Loan Modification Forum - LoanSafe.org - View Single Post

dcguy · 06-12-2009, 06:30 AM

Hi All -

Our loan modification got denied yesterday and the reason was due to our big monthly deficit. This deficit is due to my husbands job loss. The monthly deficit was around $1900. So WF ERT asked me to send the updated financials worksheet.

To make our 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 will go 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.

06-12-2009, 06:30 AM	#22 (permalink)
dcguy Senior Member Join Date: Jun 2009 Posts: 31 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Loan modification denied due to big monthly deficit Hi All - Our loan modification got denied yesterday and the reason was due to our big monthly deficit. This deficit is due to my husbands job loss. The monthly deficit was around $1900. So WF ERT asked me to send the updated financials worksheet. To make our 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 will go 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.