Loan Modification Forum - LoanSafe.org - View Single Post - Anyone get a mod with Unemployment Income?

Murray12 · 06-30-2009, 05:43 PM

The Making Home affordable mod documents clearly state that unemployment income can be used, but is it a farce?

If the borrower receives public assistance or collects unemployment:>>
Acceptable documentation includes letters, exhibits or a benefits statement from the provider that states the amount, frequency, and duration of the benefit. The servicer must determine that the income will continue for at least nine months.>>

I have just become unemployed and my unemployment benefits will continue well past 9 months. However SunTrust is saying that Fannie Mae does not accept extended benefits? WHAT!?!?!!? What a joke, it is clear that it is a federal law that extends unemployment benefits and this extension is not going anywhere.

It is my understanding that no state has unemployment benefits that last over 9 months, well before extended benefits kick in that is.

So has anyone been offered a mod while receiving unemployment? (I also receive rental income since I live in a three family)

I am not giving up!

06-30-2009, 05:43 PM	#1 (permalink)
Murray12 Senior Member Join Date: Jun 2009 Location: MA Posts: 109 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Anyone get a mod with Unemployment Income? The Making Home affordable mod documents clearly state that unemployment income can be used, but is it a farce? If the borrower receives public assistance or collects unemployment:>> Acceptable documentation includes letters, exhibits or a benefits statement from the provider that states the amount, frequency, and duration of the benefit. The servicer must determine that the income will continue for at least nine months.>> I have just become unemployed and my unemployment benefits will continue well past 9 months. However SunTrust is saying that Fannie Mae does not accept extended benefits? WHAT!?!?!!? What a joke, it is clear that it is a federal law that extends unemployment benefits and this extension is not going anywhere. It is my understanding that no state has unemployment benefits that last over 9 months, well before extended benefits kick in that is. So has anyone been offered a mod while receiving unemployment? (I also receive rental income since I live in a three family) I am not giving up!