Loan Modification Forum - LoanSafe.org - View Single Post

Marie T · 06-30-2009, 08:05 PM

Yes ...I knew that ...that you were not really renting a room ...me neither. And you are anonymous - me too. If you only knew how many people used to get bridge loans when they had not yet sold their current home but wanted to close on their new home so they would provide "documentation" that current home was rented to cover payment. Documentation had to be copies of rent check and showing it went in bank account.

I am also self-employed and it is feast or famine. I have some good things I am working on but will take time. I cannot get anything definitive either as to what ratios WAMU/Chase wants to see, they own my loan too but I have no idea if that works for or against me. When I was looking for a company to do this for me, one person I spoke to told me that since WAMU did everything in-house on my loan - no checks and balances, they were more responsible for the predatory loan?? It would be really helpful if anyone knows how WAMU/Chase figures all your other expenses and/or ratios????

Snap1 has a thread (I think called WAMU Jumbo Mod or something like that) and he is saying that they are using some kind of calculator to figure 40% of your gross income for house expense ~ mortgage payment-insurance-interest-property taxes-HOA. He also said that for his type of mod, they are telling him that he can't have 20% or more equity. I know unless they send someone to look at the inside of my house, if they do a driveby, it will most likely come up that I have about 20 to 25% equity so I am very concerned about that.

I have found an attorney group locally that looks good and they have an arm that specializes in loan modifications and predatory lending so I am planning to talk to them as soon as I can. I was extremely bummed with NACA telling me I am in line but I am not a priority as I do not have a foreclosure date yet!

06-30-2009, 08:05 PM	#153 (permalink)
Marie T Senior Member Join Date: Apr 2009 Posts: 478 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: WaMu/Chase Mod Moving Forward Yes ...I knew that ...that you were not really renting a room ...me neither. And you are anonymous - me too. If you only knew how many people used to get bridge loans when they had not yet sold their current home but wanted to close on their new home so they would provide "documentation" that current home was rented to cover payment. Documentation had to be copies of rent check and showing it went in bank account. I am also self-employed and it is feast or famine. I have some good things I am working on but will take time. I cannot get anything definitive either as to what ratios WAMU/Chase wants to see, they own my loan too but I have no idea if that works for or against me. When I was looking for a company to do this for me, one person I spoke to told me that since WAMU did everything in-house on my loan - no checks and balances, they were more responsible for the predatory loan?? It would be really helpful if anyone knows how WAMU/Chase figures all your other expenses and/or ratios???? Snap1 has a thread (I think called WAMU Jumbo Mod or something like that) and he is saying that they are using some kind of calculator to figure 40% of your gross income for house expense ~ mortgage payment-insurance-interest-property taxes-HOA. He also said that for his type of mod, they are telling him that he can't have 20% or more equity. I know unless they send someone to look at the inside of my house, if they do a driveby, it will most likely come up that I have about 20 to 25% equity so I am very concerned about that. I have found an attorney group locally that looks good and they have an arm that specializes in loan modifications and predatory lending so I am planning to talk to them as soon as I can. I was extremely bummed with NACA telling me I am in line but I am not a priority as I do not have a foreclosure date yet!