lender deny becauase of high retirement fund ???

[so-cal-gal]

Originally Posted by Hard Times

Jackleberrie......Ok...thanks for the clarification. I had no clue that tomser owned 3 properties. If so, I dont think he can apply for a HAMP. He has assests......he needs to sell the two properties and just keep his primary residence.

I had assumed for some reason that he was over 62, and had a good size retirement account, and his primary home had alot of equity. In my opinion, he is not a hardship case.....he has assets which he should dispose of if he doesnt want to use his retirement funds to pay for them.

Hard Times your advise is WRONG on the 'assets'. He CAN apply for a mod on the OWNER OCCUPIED property. He can EVEN ask for an 'IN-HOUSE' modification on the investment property. MHA allows rental income on the loan modification program. I know others who have several houses that are their only source of income and are allowed to apply for a mod of the owner-occupied place. This market is not one you can sell those 'assets' in, just like we can not sell our owner-occupied homes.

Whether Tomser truely has a 'hardship' or just a case that he should have been planning better for his retirement is something that is unclear. The more I find out of this case, the more I see REASON for the servicer to ask the info on the retirement fund.

Although the investment property might be 'underwater' on value, the rents might STILL be sufficient to more than cover the payments, especially, with possible tax benefits of taking depreciation on the investment property.

I would not hold my breath on Tomser getting a modification. We have others that are in far more immediate need of modifications where the economy or a reset of a loan rate along with the drop of real estate values have people truely in a spot without the resources to take care of the problem.

[Hard Times]

So-Cal.....Ok, I see your logic. I had just thought that the HAMP mods only applied to people owning 1 property, being their actual home. I suppose if the other homes Tomser owns are rental properties and "his income", thats ok, but ONLY his primary residence can receive the Hamp mod.

[so-cal-gal]

Exactly right, Hard Times.