Loan Modification Forum - LoanSafe.org - View Single Post

beaches1956 · 06-28-2009, 01:35 PM

Hello all, I wanted to tell you a bit about my situation. I am current on my loan. My wages (were reduced to a furlough situation). I work as a advertising consultant with a paper in FL. My partner ( we live together over 10 years) but are not married, and he isn't on the loan.
He was hurt at work and was out on disability almost 2 years during that time frame he was contributing to the household expenses, but not alot. During that time I was pulling from my savings approx $1,500 a month. I applied for a loan modification and was denied because I didn't fit the criteria. They told me that I needed to reduce my monthly debt $1,700. And they said that they would only take 1/2 of what my partner gives me each month. I built my home for $342K have been in it a year and a half, had an appraisal done in Jan it was $295K, Zillow is $260K. I have trimmed by credit card debt by $27K. Sovereign indicated that they were looking at adjusting me to a 40 year 4.2% loan. I know that I could afford that. Now they want me to resend my paperwork again. Am I getting the run-around?
Help, and and all suggestions would be greatly appreciated!

April

06-28-2009, 01:35 PM	#1 (permalink)
beaches1956 Member Join Date: Jun 2009 Posts: 5 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Sovereign Bank Hello all, I wanted to tell you a bit about my situation. I am current on my loan. My wages (were reduced to a furlough situation). I work as a advertising consultant with a paper in FL. My partner ( we live together over 10 years) but are not married, and he isn't on the loan. He was hurt at work and was out on disability almost 2 years during that time frame he was contributing to the household expenses, but not alot. During that time I was pulling from my savings approx $1,500 a month. I applied for a loan modification and was denied because I didn't fit the criteria. They told me that I needed to reduce my monthly debt $1,700. And they said that they would only take 1/2 of what my partner gives me each month. I built my home for $342K have been in it a year and a half, had an appraisal done in Jan it was $295K, Zillow is $260K. I have trimmed by credit card debt by $27K. Sovereign indicated that they were looking at adjusting me to a 40 year 4.2% loan. I know that I could afford that. Now they want me to resend my paperwork again. Am I getting the run-around? Help, and and all suggestions would be greatly appreciated! April