. Call the executive team if not already…they will pick you up if loss mitigation made an error or dropped the ball. Without them I would have been lost in the shuffle after the initial HAMP decline. Now my app for the HAMP is being reviewed on the executive side. I have heard 100-200 surplus on your monthly expenses are what they want to see. At first I was -50 each month, have few things changed since then and when I sent in the credit card stuff I redid my expenses and I am around $150 surplus….and they have not told me that was the reason. I really think it is something else. You may want to press the issue and see if the back end DTI was the issue. I asked before and did not get a response-does anyone one what authority we can go to when the participating banks are not complying with the terms of the program???