So, after 4 months of utter BS and repeatedly sending the same document in (and also being notified that I received a loan modification but really did not), I got the "not eligible" letter. The reason is:
"You are not eligible for a Home Affordable Modification because we are unable to create an affordable payment equal to 31% of your reported monthly gross income without changing the terms of your loan beyond the requirements of the program. In other words, to create an affordable payment for you, the investor (owner) of your loan would be required to delay collecting too large a portion of your principal balance until the loan pays off, beyond what the Home Affordable Modification Program allows."
Here are my questions. Firstly, I am in North Carolina. If my mortgage is $3,000, what is the lowest they would be able to reduce my payment using the HAMP program? Is there somewhere where I can find this out? My reason is because I want to appeal the decision due to a change in my financial situation. It has recently increased, and I feel that I may now be eligible, however I do not want to go through the process unless I know that I would be. Therefore, by knowing how much they are able to cut off of my mortgage, I can calculate where my gross income should be.
Secondly, the banks are under a lot of scrutiny, we know, but is there a main complaint line to send documentation to, such as the documentation I was sent stating that I got a modification, but in turn, really did not? It was quite the misrepresentation.
Thank you all in advance.