Loan Modification Forum - LoanSafe.org - View Single Post

Newman · 07-01-2009, 09:09 AM

Well, it's over. And we did not get it in the end. Even though we were approved on the loan itself, some dumbazz in DC decided that stated income loans were not eligable for the refi. Reason being that the feds consider stated income loans to be fraudulant loans. And since our loan officer beefed up our income without our knowing it, we could not prove the income. So even though we make 6 figures now, that does not matter to them. Sheesh, loan offier says they are trying to repeal this, but I won't hold my breath.

But, when one door closes, another opens. Since October of last year, when we started working on this project, SPS kind of put us in limbo as far as foreclosure. After talking with a few people about the modification aspect of this house, the things they are seeing lenders do now were unheard of back then. Principle reductions, rates below 5%, 40 year loans...a lot of stuff. Tell you the truth, if I can modify this loan, get it to the same numbers I was going to refi at, I would be in a much better position going forward. So off to the modification office we go. from what I understand, SPS is falling over themselves to mod these loans....so I called my good friend here at the lawfirm for Loansafe and am using this lawfirm to go forward on this push. ONly thing left is a federal lawsuit claiming mortgage fraud by the lender....talk to you all soon...

07-01-2009, 09:09 AM	#203 (permalink)
Newman Senior Member Join Date: Jul 2008 Location: In a van, down by the river Posts: 97 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Mortgage companies and H4H success! Well, it's over. And we did not get it in the end. Even though we were approved on the loan itself, some dumbazz in DC decided that stated income loans were not eligable for the refi. Reason being that the feds consider stated income loans to be fraudulant loans. And since our loan officer beefed up our income without our knowing it, we could not prove the income. So even though we make 6 figures now, that does not matter to them. Sheesh, loan offier says they are trying to repeal this, but I won't hold my breath. But, when one door closes, another opens. Since October of last year, when we started working on this project, SPS kind of put us in limbo as far as foreclosure. After talking with a few people about the modification aspect of this house, the things they are seeing lenders do now were unheard of back then. Principle reductions, rates below 5%, 40 year loans...a lot of stuff. Tell you the truth, if I can modify this loan, get it to the same numbers I was going to refi at, I would be in a much better position going forward. So off to the modification office we go. from what I understand, SPS is falling over themselves to mod these loans....so I called my good friend here at the lawfirm for Loansafe and am using this lawfirm to go forward on this push. ONly thing left is a federal lawsuit claiming mortgage fraud by the lender....talk to you all soon...