[dcguy]

When my loan got denied ..... we were in 2nd step ..."Preparing modification Agreement". I called WF and they said that our monthly deficit is too high (this is because of my husbands job loss) ... the monthly deficit was around $1900.

Then I told them that there have been some changes on my financials since the last paperwork, they asked me to resend the whole paperwork and the whole process will start again which will take again 3+ months .... which is ridiculous ....

Then I called WF Exec team and the Exec (Carrie) talked nicely and I explained our situation saying that we never had a problem in the past and we both have an execllent credit score and blah blah ..... long story...
But she said that she will look into my case but cannot guarantee anything and asked me to send the updated paperwork directly to her. So I am in the process of preparing the updated paperwork now.

To make my monthly deficit low .... following are the items we are working on:
(1) we are planning to rent out our basement. Do you guys know if thats ok? would there be any tax implications or some unknowns in the furture? Or should we do a Paying Guest deal? One person is ready to rent out our basement also .. so should we do the paperwork saying that the person is renting our basement or should we document the person as a paying guest?
(2) We are significantly reducing our basic expenses and childcare costs.

After doing this ..... our monthly deficit is gone down from $1900 to $300 i.e. we are still -$300. Do you guys know if we would be eligible for modification now? Since my case is dealt by ERT ... can I hope for something good?

Please share your thoughts.

Thanks.