I have been trying to get a loan mod since July 2009 to no avail. I've tried on my own and through NACA. At the beginning of Nov 2010, I was told by a negotiator and another Rep in OOP that I had passed the Hamp final QC and I would be receiving my trial docs any day. Well on Nov 29th, I was denied hamp and received the letter on Dec 10th...due to excessive forebearance. I was then asked to submit docs for an in-house loan. Well today I was denied for an in-house due to too low income. Of course they blamed everything on the investor Freddie Mac. They could give me no numbers and told me Freddie Mac does not allow a deferment of principal (forebearance) as a balloon payment (which we all know is a lie). I have a friend who is willing to move in immediately and pay up to $1200 to rent my basement. Using the info below will I qualify for an in-house.
I owe $316,000 on the 1st. Behind by $42,000 while waiting on a Hamp.
I have a 2nd of $70,000.00
My income is $3300.00 per month disability. Net $3,200.00. I will get this for life.
Per Zillow, home is worth $306,000.00
My expenses without mortgage is $1,200.00. $2,000 left to pay mortgage.
They used my second mortgage to figure out if I qualified, i didn't know they did this.
Please help...will I qualify for a Mod with add'l rental income of $1,200.00 per month.